News
Sheraton in Pleasanton, Calif., Changes Hands for $12.3M
A partnership of real estate investment firms has purchased the 170-room Sheraton Pleasanton Hotel for $12.3 million.
Power Supply Problem Shuts Dubai Tower
A month after the At the Top observation deck opened at the world’s tallest man-made tower, a malfunction at the deck has shut the tower to the public.
Ontario’s 55-Acre Historic Guasti District Enters First Phase
The city of Ontario, Calif., has begun preservation work on nine buildings totaling approximately 175,000 square feet, the first phase of work in the construction of the Historic Guasti District.
Economy Watch: Some Optimism From the Employment Trends Index
The Conference Board Employment Trends Index rose again in January, for the fifth month in a row. the index now stands at 93.2, up 1 percent from December, but down 0.7 percent compared with January a year ago.
Realty Executives Expands Reach in California
Real estate franchise Realty Executives is looking to add to its approximately 700 outposts and 11,000 employees. The firm has launched 13 new franchises in California since July 2009 and is looking to expand further.
National Apartment Report: Sector Set for Recovery
The worst is over for the U.S. apartment market, according to Marcus and Millichap’s 2010 National Apartment Report. A survey of 44 nationwide markets based on forecast supply and demand conditions, the report found that a drop in construction has set the stage for a recovery this year.
Economy Watch: Unemployment Rate Back to Single Digits
The U.S. Department of Labor surprised the nation on Friday by announcing that the official unemployment rate dropped to 9.7 percent in January. Commercial real estate isn’t breaking out the noisemakers just yet, but maybe the bottom has arrived.
SPECIAL REPORT: Educational Sessions at Conference Reflect Mortgage Banker’s Concern with Problem Loans
Las Vegas—Master servicers are seeing more borrowers trying to force the transfer of their loans to special servicing, according to Kevin Donahue, senior vice president of PNC Real Estate/Midland Loan Services Inc. “Borrowers are becoming a little savvier” in pursuing their alternatives, said Donahue. They understand that the master servicer cannot perform “material modifications” on the loan, he said.
Fried Frank Takes Space in One of Two U.S. LEED-Certified Platinum Buildings
When Fried, Frank, Harris, Shriver & Jacobson LLP decided to get greener, the international law firm decided moving boxes were in the plan. It was announced Friday that Fried Frank has signed a 16-year, 102,000 square-foot lease on Lafayette Tower at 801 17th Street, N.W. in Washington, D.C., and will move into its new quarters in about a year.
Orient-Express Goes for Growth, Snaps Up Pair of Properties for $117M
Bermuda-based hotelier Orient-Express this week confirmed that it has completed the purchase of the Grand Hotel Timeo and Villa Sant’Andrea, both in Taormina, Sicily. Orient-Express bought the pair of properties from The Framon Group for a combined $117 million.