News
Port Authority Votes to Advance Construction of 3 WTC
Silverstein Properties’ $2.3 billion development of the 2.5 million-square-foot 3 World Trade Center office tower takes a long-awaited step forward as the Port Authority of New York and New Jersey’s board of commissioners green lights a revision of the 2010 financial agreement between the two parties.
Ivanhoe Cambridge JV Buys 49% Stake in Downtown Manhattan Property for $150M
Ivanhoe Cambridge has added to its New York City office holdings with the acquisition of a 49 percent stake in 330 Hudson in Manhattan for $150 million.
Economy Watch: Personal Income, Spending Up in May; Mortgage Delinquency Rates Edge Down
U.S. personal income was up 0.4 percent in May compared with April, and personal consumption expenditures increased 0.2 percent month over month. The single-family serious delinquency rate for mortgages declined from 2.15 percent in April to 2.1 percent in May.
Carey Watermark Grabs 302-Key Hotel in Denver’s CBD for $82M
Carey Watermark Investors has made its entrance into Denver’s sizzling hotel market by snapping up the Hampton Inn & Suites-Homewood Suites by Hilton Denver Downtown/Convention Center for $82 million.
INTERNATIONAL: DAMAC Tops Out $300M Luxury Residential Tower in Beirut
Leading Middle Eastern luxury developer DAMAC Properties has topped off a $300 million iconic residential tower in Beirut’s Solidere area.
Online with Auctions by ATG
The online auctioning of commercial real estate is a fast-growing arena, and Auctions by ATG, which conducts both live and online auctions, is seeing the trend first hand.
DRA, Cypress Pay $41M for Sorrento Mesa Office Portfolio; NBC 7 Seals Move to Kearny Mesa
In what was yet another good week for San Diego’s office market, a large portfolio deal was completed by a partnership between DRA Advisors LLC and Cypress Office Properties LLC, while local news outlet NBC 7 San Diego also acquired an office asset. The two deals were worth a combined $50 million, greatly boosting the profile of the local commercial real estate market. The transaction was arranged by Cassidy Turley Executive Managing Editor Rick Reeder and Managing Director Brad Tecca on behalf of the seller.
Moinian Secures Loan for 3 Hudson Blvd.
Plans for 3 Hudson Blvd., the 1.8 million-square-foot tower being built by The Moinian Group in the Hudson Yards district on Manhattan’s Far West Side, are moving forward with news that the developer has secured a land loan from AIG’s Commercial Mortgage Lending Group.
PM Realty Group Expands Services, Adds Trujillo, Gilpin
PM Realty Group has grown its Washington, D.C., landlord agency representation staff by hiring Eduardo Trujillo as senior vice president of leasing and Andrew Gilpin as a senior leasing associate.
Developers Break Ground on 65,000 Sq. Ft. Retail and Restaurant Component at Northville Park Place
A groundbreaking ceremony held on June 25 at the corner of Haggerty and Seven Mile roads in Northville Township marked the beginning of construction of the second phase of a large retail, restaurant and mixed-use complex that’s taking shape on the site of the former State of Michigan Regional Psychiatric Hospital.