News
Red Hat Commits to 100 KSF of Build-to-Suit Office Space in Boston Suburb
Four years after moving into a build-to-suit facility at the 90-acre Westford Technology Park West in Westford, Mass., Red Hat Inc. has contracted the developer of the building, The Gutierrez Co., for another Class A build-to-suit office project that will expand the firm’s occupancy by an additional 100,000 square feet.
Philadelphia’s Franklin Institute Breaks Ground on New Addition, Anticipates LEED Silver
The Franklin Institute broke ground on the first major expansion in more than two decades, a $65 million pavilion meant to broaden the science museum’s educational impact. Located on the south side of the museum, the 53,000-square-foot expansion will be called the Nicholas and Athena Karabots Pavilion in recognition of the generous $10 million gift—the largest individual contribution since the museum’s funding in 1824—offered last year by the couple.
CBRE Realty Trust Picks Up 1.4 MSF Warehouse Outside Chicago
CB Richard Ellis Realty Trust has made a significant addition to its Chicago portfolio with the purchase of a 1.4 million-square-foot bulk warehouse and distribution center. The property is fully leased through August 2021.
IBM Renews 1.1 MSF Industrial Lease with Prologis in Mexico
Prologis Inc. has broken its own record in Mexico with the renewal of a nearly 1.5 million-square-foot lease with IBM at the Guadalajara Technology Campus in Guadalajara, Jalisco.
Economy Watch: Beige Book Moderately Optimistic
The Beige Book noted that manufacturing remains energetic and that residential real estate generally improved. Multi-family remains the darling property type among mortgage lenders. And the Fed’s funds rate may stay near zero through 2015.
Crescent to Develop New Facility Next to Adventist Health System HQ
Following the December completion of its headquarters, Adventist Health System will once more collaborate with developer Crescent Resources on the construction of a new facility.
Twitter Opens Small Office in Detroit’s Tech Corridor
Lured by the proximity to car companies and their generous advertising budgets, social media giant Twitter has decided to open a small-sized office in Detroit. The San Francisco-based tech company has selected the historic M@dison Building, a former theater now owned by Rock Ventures LLC, one of the real estate investment companies in Dan Gilbert’s portfolio.
DeBartolo, Elco Landmark Acquire 542-Unit Luxury Multi-Family Development in Florida
DeBartolo Development and Elco Landmark Residential have joined forces on the acquisition of a 542-residence apartment complex in Palm Beach Gardens, Fla.
Holliday Fenoglio Fowler Hired to Sell 1401 S. State St. and North Shore Hotel
By Gabriel Circiog, Associate Editor Holliday Fenoglio Fowler L.P. has been hired by a venture that includes Sam Zell’s Equity Residential and Dallas-based developer Lincoln Property Co. to market a 22-story apartment building located at 1401 S. State St., Chicagorealestatedaily.com reports. The South Loop urban loft high-rise was completed in 2008 and features 278 studio, […]
ACC Issues $45M in Bonds for Construction of Hays Campus
By Camelia Bulea, Associate Editor
Austin Community College has recently approved the issuance of $45 million in bonds for the development of its new Hays Campus in Kyle. $10 million will cover the cost of the 96-acre land purchase situated in […]