News
Manhattan Scores 2010’s Biggest Office Lease
Brookfield Office Properties closed a 440,000-square-foot deal with Société Générale, which committed to relocating its U.S. headquarters to 245 Park Ave.
Passage of $858B Tax Deal Good News for CRE
With the U.S. Senate’s approval of the big $858 billion tax bill–officially, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010–the White House is celebrating and the commercial real estate industry is smiling, too.
514-Unit Apartment Complex Sold
The Carrington Cove Apartments, formerly the Flagstone Apartments, was sold to the Rohdie Group of New York for $28 million.
Economy Watch: Homebuilders Still Glum
Other parts of the U.S. economy might be showing some vim lately, but the feeling doesn’t extend to the housing market. According to the latest National Association of Home Builders/Wells Fargo Housing Market Index, homebuilder confidence is still stuck in neutral.
CSC Scoffs at Simon’s $4.6B Acquisition Proposal
Simon Property Group Inc., the largest real estate company in the United States, extended an offer to acquire Capital Shopping Centres Group PLC, the United Kingdom’s leading shopping center REIT, for 425 pence per share in cash, or approximately $4.6 billion. CSC wasted precious little time responding to Simon with a very firm “No.”
$858B Tax Deal Still Under Debate
Passage of the White House-proposed and the Republican-supported tax package, a deal that is on the verge of making its way through the Senate, would have far-reaching implications–even for commercial real estate. Some industry experts say the extension of the Bush-era tax cuts would encourage commercial real estate investment.
Economy Watch: Shoppers Hit the Stores
According to the U.S. Department of Commerce, retail sales spiked upward by 0.8 percent in November compared with the previous month. Retail sales haven’t been this strong in three years.
ProLogis Leases 449,000 SF of Distribution Space in L.A.
Port Logistics will occupy the space at Industry Distribution Center Building Six, which is located at the intersection of the 60 and 57 freeways in the City of Industry. The location is billed as strategic for distribution to Southern California and the western United States.
Now on From the Inside: Peter Boritz’s Real Estate Outlook
RDM president Peter Boritz blogs about Google’s purchase of a building in NYC and other CRE news on CPE’s From the Inside.
HFF Closes on 125,120-SF D.C. Office Building
Also known as Longfellow Plaza, the property is situated in the city’s Golden Triangle near the Farragut West and Dupont Circle Metro stations.