New York
Fitch: More U.S. Lodging Consolidation Is Expected
The growing power of industry leaders will drive more lodging consolidation, with Hyatt and La Quinta as desirable targets, per the rating agency’s most recent report on hospitality. Such growth strategies are also a way to balance the competitive environment disrupted by alternative accommodation operators.
NJ Shopping Center Changes Hands
The Hampshire Cos. sold Towne Shopping Center, a retail center anchored by ShopRite. The firm acquired the property in 2012, increasing its net operating income by creating a stabilized tenant roster.
Colliers Appoints New Senior Managing Director
With nearly three decades of real estate experience, Thomas Shirock will focus on strengthening the New York Tri-State Consulting Group’s business lines.
Times Square Office Tower Gets 2 New Tenants
Knotel and Poke Signature will occupy office and retail space, respectively, at the 20-story 9 Times Square, which was recently repositioned by owner American Realty Capital New York City REIT.
SL Green, RXR to Buy Stake in NYC’s Worldwide Plaza
The joint venture will become co-owner of the 2 million-square-foot mixed-use property with the acquisition of a 48.7 percent interest from New York REIT. The deal values the trophy asset at more than $1.7 billion.
New York—A Matter of Life and Science
New York received its invitation to join the biotech cluster club – the guest list also includes San Francisco, Boston and San Diego. However, Transwestern’s newest report reveals if the city has what it takes to be a full-time member.
Levin to Manage 2 NJ Shopping Centers
Levin Management Corp. will manage the Mill Creek at Harmon Meadow in Secaucus and the Flemington Marketplace in Flemington. The two shopping centers total some 550,000 square feet combined.
Monday Properties Taps New SVP
Former Gramercy Property Trust Senior Vice President Evan Dreilinger will bring more than 18 years of varied real estate experience to the company.
Pennrose Secures $171M for NJ Arts Center
The funds ensure the firm’s continued public-private partnership development of the 450,000-square-foot New Brunswick Performing Arts Center, which will feature mixed-income apartments, office space, and two theater venues.
Anchor Health Acquires $23M MOB
The company purchased the 71,401-square-foot Cross Street Medical Center in Norwalk, Conn. Newmark Knight Frank represented the seller, Marcus Partners, in the transaction.