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Economy Watch: Economy Creates Jobs at Modest Pace, Greek Referendum Called Off
The BEA found the U.S. economy added 80,000 jobs in October. The Greek prime minister decided that referendum wasn’t a good idea after all. And domestic non-manufacturing grew for the 23rd consecutive month.
One Week, Nearly One Billion in Deals for Morrison & Foerster
Morrison & Foerster’s real estate group this week alone has represented three deals to the tune of nearly $1 billion and its chairman says Manhattan continues “bucking the trend” in CRE.
WRIT Completes Final, $70.6M Phase of Industrial Sale
Washington Real Estate Investment Trust has made its exit from the industrial real estate sector with the disposition of Dulles Business Park in Chantilly, Va., and 6100 Columbia Park Rd. in Landover Md.
Vestar Development Makes $79M Investment in Vegas Retail
Vestar Development Co. has laid the groundwork to get in on the Vegas retail game with a deal to acquire The District at Green Valley Ranch in Henderson, Nev., for $79 million.
Economy Watch: ADP Puts October Job Creation at 100,000-Plus
Private employers added 110,000 U.S. jobs in October. The FOMC expects moderate growth in the coming quarters. And the drama in Greece continues as PM Papandreou pressed forward with a referendum.
KBS REIT Purchases Las Cimas IV in Austin for $35.9M
KBS Real Estate Investment Trust III has made its second acquisition within a month, purchasing Las Cimas IV, a 138,000-square-foot Class A office asset in the Las Cimas Office Park, for $35.9 million.
NYC Mayor Reveals Luxury Plans for Hudson Yards Development
Luxury goods manufacturer Coach Inc. has become the catalyst for the first building at Hudson Yards, the 26-acre mixed-use project that will serve as the jumping-off point for the reinvention of the entire 300-acre neighborhood on the West Side of Manhattan.
L.A.-Based Lee & Associates Opens NYC Doors, Merges with Sierra
L.A.-based Lee & Associates, in a merger with Sierra Realty, opened its first office in New York City and will be focused primarily on the retail sector but will look to make headway into office leasing.
Clearview, Oaktree Purchase 387-Room Renaissance Atlanta Airport Hotel
An investment group consisting of Clearview Hotel Capital and a real estate fund managed by Oaktree Capital Management L.P. has picked up the 387-room Renaissance Concourse Atlanta Airport Hotel.
Economy Watch: Greece Surprises the World Again
Greek Prime Minister George Papandreou proposed a referendum on banks’ debt deal with his country. The Fed began its official review of foreclosures caused by robo-signing and other inconsistencies. And construction spending increased slightly in September.