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New CNL Fund to Invest $3B Across Multiple CRE Sectors
The fund will set its sights on lifestyle, lodging and specialty properties, and keep a special eye on senior living and healthcare assets.
Manhattan’s Worldwide Plaza Scores 900,000-SF Office Lease
Just one month after mega-publisher Condé Nast pre-leased 1 million square feet at the new World Trade Center development, financial services company Nomura Holding America Inc. has signed a deal for 900,000 square feet of office space at Worldwide Plaza. The deal marks the largest new lease in midtown Manhattan since 2004.
Economy Watch: Home Prices, Jobs Up
CoreLogic is reporting the data: U.S. home prices were up 0.8 percent in May, following a revised gain of 1.3 percent in April. Take out distressed sales and the increase is 1.2 percent.
REIT Executive Compensation Up in 2010, Led by Office, Industrial Sectors
Closely mirroring trends in the economy at large, median compensation for C-level executives at the country’s largest REITs saw a gradual push upward during 2010.
Plastics Manufacturer Inks 104,300-SF Lease
Phoenix Packaging Operations L.L.C. took the entire manufacturing and distribution facility at 464 E. Chilton Drive in the Arizona city of Chandler.
Economy Watch: Bank of America, U.S. Homeownership
The acquisition of Countrywide Financial Corp. has been giving banking giant Bank of America Corp. painful indigestion for some time now–arguably since the ink on the 2008 deal was barely dry–and now BofA has said it will pay $8.5 billion to aggrieved mortgage-backed bondholders who have demanded refunds.
From the Inside: The GSE Brain Drain
While regulators and politicians debate the future of the GSEs, they are losing key talent, warns Eduardo Padilla on CPE’s From the Inside experts blog.
Ericsson to Occupy Half-Million SF Near Dallas
Just three weeks after closing its $43.1 million acquisition of the former Nortel Networks Inc. Campus in Richardson, Texas, Pillar Commercial has orchestrated two lease agreements that increase the telecommunication company’s occupancy from 200,000 square feet to 460,000 square feet.
D.C.’s Iconic National Press Building Trades for $167.5M
In a partnership with affiliates of AEW Capital Management L.P., Quadrangle Development Corp. has purchased the storied 420,000-square-foot property in the East End submarket of Washington, D.C.
Economy Watch: Case-Shiller, Confidence
The Case-Shiller 20-city index did an odd thing in April, according to the latest report from Standard & Poor’s: It went up by 0.7 percent month-over-month, the first increase since July 2010.