News
Government Contractor Leases Nearly 100,000 SF in Northern Virginia
The federal government and government contractors like ASM Research Inc. continue to liven up the market in suburban Washington, D.C. The technology solutions provider has just signed a new lease for approximately 91,400 square feet of premier space at the 410,000-square-foot Centerpointe office complex in Fairfax, Va.
Check Out CPE’s August Edition
The digital version of CPE’s August edition is live, with interviews with Ed Padilla and Mark Burkhardt, along with all the news and information pertinent to your business. To read more, click here.
Grubb & Ellis Healthcare REIT Nails Down $25M BofA Credit Facility
The credit facility, which matures on July 19, 2012, may be extended at the option of Grubb & Ellis for an additional year upon certain conditions. It bears interest at a rate equal to LIBOR plus 3.75 percent or 5 percent, whichever is greater.
Pembrook Provides $47M Recapitalization Loan for NYC Condos
The condominiums have been completed and 26 of 54 units sold. The loan was closed within three weeks from the date the owners signed the loan application.
Economy Watch: Banks Reach 100-Failure Milestone for ’10
Most big banks have been reporting big earnings for 2Q10, but the steady drumbeat of failure among banks that aren’t too big to fail continues. Almost every weekend, the Federal Deposit Insurance Corp. closes a few more and cleans up the mess largely left by bubble-era commercial real estate loans finally dragging their lenders down.
Host Hotels Grabs London’s Le Méridien Piccadilly Hotel for $97.6M
Developed in 1908 and recently renovated, Le Méridien sits in the Mayfair district of London’s West End and, in addition to its luxury guestrooms, features 12,000 square feet of meeting space, a restaurant and a fitness facility.
HFF Sells First Mortgage Loan on 270,069 SF Village at Camp Bowie
Situated on a 19-acre site on the north and south sides of Camp Bowie Boulevard, the property is 76 percent leased to tenants including Frost Bank, Starbucks, Spring, Edward Jones and State Farm. It underwent extensive renovations from 2004 to 2007.
Voit Spearheads 85,053 SF Southern California Sale
The property includes an 82,053-square-foot building and a 3,000-square-foot building. It is situated on 4.7 acres. It was purchased by diamond manufacturing firm SH Trading, Inc., the United States subsidiary of South Korea-based Shinhan Diamond Corp. The firm will use the space for local manufacturing and distribution.
10-Year Energy Retrofit Program Would Save Commercial Buildings $41.1B Annually
The green movement is still strong, but most owners and managers of commercial buildings over 10 years old are missing out on a great money-saving opportunity, according to Pike Research’s “Energy Efficiency Retrofits for Commercial and Public Buildings” report. If the commercial property sector were to follow a 10-year energy retrofit agenda, it could ultimately reap over $41.1 billion in savings each year.
Economy Watch: Existing Home Sales Off, But Not as Bad as 2009 Yet
The National Association of Realtors reported on Thursday that existing home sales fell 5.1 percent to an annualized rate of 5.37 million. No one was surprised by this contraction, considering that the plug has been pulled on the federal homebuyer tax credit, but NAR did point out that sales were nevertheless 9.8 percent higher than in June 2009.