News
L.A. City Council Approves BNSF Railway’s $500M Intermodal Facility
BNSF Railway’s $500 million Southern California International Gateway took a big step forward last week with Los Angeles City Council’s approval for the 156-acre project.
Ares Management to Acquire AREA Property Partners
Ares Management has signed a definitive agreement to acquire AREA Property Partners. Ares Real Estate Group will now have $8 billion of committed capital and more than 70 investment professionals.
GID Development Group Constructing Seattle Apartment Tower
GID announced plans to build a 41-story, LEED Silver certified multi-family high-rise in the heart of downtown Seattle near Amazon.com’s world headquarters.
22-Story Second Ward Mixed-Use Development on Track for Completion
What was once an unfinished eyesore in Charlotte’s Uptown is now shaping up to be a prized downtown asset.
Economy Watch: Strong Q1 for Fannie Mae; Weekly Unemployment Claims Hit Pre-Recession Mark; Student Debt May Slow Growth
Fannie Mae posted a record $8.1 billion in income during the first quarter of 2013. Student debt may impede future economic growth. And unemployment claims for the week ending May 4 were 323,000—the lowest level since before the Great Recession
Parkway to Pay $66M for Fully Leased Miami Property
In a move to expand its presence in South Florida, Parkway Properties, Inc. will be buying the 140,000-square-foot Lincoln Place for $66 million in debt and stock, the South Florida Business Journal reports.
Trammel Crow, Principal Sign ConocoPhillips to 850 KSF Lease in Houston’s Energy Corridor
The energy company will be the sole occupant of a 550,000-square-foot office tower scheduled for completion in 2015 and will move into an additional 300,000 square feet at a companion building the following year.
$500M Mixed-Use Trio of Towers Proposed for Downtown Austin
“Every project begins with a vision, and this is a grand vision on a great site,” said local real estate consultant Charles Heimsath about the proposed plan to build a $500M mixed-use project downtown Austin. If the plan receives approval from the city, the Austin skyline will change dramatically through the addition of three new towers, one of which could become the city’s tallest building.
Hines Sells 2 Manhattan Trophy Towers for $1B-Plus
American Realty Advisors won the competition for 499 Park Ave., and J.P. Morgan Asset Management has acquired 425 Lexington Ave.
Canyon Capital, Citi Launch $800M Workforce Housing Fund
The partners’ new investment vehicle will target the acquisition of workforce housing in underserved communities across the country.