News
Liberty Mutual to Expand in Boston with $300M Addition to HQ Campus
A behemoth new office tower is being planned for Boston’s occupancy-challenged office market, but fortunately, the entire facility has been spoken for. Liberty Mutual Group just announced it will expand its headquarters with the addition of a new $300 million office building downtown on land adjacent to its current home office.
Prepping for NYC’s Rebound, Hersha Closes Acquisition of Times Square Hotels for $165M
The U.S. hotel market has to bounce back at some point, and with the recent closing of acquisitions involving three hotels in New York City’s Times Square, Hersha Hospitality Trust has positioned itself to take advantage of the Big Apple’s impending revival.
Economy Watch: GGP Says No Thanks, Simon (For Now)
General Growth Properties hit the ball back to Simon Property Group’s side of the court on Tuesday by calling Simon’s $10 billion takeover bid a trifle low. GGP then invited other interested parties to make their own bids, and even offered to provide financial projections and data on its shopping malls to potential suitors.
GGP to Simon: $10B Offer ‘Not Sufficient’
General Growth Properties has a message for fellow mall operator Simon Property Group: Thanks, but you’ve got competition.
Simon Makes $10B Bid for GGP
As troubled shopping-mall REIT General Growth Properties struggles to regain its footing after bankruptcy reorganization, a possible buyer has emerged in the form of fellow mall owner Simon Property Group.
Economy Watch: Foreclosure Wave to Continue
Irvine, Calif.-based John Burns Real Estate Consulting Inc. has released a study positing that some 5 million houses and condos already delinquent will go through foreclosure or short sales in the next few years. That’s most of the 7.7 million U.S. households currently delinquent.
Turner Commences Work on $291M Medical Facility in Buffalo
Signs that the healthcare real estate sector is still alive and relatively well continue to materialize. Acting on behalf of Kaleida Health, New York City-based Turner Construction Co. has begun construction activity for a $291 million medical care and research facility at the Buffalo Niagara Medical Campus in Buffalo, N.Y.
Brookfield Snaps Up 2.9M-SF JPMorgan Chase Office Portfolio in $200M Deal
Talk about the deal of all deals. Toronto, Ont.-headquartered Brookfield Real Estate Opportunity Fund has just closed the purchase of a 2.9 million-square-foot U.S. office portfolio from New York City-based JPMorgan Chase in a quasi sale-leaseback transaction for –according to the Wall Street Journal — $200 million.
Economy Watch: U.S. Retail Sales See Uptick
According to the U.S. Department of Commerce, January retail sales rose 0.5 percent compared with December and 4.7 percent compared with January 2009.
Jones Lang LaSalle Named Leasing Agent for $43M Liberty Wharf Project
Jones Lang LaSalle has been named the exclusive leasing agent for Liberty Wharf, a $43 million, 74,000 square foot mixed-use development on the South Boston Waterfront.