News
CWCapital Sells 300 KSF Miami Office Property to Related for $104M
Four years after taking on the role of special servicer for a loan secured by the 302,300-square-foot office property at 444 Brickell in Miami, CWCapital Asset Management has sold the asset to Related Group for $104 million.
Equity Office Properties Sells 649 KSF Boston Suburb Office Park for $237M
The Blackstone Group’s Equity Office Properties affiliate has closed the sale, for $237 million, of Wellesley Office Park, a 649,184-square-foot office park in Wellesley, Mass.
MetLife, Norges Bank Create JV to Invest in U.S. CRE Market
MetLife and Norges Bank Investment Management have teamed on a joint venture to invest collectively in Class A office properties in key U.S. markets, making its initial investment in One Financial Center in Boston.
Economy Watch: To Taper or Not to Taper? Wholesale Prices Drop Again; Total Bank Failures Nearly at ’08 Level
The Rederal Reserve will hold a meeting this week followed by Bernanke’s last press conference, during which he is expected to make an announcement about the central bank’s bond-buying program, currently set at $85 billion a month. The U.S. producer price index for finished goods edged down 0.1 percent in November. And another FDIC-insured national bank closed this year, marking 24 banks in total that failed.
Downtown Capital Gains State Agency Approval for Second Condo Tower on Former Honolulu Advertiser Site
The Hawaii Community Development Authority (HCDA) has approved the construction of a second affordable condominium high-rise on the site of the former Honolulu Advertiser building in Kakaako. The back portion of the facility will be demolished to make room for the new development.
Joint Venture Awarded $90M Contract with HISD; Rigid Breaks Ground on New Manufacturing Facility
B3Ci, a joint venture comprised of Balfour Beatty Construction and 3Ci, have been awarded by the Houston Independent School District (HISD) a construction services contract valued at $90 million, as part of the 2012 HISD Bond Program.
Campbell Mithun Relocating to Historic 510 Marquette Building
Minneapolis advertising agency Campbell Mithun recently signed a lease to become anchor tenant in the historic 510 Marquette building and will collaborate with Julie Snow Architects to design the new space.
Invesco Inks 42,750 SF-Lease at Trammell Crow Center; Gaedeke Group Acquires Addison Trophy Tower
Invesco, an independent global investment management firm headquartered in Atlanta, has announced plans to relocate their Dallas real estate advisory business from North Dallas where they have been for many years to downtown Dallas at the Trammell Crow Center.
Joint Venture to Break Ground on $100M Tysons Office Tower Next Year
With over 28 million square feet of office space, Tysons Corner is one of the largest suburban submarkets in the United States. And it’s about to get bigger. At the start of December, American Real Estate Partners and The Association For Manufacturing (AMT) announced they will jointly develop a 200,000-square-foot trophy office building to anchor Tysons’ Arbor Row master planned district.
Whitestone REIT Buys N. Scottsdale Community Center for $37M
In a $37.4 million deal, Whitestone REIT acquired Market Street at DC Ranch, a 241,280-square-foot mixed-use neighborhood center in North Scottsdale, from DMB.