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Penzance, American Realty JV for D.C.’s 1130 Connecticut Ave.
Penzance finds a new partner in the ownership of the Class A office tower at 1130 Connecticut Ave. in Washington, D.C., through the establishment of a new joint venture with American Realty Advisors. ARA purchased a stake in the building previously owned by Greenstreet Real Estate Partners.
Chicago’s Elysian Hotel Sold, to Become Waldorf-Astoria
The Elysian Hotel Chicago, a luxury lodging destination, has been purchased by a joint-venture investment group and will soon reopen under the Waldorf-Astoria brand.
Lincoln-Champion JV Grabs Dallas’ Energy Square
In the city’s largest transaction this year, a joint venture of Champion Partners and Lincoln Property Co. has grabbed the 953,622-square-foot, three-building Energy Square office complex in Dallas.
Chicago to Get 42-Story, $114M Apartment Tower
DeBartolo Development and partner Optima are building the 332-residence mixed-use Optima Center multi-family property at a cost of $114 million in Chicago’s Streeterville neighborhood.
Economy Watch: Supercommittee Efforts Fizzle
The supercommittee on Monday conceded that compromise on deficit reduction is impossible. The NAR reported that existing-home sales inched upward in October. And the Chicago Fed’s activity index is still negative.
Thomas Properties Sells 25-Story, Class A Houston Office to Crimson
Thomas Properties has sold the 578,300-square-foot Class A tower called 2500 CityWest in Houston to Crimson Real Estate Fund.
Exclusive: JLL Expands into South America with Bogota Office
Jones Lang LaSalle is opening a new office in Bogota, Colombia, to serve as the base of its operations in the Northern Cone, CPE has learned exclusively.
Lowe Enterprises Arranges $51M Construction Loan for Miami Hotel
The road has been paved for the former Ritz Plaza Hotel in Miami Beach to be reborn as the 142-room SLS Hotel South Beach with the closing of a $51.2 million construction loan.
$85M for 3-Building Indianapolis Office Portfolio
Despite “weak” demand for suburban Midwest office properties, an institutional investor has snapped up Intech I, II and III, a 433,972-square-foot portfolio in the Northwest market of Indianapolis, for $85 million.
Economy Watch: Supercommittee Set to Be a Dud
The supercommittee looks like it won’t have an answer to the debt question by Thanksgiving. The U.S. economy is trending upward, ever so slightly. And the federal government will have funding at least through Dec. 16.