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Economy Watch: Foreclosures, Jobs, Loans
The state attorneys general are discussing the terms of a settlement for robo-signing, which could mean the banks ponying up some cash or providing mortgage modifications — or both.
Manhattan Retail Condo Commands $324M
Spain’s Inditex Group purchased the 38,750-square-foot space, the former home of an NBA store, from a joint venture involving Carlyle Group, Crown Acquisitions and Kushner Cos.
ProLogis Closes First Leg of $505M Catellus Sale
As per the agreement with TPG Capital, ProLogis will retain a preferred equity interest in Catellus, which the global distribution facilities provider acquired in 2005 in a $5.5 billion acquisition. The total consideration for the first tranche was $353 million.
Economy Watch: Jobs, CRE Values, Inflation
The fact that employers hired 192,000 workers in February counts as good news, but other details from the monthly jobs report by the Bureau of Labor Statistics speak of lingering problems in the labor market.
New Co-Owner, New Big Lease for 1 Park Ave.
In simultaneous transactions, Vornado Realty Trust acquired a 95 percent stake in the 933,300-square-foot Midtown Manhattan office tower and a major tenant doubled its occupancy in the building under a new lease agreement.
Economy Watch: Job Growth, Retail Spending
The U.S. Department of Labor said the economy added 192,000 jobs in February, which was a little more than economists expected and a reasonably strong showing despite international turmoil and annoyingly high gas prices. The government also reported the official unemployment rate at 8.9 percent, down from 9 percent in January.
UDR Enters Manhattan with $260.8M Purchase
UDR Inc. has been eying New York City for the last 18 to 24 months and with its recent agreement to acquire the 493-residence apartment community at 10 Hanover Square, the road has been paved for the multi-family REIT to make its debut in the city.
Economy Watch: Jobs, HAMP, Beige Book
It’s that time of the month again: first ADP reports on employment, then the U.S. Department of Labor makes a report two days later. For what it’s worth, ADP said that private companies added 217,000 payroll positions in February, more than expected. If so, that might drive the unemployment rate down a little, but ADP and the government estimates have been at odds before.
Health Care REIT Buys Genesis for $2.4B
The sales transaction frenzy in the healthcare real estate sector continues as JER Partners and Formation Capital sign on to sell the company, which comes to the table with a portfolio of 147 properties in 11 states.
D.C.’s Market Square Fetches $615M
The 679,000-square-foot Class A office complex will be acquired by Wells Real Estate Investment Trust II. Its tenant base includes Bayer Corp., Novartis, Proctor & Gamble and United Healthcare.