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Economy Watch: Low Rates for a Long Time, Fed Says
The Fed maintained that interest rates will continue to stay low through late 2013. The Pending Home Sales Index was down 3.5 points in December. And the Federal Housing Finance Agency noted that foreclosures still hold back home valuations.
Lucescu Closes Phase Two of $166M Scottsdale Promenade Sale
In a $66 million deal that completes the second phase of the Scottsdale Promenade sale, Lucescu Realty has sold the Promenade Corporate Center to Excel Trust, a publicly traded REIT.
Marriott Buys NYC's Clock Tower for $165M, Plans New Luxury Hotel Brand
After acquiring New York City’s Clock Tower building at 5 Madison Ave. in 2007 for $200 million, Africa Israel USA has sold the property to Marriott International for $165 million.
Will 3 WTC Be 80 Stories, or Just Seven? Yes!
While there’s been speculation as to whether 3 World Trade Center will cap at seven stories, rather than its planned 80, the project’s goal is still very much alive, according to Silverstein Properties’ CEO Larry Silverstein.
Economy Watch: President Devotes Most of State of the Union to the Economy
As expected, President Obama laid out numerous elements of his economic program in Tuesday’s State of the Union address. And the Bureau of Labor Statistics reported that in December, 37 states and the District of Columbia recorded unemployment-rate decreases.
Noble Energy Signs 497 KSF Office Lease in Houston
Approximately eight months after Trammell Crow and Principal Real Estate Investors snapped up the former Hewlett-Packard headquarters in Houston, the joint venture has secured a commitment from Noble Energy Inc. to occupy the 497,000-square-foot office building in its entirety.
Deutsche Bank's NYC HQ Gets Record-Setting Solar Array
Deutsche Bank’s Americas headquarters is about to get a little greener, as the investment firm has just completed the installation of a 122.4 kW solar photovoltaic array on the roof of its New York City office.
CBRE: Global Outlook for CRE Remains Cloudy in '12
According to a year-end report by CBRE Group, the safest real estate assets –- prime properties in prime locations -– saw the lion’s share of the activity in 2011, but it may be difficult to continue that same level of activity in the new year.
Trammell Crow, USAA Break Ground on 700 KSF Industrial Facility in Pennsylvania
Following on the heels of reports that call for an uptick in industrial activity for 2012, Trammell Crow and USAA Real Estate have announced the groundbreaking on a 700,000-square-foot Class A spec distribution facility at Mountain Creek Distribution Center in Carlisle, Pa.
Economy Watch: Economists Not Quite So Dismal About U.S. Economy
Respondents to a survey by the National Association of Business Economics were overwhelmingly positive on U.S. GDP growth. The IMF chief is urging a “firewall” in Europe to insulate bad economies. And oil was added to the list of worrisome factors after Iran implied changes may be made to the Straits of Hormuz.