News
Design Completion Paves Way for Start of San Francisco’s $4B Transbay Transit Center
The San Francisco Transbay Joint Powers Authority’s (TJPA) development of the city’s new state-of-the-art Transbay Transit Center and Park is right on track. Now that Pelli Clarke Pelli Architects has submitted the final design report for the $4 billion downtown project, there is nothing stopping the first phase from getting underway this August.
Khourie Named CEO of CB Richard Ellis Investors
Less than a year after being named President of CB Richard Ellis Investors, Matt Khourie has also been named Chief Executive Officer. Khourie joined CBRE in July and now succeeds Vance Maddocks, who after more than three years serving in two senior leadership roles plans to fully focus on his role as President of the Strategic Partners U.S. series of funds.
CBRE Receives More than $2B in Offers for Calif. Office Portfolio
Cash-strapped California has at least one reason to smile: CB Richard Ellis has received more than 300 offers to purchase and lease back 11 state office properties on behalf of the California Department of General Services.
Economy Watch: Home Buyers Rush to Beat the Deadline
According to the U.S. Census Bureau, new home sales spiked upward by 27 percent nationwide in March compared with the previous month, as a completely expected consequence of the looming cutoff date (this Friday) for the federal home buyer tax credit. New homes sold during the month at an annualized rate of 411,000, the bureau noted on Friday.
Starwood Lands $1.5B Senior Credit Facility
Is it becoming a little easier to get financing? No word on the lending market’s level of friendliness from Starwood Hotels & Resorts Worldwide Inc., which just closed a new $1.5 billion senior credit facility, courtesy of a 24-bank syndicate.
PS Business Parks Grabs 700,000-SF Flex Portfolio in Austin
PS Business Parks has just doubled its presence in the Austin industrial market in one fell swoop. The Glendale, Calif.-based REIT plunked down $42.9 million in cash for the acquisition of a portfolio of flex business parks totaling 704,000 square feet.
JLL: Employment Gains Will Lead Sustainable Recovery
The pieces of a sustainable recovery are just beginning to come together, but they’re not yet forming a completed puzzle. That’s according to Jones Lang LaSalle, whose Spring Economic Outlook finds that economic output grew at a robust level last quarter, but the change in private inventories – a major growth driver – is not sustainable long term.
Harry K. Moore to Join Cassidy Turley
Commercial real estate services firm Cassidy Turley said Friday that Louisville, Ky.-based Harry K. Moore will join the company on May 13. Harry K. Moore was formerly affiliated with Colliers International.
Economy Watch: Home Sales Mushroom Ahead of Tax-Credit Sunset
As expected, existing home sales spiked in March, according to the National Association of Realtors. Compared with February, sales were up 6.8 percent to an annualized rate of 5.35 million. Compared with March 2009, sales are up 16.1 percent.
Kimco Forms JV with Canadian Pension Fund to Buy U.S. Shopping Centers
Prime neighborhood shopping centers will be the target of a new joint venture between New Hyde Park, N.Y.-based Kimco Realty Corp. and the Toronto-based Canada Pension Plan Investment Board. The partnership has kicked off with a $370 million investment that includes Kimco’s contribution of a 2 million-square foot portfolio of five properties.