News
Economy Watch: Gas, Oil Prices to Drift Lower; Yellen to Defend QE3 Before Congress
The U.S. Energy Information Agency says that the annual average retail price of regular gasoline, which was $3.63 per gallon in 2012, is expected to average $3.50 a gallon in 2013 and $3.39 a gallon in 2014. And the Fed released testimony that Ben Bernanke’s successor, Vice Chair Janet Yellen, supports the government’s bond-buying program.
Twitter Driving Housing Growth in Mid-Market; Shorenstein Signs Fitness Facility at Twitter’s HQ
The influence of major tech companies on the San Francisco Bay Area has propelled the Peninsula, San Francisco and Silicon Valley to the top of the table in terms of the best markets in the nation. While most people discuss Google, Apple and Facebook as major influences, it was Twitter that made the headlines this week, with the success of its recent IPO and the developments at the office building that serves as its current HQ.
Charleston Boutique Hotels Renovate and Rebrand
The Vendue Inn, a boutique hotel located in Charleston’s historic French Quarter near the city’s iconic waterfront, has announced the kick-off of a $4.8 million renovation and restructuring project.
The Opus Group and USAA Real Estate Co. Start Construction on 604,565 SF Speculative Industrial Building
The Opus Group and USAA Real Estate Company recently held a ceremonial groundbreaking ceremony and announced the start of construction on a new 604,565-square-foot speculative industrial building in North Aurora, Illinois.
Crescent Real Estate Holdings LLC Renovates Johns Manville Plaza & 707 17th Street in Denver City Center
Crescent Real Estate Holdings LLC recently announced the completion of renovation works to Johns Manville Plaza and 707 17th Street in the Denver City Center. The renovations aim to provide customers improved access, street views and more amenities for food, shopping and entertainment options.
Penn Announces New College House at Hill Field
The University of Pennsylvania recently announced it will build a new college house at Hill Field as part of PennConnects, a residential program that started back in 1998 and already includes 11 student residences within the larger campus area.
State Signs 30-Year Lease for Belle Isle
Detroit’s historic Belle Isle, a 982-acre island park in the Detroit River, will be taken over by the state as the Michigan Emergency Loan Board approved a 30-year lease with two 15-year renewals with the city in a deal that would save Detroit up to $6 million in annual maintenance costs. As such Belle Isle will become Michigan’s 102nd state park.
255-Key Hyatt Place Opens in Downtown Music City
Hyatt Hotels Corporation has announced the opening of the Hyatt Place Nashville/Downtown, the newest hotel addition to Music City’s vibrant downtown.
Gibson to Succeed Pelusi as CEO of HFF; Thornton Named President
Veteran HFF Inc. executive Mark Gibson will succeed John Pelusi as the firm’s CEO. Joe Thornton, another longtime leader at the company, will take Pelusi’s place as managing member of HFF’s two operating partnerships and will also assume the title of president. Both appointments, and Pelusi’s resignation, will take effect next April 1.
Hillwood, Sovereign Wealth Fund Wrap First Closing of $1B Industrial Venture
The partners expect to ultimately raise an aggregate $400 million, which they intend to leverage for $1 billion in acquisitions and development over the next three to four years.