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Feature: Ten Years Later, What Have We Learned?
Even for famously immodest Manhattan, the 16-acre WTC redevelopment project is an exercise in superlatives. But the significance of the World Trade Center’s redevelopment – and the shattering event that precipitated it a decade ago – extends far beyond the boundaries of the site.
Economy Watch: Investors Have the Jitters, Consumer Borrowing Rises
Investors weren’t encouraged by events late last week, especially the latest from the cauldron of rumors in Europe. According to the Fed, consumer borrowing was up by $12 billion in July. And the Obama administration is planning a revamp of the Home Affordable Refinance Program, which has thus far proved underwhelming.
CommonWealth REIT Purchases 600 W. Chicago for $390M
600 W. Chicago Ave. has changed hands – moving from the books of 600 West Chicago Associates L.L.C. and onto the rolls of CommonWealth REIT – for a purchase price of $390 million.
$79M in Financing Arranged for Miami Office Portfolio
Acting on behalf of a subsidiary of Hines REIT, commercial real estate services firm HFF has orchestrated a $79 million deal for the refinancing of Airport Corporate Center, a 1 million-square-foot office portfolio in Miami.
AREA Buys 422-Unit Affordable-Housing Portfolio for $59.6M
AREA Property Partners has snapped up 422 affordable housing units in various neighborhoods across San Francisco with the cash purchase of a 20-building portfolio for $59.6 million.
Economy Watch: Obama’s $450B Push for Jobs
Speaking before a joint session of Congress on Thursday, President Obama called for the passage of a $450-or-so billion jobs program. Earlier in the day, Bernanke denied that inflation is going to be a wrecking ball for the economy. And Wal-Mart announced it’s bringing back layaway for the holiday season.
90-Property, $90M HSBC Commercial Portfolio Sale Biggest in Mexico This Year
With the assistance of commercial real estate services firm Jones Lang LaSalle, HSBC has sold a group of 90 bank branches and regional corporate offices in Mexico in a $90 million sale-leaseback deal.
Cushman: A Possible $200M for Luxury Tribeca Apartment
In a deal that’s been speculated to reach north of $200 million, developer/owner Africa-Israel USA has sold 88 Leonard St., a 352-unit mixed-used luxury rental building in New York City’s Tribeca district, to a Chicago-based investment firm.
Glimcher, DDR Swap $80M, $139M Assets in Columbus, Kansas City
In an interesting move, Glimcher is selling the Columbus, Ohio-based Polaris Towne Center for approximately $80 million, and DDR is unloading the Town Center Plaza in Kansas City for around $139 million – with the buyers being each other.
Economy Watch: Beige Book Finds Economy Soft, but Not Quite Comatose
The latest Beige Book painted a picture of a lukewarm U.S. economy. Green Street Advisors reported that its Commercial Property Price Index rose 1 percent in August. And, as expected, the German courts said the country’s participation in the EU bailout is indeed constitutional.