News
Tishman Speyer Snags 575 KSF Office Lease with French Government
Two French government agencies have signed a lease with Tishman Speyer for the entire 575,000-square-foot, 36-story Tour Esplanade office high-rise in the La Defense district just west of Paris.
Economy Watch: Fed Chairman to Congress: Pay Your Bills; Home Prices, Mortgage Delinquencies Rise
Fed chairman Bernanke spoke at the University of Michigan, noting modest improvement in the labor market and the importance of raising the debt ceiling. Home prices continue to grow. And mortgage delinquencies edge up.
Starwood Capital Purchases North Fayette Office Property in Pittsburgh
An affiliate of Starwood Capital Group has purchased the seven-story 2000 Park Lane office building in North Fayette, Pittsburgh. The acquisition was part of a larger transaction that involved nine commercial office buildings located predominately in the country’s Sun Belt region. Wells Real Estate Investment Trust II, Inc. sold the properties for a combined $260.5 million. According to the Pittsburgh Business Times, the North Fayette office building was constructed in 1993 and has an assessed value of $23.5 million. Wells Real Estate Investment Trust II purchased the 231,213-square-foot property from a subsidiary of Computer Associates International, Inc. in December 2005 for $29.5 million.
27-Story Apartment Tower Coming to University City
In fall 2013 work will start on a 27-story high-end apartment building located at the northwest corner of 36th and Market Streets in Philadelphia, replacing a parking lot owned by the University City Science Center. The project is backed by the Science Center – the first and largest urban research park in the United States – in a joint venture with Baltimore-based Wexford Equities and Southern Land Company of Franklin, TN, and stands as the first residential development in the Science Center’s 50-year history.
900,000 SF Mixed-Use West End Summit Brings 2,000 Jobs to Midtown
Nashville’s Midtown is about to see one of the biggest developments and investments in the city’s and region’s history: the long-marketed, two-tower West End Summit by Alex S. Palmer & Co. featuring a 900,000-square-foot Class A office space component.
Hines Lines Up Transit-Oriented Multifamily Development in Pasadena After Completing Land Deal
A new multifamily development is set to take shape in Pasadena after international real estate firm Hines recently announced that it has acquired a patch of land on which it intends to develop a residential community. The company will develop a for-rent residential complex in a submarket that it has deemed one of the strongest for such projects in Southern California. Handling the development process will be Hines’ Multifamily Division, and entity created back in 2011 in order to better manage and develop the company’s multifamily assets.
Developer Breathes New Life into Former Psychiatric Hospital in Northville
By Veronica Grecu, Associate Editor Preliminary work is underway at Seven Mile and Haggerty roads, where the state-owned Northville Regional Psychiatric Hospital operated until 2003. As reported by The Detroit News, the site is being cleared for construction, while developer REIS-Northville LLC—a joint venture between REI Investment Group of Bloomfield Hills and Livonia-based Schostak Brothers […]
Former Somerville Recording Studio Redeveloped into Sustainable Apartment Community
Real estate development company Nauset Construction of Needham has completed a new smart-growth, multifamily community in Somerville, within walking distance of the lively Davis Square. Named Seven Cameron, the project was constructed on the site of the former Rounder Records and Fort Apache recording studios, which has been used by world-famous rock bands such as Radiohead and the Pixies to record music tracks.
Owings Mills Corporate Center I & II Aquired by BECO Management
Rockville, MD-based BECO Management, Inc. has announced on January 2 the acquisition of Owings Mills Corporate Center I & II, two properties in Owings Mills, MD that total more than 330,000 square feet of office space. The commercial real estate management company plans to invest significant capital in infrastructure, cosmetic and amenity improvements and has unveiled its 100-day action plan on January 8, 2013. Owings Mills Corporate Center I was built in 1987 while Owings Mills Corporate Center II was built a year later. The campus is home to a variety of corporate tenants such as Aon Corporation, BB&T, the Law Offices of Sheila Murthy, and CareFirst of Maryland. It is adjacent to the Owings Mills Mall and within walking distance of the Owings Mills Metro Station. I-95, I-695 and I-795 are also close by and downtown Baltimore is just 25 minutes away.
Retrofitted Kennesaw Facility to Serve as Novelis’ New Global R&D Center
Rolled aluminum and aluminum can recycling giant Novelis prides itself with a new 160,000-square-foot Global Research & Technology Center in Kennesaw. The facility, located merely 25 miles from the company’s corporate headquarters in Atlanta, previously served as office and warehouse space for a chemical manufacturer.