News
CT Realty, Xebec Buy 530 Acres for 9 MSF Dallas Industrial Complex
CT Realty Investors and Xebec Realty Partners have big plans in Dallas–big multimillion-square-foot plans.
Clarion Partners Sells SF Office Tower for $100M
Clarion Partners has completed the sale of 100 Spear St., a Class A, LEED Gold office tower in the heart of San Francisco’s Central Business District for $100 million.
Economy Watch: Forbes Updates Billionaire List for ’13; Finance Pros Worried About Energy, Cyberthreats, Demographics; Fannie Mae Delinquency Rate Down
Forbes magazine published its 27th annual list of billionaires, with most of the usual suspects populating the top of the list. What seems to worry accounting and finance professionals most are energy prices. And serious delinquency rates on single-family mortgages that Fannie Mae owns or insures declined in January to 3.18 percent from 3.29 percent in December.
USAA RealCo. CEO Duncan to Step Down, COO O’Donnell to Step Up
There will soon be a big change at the top at USAA Real Estate Co., the real estate arm of insurance and financial services company USAA. Patrick Duncan, CEO of RealCo, will retire from his position come May 1, and pass the torch to current president & COO Len O’Donnell.
Optima Sonoran Village Leads Downtown Scottsdale’s M-F Development Wave
The first phase of Optima Sonoran Village, consisting of a 210-unit apartment building in downtown Scottsdale has recently marked an important milestone for the local apartment market; the seven-story tower is the first completed project in a wave of thousands of apartments proposed downtown.
Hines Acquires Archstone Enterprises’ Interest in CityCenterDC Project
Hines has acquired Archstone Enterprises’ ownership interest in the two companies’ CityCenterDC mixed-use project, currently under construction in downtown Washington, D.C.
Kilroy Chairman Hands Reins to Son
As founder John Kilroy Sr. steps down from his post as chairman of Kilroy Realty, he passes the baton to his son John Kilroy Jr. who has been with the company since 1981.
Economy Watch: Personal Income, Construction Spending Drop; Sequester Arrives
U.S. personal income took a hit in January, dipping 3.6 percent, the largest drop in about 20 years. Construction spending also shrank in January by 2.1 percent. And Friday was Sequester Day, but little has happened, since most of Congress was out of town and negotiations between the president and the Congressional leaders who were in town were inconclusive.
Project Touted as “Greenest Commercial Building” Lives Up to Its Name
By Alex Girda, Associate Editor
The green building trend was really embraced by Seattle’s major developers with a number of buildings, chief among which is the new Federal Center South Building built by GSA for the U.S. Army Corps of Engineers, making headlines for the innovative ways in which established or groundbreaking environmentally friendly technologies were employed. The Bullitt Foundation has strived to cut out its own niche on an increasingly sustainable market and the effects are clearly visible.
Two San Antonio Apartment Communities Change Hands
The San Antonio apartment market seems to be very attractive for investors, with two important multifamily properties having changed hands recently. Sierra Ridge, a 230-unit apartment community located on the city’s North Central Side, has a new owner since February 14.