News
Colliers Wins 1.4 MSF Galleria Office Towers Lease Assignment
By Camelia Bulea, Associate Editor The high-profile Galleria Office Towers on the LBJ Freeway have a new marketing and leasing representative. As of July 30, a leasing team from Colliers International’s Dallas office was awarded the leasing assignment for the three-building complex, which totals 1.4 million square feet of office space. The office property has […]
D.C.’s Westory Building Changes Hands
By Adrian Maties, Associate Editor An open-ended fund managed by Deka Immobilien Investment GMBH of Germany recently sold the Westory Building to New York Life Insurance Co. for $159.4 million, or $590 per square foot. Carr Properties negotiated the transaction. Savills L.L.C. advised the open-ended property fund managed by Deka in the sale. The Westory was […]
Hilton Plans Triple-Flag Hotel Village in Canada
Hilton Worldwide is currently building three new hotels in Canada in the same location. All three edifices will be united by exterior parkways and an underground parking facility.
Bristol Harbor Flood Control Project Breaks Ground
Federal and local officials have broken ground on a critical $4 million flood-control project in the southern end of Bristol Harbor. The Tanyard Brook project will replace the existing pipe and stone-lined channel from Garfield Street to the outfall at Walker’s Cove with a new concrete box culvert. The project is financed through $2.9 million of federal money from the U.S. Economic Development Administration and a $1.1 million community development block grant. Northern Construction Service of Weymouth, Mass. will perform the construction work, with BETA Engineering overseeing the project. Construction is estimated to take 15 months.
Houston's Iconic Williams Tower Goes Up for Grabs
Hines REIT tapped Jones Lang LaSalle to help it sell its famous Williams Tower in Houston. The city landmark boasts 1.4 million square feet of office property and has been owned by the REIT for the past four years.
Bomsada Eyes Groundbreaking for Stalled $33M M-F Complex
By Gabriel Circiog, Associate Editor Construction of a $33 million upscale apartment complex stalled by the recession is ready to move forward after years of delay, Tulsa World reports. In the next 30 to 45 days, Houston-based Bomsada Group is set to break ground on Enclave at Brookside at 1414 E. 39th Street, Bomsada vice […]
Greystone Closes $33M Affordable Housing Transaction
By Eliza Theiss, Associate Editor Greystone Affordable Housing Initiatives LLC (GAHI), a leading provider of affordable housing recapitalization and rehabilitation transaction management services, announced the closing of a $33 million multifamily transaction for a North Carolina portfolio of family- and elderly-designated properties. The USDA Rural Development portfolio encompasses 12 properties totaling 368 units located in […]
Refurbished Double Tree by Hilton Hotels Opens in New York City
Double Tree by Hilton recently inaugurated its newly revamped full-service hotel in New York City—an upscale property located on the corner of Lexington Avenue and 51st Street in the fashionable East Side. The iconic building, which was designed by architect Morris Lapidus as the Summit Hotel in 1960—in an unusual “Z” shape to increase natural daylight in each room, now features 12,000 square feet of renovated meeting space and 746 guest rooms.
Benihana to Sell 13 Restaurants for $47M; BMI Refinances Town Center One
Miami-based Japanese restaurant chain Benihana held the headlines this week after signing a deal with Cole Real Estate Investments to sell 13 of its locations for $47.4 million. Benihana, which plans on leasing back the properties, made the announcement in its public filling earlier this week but has yet to mention the location of the restaurants.
Stalled $615 Million Project Seeking Approval to Revitalize Downtown Crossing
Shortly after Mayor Thomas Menino announced that Chicago-based real estate investment and development firm Oxford Capital Group LLC plans to develop a 240-key hotel at 59 Temple Place in Downtown Crossing, the Boston Redevelopment Authority (BRA) reveals another investor’s intention to revitalize the area.