Investment
Miami-Based Investment Firm Grabs 30-Story Chicago Multi-Family Tower
CH South Michigan Apartments, a vehicle of Miami-based Crescent Heights, purchased Chicago’s 1212 S. Michigan Ave., picking up the 30-story, 344-unit tower for approximately $60 million.
Analysis: Battle for Archstone Already Heating Up
Even as the bankruptcy estate of Lehman Brothers heads into court with its payout plan, it reportedly is in discussions with potential partners, trying to raise money for a counterbid to the offer yesterday from Sam Zell’s Equity Residential to buy more than a one-quarter interest in Archstone.
Breaking News: Equity Residential to Pick up $1.3B, 26.5% Ownership in Archstone
In a huge move for the Sam Zell-helmed Equity Residential, the firm has entered into a contract for a 26.5 percent ownership stake in Archstone, a privately held owner, operator and developer of multi-family apartment properties.
$4B Better Buildings Challenge Unites Government, Private Sector
Saying “we can’t wait for Congress to act,” President Obama on Friday announced that over the next two years, nearly $4 billion in combined federal and private-sector money will be surging into energy upgrades to buildings.
PCCP Provides $69M for Salt Lake City Mall Renovation
In a renovation deal that will be ready for next year’s holiday season, PCCP announced last week that it provided a $69.2 million senior loan to recap and improve Salt Lake City’s Valley Fair Mall.
Amid Changes, Furloughs at Grubb, Healthcare REIT Picks up $112M Portfolio
Amid the process of furloughing a small percentage of its workforce, Grubb & Ellis is still seeing one of its vehicles — Grubb & Ellis Healthcare REIT II — purchase an eight-property medical-office portfolio for $112 million.
Emerging Trends 2011: A Year of Less
Emerging Trends crafters Jonathan Miller and Stephen Blank discuss this year’s findings with CPE TV during the ULI Fall Meeting. Click on the following headlines for more on the Emerging Trends results: ULI Special Report: Opportunities and Emerging Trends Washington is Top Investor Choice Again as Tough 2012 Looms: PwC/ULI Survey
A $76M Sale, a Possible Revival for D.C.’s Watergate
Penzance has just purchased its own slice of American history for the price of $76 million, picking up one of the two office towers in the iconic Washington, D.C.-based Watergate complex.
Impactful Women
Five remarkable women were awarded CREW Network’s 2011 Impact Awards. CPE offers videotaped insights and written profiles of these pioneers, negotiators and mediators — specializing in development, service and finance.
Cassidy Turley Secures $95M Permanent Financing for Class A Building in Washington, D.C.
Cassidy Turley has secured a $95 million permanent loan for the McPherson Building, which overlooks Washington, D.C.’s McPherson Square Park.