News
$657M Settlement Reached With WTC Rescue Workers
The WTC Captive Insurance Company on Thursday announced that a settlement has been reached with attorneys on behalf of more than 10,000 plaintiffs claiming injuries related to the rescue, recovery, and debris removal operations in the wake of the 9/11 terrorist attacks.
Fitch Says Silverstein in “Imminent Default” on $325M Loan Balance
A $325 million loan balance on developer Larry Silverstein’s property, 575 Lexington Avenue in Manhattan, was transferred to special servicing earlier this week, which Fitch Ratings says is due to imminent default.
Means Knaus Inks 12M Square Foot Deal with Lexington Realty
Means Knaus Partners has signed a 12 million square-foot property and construction management, leasing and development deal with Lexington Realty Trust, thereby doubling the size of its property management portfolio. Financial details were not released.
Colliers: Seaport Industrial Property Markets Face Mixed Recovery
The nation’s most active export-focused ports are enjoying stabilizing industrial occupancy rates, according to a new white paper from Colliers International.
Marriott Sets 2015 Deadline to Double its Footprint in Europe
The European hotel market continues to reel from the impact of the global economic crisis, but that isn’t stopping Marriott International Inc. from making big expansion plans in the region. The Bethesda, Md.-based hospitality company recently announced that it will increase its presence in Europe, where it currently operates 174 hotels, from 40,000 guestrooms to 80,000 guestrooms by 2015.
Economy Watch: Foreclosures Slow, But Still High
In its latest Foreclosure Market Report, RealtyTrac noted on Thursday that default notices, scheduled auctions and bank repossessions occurred on a little more than 308,500 residential properties nationwide in February. That’s 6 percent more than February 2009, but 2 percent fewer than in January 2010.
Sunburst Exits the Apartment Market with $85M Sale of Suburban D.C. Property
With the disposition of Vista on Courthouse, a 220-unit apartment building in Arlington, Va., Sunburst Hospitality has bid adieu to the apartment market.
Mass. State Agency Forsakes Boston for Suburbs with 114,000-SF Lease
Acting through its Division of Capital Asset Management and Maintenance, the Commonwealth of Boston has signed a lease with Griffith Properties L.L.C. for the Office of Health and Human Services (HHS) to occupy approximately 114,500 square feet at the HarborSouth Tower in Quincy, Mass.
Cushman: Capital Flowing Into Real Estate
All is not exactly lost for the real estate market, according to Cushman & Wakefield Sonnenblick Goldman. In a capital markets update on Wednesday, the firm reports that there is capital coming into real estate, with lenders and equity investors reporting greater desire and capacity to put money to work.
Crocker Tapped to Lease Mizner Park Office Tower
Real estate investment firm Crocker Partners has been chosen to lease the 164,000 square-foot Mizner Park Office Tower and the 103,000 square-foot Mizner Park Office Plaza, both located at Mizner Park in downtown Boca Raton, Fla.