News
Economy Watch: Home Prices Increase; Philly Fed Reports Growth in Most States; Gas Prices Fall
Zillow has found the largest quarter-over-quarter home prices increase during the third quarter. The Federal Reserve Bank of Philadelphia reported growth in most states. Gas prices have slid week-to-week.
Nokia to Relocate Itasca Division to Chicago
Nokia confirmed its commitment to Chicago by announcing, together with Mayor Rahm Emanuel, the relocation of its Mobile Phones Xpress Internet Services group from Itasca to Chicago. Nokia’s largest office in North America is already located in Chicago and houses approximately 1,200 employees.
Two Years On, $8.5B CityCenter Seeks to Reach its Potential
Two years after opening in the midst of an economic downturn, MGM Grand’s $8.5 billion CityCenter project is still seeking to reach its potential as a game changer for Las Vegas. To begin with, the investment added 5,900 hotel rooms to the city’s inventory at a time when visitors declined 2.85 million over two years, the Las Vegas Sun reports.
Economy Watch Weekly: Good News About Housing, Mostly
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Oct. 19.
Normandy Real Estate JV Grabs 575 Lexington in Manhattan
The 743,200-square-foot Manhattan office tower at 575 Lexington Ave., which last changed hands in 2006 for $400 million, has come under new ownership.
Macerich to Pick Up Two Malls for $1.3B
The Macerich Co. has signed a deal to acquire two New York retail properties, the Green Acres Mall and the Kings Plaza Mall, from Vornado Realty Trust for a total of $1.25 billion.
AXA, Norwegian Wealth Fund Buy Two Buildings in Germany for $981M
AXA Real Estate Investment Managers and Norges Bank Investment Management have agreed to buy two buildings in Germany for a total of $981 million, from the Royal Bank of Scotland Group.
KS Partners Buys New Boston’s $65M Hartford-Area Office Portfolio
New Boston Fund Inc., of Boston, has sold to KS Partners, of Woburn, Mass., an eight-building office portfolio in suburban Hartford, Conn., for $65 million.
Economy Watch: Residential Delinquencies Jump; Most Housing Markets Worse Off
The U.S. mortgage delinquency rate has risen month-over-month. According to RealtyTrac, most housing markets that the company studied are “worse off than four years ago.”
Westin Imagine Follows in Streak of Recent Orlando Hospitality Transactions
The last few weeks stand as clear proof of the increasing appeal of Central Florida hotels; following the sale of two luxury Bohemian hotels and that of the Lake Eve Resort last week, Westin Imagine Hotel was next in line to trade owners.