News
KBS REIT III Closes Chicago’s 500 West Madison for $425M
KBS REIT III has acquired 500 West Madison, also referred to as Citigroup Center, an iconic, 1.5 million-square-foot mixed-use tower in Chicago, for $425 million plus closing costs.
Tishman Speyer Signs Largest Lease Transaction in Firm’s History with Banco do Brasil
In the largest lease in Tishman Speyer’s history, Banco do Brasil will be taking all 953,000 square feet of office space in the developer’s three-building Green Towers Brasilia project, now underway in Brazil’s capital.
Economy Watch: Time to Taper, Says Fed; New Housing Starts Rise
Wednesday was the Day of the Taper, with plans for the central bank to buy $10 billion less worth of bonds in January. And private housing starts in November came in 22.7 percent higher than the revised October estimate.
Hines REIT Agrees to Purchase the Howard Hughes Center from Blackstone Group
With 2013 all but over, the Los Angeles real estate market looks set to end the year with a huge headliner as one of the largest office asset acquisitions that the city has seen this year is set to take place. The media has been buzzing over the past week with news that Hines Real Estate Investment Trust Inc. has agreed to purchase the Howard Hughes Center from current owner Blackstone Group LP for a fee of $506 million.
Peebles, Elad Buy NYC Landmark Building for $160M
The Peebles Corp. and Elad Group have bought the historic 346 Broadway office building from New York City for $160 million and plan to transform the 115-year-old property into a five-star hotel and upscale condominiums in a $400 million restoration.
Canyon JV to Develop Class A Apartment Project in Prince George’s County, Md., for $93M
Canyon Capital Realty Advisors is teaming with Peter N.G. Schwartz and Hensel Phelps on the development of Apollo Residences at Town Center, a $93 million, 417-unit Class-A apartment project in Camp Springs, Md.
Dubai Wins Bid to Host 2020 World Expo Using HOK-Designed Master Plan
Dubai has won the bid to host the 2020 World Expo, with the help of a master plan for the facilities, courtesy of HOK Architects.
Hines, Oaktree Acquire Maxis Office Park in Suburban London
International real estate firm Hines has partnered with a subsidiary of Oaktree Capital Management to acquire the Maxis office campus in Bracknell, Berkshire from administrators Grant Thornton.
Realty Income to Buy Half-Billion-Dollar Net-Lease Portfolio from Inland Diversified
Realty Income Corp. is closing the year with a bang. The company has entered into a definitive agreement to acquire an 84-property portfolio of single-tenant net-leased retail and industrial real estate assets from Inland Diversified Real Estate Trust.
Economy Watch: CPI Doesn’t Move in November; Builder Confidence Remains High; Residential Property Equity Rises in 3Q
The Consumer Price Index for All Urban Consumers didn’t budge in November. Builder confidence improved four points in December to a reading of 58. And about 791,000 more U.S. residential properties returned to a state of positive equity during the third quarter of 2013.