Featured
Federal, Kettler Buy Va. Multi-Family Portfolio
Purchased from Great Atlantic Management Co., the portfolio consists of 1,490 garden apartments in seven communities in Hampton, Newport News and Virginia Beach. The purchase price was $87.9 million.
CoStar Amps Up Offerings with LoopNet Acquisition
The deal comes as no surprise to those who keep an eye on the ins and outs of the industry. B. Riley & Co. L.L.C. director of research Ian Corydon said, “It has made sense for a long, long time.”
Economy Watch: GDP Lackluster, McD’s Hiring
The broadest measurement of economic activity in the United States, real gross domestic product, increased at an annualized rate of 1.8 percent in the first quarter of 2011, according to the advance estimate released by the U.S. Bureau of Economic Analysis. That compares unfavorably to the fourth quarter of 2010, when real GDP increased 3.1 percent.
Economy Watch: Bernanke, Moody’s Talk
Federal Reserve Chairman Ben Bernanke took center stage, holding the first-ever press conference by a Fed chairman in the 98-year history of the central bank. That in itself is historic, but the content of what he said wasn’t much different than what he’s been saying all along.
Chic Manhattan Apartment Tower Trades for $122.5M
The Elektra, the luxury apartment building at 290 Third Ave. in Manhattan, has come under new ownership. Almost five years after having acquired the 166-unit residential tower for $92.5 million, JP Morgan Investment Management Inc. has sold the asset to Invesco Real Estate.
113,000-SF Sublease Lures N.Y. Dweller to N.J.
Total Office Planning Solutions will utilize the space to assemble and distribute office furniture to clients based in Manhattan, which is within 10 miles of the Bergen County property.
Mondrian Los Angeles to Star in Pebblebrook Portfolio for $137M
Carrying an address in trendy West Hollywood, the 227-guestroom Mondrian occupies a 189,000-square-foot structure that first opened its doors as an apartment property in 1959.
JLL Nails Down $42M Loan for Houston Office Asset
The mortgage was procured with regard to 919 Milam, a 542,919-square-foot Class A office building in the city’s central business district.
Economy Watch: Home Prices Down, Optimism Up
Pretty much everyone expects home prices to keep falling this year. The questions now are how much and how fast.
D.C. Sees 2011’s Largest Private Sector Lease
Skadden, Arps, Slate, Meagher & Flom L.L.P. recommitted to its digs in the Commercial National Bank Building and expanded its occupancy to 213,674 square feet at the 224,873-square-foot property with a new 15-year lease agreement.