News
Vulcan Enters Phoenix Market Via $35M Acquisition
The eight-story, 260,000-square-foot Tempe Gateway building was completed in 2009 and developed by Opus West. It includes ground-floor retail space and a new parking structure with more than 1,000 spaces, as well as 30,000-square-foot floor plates for a range of tenants.
Duke to Take JV Partner’s Interest in 20.8M-SF Industrial Portfolio for $298M
Duke Realty Corp., acting through its operating partnership, Duke Realty L.P., is about to become the sole owner of Dugan Realty L.L.C., a joint venture between the Indianapolis, Ind.-based company and an institutional real estate investor.
Kaye Scholer Takes 42,000 SF in Century City
L.A. Realty Partners has negotiated a long-term lease renewal for international law firm Kaye Scholer L.L.P., which has signed a 10-year lease agreement for 42,000 square feet at Sun America Plaza in Century City, Calif.
Economy Watch: Housing Starts Fall, Few Surprised
The U.S. Department of Commerce reported on Wednesday and residential construction starts dropped in May to their lowest level in a year. The overall decline was 10 percent compared with April, to an annualized rate of 593,000, with single-family starts down 17.2 percent, while multifamily starts, which are notoriously volatile month-to-month, were up 38.3 percent.
JV’s $116M Investment Buys 48 Percent Stake in $1.5B Macquarie DDR Trust
EPN’s investment, which will make it Macquarie DDR’s largest unitholder, will be utilized to pay down outstanding Macquarie DDR financial obligations, including unsecured debt and derivative liabilities, and bolster the balance sheet; the move is expected to decrease leverage from 73.2 percent to 64.4 percent.
Harrison Street Raises $165M to Close Third Fund
According to Harrison Street co-founder, president and CEO Christopher Merrill, the fund expects to raise $500 million, or $1.75 billion in purchasing power.
Regency Names Johnston SVP of General Counsel
Johnston will be responsible for leading and directing nationwide legal activities with in-house staff and outside counsel, along with advising management on matters including legal rights, obligations and risks for real estate transactions, wide-ranging company matters, and general corporate compliance. She will also serve as corporate secretary for the company’s board of directors.
Economy Watch: Long Slog Ahead for CRE, Pimco Says
About half a trillion dollars’ worth of CRE will come on the market during the next three to five years, the company posited. That flood of assets, many of which are under water, will depress prices for at least that long.
CBRE Realty Trust Forms $1.1B European Industrial Property JV with Australian Partner
Per the agreement, CB Richard Ellis will own an 80 percent interest in both co-investment vehicles, while Goodman will own the remaining 20 percent stake.
NeoCon 2010: Recession Hasn’t Curtailed Creativity in Office Furniture Sector
The mood was upbeat at the annual Best of NeoCon product awards breakfast. As they do every year, manufacturers and their product designers gathered on the first morning of NeoCon World’s Trade Fair to hear the winners of the competition that was juried by 51 facilities management executives and commercial interior designers during the preceding three days.