News
Double Recognition for Albuquerque’s Architecture Firm Dekker/Perich/Sabatini
Architectural Record is a magazine that focuses on design inspiration and skill development, on practice management and business improvement. Recently they’ve announced their list of top 300 US architecture firms, based on revenue.
Mack-Cali to Sell Suburban Philly Office, Land Assets for $233M
Keeping in line with its diversification strategy into multi-family projects and its retreat from non-core office assets, Mack-Cali has struck a deal to dispose of its nearly 1.7 million-square-foot office portfolio and three land parcels in suburban Philadelphia.
Tilal to Expand Muscat Grand Mall in Oman for $130M
Tilal Development Co., the Sultanate’s leading real estate company, recently announced plans for a massive expansion of Muscat Grand Mall.
Spirit, CCPT II Complete $7.4B Merger
The new bigger Spirit Realty Capital will continue to seek out more growth opportunities as it looks to capitalize on the completion of the $7.4 billion merger with Cole Credit Property Trust II, which doubled its size and made it one of the largest publicly traded net-lease REITs in the United States.
Economy Watch: Detroit Files for Chapter 9; Bernanke Says Tapering Still Likely; Initial Unemployment Claims Drop
Detroit became the largest city in the nation ever to file for the municipal version of bankruptcy, Chapter 9. Fed chairman Ben Bernanke said that most members of the Federal Open Market Committee support tapering down the Fed’s monthly bond purchases, which might begin in September. And initial unemployment dropped by 24,000 from the previous week to 334,000.
Pinnacle Founder Chases Elusive Finish Line for Henderson Condos
The troubled Vantage Lofts development has had a rocky road to cross over the past few years since its initial stall back in 2007. Since then, it has been flipped from developer to developer, received a number of changes to the initial project, including an idea to turn the condo development into apartment rental units, and still not reached completion.
Second Hyatt Opens at Cottonwood Corporate Center; Cornerstone Puts Hotel Monaco on the Block
The Cottonwood Corporate Center has received its second Hyatt-operated hotel facility after the company recently debuted its Hyatt Place Salt Lake City/Cottonwood. Sequoia Development is the company responsible for the venue The city’s position in an improving banking environment and a rising tech sector, as well as its proximity to some of the best ski resorts in the country are great incentives for the hospitality market and the developer, as well as Hyatt, were ready to move.
Colliers: Midyear, Uneven U.S. Economy Worrisome, but NYC Enjoys Banner First Half
Halfway through 2013, New York City’s office market continues to transcend the uneven national economy, even as economists limit their expectations for the rest of 2013.
CBRE Selects Recipients in Real Green Research Challenge
By Barbra Murray, Contributing Editor CBRE Group Inc. has selected five recipients in its Real Green Research Challenge, a $1 million program launched in December 2012 to fund cutting-edge sustainability research and innovation in commercial real estate. The participants in the program will each receive awards of up to $250,000 to conduct research projects. The five recipient institutions are Stanford University; EURO Institute of Real Estate Management; Cleveland State University and Central Michigan University; Maastricht University; and the Natural Resources Defense Council. There was no lack of interest in RGRC; CBRE received more than 100 submissions. “The overwhelming response to…
Firm Capital Acquires Stake in Montreal Industrial Portfolio
Firm Capital Property Trust is in contract to purchase 50 percent of a Montreal-area portfolio of 25 industrial buildings.