Development
Lucescu Closes Phase Two of $166M Scottsdale Promenade Sale
In a $66 million deal that completes the second phase of the Scottsdale Promenade sale, Lucescu Realty has sold the Promenade Corporate Center to Excel Trust, a publicly traded REIT.
Marriott Buys NYC's Clock Tower for $165M, Plans New Luxury Hotel Brand
After acquiring New York City’s Clock Tower building at 5 Madison Ave. in 2007 for $200 million, Africa Israel USA has sold the property to Marriott International for $165 million.
Will 3 WTC Be 80 Stories, or Just Seven? Yes!
While there’s been speculation as to whether 3 World Trade Center will cap at seven stories, rather than its planned 80, the project’s goal is still very much alive, according to Silverstein Properties’ CEO Larry Silverstein.
Trammell Crow, USAA Break Ground on 700 KSF Industrial Facility in Pennsylvania
Following on the heels of reports that call for an uptick in industrial activity for 2012, Trammell Crow and USAA Real Estate have announced the groundbreaking on a 700,000-square-foot Class A spec distribution facility at Mountain Creek Distribution Center in Carlisle, Pa.
Marcus & Millichap: Rental Market to Hit New Levels in 2012
The reports on multi-family’s continued surge keep coming in, and the latest comes from Marcus & Millichap: While 2011 was a great year for the apartment sector, that momentum will likely continue in 2012 — contingent on the health of the larger economy.
Record-Breaking Historic Redevelopment Moves Forward in Massachusetts
The town of Quincy, Mass., has taken the next step in its future plans. A partnership with the city’s Street-Works Development and The Beal Cos. has committed to drive forward a $1.6 billion redevelopment of Quincy’s Downtown.
Jones Lang LaSalle Named Preferred Global RE Services Provider for Volvo
Under a global framework agreement signed by both companies, Volvo Cars Corp. has chosen Jones Lang LaSalle as its preferred real estate services provider worldwide.
SL Green Adds to NYC Office Portfolio with $252M, 390 KSF Pickup
SL Green has made yet another pickup in Midtown New York City with its $252.5 million acquisition of 10 E. 53rd St. The 390,000-square-foot, 37-story office tower sits between 5th and Madison Avenues in the city’s Plaza District and is currently the headquarters of publishing company Harper Collins.
Nike Plans 600 KSF Move to Tishman’s New Shanghai Campus
Following increased demand for its products in China, Nike has just announced plans to build a 600,000-square-foot corporate campus in Shanghai that will be located in Tishman Speyer’s $2.5 billion The Springs development.
Cuomo’s Convention Center Plan: A Gamble in Any Form
While New York Gov. Andrew Cuomo’s plan for the $25 billion revitalization of the state — including a convention center, hotel and casino in Queens — is ambitious, is it the right move?