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CommonWealth Buys Trophy D.C. Building from Shorenstein for $198M
Hamilton Square, a former department store repurposed into an office building situated only a block from the White House, has been purchased by CommonWealth Partners from Shorenstein Properties for $198 million.
Invesco Spends $141M on NYC’s 130 Prince St.
Waterman Interests has turned a nearly $30 million profit on its asset at 130 Prince St. in New York City, selling the building for $140.5 million to Invesco after purchasing the property in 2007 for $112 million.
Economy Watch: A Long, Hot Summer for the Euro Zone; Gas Prices Continue to Slide
On Wednesday, the European Central Bank’s governing body is going to meet to consider a rate cut from the current 1 percent – and Greek and U.K. changes will happen in the upcoming months. The Employment Trends Index showed some growth in May. And the rocky road to recovery at least comes with a silver lining in lower gas prices.
Economy Watch: Employment Disappoints in a Big Way; Income, Consumption Rise in April
Only 69,000 jobs were added to the U.S. economy in May and the unemployment rate rose to 8.2 percent. Public-sector jobs are in a long-term decline, thanks to shrinking tax revenues, affecting state and local governments more harshly than the federal sector. But real personal income rose slightly in May, gaining 0.2 percent.
Hull Storey Gibson Picks Up 434 KSF Retail Mall in Virginia
With an eye toward expanding its presence in the South, Hull Storey Gibson Cos. has just purchased Liberty Fair Mall in Martinsville, Va. The transaction adds 434,300 square feet to the retail property owner’s portfolio.
International Law Firm Signs as Anchor Tenant for $950M CityCenterDC Project
International law firm Covington & Burling L.L.P.’s search for its new global headquarters in Washington, D.C., has ended with it agreeing to become the anchor office tenant in the $950 million CityCenterDC mixed-use project, signing a letter of intent to occupy approximately 420,000 square feet of space.
SL Green Spends $135M on 215 KSF Midtown South Mixed-Use Building
SL Green has picked up 304 Park Ave. S., a 215,000-square-foot mixed-use office and retail building, from a partnership headed by David Berley, chairman of Walter & Samuels, for $135 million, or $628 per square foot.
Economy Watch: Job Growth, Stocks Fared Poorly in May; GDP Weaker than Thought
The U.S. economy added only 69,000 jobs in May, which wasn’t enough to keep up with population growth. And the GDP only reached an annualized growth of 1.9 percent in the first quarter, not even the 2.2 percent previously estimated. Stocks, too, took a tumble: The major indices fell about 6 percent last month.
Trammell Crow, One Liberty Plan Two Class A Office Towers for Plano Business Park
Trammell Crow Co. and a subsidiary of One Liberty Properties Inc. are about to add more than a half-million square feet of premier space to the suburban Dallas office market.
Exclusive: JLL Launches Real-Time PortfolioCommand Offering
Jones Lang LaSalle Inc. now has a new weapon in its arsenal: its new PortfolioCommand offering, to be launched today.