News
IREM Launches 3-Part Sustainability Program
The Institute of Real Estate Management launched IREM Sustainability, a new program open to the industry at large to help property managers and other practitioners strive for efficient buildings, enhance financial performance, increase property values and make a positive environmental impact.
Economy Watch: Federal Budget Deal Reached; Volcker Rule Finalized; Job Openings Up
Congress passed a modest budget deal on Tuesday. The “Volcker Rule” was also publicized that day, forbidding banks from trading on their own account rather than customers’. And job openings increased in October by 42 million month over month.
Economy Watch Weekly: Good Week for U.S. Economy
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Dec. 6.
SL Green Signs 266 KSF Lease with MTA in Manhattan
With a new lease in place at Midtown Manhattan’s Graybar Building at 420 Lexington Ave., Metro-North Commuter Railroad Co. will continue to call the 1.2 million-square-foot skyscraper home, but it will be a much bigger home.
Canada Sells Diplomatic Building in London to Indian Developer for $500M
The Canadian government has sold the iconic Macdonald House in central London to Lodha Group, one of India’s largest real estate developers, for $500M.
Essex Property Enters into Exclusive Negotiations with BRE
Essex Property Trust has made a non-binding proposal to acquire BRE Properties in a negotiated strategic business combination in which each outstanding share of BRE common stock would be exchanged for 0.2971 shares of Essex common stock and $12.33 in cash.
ARCHT to List on National Stock Exchange
American Realty Capital Healthcare Trust will apply to list its common stock on an unspecified national stock exchange (under the symbol HCT).
Economy Watch: Net Household Worth Highest Ever; Bullard Hints at Tapering
Household net worth increased in the third quarter, reaching a new high of nearly $77.3 trillion, compared with $75.3 trillion in the second quarter of 2013. Federal Reserve Bank of St. Louis president James Bullard said that the Federal Open Market Committee decision on tapering will be “data dependent.”
Methodist Hospital Announces $200M Expansion
The Methodist Hospital opened in 1963 in the South Texas Medical Center with 175 beds and 272 employees. These days, the hospital has 882 beds and a staff of 3,538 members; recently they’ve announced a significant expansion of $200 million that will start in early 2014 and be completed in 2017.
Columbia Residential Opens $24M Luxury Seniors Housing
Heritage Senior Residences at Columbia Parc, one of the most highly anticipated projects in New Orleans has celebrated its grand opening in Gentilly, with the first residents expected to move in starting March 2014.
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