News
Diamond Resorts Closes IPO; Condo Resale Sets Record at Cosmopolitan
Las Vegas’ wild entertainment and gaming environment makes some people forget that a huge amount of business is what backs up the sprawling Strip investments and luxurious resorts. Diamond Resorts International Inc., a company that owns several Las Vegas hospitality venues including Cancun Resort, Desert Resort and Polo Towers Suites has recently announced the closing of its IPO offering an aggregate of 17,825,000 shares of common stock, at the initial offering price of $14 per share. According to company data, Diamond Resorts gained net proceeds totaling $210,185,500 before deducting offering expenses payable by the company.
JLL to Expand in Metro Kansas City with Acquisition of Capital Realty
Jones Lang LaSalle has its eye on the blossoming industrial real estate market in metropolitan Kansas City, Mo., and the commercial real estate services firm will increase its platform in the market in one fell swoop with the acquisition of Capital Realty.
Morgan Stanley Fund Grabs 50% of Boston Trophy Building
In a deal that was first reported by Bisnow, a Morgan Stanley real estate fund has acquired the Blackstone Group’s 50 percent share of One Post Office Square, a 40-story office building in Boston’s financial district, for a reported $550 million.
Manulife Launches SOM-Designed Office Project in Downtown Calgary
Manulife Real Estate is developing 707 Fifth St., an elliptical 27-story office tower slated to rise in the heart of downtown Calgary.
Skanska USA Develops Office Tower for PricewaterhouseCoopers in Boston’s Seaport Square
Skanska USA Commercial Development Inc. is investing $265 million in a 440,000-square-foot office building in the Seaport District of Boston that will be occupied primarily by PricewaterhouseCoopers.
Economy Watch: More Evidence of Higher Home Prices, but Not by Much; GSEs Not Going Away (Yet)
Two studies recently conducted both point to sustained growth in home valuations. But according to another source data, the prices are not high enough to cause a housing bubble similar to earlier in the 2000s. And the GSEs are not going away just yet: there’s a bill in place in the House to extricate the federal government from the housing market, but it’s unlikely to be passed before the 2014 election.
Economy Watch Weekly: Moderately, or Rather Modestly, Good Week for Economy
CPE’s economic analyst, Dees Stribling, gives his update for the week ending July 30.
MetLife, SunTrust Form $5B Partnership
MetLife and SunTrust Banks have joined forces on a major partnership in which MetLife’s new investment management platform, MetLife Real Estate Investors, will originate and manage as much as $5 billion in commercial real estate mortgages to be financed by SunTrust.
Clarion Sells One Metro Center in DC to Jamestown for $307M
Clarion Partners has completed the sale of One Metro Center, a seven-story, 415,300-square-foot, trophy Class A building in the East End submarket of Washington, D.C., for $307 million to Jamestown Properties.
Inland Names Rival Exec Sabshon as New CEO
After a lengthy search, Inland Real Estate Investment Corp. has tapped Mitchell Sabshon as its new CEO, taking over for Robert Parks, who will remain as the company’s chairman.
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