News
Thor Plans $200M Upgrade of Former Takashimaya Building in NYC
Thor will now embark on a $200 million upgrade of the building. The upgrade includes a transformation of the first eight floors to all retail space and the near-doubling of the 3,500 square feet of retail on the ground floor. The building’s existing granite façade will also be replaced with glass. Floors nine through 20 will not be involved in the renovation.
Economy Watch: Homebuilder Confidence Heads for Basement
Builder confidence in the market for newly built, single-family homes was down again in July to its lowest level since April 2009, according to the National Association of Home Builders/Wells Fargo Housing Market Index released on Monday. The index fell two points to 14 from a downwardly revised number in the previous month.
Media Outlets Relocate to 100,000 SF in 4 New York Plaza
Four New York Plaza has nearly 1.1 million of Class A square footage, located on two acres. The building features floor plates of 50,000 square feet and is 75 percent occupied by JPMorgan Chase.
Trump Entertainment Puts Bankruptcy–and $1.3B in Debt–in the Past
The newly reorganized Atlantic City, N.J.-based casino resort owner even gets to keep the Trump name on its Atlantic City casinos.
Avison Young Acquires Hodges Management and Leasing Company
The acquisition not only expands Avison’s coverage in the Atlanta region, but also increases the company’s North American property management portfolio. The two companies’ combined portfolio totals 50 million square feet of retail, industrial and office properties in Canada and the U.S.
Strategic Continues Florida Expansion
The company has acquired a 1,040-unit self-storage facility in the Florida city of Davie and will rebrand it under the SmartStop Self Storage trade name.
Economy Watch: Deflation Around the Corner?
Consumer prices edged downward in June by 0.1 percent, according to the Bureau of Labor Statistics, following a 0.2 percent decline in May. That raises the specter of deflation (again), which is the bogeyman du jour for some economists.
Sam Zell’s Equity International Pockets $245M on Sale of Brazil-Based BR Malls Shares
The sale, which accounted for nearly 9 percent of BR Malls’ capital stock, is no indication of Equity’s feelings about Brazilian retail. The investment firm remains keen on the market and retains a 6 percent ownership interest in BR Malls, Brazil’s largest retail real estate concern.
Vulcan Completes Second Phase of Amazon’s South Lake Union HQ
Located on the east side of Boren Avenue North between Mercer and Republican streets, the building encompasses 158,000 square feet of office and 14,000 square feet of street-level retail space.
Cushman & Wakefield Arranges 220,000 SF Lease for PRG
The company will consolidate and expand its existing locations in Mt. Vernon, N.Y. and North Bergen, N.J., and will use the new space as its Northeast headquarters. The property is located at 915 Seacaucus Rd.