News
Hooters Taps Colliers to Lead Expansion
The restaurant chain says it plans to increase its location count by at least 15 to 20 percent annually over the next several years.
Fitch Says CMBS Cumulative Defaults Up to 9.5 Percent
According to Fitch, the 133-basis-point climb from the first quarter is consistent with the firm’s expectation of an 11 percent cumulative default rate by the end of the year.
Economy Watch: Most Metro Areas Suffering More Foreclosures Than Last Year
According to foreclosure specialist RealtyTrac, 154 of the 206 U.S. metro areas with populations of at least 200,000 saw more foreclosure activity during the first half of 2010 as they did in 2009. Slightly more optimistically, however, foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates.
435,000-SF Blue Cross Lease to Increase Detroit’s GM Renaissance Center to 90 Percent Occupancy
In Michigan, Southfield’s loss will be Detroit’s gain now that Blue Cross Blue Shield of Michigan has committed to relocating to the 5.5 million-square-foot mixed-use GM Renaissance Center.
KBS REIT II Closes on 1.3 MSF 330 N. LaSalle
The transaction boosts KBS-purchased commercial real estate to more than 3.5 million square feet thus far in 2010. That square footage includes properties in Dallas, St. Louis, San Diego, Portland and Herndon, Va.
Equity Office Nails Down Pair of Leases at SF Bay Area’s Skyway Landing
Wells Fargo Insurance Services has taken 40,257 square feet, while MarkLogic Corp. has nearly doubled its occupancy by expanding into an additional 18,630 square feet, making for a total of 40,268 square feet.
ACQ Makes $24M Equity Purchase of Atlanta’s Vinings Main
Rosemont, Ill.-based ACG Equities has made a 100 percent equity purchase of Atlanta’s Vinings Main mixed-use commercial and residential condominium development, which fell into foreclosure last December.
Responding to Demand, Denver-Area Children’s Hospital Kicks Off $230M Expansion
The expansion will address a demand that has been on the rise since 2007, when the hospital opened its new location at the 227-acre Anschutz Medical Campus, a recently developed education, research and patient care complex.
Economy Watch: Beige Book Not Cheerful on Recovery
July’s Beige Book–Summary of Commentary on Current Economic Conditions by Federal Reserve District, to give its more formal name–characterized the current economy in a less-than-stellar way on Wednesday. “Reports… suggest that economic activity continued to be weak going into the summer, but… the pace of decline has moderated since the last report or that activity has begun to stabilize.”
Microsoft Leases 113,000 SF at One Cambridge Center
The lease is part of the expansion of Microsoft’s New England Research & Development Center in Kendall Square. Cambridge Center’s owner and developer is Boston Properties, Inc.