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Economy Watch: Mixed Economic Indicators
According to the Conference Board, its leading economic index for the U.S. increased 0.8 percent in May to 114.7 (the baseline is 2004, which equals 100). The uptick came on the heels of a decline of 0.4 percent in April for the index, and to some extent can be chalked up to declining energy prices.
Magellan Buys Industrial Building in Inland Empire
The real estate investment and development firm joined forces with equity partner Penwood Real Estate Investment Management to acquire 1400 Victoria Ave., a vacant industrial asset in San Bernardino, Calif.
ExxonMobil Moves Forward with New Digs
ExxonMobil Corp. has chosen Gilbane/Harvey-Houston, a team involving construction and real estate development firm Gilbane Building Co. and general contractor Harvey General Contractors, to build its Houston office campus on a 385-acre site.
Bay Area Multi-Family Complex Changes Hands
The 893,856-square-foot complex sits 20 miles from San Francisco and 15 miles from Oakland.
Economy Watch: Starts Up, Foreclosures Down
The homebuilding industry might be gloomy, but housing starts increased in May by 3.5 percent compared with April, according to the U.S. Department of Commerce, to an annualized rate of 560,000 units.
M&M Mars Signs 500,000-SF Lease
The firm’s new home is located in a million-square-foot building at 13133 Innovation Way, which sits within the 2,500-acre SCLC commercial and industrial complex at Global Access Victorville in Southern California.
Economy Watch: Edgy Investors, Consumers
Last year the worry du jour was deflation. Earlier this year, that worry turned to the specter of inflation. Now the term “stagflation,” an ungainly creation of the 1970s, is being dusted off.
Manhattan Office Refinancings Continue with $750M Investment
Investors are attracted to the increasingly hot Manhattan office market and Invesco Real Estate is no exception. The company just acquired a stake in 230 Park Ave., the 1.4 million-square-foot tower formerly known as the Helmsley Building, in a $750 million recapitalization deal.
Despite Bumps, Downtown Manhattan Keeps Rising
Looking ahead to the 10th anniversary of the Sept. 11, 2001, terrorist attacks, a wide variety of experts took the occasion to cite both encouraging trends and unresolved challenges during a conference held near Ground Zero.
W Hotels Makes Russia Debut
Owned by Real Estate Development Ltd., the W St. Petersburg hotel offers 137 guest rooms, bar and rooftop lounge. It was designed by Antonio Citterio and Patricia Viel Partners.