News
115 Sansome Street Building Acquired by Harvest Properties, Set for Conversion to Creative Space
Harvest Properties will now carry out extensive renovations that will strip the building of its existing, more traditional tenant improvements. The company will then work with architecture firm Hooks ASD and contractor RN Field to highlight the building’s strong suites through new creative office space. The new owner is betting that such a property in a location like San Francisco’s North Financial District would be a welcome alternative to Class A office space or commodity space.
Decade-Long M-U Development in Inland China Completes 13th Phase
A decade-long development effort by Sunac Real Estate was recently commemorated during a ceremony organized by the developer.
Economy Watch: Employers Offer More Jobs in February; Small-Biz Owners More Optimistic
The number of job openings at the end of February was 3.9 million, up from 3.6 million in January, which is the highest monthly number since May 2008. And March saw job growth in the small-business sector for the fourth consecutive month.
Economy Watch Weekly: March Crummy for Job Creation, but Housing Still Doing Better
CPE’s economic analyst, Dees Stribling, gives his update for the week ending April 5.
GlaxoSmithKline Sets Up Shop in New 208 KSF Home in Philly’s Navy Yard
A mere 18 months after Liberty Property Trust and Synterra Partners broke ground on GlaxoSmithKline’s new 208,000-square-foot office building, located in the Navy Yard Corporate Center at the Philadelphia Navy Yard, the pharmaceutical giant has settled into its new digs.
AG-Metropolitan JV Sells BJ’s, LA Fitness Condo Units on Long Island for $66M
Entities controlled by The Hampshire Companies have purchased a BJ’s Wholesale Club and LA Fitness condominium units at Garden City Square in New York for nearly $66.3 million from AG-Metropolitan 711 Stewart Avenue, a joint venture of Metropolitan Realty Associates and Angelo, Gordon & Co.
Union Bank to Acquire PB Capital’s $3.7B CRE Portfolio/Platform
Union Bank N.A. has reached an agreement to acquire the $3.7 billion institutional CRE lending portfolio and platform of PB Capital Corp.
Economy Watch: Consumers Still Confident About Housing; Foreigners Fond of U.S. Benjamins
Consumers are fairly confident in the housing recovery despite dodgy fiscal policies. And the amount of U.S. dollar-denominated cash in circulation has risen by 42 percent in the last five years, and mainly the demand is for Benjamins – $100 bills, bought with euros.
InterContinental Hotels, NewcrestImage Team Up for Bricktown Hotel
InterContinental Hotels Group recently announced its newest development in Oklahoma City will be in the Bricktown entertainment area. The hotel company has partnered up with NewcrestImage to develop their new-build Holiday Inn Express at 101 East Main Street. Construction is expected to be finalized by year end and the grand opening is scheduled for early 2014.
High Rock Seeks Tax Credits for “Superman Building’s” M-F Makeover
High Rock Development of Newton, Mass. is planning to repurpose the 26-story Industrial Trust Tower in downtown Providence from office to residential rental space. According to The Associated Press, the owner of the 350,000-square-foot property intends to build up to 290 apartments on the upper floors, as well as retail and restaurant space on the ground floor.
Bill Fischer, a spokesman for High Rock, told the newspaper that the company is seeking historic tax credits to reposition the art deco-style building, Rhode Island’s tallest skyscraper.
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