News
Archstone Lightens Debt Load by $5.4B
Archstone can breathe a big sigh of relief. With the conclusion of financial restructuring, the national apartment investment and operations company has eradicated $5.4 billion from its total debt.
SL Green to Acquire $390.8M in Investments from Gramercy Capital
SL Green has been particularly active this year in continuing its portfolio-repositioning strategy in New York. Recent deals include the $250 million recapitalization of Three Columbus Circle as well as an agreement to sell the 292,000-square-foot office building at 19 W. 44th St.
Economy Watch: Compromise on Tax Cuts, Unemployment?
The agreement described by President Obama was tentative, something he called “a framework for a bipartisan agreement.” Still, the deal would extend the current tax rate for everyone who still has an income for two years, while maintaining unemployment benefits for those who do not for 13 months.
Sheinkop to Lead Newmark Knight Frank’s National Brokerage and Advisory Services
Michael Sheinkop, a 27-year commercial real estate brokerage ownership
Opus Launches $30M Minnesota Project
With the purchase of three land parcels in the Stadium Village area near the University of Minnesota’s East Bank Campus, The Opus Group has launched its development of Stadium Village Flats.
Louie Named as Marcus & Millichap CFO
Marty Louie was most recently a vice president with the company.
Economy Watch: Weak November Employment Numbers Come as a Shock
The net increase in employment was so poor, in fact, that the official unemployment rate edged up to 9.8 percent from November. Economists had expected at least about 100,000 more jobs to be created.
Colliers Expansion Leads into Kansas City
Colliers International continued its 10-year growth effort with the addition of Kansas City service leader The Winbury Group.
Brookfield Properties Picks Up 650 Mass Ave. in D.C. for $113M
The flurry of office transactions in Washington, D.C., continued with Brookfield Office Properties’ purchase of 650 Massachusetts Ave., N.W. Brookfield plunked down $113 million in cash to buy the property from Washington Television Center L.L.C.
Economy Watch: Pending Home Sales Show Some Life
Pending home sales spiked unexpectedly in October, according to the National Association of Realtors on Thursday. Foreclosed properties made up a large proportion of those sales. Meanwhile, retail performed well in November.