News
In Rare Big-Block Phoenix Office Lease, Cognizant Takes 130,700 SF
The worst may be over for the struggling Phoenix office market, where vacancy edged up only 10 basis points to 22.9 percent from the first to the fourth quarters last year.
Economy Watch: Joblessness Drops to 9%; Retail Sales, Manufacturing Gain
A harsh winter fails to dampen consumer demand, as 28 major retail chains average a 4.7 percent year-over-year sales increase.
L.A. Complex Fetches Rumored $300M
The sellers, Lincoln Property Co. and ASB Capital Management, have entitlements to build another 750,000 square feet at the master-planned office development.
Office Market Continues Rebound: Colliers Report
Around the country, absorption is up, vacancy is slipping and rents for Class A product in central business districts are on the rise.
Easton Lynd Snaps Up $62M of Notes on Distressed Assets
The Miami-based company plans to reposition the properties and decide the next step on a case-by-case basis.
ULI Taps Development Executive Rummell as 2011-13 Chairman
The 40-year industry veteran has served as chairman & CEO of the St. Joe Co., noted for incorporating nature-sensitive elements into its projects, and as Disney Development Co.’s president.
Economy Watch: ADP Eyes Job Gains; Moody’s Projects CMBS Surge
ADP reports that job gains seem to be continuing as last month’s numbers spike above the six-month average.
$600M Cleveland Casino Moves Forward with Land Purchase
Developed by Rock Ohio Caesars Cleveland L.L.C., the project is one of four to emerge from a constitutional amendment approved by the state’s voters in 2009.
Forest City Sells Stake in L.A. Apartment Complex to JV Partner CalPERS
Forest City cites an attractive 4.5 percent cap rate in its decision to sell its 50 percent share of the property, developed jointly with CalPERS.
CMBS Delinquencies Hit New Peak, but Growth Rate Slows: Trepp Report
By Paul Rosta, Senior Editor CMBS delinquencies reached an all-time high of 9.34 percent last month, but that dubious distinction may mask something of a silver lining. Although the total delinquencies may continue to tick up for a while, they are also increasing far more slowly than they were just a few months ago, according to Trepp L.L.C. “While the rate continues to head higher, optimists can point to the fact that the rate of increase is significantly smaller than it was in the prior two months,” said Marius Clancy, managing director at Trepp, in a statement accompanying the monthly…