News
Westin to Enter Sacramento Market with Reflagging of 100-Room Hotel
Starwood Hotels & Resorts Worldwide, parent company of Westin Hotels & Resorts, has decided that the Westin flag will fly in Sacramento for the first time, through the rebranding of the 100-room Le Rivage Hotel.
Tishman Lands Two More Leases at Wilshire Courtyard
Less than two months after buying the two-building Wilshire Courtyard office complex in West Los Angeles, Tishman Speyer has completed two lease transactions, bringing the property’s occupancy to 94 percent.
Suffolk Develops $400M BioMed Research Facility at UMass
The Albert Sherman Center, a 512,000-square-foot biomedical research and education facility, has opened at the UMass Medical School campus in Worcester, doubling the school’s research capacity.
Economy Watch: Housing Starts Drop; FOMC More Optimistic, but Not Enough to Slow QE3 ; PPI Up
Housing starts took a dip in January, mainly due to multi-family starts. The Fed is more optimistic about the economy than during recent months; nevertheless, QE3 will still continue, with possibly modulated assets. And the Producer Price Index gained 0.2 percent month over month.
Criticized Kingsley Court Development to Kick Off in Roxborough
A 3.5-acre vacant property at 5627 Ridge Avenue in Philadelphia’s Roxborough neighborhood will be replaced with a complex of 32 twin homes, according to a post on NakedPhilly. While the project proposed by local developer Stephen Goldner has stirred much debate among neighbors who were concerned that the development would be too dense for a suburb, the former Ivy Ridge Assisted Living site has won approval from the City’s Planning Commission.
MOCAD Redesign Project Wins International Architecture Award
As the real estate world is getting ready for the upcoming MIPIM 2013—the international property market—the winners of the 11th Annual MIPIM Architectural Review Future Project Awards were revealed last week. The contest has been running since 2002 with a focus on fine examples of planned or incomplete architecture projects across the world, covering various categories of residential and commercial designs.
New East Side Transit-Oriented Development Moves Forward
The Mosites Co. is planning to build a new multi-modal transit center, with 54,000 square feet of retail, more than 360 residential units and 595 parking spaces in Pittsburgh’s East End neighborhood. The estimated price tag of the entire project is around $75.2 million.
According to the Pittsburgh Business Times, the city’s Urban Redevelopment Authority (URA) has approved the developer’s request to purchase a small portion of land in this area, clearing the way for the new development. The project will sit on an assembly of 6 acres, stretching from Penn Avenue to the Eastside II retail complex on Penn Circle South.
SL Green Closes $900M Refinancing of Manhattan’s 1515 Broadway
SL Green Realty Corp. has done it again. New York City’s largest office landlord has refinanced its 1.8 million-square-foot office building at 1515 Broadway once again– to the tune of $900 million.
Strategic Hotels & Resorts Urged to Sell its Hotel Portfolio
Orange Capital, a New York-based investment firm, has urged Strategic Hotels & Resorts to sell its entire portfolio of high-end hotels and return the proceeds to shareholders.
TM Equities Picks Up Henderson M-F Complex for $30M
A Henderson apartment complex recently traded hands in what is touted as the largest deal of its kind perfected in the Las Vegas Valley in 2013. TM Equities, a real estate investment company based in Salt Lake City that focuses its investments on residential properties with over 100 units, acquired the Adobe Ranch in Henderson for approximately $30 million. The transaction was made through an entity that is managed by the Utah-based company.