News
Economy Watch Weekly: Home Prices Up, Consumer Confidence Down; People Buying More Online
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Nov. 29.
Stadium Project Unveiled for 2022 FIFA World Cup in Qatar
The Qatar 2022 Supreme Committee unveiled the design of the new stadium provided by Zaha Hadid that will be constructed in Al Wakrah, one of the Host Cities of the 2022 FIFA World Cup.
Sigma JV to Develop Rental Homes in Britan for $1B
Property developer Sigma Capital Group has formed a $1 billion joint venture with Shariah-compliant Gatehouse Bank for the development of up to 6,600 new rental homes in Britain.
Hilton to Trade Biggest-Ever Hotel IPO
The nearly century-old Hilton, the world’s largest hotel enterprise, plans to start trading on the New York Stock Exchange next week under the symbol HLT.
Washington Post HQ Sale Put to Bed for $159M
Graham Holdings, formerly The Washington Post Co., has agreed to sell the 470,300-square-foot office property in Washington, D.C., to Carr Properties for $159 million.
Sears Building in Boyle Heights Trades Hands for $29 Million as New Owner Takes Charge of Redevelopment Hot Spot
One of downtown L.A.’s landmark buildings recently traded hands and is set for a change of direction for its use. The Sears Roebuck & Co building, one of the most high-profile structures in the entire Boyle Heights neighborhood, was purchased by residential developer Izek Shomof for a total fee of approximately $29 million. The building was previously owned by MJW Investments, an entity that has owned the asset for the past nine years. The property was previously the focal point of a massive redevelopment project that has since tanked.
Vornado Refinances NYC’s 11 Penn Plaza for $450M
Vornado Realty Trust has completed a $450 million refinancing of Eleven Penn Plaza, a 23-story, 1.1 million-square-foot Manhattan office building.
Economy Watch: More Shopping Over Thanksgiving Weekend, But Less Bought; Construction Spending Edges Up
More than 141 million Americans did some kind of shopping over the Thanksgiving holiday, compared with 139 million over the same period last year. And U.S. construction spending during October 2013 came in at 0.8 percent above the annualized September figure.
Crescent Central Station to Be Built by Winter Park Construction
With pedestrian connectivity to LYNX and the highly anticipated SunRail commuter rail service, a linear park and a pedestrian plaza nearby, Crescent Central Station will be Downtown Orlando’s first truly transit oriented development. Crescent Communities picked Winter Park Construction to construct the luxury urban infill, mid-rise/mixed-use project.
Cobb County Approves Home of the Braves
The Cobb County Commission gave green light to the Atlanta Braves stadium signing a Memorandum of Understanding with the team at its meeting on Tuesday, 26 November. The arena is only the jewel in the crown as it will be surrounded by a mixed use development including between 700,000 and 1 million square feet retail, restaurant, residential, hotel and office space – all privately funded 100 percent by the Braves, and other private partners.
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