News
MIPIM Special Report: Innovation, Reinvention, Communication: Keys to Inner City (Re)Development
In the current development environment, keys to successfully developing inner cities are a mixed land use, livability, a lifestyle brand, investment & management innovation, and reinvention.
NFR, Oaktree Buy 3 MSF Office Portfolio for $241M
It could take years to amass 3.4 million square feet of high-quality office space or it could happen overnight, as it did for National Financial Realty and Oaktree Capital Management.
CPC, Citi Announce $250M Facility to Finance Affordable Housing
Citi Community Capital has provided $250 million in financing, one of its largest single investments in affordable housing, to help create or preserve nearly 6,000 low- and moderate-income units in New York State.
Over-Performing San Francisco Office Market Produces Yet Another Office Deal
San Francisco’s improving office market has produced yet another deal after a joint venture created by Hines and Invesco Real Estate moved to acquire an iconic construction located in the city’s South Financial District. The two real estate companies have completed a deal making their joint venture the new owner of the Rialto Building. While official financial terms for the deal were not disclosed, market specialists place the transaction’s value at around $57 million. The entity selling the Rialto Building was Africa Israel USA, AFI USA.
Economy Watch: Job Openings Up Since Early 2012; Gas Prices Edge Down; Small Business a Bit More Optimistic
The number of job openings are up 8 percent year over year compared to January 2012. The weekly U.S. average retail gasoline price fell in early March for the first time since mid-December. And NFIB’s Small Business Optimism Index increased 1.9 points in February to 90.8.
Economy Watch Weekly: Hiring Burst in February, Other Good News
CPE’s economic analyst, Dees Stribling, gives his update for the week ending March 8.
Boston Properties Taps Lehman’s Thomas as CEO
Boston Properties has taken the big step in its CEO succession plan with the selection of Owen Thomas to serve as the REIT’s CEO.
Economy Watch: Bank Failures Slow Almost to Halt; Chinese Economy Listless
The rush of U.S. bank failures that began with the financial panic more than four years ago has crawled to a trickle. And the Chinese economy, which has seen consistently rapid growth in recent years, has shown recent indications of slowing down.
Mark-Taylor, Kitchell to Develop 590-Unit M-F Project in Tempe
Mark-Taylor Inc. has recently announced it would team up with Phoenix-based Kitchell Development Co. to develop a 590-unit multifamily project in Tempe. The giant apartment community will be called San Sonora.
Sale of US Bank Tower Marks Shift in Downtown LA Market
The newly announced purchase of US Bank Tower, the tallest building in California, is not only a major transaction in itself, at $367.5 million, but also a deal that could send some reverberations through the downtown Los Angeles office market.