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Hyatt Buys Peabody Orlando for $717M
Hyatt Hotels Corp. has acquired The Peabody Orlando, a 1,641-key hotel, from UST Hotel Joint Venture for $717 million and will rebrand it as the Hyatt Regency Orlando Convention Center.
CBRE Tapped to Manage London’s Gherkin
CBRE Group is taking over management of the 516,668-square-foot, 40-story skyscraper in central London known as The Gherkin. One of the world’s most iconic commercial buildings, the mixed-use high-rise is nearing its 10th anniversary.
Savanna Fund II REIT Sells Manhattan’s 5 Hanover Sq. for $104M
CIM Group has acquired 5 Hanover Square, a 25-story building in Manhattan’s Financial District, from Savanna Fund II REIT for $104 million.
MetLife Extends $235M in Financing for 974 KSF Houston Office Building
The real estate investments department of MetLife has closed a $235 million loan secured by BG Group Place, a 973,800-square-foot office high-rise in downtown Houston, for a partnership advised by Invesco Real Estate.
Chambers Street Grabs 227 KSF Office Campus in Suburban Dallas
Chambers Street Properties has added 226,900 square feet of premier office space to its metropolitan Dallas portfolio with the acquisition of Carpenter Corporate Center I and II in Irving, Texas.
HCDA Approves Howard Hughes Corp.’s Project for 2 M-U Towers in Honolulu
Phase One of Ward Village, a massive mixed-use complex planned for 60 acres between downtown Honolulu and Waikiki, got a big boost this week when the Hawaii Community Development Authority approved two more towers to be built by the Howard Hughes Corp.
W. P. Carey Closes $110M Sale-Leaseback of State Farm Operation Center in Austin
Two W.P. Carey REIT affiliates – CPA 17 – Global and CPA 18 – Global – have acquired the State Farm Operations Center in Austin, in a sale-leaseback for $110 million, the REIT’s first Class A office property in the city.
Capital One Buys Beech Street Capital
Capital One Financial has opted to expand its multi-family banking business by acquiring one of the country’s largest issuer of Fannie Mae, Freddie Mac and FHA multi-family loans–Beech Street Capital.
JLL to Manage 640 KSF at Suburban DC Headquarters Campus
Jones Lang LaSalle’s management responsibilities in suburban Washington, D.C., just grew by 640,000 square feet. The commercial real estate services firm has been tapped by The Meridian Group to manage three buildings at the 18-acre Solutions Plaza corporate headquarters campus in Tysons, Va.
What Vornado’s 655 Fifth Ave. Buy Means for Manhattan’s CRE
Vornado Realty Trust has grabbed another prime Fifth Avenue location just as the retail rents there are passing $3,000 per square foot, paying $278 million for a majority stake in 655 Fifth Ave., a retail and office property with 50 feet of frontage on Manhattan’s Fifth Avenue.