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Economy Watch: Payroll Tax Cut Extension Closer to Vote
The payroll-tax cut is set to expire at the end of February, and Congress is set to quarrel on an additional extension. A home-remodeling index indicates that activity has picked up this winter, which is a good sign. And drama over Greek debt continues.
Chinese Firm HNA Property Holding Spends $130M on NYC's Cassa Hotel
HNA Property Holding Group Co. purchased the 165-room Cassa Hotel in midtown Manhattan from Assa Properties for $130 million. The transaction was helped by a $65 million senior loan from PCCP L.L.C.
CBRE Gets $61M Refi for 3 Nestlé Buildings in Tampa
A 2.2 million-square-foot industrial and office portfolio, leased in its entirety to Nestlé USA Inc., has been refinanced to the tune of $61 million, courtesy of a transaction orchestrated by CBRE Capital Markets.
Insight Spends $75M to Transform Silver Spring Post Office into Apartments
Insight Property Group, along with partner Nova-Habitat Inc., has selected the USPS’s Silver Spring facility as the site of a 310-unit, $75 million apartment project.
Chartres, Apollo Global JV Buys Times Square Novotel in $212M Deal
Under a sale and management-back agreement, a subsidiary of Accor Business and Leisure Management has sold the 480-room Times Square Novotel in New York to a joint venture of Chartres Lodging Group and Apollo Global Real Estate Management.
Economy Watch: Athens Burns, but Bailout Deal Might at Last Be Done
The Greek Parliament enacted new austerity measures to appease the EU, and citizens took to the streets in protest. Details of President Obama’s fiscal 2013 budget leaked over the weekend. And a Reuters poll showed a small retreat in customer sentiment in mid-February.
Lionheart Capital Purchases 700 KSF Miami Heart Institute
With the acquisition of the former Miami Heart Institute, Lionheart Capital L.L.C. has just gotten its hands on a prime waterfront property in Miami. The real estate investment firm acquired the 700,000-square-foot facility from Mount Sinai Medical Center.
DivcoWest Spends $53M on Two-Building Austin Office Park
San-Francisco based DivcoWest has acquired Prominent Pointe I & II, a two-building, 261,243-square-foot Class A office project in Austin, Texas, for a reported $53 million from Aspen Properties.
Silverstein, CalSTRS Tap JLL for Leasing at 1177 Avenue of the Americas
In order to best take advantage of its trophy property at 1177 Avenue of the Americas in Manhattan, the partnership of Silverstein Properties and California State Teachers’ Retirement System has chosen Jones Lang LaSalle Inc. as its leasing agent for the Class A, 1 million-square-foot office tower.
MBA CREF Special Report: Economists See Slow Improvements, Slightly Higher Interest Rates
After the final day of the MBA CREF conference in Atlanta, the take-home message was that the U.S. economy will grow a bit in 2012, coupled with a rise in interest rates, while the volume of commercial property will continue to expand.