News
Economy Watch: Hotels Turning a Corner?
Room rates at Marriott International properties in North America showed an increase in May for the frist time in more than two years. According to the company, the increase was all of 1 percent compared with the same month in 2009, but an increase of any kind is a rare bird in the hospitality business these days.
American Campus Communities to Shell Out $348.9M for 14 Student Housing Properties
The properties, which encompass an aggregate 8,534 beds, do not come unencumbered; the price tag includes $252.2 million in existing debt.
Emden Joins Colliers as Vice Chair
Emden will report directly to New York Tri-State CEO Mark Jaccom and will hold responsibility for growing the company’s tenant representation division, transacting leases, acquiring new business and developing the roster of brokers.
One World Trade Center Now 26 Stories Above Street Level
Once complete in 2013, the building will be the tallest office tower in the country, standing 1,776 feet high and boasting 2.9 million rentable square feet of Class A office space.
Economy Watch: Conference Board Employment Trends Index Hopeful
The official employment numbers might not have been terrific, but the Conference Board reported on Monday that its Employment Trends Index increased again in May for the ninth straight month. The index now stands at 95.7, up from April’s revised figure of 95.2, and up almost 9 percent from a year ago.
1.7M SF Mixed-Use Life Sciences Project in Boston Area Gets Final Zoning Approval
Alexandria Real Estate Equities Inc. has received final zoning approval from the Cambridge Planning Board for its Binney Street Project, a 1.7 million-square-foot mixed-use office and laboratory development in East Cambridge, Mass.
Sperry Van Ness Partners with AuctionPoint, Enhances Online Services
The partnership will allow Sperry Van Ness to offer property-specific online auction websites complete with property details, pictures and due diligence materials.
Economy Watch: Jobs Report Not All Disappointing
Manufacturing, for instance, added 29,000 positions in May. Since the beginning of 2010, the sector has added 126,000 jobs. Odd strength for such a long-suffering sector, but jobs are jobs at this point.
Starwood Capital Teams with Hersha Hospitality, Taking 49.9 Percent of the Hotel Management Firm
With Starwood Capital at its side, HHM plans to expand its management contracts across the U.S., in a move to propel itself toward the top of the list of national hotel management concerns.
WRIT Snaps Up Two Fully Leased Office Buildings near Quantico Marine Base for $68M
The Rockville, Md.-headquartered REIT acquired the fully leased assets, encompassing an aggregate 271,000 square feet of Class A space, from the developer of the business park, Fredericksburg, Va.-based Silver Cos.