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Tishman Speyer Buys Back 19-Acre L.A. Parcel
The developer has quietly taken the property out of receivership.
San Francisco’s $4.2B Transbay Project Gets Head Start on High-Speed Rail
The project is the first new station on the proposed national high-speed rail network.
Economy Watch: Recovery Slows, Productivity Plateaus
“Information received since the Federal Open Market Committee met in June indicates that the pace of recovery in output and employment has slowed in recent months,” the FOMC said to open its statement last week. That sounds like the FOMC has been reading the newspapers–or rather, scanning various web sites, to put it in a 2010 context.
Troubled Xanadu Under New Ownership
Xanadu, the troubled $2 billion retail and entertainment complex in Northern New Jersey, is under new ownership this morning. In an expected move, the project’s developers, a group led by Colony Capital L.L.C., turned over the mostly complete project to the lenders that hold the secured debt on the 4.8 million-square-foot property, which would be the biggest property of its kind in the United States.
Call for Nominations: CPE Executive of the Year Awards
CPE is seeking nominations for the 2010 Executive of the Year awards, and we want to hear from you! Nominations close on Aug. 31, so log on now to https://fs18.formsite.com/CPExecutive/nominations to enter your nominations!
Health Care REIT, Merrill Gardens to Form $817M Partnership
Health Care REIT Inc. and independent- and assisted-housing owner/operator Merrill Gardens L.L.C. announced plans for a partnership valued at $817 million, joining forces to own and operate a 38-property portfolio of independent-living, assisted-living and dementia-care communities in various coveted markets on the West Coast. Executives at both firms believe the timing is perfect–for their own strategies and to address the demands of the seniors housing market.
Akridge Lands 120,000-SF D.C.-Area Government Office Property in Steal of a Deal
Now that Akridge and Rockwood have taken the property off the hands of the U.S. General Services Administration, the federal government’s real estate division, the team plans to submit the building to a major upgrade in order to mold it into a Class A office facility.
MGM Resorts and Partner Secure $950M Refinancing Deal for MGM Macau
Debt attached to MGM Macau, owned by MGM Grand Paradise S.A., a 50/50 joint venture partnership involving Las Vegas-based global hospitality company MGM Resorts International and Hong Kong-based businesswoman Pansy Ho Chiu-king, has been refinanced to the tune of $950 million through a new senior secured credit facility.
Economy Watch: Pending Home Sales Chart Downward Course
Pending home sales edged down in June compared to May, with near-term sales expected to be notably lower than in the spring, according to the National Association of Realtors. The surge of buyers taking advantage of the homebuyer tax credit is now definitively over. The question is–what next?
NAREIT’s Brad Case on REIT Performance
NAREIT vice president of research & industry information Brad Case discusses REIT performance on CPE TV during REIT Week 2010.