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Economy Watch: ADP Posits Smaller Jobs Expansion in January
ADP reported on Wednesday that the U.S. private sector created a net 170,000 jobs in January. The Institute for Supply Management said U.S. manufacturing activity continued to expand. And President Obama outlined his mortgage-refinance proposal.
Jamestown, Rockwood Spend $390M for NYC’s 530 Fifth Ave.
Near the close of yesterday’s markets, Jamestown Properties and Rockwood Capital announced the $390 million acquisition of 530 Fifth Ave. — also known as the Bank of New York Building — which is soon to undergo a $20 million renovation to bring the property to Class A standards.
Paramount Group Buys 12-Story, 207 KSF D.C. Office Building
The latest purchase in the D.C. market comes courtesy of Paramount Group Inc., on behalf of Paramount Group Real Estate Fund IV, which picked up the 12-story building at 2099 Pennsylvania Ave.
Novaya Takes 147 KSF of Tech Office Space in Massachusetts
Novaya Real Estate Ventures, not yet one month old, has begun to build its portfolio with the acquisition of two office/R&D buildings featuring an aggregate 146,700 square feet in suburban Boston.
Economy Watch: Home Prices Continue Their Slide
Despite rising property sales, most housing markets aren’t seeing rising prices. Consumer confidence, too, dropped by 3.7 points from December to January. But Wall Street saw a rare “golden cross” yesterday, which usually precedes bull markets.
Hines, JP Morgan Acquire Dallas' Plaza at Legacy Office Complex
Eight years after selling The Plaza at Legacy in Plano, Texas, Hines has welcomed the 215,000-square-foot office property back into its portfolio.
Omninet Capital Completes Purchase of 285 KSF L.A. Office Park
Omninet Capital has closed on the purchase of Commerce Office Park, a 285,368-square-foot institutional-quality office campus at South Eastern and East Slauson avenues in Commerce, Calif.
IRS Re-Ups on 532 KSF of Fresno Office Space
The Internal Revenue Service, acting through Government Properties Income Trust, just signed a 10-year, 531,976-square-foot lease renewal in Fresno, Calif.
Economy Watch: Americans’ Personal Income, Savings Up
U.S. personal income grew 0.5 percent in December, according to the Bureau of Economic Analysis. All but two EU nations voted to enact Germany’s fiscal policies. And the Midwest Manufacturing Index rose by 1.7 points in December.
Walker & Dunlop Provides $164M in Freddie Financing for Connecticut Multi-Family Properties
Walker & Dunlop L.L.C. has come through for Principal Management Partners with a $163.8 million loan package for the refinancing of a four-property apartment portfolio in Connecticut.