News
Chinese Firm HNA Property Holding Spends $130M on NYC's Cassa Hotel
HNA Property Holding Group Co. purchased the 165-room Cassa Hotel in midtown Manhattan from Assa Properties for $130 million. The transaction was helped by a $65 million senior loan from PCCP L.L.C.
CBRE Gets $61M Refi for 3 Nestlé Buildings in Tampa
A 2.2 million-square-foot industrial and office portfolio, leased in its entirety to Nestlé USA Inc., has been refinanced to the tune of $61 million, courtesy of a transaction orchestrated by CBRE Capital Markets.
Skanska Awarded $87M NYC Subway Construction Contract
Skanska USA’s civil infrastructure division, Skanska USA Civil, in a joint venture with RailWorks subsidiary LK Comstock and Co., has secured an $87 million contract with the Metropolitan Transportation Authority to provide construction services for the Second Avenue Subway systems project in New York City.
Insight Spends $75M to Transform Silver Spring Post Office into Apartments
Insight Property Group, along with partner Nova-Habitat Inc., has selected the USPS’s Silver Spring facility as the site of a 310-unit, $75 million apartment project.
Chartres, Apollo Global JV Buys Times Square Novotel in $212M Deal
Under a sale and management-back agreement, a subsidiary of Accor Business and Leisure Management has sold the 480-room Times Square Novotel in New York to a joint venture of Chartres Lodging Group and Apollo Global Real Estate Management.
Economy Watch: Athens Burns, but Bailout Deal Might at Last Be Done
The Greek Parliament enacted new austerity measures to appease the EU, and citizens took to the streets in protest. Details of President Obama’s fiscal 2013 budget leaked over the weekend. And a Reuters poll showed a small retreat in customer sentiment in mid-February.
Vacant Sears Building in Pontiac Will Turn Residential
By Veronica Grecu, Associate Editor
Work has begun on a mixed-use project that will replace Pontiac’s former Sears Department Store building with 46 loft rental units and retail space. Local development company West Construction Services will invest $19.8 million in renovating […]
Boston University Proposes New Institutional Master Plan
By Veronica Grecu, Associate Editor
Boston University recently filed a 58-page Institutional Master Plan (IMP) revealing a complex expansion initiative that would span over ten years. The development projects aim to renovate an existing student housing facility, create two 11-story buildings […]
Bank of America Plaza: From a $436M Purchase to a $235M Foreclosure
By Georgiana Mihaila, Associate Editor
In 2006, the purchase of the iconic Bank of America Plaza for $436 million, or $348 per square foot, set a new high for the local commercial market, standing as a symbol of the booming Atlanta […]
Connections Housing Project Breaks Ground and Aims to End Homelessness in San Diego
By Gabriel Circiog, Associate Editor Local business and city leaders have embarked on a new project that is aiming to provide permanent housing to San Diego’s homeless population. The Mission Times Courier reports the groundbreaking of the project took place on January 26 on the rooftop of a 6th Avenue parking structure. Guest speakers at […]