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Economy Watch: Unofficial Reports Point to Continued Job Growth
Employment numbers are coming, and one CNBC report found that dentists, as an industry, grew in 2010 and 2011. HUD and the Treasury released a mixed bag of data and asserted that 5.7 million mortgage modifications were started between April 2009 and the end of last month. And the specter of Greek default rises once again.
Spinnaker Begins Residential Phase of $250M St. Louis Development
Spinnaker Real Estate Partners takes the next step toward the completion of the $250 million, mixed-use Mercantile Exchange project in St. Louis, Mo., with the opening of Laurel Apartments, a 205-unit luxury residential community.
N.S.P. Ventures Purchases 236 KSF U.S. Mint Facility in D.C. for $148M
Japan-based N.S.P. Ventures has acquired 801 Ninth St., N.W., in Washington, D.C., a 236,000-square-foot building occupied in its entirety by the U.S. Mint, from the Netherlands-based Wereldhave USA for $147.5 million.
Kennedy Wilson Sells L.A. Luxury Multi-Family Building for $74M
Kennedy Wilson has sold NoHo-14, a 14-story luxury apartment building in the NoHo district of Los Angeles’ San Fernando Valley, for $74 million.
Economy Watch: Employment Picture Improved in '11
Initial unemployment claims for the week ending Feb. 25 edged down 2,000 to 351,000. According to CoreLogic, 22.8 percent of all U.S. residences suffered negative equity at the end of the fourth quarter. And construction spending saw a slight slip in January.
Asset Campus Housing to Manage 3,648-Bed Student-Housing Development in L.A.
Asset Campus Housing adds a third property to its California management portfolio with a new assignment from GHP Management. ACH will oversee The Lorenzo, a $230 million, mixed-use student housing development that will produce 3,648 beds for students near the University of California in Los Angeles.
Jones Lang LaSalle Chosen by Howard Hughes Medical Institute as Facilities Manager for D.C.-Area Research Center
The Howard Hughes Medical Institute has selected Jones Lang LaSalle to provide facilities management at its 689-acre Janelia Farm Research Campus in Loudoun County, Va., about eight miles north of Dulles International Airport.
Economy Watch: Economy Growing, but Not Gangbusters
The latest Beige Book found that, while the economy is growing, it’s not growing very quickly. And during the report’s release, Bernanke made no hints to Congress regarding QE3. Restaurant owners reported the third consecutive month of expansion.
NY Fed Spends $208M on Downtown Office Building
The Federal Reserve Bank of New York is picking up a building in which it is the primary leaseholder, purchasing the property at 33 Maiden Lane in Downtown Manhattan for $207.5 million from Merit US Real Estate Fund III L.P.
Economy Watch: Home Values Continue to Fall
The latest home-value tracking index showed that prices dropped 1.1 percent in December in 20 U.S. cities, but consumer confidence saw a huge spike in the first month of the year. The FDIC reported that banks, in general, had a very good fourth quarter.