News
Economy Watch Weekly: Surprising Boost in Job Creation
CPE’s economic analyst, Dees Stribling, gives his update for the week ending June 7.
Meridian Arranges $55M Refi of 5 Columbus Circle in NYC
Five Columbus Circle, the 225,700-square-foot office tower at 1790 Broadway in Manhattan, has been refinanced to the tune of $55 million.
Barwa RE Unveils Plans for $5.5B M-U Resort in Qatar
Barwa Real Estate, one of Qatar’s leading real estate management and investment companies, has launched a $5.5 billion residential and resort project slated to rise on an artificial island off the coast of Doha.
Tishman Speyer Acquires 570 KSF Paris Office Building
Global real estate owner, operator and developer Tishman Speyer has acquired Tour Pacific, a 570,000-square-foot office building in Paris from Ivanhoe Cambridge.
Rufrano Steps Down; New CEO Sant’Albano Takes the Reins
Cushman & Wakefield has named Carlo Barel di Sant’Albano its interim CEO, replacing Glenn Rufrano, who will remain with Cushman during a transition period.
Economy Watch: Fed May Continue Stimulus; Vegas Sells More Homes; S&P 500 Upgrades Outlook for U.S. Debt
Since low inflation has been a surprise, the central bank can continue with QE3. The number of existing residential properties trading hands in the Las Vegas market in May was 3,884, up from 3,789 in April. And Standard & Poor’s Ratings Services upgraded its outlook for the U.S. sovereign debt, raising its outlook from “negative” to “stable,” meaning that the rating agency is less likely to downgrade U.S. debt in the near future.
Prado Student Development Breaks Ground in San Antonio
Three new student developments encompassing 1,400 units have broken ground under the Fountain Residential Partners name. These projects will serve The University of Texas – San Antonio, the main campus of The University of Houston, and The University of Minnesota – Twin Cities. Leasing will start in the following months and occupancy in autumn of 2014.
Magnolia Marketplace to Be Developed by Joint Venture
Covington, LA-based Stirling Properties has announced forming a joint venture with JCH Development, a New Orleans-based boutique urban real estate development for the Magnolia Marketplace Shopping Center in New Orleans.
Major Office High-Rise Trades Hands for $390M in City’s Financial District
As Seattle’s office market soared over the past year, a number of major office building transactions have been completed. The Russell Investments Center, 1201 Third Ave. and Vulcan’s Amazon campus have drawn massive amounts of money as investment companies are focusing on Seattle real estate. Continuing that trend is the recent sale of the Wells Fargo Center to Canadian real estate company Ivanhoé Cambridge for a fee of $390 million. According to a press release issued by the buyer, the acquisition brings the total amount of office space in Seattle’s financial district that is owned by Ivanhoé to eight percent.
BYTEGRID Buys Massive Data Center in Downtown Cleveland, Secures $100M Credit Facility
BYTEGRID, a privately-held data center company headquartered in Northern Virginia, has acquired the Cleveland Technology Center (CTC), Cleveland’s market leader in secured telecommunications and data center facilities. The price of the transaction was not disclosed.
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