News
Brookfield Office Properties Spends $150M for 3 Bethesda Metro Center
The 17-story, 368,400-square-foot 3 Bethesda Metro Center has changed hands, with Brookfield Office Properties spending $150.1 million to purchase it from Meridian Group.
Flagler Secures 4 MSF Seagis Industrial Portfolio Contract
Flagler Real Estate Services has secured a contract from Seagis Property Group to manage the industrial real estate owner’s 4 million-square-foot South Florida portfolio of assets
TIAA-CREF Buys Boston’s 33 Arch St. from AREA Capital
The 33-story, Class A office tower at Boston’s 33 Arch St. in the Financial District just moved off the books of AREA Property Partners and its partner, Ivanhoé Cambridge, and into the rolls of TIAA-CREF.
St. Louis-Area River City Casino Up for $82M Expansion
River City Casino owner Pinnacle Entertainment has revealed plans to shell out $82 million to provide new accommodations and enhance offerings at the property in Lemay, Mo.
Economy Watch: Census Shows Poverty Growing, Obama Pushes Jobs Bill
The Census Bureau reported that 46.2 million Americans lived in poverty at the end of 2010. Obama hit the road in support of his jobs bill. And the Ceridian-UCLA Pulse of Commerce Index dropped 1.4 percent in August.
IMT Capital Closes Multi-Family Fund with $350M in Commitments
IMT Capital L.L.C. has completed its IMT Capital Fund II, giving the company $350 million in committed equity to play with in the pursuit of opportunities across the country.
Hudson Pacific Grabs Two Office Buildings in San Francisco’s Booming SoMa Submarket
Hudson Pacific Properties has acquired two office buildings — 625 Second St. and 275 Brannan St. — totaling 187,000 square feet in San Francisco’s SoMa district for an aggregate $90.1 million.
Economy Watch: Bank of America Plans to Shed 30,000 Jobs
At an investor conference in New York on Monday, Bank of America CEO Brian Moynihan said that the bank plans to cut $5 billion in annual expenses by 2014. The National Association for Business Economics is now predicting that the U.S. economy will grow a meager 1.7 percent during 2011. China has indicated it may invest in Italian bonds.
Sutton, SL Green JV Nabs 49 KSF in Times Square for $136.6M
After securing rights to the fee interest in 1552 Broadway in Manhattan’s Midtown market earlier this year, a joint venture of SL Green Realty Corp. and Jeff Sutton announced that it has entered into a 70-year leasehold at the adjacent 1560 Broadway for $136.6 million.
AEW Capital Spends $43M on Two Metro Atlanta Retail Centers
In a deal orchestrated by Holliday Fenoglio Fowler, AEW Capital Management purchased two Atlanta-area grocery-anchored properties from LaSalle Investment Management for $43.2 million.