News
Economy Watch: GDP Revised Upward, Some Good News on Jobs
The Bureau of Economic Analysis announced the U.S. 2Q GDP was an annual increase of 1.3 percent. Jobless claims dropped last week, but housing numbers didn’t budge — and we’re not quite through the storm that has been 2011 yet.
Report: Demand for Tech Fueling Office Recovery
Reports by Jones Lang LaSalle and Cassidy Turley pinpoint one of the brightest spots in the CRE office space: High-tech firms, through venture capital, are creating better-than-average employment numbers.
Witkoff, Morgan Stanley Buy Manhattan’s 1107 Broadway for $191M; Plan Condos
The 305,000-square-foot former office building at 1107 Broadway in Manhattan, formerly the Toy Building North, has come under the ownership of Morgan Stanley Real Estate Investing and The Witkoff Group for $191 million.
Regency Nabs Austin’s 187 KSF Tech Ridge Center
Regency Centers has announced that it closed on the acquisition of Tech Ridge Center, a 187,529-square-foot, 93 percent-occupied shopping center anchored by grocery chain H-E-B.
Economy Watch: Ireland Not Doing Too Badly, Businesses Hungry for Capital Goods
The Irish economy posted a 1.6 percent GDP gain from the first to the second quarter of 2011. Orders for capital goods other than airplanes and military hardware rose by 1.1 percent in August. And Kansas City Fed president Thomas Hoenig retires.
MEPT Spends $217.5M for Chicago’s 200 W. Madison
Multi-Employer Property Trust has purchased Chicago’s 45-story 200 W. Madison Ave. from a joint venture that includes Tishman Speyer, Pearlmark Real Estate Advisors L.L.C. and a major U.S. pension plan for approximately $217.5 million.
DDR Spends $85M for 2 Charlotte Retail Centers
Cotswold Village and Terraces at SouthPark, two retail destinations accounting for an aggregate 291,200 square feet, have traded for an aggregate $85 million from the books of Bell Partners onto those of DDR Corp.
$147M Miami Central Station Project Kicks Off
Yesterday marked the groundbreaking of the $147 million, 16.5 acre Miami Central Station, the central hub of the project that is slated to link South Florida’s ground-transport system to the Miami International Airport.
Savanna Makes $130M Building Grab in NYC’s Midtown
Savanna has just acquired 31 Penn Plaza in NYC’s Midtown area. The seller, a joint venture between C&K Properties and Zamir Equities, let the 18-story, 440,000-square-foot property go for approximately $130 million.
Economy Watch: Home Prices Up for the Month, Down this Year; Consumers Feeling Distorted
According to the S&P home-price indexes released on Tuesday, prices were up in July for the fourth month in a row. Consumers’ assessment of current conditions weakened further in September. But investors and Wall Street were chipper on Wednesday.