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Apollo Buys Citi Property Investors
While the deal’s financials are not being released, Citi had more than $3 billion in assets under management as of June 30. Apollo and Citi signed a purchase agreement in May.
Years after Selling Minneapolis Office Tower for $193M, Hines Buys it Back for $180M
Hines served as the co-developer of Fifty South Sixth, a Minneapolis office high-rise encompassing 698,600 square feet of premier leasable office space, in 2001. After having sold it in 2005, the company is once again the proud owner.
Economy Watch: U.S. Foreclosures Drop For Now
Foreclosure activity nationwide took a 4 percent dip in October compared with the previous month, according to RealtyTrac. Curiously, foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 332,172 properties during October, almost exactly the same total reported in October 2009.
Economy Watch: Deficit Commission Floats Austerity
It isn’t being called an “austerity plan”–austerity being all the rage among certain beleaguered Euro-economies–but the draft proposal released by co-chairmen of the 18-member bipartisan National Commission on Fiscal Responsibility and Reform has some austerity elements.
Ground Breaks on $520M Washington Marriott Marquis
Quadrangle Development Corporation and Capstone Development have just kicked off construction of the Washington Marriott Marquis, a 1,175-room property that will serve as the convention center hotel for Washington, D.C.’s 2.3 million square-foot Walter E. Washington Convention Center.
Economy Watch: Number of U.S. Bankruptcies Continues Upward
More than 1.22 million U.S. bankruptcies were filed for during the first nine months of 2010, an 11 percent increase compared with the same period last year, according to the American Bankruptcy Institute, citing data released by the Administrative Office of the U.S. Courts.
Edge, HAIL Invest $254.8M for 49 Percent Stake in 1540 Broadway
Also known as the Bertelsmann Building, 1540 Broadway stands 42 stories tall in the heart of Times Square in Midtown Manhattan.
Economy Watch: Seasonal Retail Hiring Grows
According to global outplacement firm Challenger, Gray & Christmas Inc., holiday hiring among retailers is off to a fast start. In October, the firm said, retailers added more than 150,000 positions, compared with only 47,800 during October 2009 and 38,600 during October 2008. Seasonal hiring hasn’t been this strong this early since 2006, in fact.
Labor Dispute Prompts Ammunitions Manufacturer to Build $100M Facility in Mississippi
Olin Corp., following failed union negotiations with workers, has decided to relocate its Winchester Centerfire Operations–and the accompanying 1,000 jobs–from East Alton, Ill., to Oxford, Miss.
Economy Watch: More Hiring, Same Unemployment Rate
According to the U.S. Bureau of Labor Statistics, the number of unemployed persons nationwide remained about the same–14.8 million–in October as in September.