News
GGP, Canada Pension Plan Partner on Plaza Frontenac, Saint Louis Galleria
General Growth Properties and Canada Pension Plan are teaming up, forming a partnership to purchase the upscale 482,000-square-foot Plaza Frontenac and for CPPIB to acquire a minority stake in GGP’s 1 million-square-foot Saint Louis Galleria.
Economy Watch: Markets Go Chicken Little, G-20 Doesn’t Say Much
Wall Street was in full Chicken Little mode on Thursday, and investors rushed to Treasury notes. The G-20 called for economic action, but didn’t say what that action might be. And the Leading Economic Index gained 0.3 percent to 116.2.
Fund Watch: Green Courte Closes $410M Fund; Sunrise Secures $50M
Green Courte Partners just closed a new fund with $406.9 in commitments for investments in niche real estate assets, and Sunrise Senior Living recently obtained a $50 million senior secured credit facility from KeyBank.
Office Market Activity Sparks Up, Multifamily Luxury Market Records Encouraging Deal
By Alex Girda, Associate Editor
It’s time for large deals again in the Phoenix market as two of the city’s best Class A high rises commanded one of the larger prices in 2011’s transaction history. The trade also includes a parking […]
Hyatt Hotels Corp. Closes on a 20-Hotel Portfolio for $661 Million
by Liviu Oltean, Associate Editor
Hotel Sierra in Morrisville will be rebranded as a Hyatt Summerfield Suites Hotel, following Hyatt Hotels Corp.’s closing on a 20-hotel portfolio belonging to LodgeWorks LP.
Hyatt initially showed interest in a 24-hotel portfolio, but the company ultimately […]
Highwood Properties Buys Pittsburgh’s Crown Jewel
by Liviu Oltean, Associate Editor
Highwood Properties Inc. has recently added two important office buildings to its portfolio: PPG Place in Pittsburgh for $189.1 million and Riverwood 100 in Atlanta for $78.3 million.
PPG Place is a six-building Class A office complex […]
Alexander & Baldwin Acquires Washington Office Building for $19.7 Million
by Liviu Oltean, Associate Editor
Alexander & Baldwin has purchased an office building in Issaquah, Washington for $19.7 million. The two-story, 147,000-square-foot building is currently leased by Siemens. “The purchase of the Siemens Building is another example of our strategic reinvestment […]
NorthMarq, Cushman Merge Minnesota Operations
NorthMarq president Jeff Eaton calls it “a great partnership.” Cushman & Wakefield SVP Clint Miller says the same. Both spoke with CPE about the two firms’ merger to create the Minnesota-based Cushman & Wakefield/NorthMarq Real Estate Services.
Savanna Begins $65M Acquisition, Re-Development of Downtown NYC’s 80 Broad St.
80 Broad St., near the southern tip of New York City, was just purchased by Savanna, which snagged a $65.3 million loan from Mesa West for the building’s acquisition and planned capital improvements.
Economy Watch: Existing Home Sales Unexpectedly Up
The NAR reported that existing U.S. home sales spiked 7.7 percent in August. The FOMC announced Operation Twist, a new policy of buying long-term U.S. debt in place of shorter-term debt. Forbes released its 400-richest list.