News
Boston Medical Center to Break Ground on $270 Million Redesign Project
Boston Medical Center (BMC), the largest safety-net hospital in New England, is moving forward with a multi-million-dollar plan to consolidate and renovate its two hospitals in the South End campus over the next three years.
SL Green Sells Stake in SoCal Office Portfolio as Los Angeles Office Market Shifts Away from Downtown
The ownership structure of a major office portfolio recently suffered some changes after New York City-based SL Green Realty Corp. announced that it had sold its stake in a Southern California portfolio to an affiliate of its joint venture partner. SL received $100 million from an entity linked to Blackstone Real Estate Partners VII for its 43.74 percent interest. The properties that comprise the portfolio are located across Southern California in major markets including Los Angeles, Orange County and San Diego.
Office Tower In Baltimore’s CBD Is Now For Sale
A Baltimore skyscraper located right in the heart of the city’s Central Business District is looking for new owners. The 22-story building at 2 Hopkins Plaza is up for sale. Transwestern is marketing the Class B office tower together with the 3-story pavilion building at 10 Hopkins Plaza.
Penn’s South Bank Master Plan To Include 200,000 Sq. Ft. Innovation Center
The University of Pennsylvania (Penn) revealed plans for a research park anchored by a new innovation center that will be built on the former DuPont Marchall Research Laboratories site, a large industrial property along the Schuylkill River that will house the planned South bank campus.
$11.4 Million Renovation Plan Promises New Life to U-M’s Former Nuclear Building
Ten years after beginning to decommission the Ford Nuclear Reactor, the University of Michigan (U-M) is preparing for a multi-million dollar renovation and expansion of the four-story building that is now entirely free of radiation.
Boston Firm Acquires Landmark Union Trust Building in Downtown Pittsburgh
The Davis Companies, a real estate investment and development firm based in Boston, has acquired the historic Union Trust Building in downtown Pittsburgh. According to the Pittsburgh Post-Gazette, the company purchased the property for $14 million at a recent sheriff sale.
Luxury Assisted Living Project Proposed for Franklin
Atlanta-based Medical Development Corp., a family-owned development and management company specialized in senior housing and hospitality, is eyeing Franklin for a luxury hotel-style assisted living center
Hackman Capital Buys Iconic 358 KSF Film Studio in Culver City, Calif.
Hackman Capital Partners has acquired The Culver Studios, a 358,200-square-foot independent film studio in Culver City, Calif., approximately 10 miles west of downtown Los Angeles.
Lend Lease Completes Phase I of $270M Mall Project in Australia
Lend Lease has completed Phase I in the redevelopment of Lakeside Joondalup, to become the largest shopping center in Western Australia.
Store Closures Predicted Due to Cerberus’ Purchase of Safeway for $9B
Although Cerberus stated no closures are expected as a result of its merging of Albertsons with Safeway, some analysts predict the transaction will result in duplication, calling for store closures in certain markets.