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Transwestern Widens Dallas-Area Footprint
The firm has just increased its visibility in the area through its merger with the largest commercial real estate company in Fort Worth. Transwestern and NAI Huff Partners have merged operations in a transaction that allows Transwestern to make its entry into downtown Fort Worth.
Suburban D.C.’s Hotel Alexandria Turns Impressive Profit
The real estate investment management firm Amstar acquired the 496-room hotel for $93.2 million in 2005 and just sold it to Crow Holdings Realty Partners V L.P. for $121 million.
Economy Watch: Employment Trends Index Edges Up
The Conference Board said that its Employment Trends Index increased in December for the third consecutive month, thus closing the fourth quarter of 2010 on a positive note.
Steelman to Design Vietnam Hotel
The architectural firm signed a contract with Khang Thong Group, developer of Happyland Entertainment City, to design the über-upscale Happyland Hotel for the $600 million mixed-use entertainment park.
SL Green Grabs Partner’s Half of 521 Fifth Ave.
New York City’s largest office landlord acquired City Investment Fund L.P.’s 49.9 percent stake in the 490,000-square-foot tower, courtesy of a deal that places a $245.7 million price tag on the asset.
Economy Watch: Court Rules Against Banks
The Supreme Judicial Court, the highest court in Massachusetts, ruled unanimously against U.S. Bancorp and Wells Fargo & Co. in a closely watched foreclosure case. At the heart of the matter was whether the banks in fact owned the mortgages, and thus had the right to foreclose on them.
Empire State Expands Green Footprint
One of the world’s most recognizable landmarks has become New York City’s largest commercial purchaser of 100 percent renewable energy.
Economy Watch: U.S. Unemployment Down
Economic prognosticators waited for the U.S. Bureau of Labor Statistics to release its monthly unemployment numbers. It turned out that employment increased by 103,000 in December, enough to push the official unemployment rate down to 9.4 percent from 9.8 percent. A moderately good showing, but not as many new jobs as expected.
Mixed-Use Miami Shopping Center Sells for $95.3M
Institutional investment advisor RREEF bought the nearly 360,000-square-foot London Square property from Woolbright Development Inc.
Economy Watch: Major Job Growth at Last?
ADP reported that the private sector added 297,000 jobs in December. Is that a harbinger of a strong official jobs report for the month, which will soon be released by the U.S. Department of Labor? Maybe.