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Economy Watch: Job Numbers Mediocre, but Not All Bad
Job numbers in the private sector were generally up for November, but government employment trended downward. A majority of Americans have been left in poor financial shape due to the recession. And investors will nervously watch the upcoming meetings on the euro situation.
Forest City to Lead 119-Acre Atlanta Transit Development
Plans are in the works for a major mixed-use, multi-modal transportation hub in Atlanta and Forest City Real Estate Asset Services is onboard to spearhead the project.
Blackstone’s Jonathan Gray Tops CPE Awards as Executive of the Year
Jonathan Gray took away top honors in this year’s CPE Executive of the Year awards, leading an impressive line-up of smart executives that have managed to thrive in the face of historic economic volatility.
Economy Watch: Employment Continues Its Slow Recovery in November
The BLS reported this morning that the U.S. economy added 120,000 jobs in November. The Census Bureau reported that construction spending edged up 0.8 percent in October. And Massachusetts is suing the five biggest mortgage companies in the country over questionable foreclosure practices.
L&B Nabs Chicago Apartment Tower for $90M
L&B Realty Advisors has made another pickup in the Chicago market with the $90 million purchase of 77 West Huron, a 25-story luxury high-rise building, from previous owner Archstone.
Avaya Signs 275 KSF Lease for Santa Clara Office
Harvest Properties and Prudential Real Estate Investors have snagged a tenant for nearly half of the Towers at Great America in Santa Clara, Calif., as Avaya, a global business-communications firm, has signed a lease for 275,200 square feet.
Private Players to Fund $1B Solar-Energy Initiative for Military Housing
SolarCity and Bank of America Merrill Lynch have agreed on financing terms for SolarStrong, SolarCity’s plan to build more than $1 billion in solar power projects for privatized U.S. military housing communities across the country over the next five years.
Economy Watch: Central-Bank Action Cheers Investors
The major-league central banks of the world cut the price of borrowing dollars to forestall a liquidity crisis. The Beige Book found a few spots of growth in an otherwise tepid economy. And ADP said the U.S. economy added 206,000 jobs in November.
W.P. Carey REIT Affiliate Pays $163M for Self-Storage Portfolio
Corporate Property Associates 17-Global Inc., a non-traded REIT affiliate of W.P. Carey & Co., has spent $163.4 million on a 42-property portfolio of self-storage facilities located in California, Illinois and Hawaii.
Suffolk Breaks Ground on $220M Boston Residential Tower
Suffolk Construction has been busy in Boston, breaking ground on the $220 million, 390,000-square-foot Millennium Place III residential tower in Downtown — its second groundbreaking project in two weeks.