News
Facebook Leases New 1 MSF HQ
The nine-building campus, located at 1601 Willow Road about 30 miles south of San Francisco in San Mateo County, materialized over a two-year period commencing in 1993. Oracle came into possession of the asset in January 2010 when it officially completed its $7.4 billion buyout of Sun Microsystems.
Liberty to Develop 205,000-SF Project
GlaxoSmithKline is in the market for a new headquarters facility in Philadelphia and Liberty Property Trust plans to deliver it. At a cost of $81 million, the REIT, along with Synterra Partners, will develop a 205,000-square-foot office building at the Navy Yard Corporate Center for the research-based pharmaceutical company.
Economy Watch: More U.S. Homeowners Underwater
The housing hangover continues, according to a report released by Zillow, with an estimated 27 percent of U.S. mortgage-holders underwater in the fourth quarter of 2010. That total compares with 23.2 percent during the third quarter. Falling home prices have been a factor in the rise, but so have foreclosure moratoria, the report suggested.
Brown Revokes Sale of Calif. Buildings
The Golden State’s governor announced that he will cancel the proposed $1.2 billion transaction, claiming that now is not the optimal time to sell real estate.
Transwestern Debuts in NYC Market
It’s been a long time coming. After years of eying New York for expansion, Transwestern has made its entry into the city with the creation of its Northeast region, and the company has put two industry veterans, Patrick Robinson and Lindsay Ornstein, in place to spearhead the endeavor.
SPECIAL REPORT: Turning Point in CRE
Speaking at the opening session of the Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo, panelists expressed optimism, but suggested there remain significant weaknesses in the sector.
With 100,000 SF Lease, Architectural Gem in L.A. to be Focus of New Google Campus
The internet search engine giant will have a new campus with a fancy face, courtesy of a 100,000-square-foot office lease agreement with W.P. Carey & Co. L.L.C. — and that face has eyes.
Strategic Hotels Brings in Blackstone to Help Recap San Diego’s Famed Hotel del Coronado
The arrangement, which gives Blackstone a 60 percent ownership stake in the celebrated luxury waterfront hotel, was a timely one, as a loan secured by the property had been scheduled to mature this month.
Economy Watch: Home Prices Flat
CoreLogic’s December Home Price Index found U.S. home prices declining for the fifth consecutive month. According to the company, sales prices nationwide–including distressed-property sales–were 5.46 percent lower in December 2010 compared with the same month a year earlier. Take distressed sales out of the equation and prices are still down, but only by 2.31 percent between December 2010 and December 2009.
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