Featured
Tishman Acquires Cap de Seine Building in Paris
The purchase adds 327,000 square feet to the firm’s portfolio and is Tishman’s second transaction in Paris this year.
KBS Closes on Denver’s Granite Tower
The 31-story Class A office tower was bought for $149 million, or $265 per square foot. The transaction is one of Colorado’s largest deals this year, according to KBS.
First Tenant Signs on at SoCal Spec Development
Cast & Crew Entertainment Services L.L.C. has inked a 51,064-square-foot office lease at the newly completed 2300 Empire. The office property is located in the Media Studios North/Burbank Airport submarket in Burbank, Calif.
Economy Watch: States Sue Over Modifications
Arizona and Nevada are hauling Bank of America to court, accusing it of routinely lying to consumers about mortgage modifications. That is, promising action on modifying mortgages but not quite getting around to it, leaving thousands of borrowers in an unenviable state of limbo.
Hudson Pacific Boosts San Francisco Portfolio by 1.6 MSF
Since it entered the commercial real estate market as a REIT in June, Hudson Pacific Properties Inc. has had its eye on San Francisco. The company has just snapped up a pair of office properties in the area.
Prep Work Begins on Manhattan’s Hudson Yards
Hudson Yards is the largest single undeveloped piece of property in the borough. It is slated for a mixed-use, master-planned community consisting of 13 million square feet of commercial and residential development with 5,000 residences in nine buildings, as many as four corporate-headquarters sites, a retail complex, a 300-room hotel and a new 750-seat public school. It will also include 12 acres of public open space.
Economy Watch: Foreclosures On ‘Pause’
RealtyTrac, which follows the U.S. residential foreclosure market, said that foreclosure filings — the grim spectrum of default notices, scheduled auctions and bank repossessions — were reported on more than 262,300 properties in November, a 21 percent decrease from the previous month and a 14 percent decrease from November 2009. One in every 492 U.S. housing units received a foreclosure filing during the month.
Manhattan Scores 2010’s Biggest Office Lease
Brookfield Office Properties closed a 440,000-square-foot deal with Société Générale, which committed to relocating its U.S. headquarters to 245 Park Ave.
Passage of $858B Tax Deal Good News for CRE
With the U.S. Senate’s approval of the big $858 billion tax bill–officially, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010–the White House is celebrating and the commercial real estate industry is smiling, too.
Economy Watch: Homebuilders Still Glum
Other parts of the U.S. economy might be showing some vim lately, but the feeling doesn’t extend to the housing market. According to the latest National Association of Home Builders/Wells Fargo Housing Market Index, homebuilder confidence is still stuck in neutral.