News
BASF Takes 325,000 SF at The Green at Florham Park
The $100 million new building, on which construction will begin in July, will be home to BASF’s headquarters. Occupancy is expected by mid-2012, and Rockefeller is angling to qualify for LEED certification.
Rexford Leases More Than 120,000 SF in Southern California
According to Rexford managing partner Michael Frankel, the company has leased more than 508,000 square feet ot date and 1.56 million square feet throughout the past 18 months. He said 53 percent of the leasing activity involves new tenants, while 47 percent represents existing tenant renewals.
Economy Watch: Nevada Edges Out Michigan for Highest Unemployment
In May, the BLS said, Nevada reported the highest unemployment rate among the states, 14 percent. Michigan’s unemployment rate is 13.6 percent, which represented a 0.4 percent drop for the month. This is the first time since April 2006 that a state other than Michigan has posted the highest rate.
New and Old Alliances Lead ProLogis to $225.5M in Financing for European Property Fund
In a frosty lending climate, friendships can make the difference.
Kaufman, Davis Join JLL’s Las Vegas Office as Senior Vice Presidents
Dean Kaufman and Bret Davis have joined Jones Lang LaSalle in Las Vegas. Both will serve as senior vice presidents, specializing in assisting office tenants and landlords.
Fitch Gives Health Care REIT Inc’s $152MM Convertible Senior Notes ‘BBB’ Rating
According to a statement by Fitch, Health Care REIT will use the proceeds to repurchase a portion of its 4.5 percent convertible senior notes due in 2026 and 2027.
Partnership Acquires Knickerbocker Hotel in Times Square
The purchase kicks off a major mixed-use redevelopment effort for the historic Beaux Arts building, which will be converted to an upscale boutique hotel with high-end retail at the base. The adjoining lot will also be developed into a luxury retail complex.
Economy Watch: Leading Indicators Might Not Lead to Economic Expansion
The Conference Board Leading Economic Index for the United States increased a modest 0.4 percent in May, following an even more modest no change in April, and a 1.4 percent rise in March. In other words, the economy is shrugging its shoulders and saying that can’t be bothered to grow too much in the near future.
The 821-Room Hilton Minneapolis, Minnesota’s Largest Hotel, Trades for $155.5M
he closing of the sale of the Hilton Minneapolis–the largest hotel in the State of Minnesota–to Bethesda, Md.-based DiamondRock Hospitality comes four years after the joint venture partners acquired the property for what now seems like a meager $92 million.
NeoCon 2010: Overcoming Barriers to Green Building
All too often green building is impeded by finger-pointing and adversarial relationships between building owners and their tenants.