News
Economy Watch Weekly: Mixed News for Economy; No News on QE3
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Aug. 23
Hines Picks Up Vacant 175 KSF Office Building in Metro Phoenix
Hines has just increased its ownership footprint in metropolitan Phoenix with the acquisition of Kierland One, a 175,400-square-foot office building in Scottsdale.
British Co. Buys Office Building in Canberra, Australia for $152M
U.K.-based Brompton Asset Management has acquired the 15-story Industry House building in the Canberra commercial business district for $152 million. The transaction ranks as the largest deal of its kind in the capital city’s office market this year.
Starwood to Build New Hotel in Samsun, Turkey
Starwood Hotels & Resorts Worldwide has signed an agreement with Tanriverdi Mensucat Sanayii A.S. to open a new-build Sheraton hotel in Samsun, in late 2014.
Economy Watch: Mortgage Delinquencies, Durable Goods Orders Drop in July; U.S. to Reach Debt Ceiling in October
The percentage of delinquent U.S mortgage loans decreased from 6.68 percent in June to 6.41 percent in July. Orders for durable goods dropped 7.3 percent in July. And according to Treasury Secretary Jack Lew, the federal government will reach its borrowing limit sometime in mid-October.
JLL Buys Houston’s Means Knaus Partners
Jones Lang LaSalle has acquired Means Knaus Partners, a property management company headquartered in Houston with about 16 million square feet of office space under management, primarily in Chicago, Dallas, Denver, Houston, Los Angeles, Orlando and Tampa.
BOMA: Most, Least Expensive Markets
The Building Owners and Managers Association International has culled numbers from the 2013 Experience Exchange Report to produce a list of the most and least expensive commercial real estate markets in the country. And no, New York City is not at the top.
Savanna Fund II REIT Sells Manhattan’s 5 Hanover Sq. for $104M
CIM Group has acquired 5 Hanover Square, a 25-story building in Manhattan’s Financial District, from Savanna Fund II REIT for $104 million.
MetLife Extends $235M in Financing for 974 KSF Houston Office Building
The real estate investments department of MetLife has closed a $235 million loan secured by BG Group Place, a 973,800-square-foot office high-rise in downtown Houston, for a partnership advised by Invesco Real Estate.
Economy Watch: New Home Sales, Total Vehicle Miles Dip; No Conclusive News from Jackson Hole
Sales of new single-family houses in July 2013 dropped 13.4 percent compared with June. Travel on all roads and streets dropped by 0.4 percent for June 2013 compared with the same month last year. And Federal Reserve officials concluded their annual conference in Jackson Hole, Wyo. with no certain schedule for the tapering of QE3.
You must be logged in to post a comment.