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Economy Watch: Americans’ Incomes Lose Ground in August
The BEA on Friday said that Americans’ personal income decreased $7.3 billion, or 0.1 percent, in August. FICO bankers don’t see an increase in home prices until 2020, but a Reuters index shows consumers are less glum now than they were in August.
Panavision Takes 145,000 SF of Flex Space for HQ in Suburban L.A.
Angelo Gordon & Co. has taken its 145,000-square-foot office/R&D property at 6101 Variel Ave. in Woodland Hills, Calif., from vacant to full with the signing of Panavision, which will occupy the entire structure.
Edge, HSBC Get 100% Ownership in Times Square’s 1540 Broadway
After acquiring a 49 percent stake in 1540 Broadway last November, Edge Fund Advisors has partnered with HSBC Alternative Investments to take the remaining 51 percent stake in the 907,000-square-foot Times Square property.
MetLife Makes $550M in Loans for Class A Properties in San Fran, D.C.
MetLife has originated a $300 million loan for San Francisco’s Bank of America Center and an additional $250 million in loans for the Washington Square Building in Washington, D.C.
Economy Watch: GDP Revised Upward, Some Good News on Jobs
The Bureau of Economic Analysis announced the U.S. 2Q GDP was an annual increase of 1.3 percent. Jobless claims dropped last week, but housing numbers didn’t budge — and we’re not quite through the storm that has been 2011 yet.
Witkoff, Morgan Stanley Buy Manhattan’s 1107 Broadway for $191M; Plan Condos
The 305,000-square-foot former office building at 1107 Broadway in Manhattan, formerly the Toy Building North, has come under the ownership of Morgan Stanley Real Estate Investing and The Witkoff Group for $191 million.
Regency Nabs Austin’s 187 KSF Tech Ridge Center
Regency Centers has announced that it closed on the acquisition of Tech Ridge Center, a 187,529-square-foot, 93 percent-occupied shopping center anchored by grocery chain H-E-B.
Economy Watch: Ireland Not Doing Too Badly, Businesses Hungry for Capital Goods
The Irish economy posted a 1.6 percent GDP gain from the first to the second quarter of 2011. Orders for capital goods other than airplanes and military hardware rose by 1.1 percent in August. And Kansas City Fed president Thomas Hoenig retires.
MEPT Spends $217.5M for Chicago’s 200 W. Madison
Multi-Employer Property Trust has purchased Chicago’s 45-story 200 W. Madison Ave. from a joint venture that includes Tishman Speyer, Pearlmark Real Estate Advisors L.L.C. and a major U.S. pension plan for approximately $217.5 million.
DDR Spends $85M for 2 Charlotte Retail Centers
Cotswold Village and Terraces at SouthPark, two retail destinations accounting for an aggregate 291,200 square feet, have traded for an aggregate $85 million from the books of Bell Partners onto those of DDR Corp.