News
Sovereign Capital Acquires Congress Center in Chicago for $95M
Sovereign Capital Management Group, a San Diego-based real estate company, has purchased a Class A, 524,800-square-foot, 16-story office tower in downtown Chicago for $95 million.
Economy Watch: Residential Delinquencies Jump in September; FOMC Calls Growth ‘Moderate’
Sales of new single-family homes have gone up to the highest level since 2010, during the new homebuyer tax credit offer. The Federal Open Market Committee said that economic activity has continued to expand at a moderate pace in recent months.
BB&T Takes Over Lease of 390,000-Sq.-Ft. Building Formerly Occupied by American Express
BB&T Corp. of Winston-Salem has signed a seven-year agreement to lease the former American Express call center building in Greensboro. The company plans to add 1,700 jobs to the region over the next five years. Located west of Piedmont Triad International Airport, the 390,000-square-foot structure will eventually house up to 2,500 employees working primarily in back office, administrative and support functions. Between 50 and 100 workers will move into the bank’s Triad Corporate Center by December. BB&T neither sought nor was offered any economic development incentives as part of the transaction. According to Chris Henson, the bank’s chief operating officer, the expansion was prompted by the company’s internal growth.
LandSouth Starts Work on New $21M Apartment Community in Jacksonville
LandSouth Construction will be bringing new housing options to Jacksonville residents. The company has officially started work on a $21 million community at the southwest corner of J. Turner Boulevard and Southside Boulevard.
$301M Expansion at Nike’s Memphis Operations
Sports apparel giant Nike Inc. has announced it will be expanding its Memphis operations, investing $301 million
Vornado Buys 25 Percent Interest in $475M Debt on Times Square Project
Vornado Realty has acquired a 25-percent participation in the $475 million first mortgage and mezzanine loan on the property at 701 Seventh Ave. in Manhattan.
$36M M-F Project Under Way on Old Mercy Hospital Site
Developer Gary Brooks has broken ground on a $36 million upscale multi-family project on the former Midtown site of Mercy Hospital,
Arista Development in Broomfield Gathers Pace as KB Home Builds New Energy-Efficient Community
The master-planned transit-oriented Arista development in Broomfield is making a comeback after coming to a standstill during the economic downturn,
Liberty Property to Build 164 KSF Industrial Facility in Houston
Liberty Property has chosen Cadence McShane to construct its Liberty 10 at Central Green, a new warehouse and distribution building in Houston, totaling 164,000 square feet.
Savanna, Monday Properties Sell 260 KSF 386 Park Ave. S.
Savanna and Monday Properties have sold a 20-story building in the heart of Midtown Manhattan for reportedly between $110 million and $113 million.