Office
Jersey City Office Tower Commands Record $378M for Brookfield
Multi-Employer Property Trust, a national real estate equity fund, raises its profile in the metropolitan New York City market.
Growing Demand, Supply Constraints Keep Lid on Net-Lease Cap Rates: Boulder Group
The market for single-tenant assets should remain stable through the end of the year as demand for core assets keeps the lid on cap rates.
Africa Israel Sells Manhattan’s Clock Tower Building for $165 Million
The sale brings down the curtain on Africa Israel’s plan to convert the 267,000-square-foot property into high-end condominiums.
Faneuil Hall Marketplace, 2 Other Properties Fetch $280M for GGP
Taken together, the sales of the three properties remove $95 million in mortgage debt from the retail REIT’s balance sheet, the company said.
Hines Gets World’s Highest LEED Platinum Rating in San Francisco
Hines took its building at 101 California St. in San Francisco from green to greenest, environmentally speaking, when its property was named to both LEED Platinum status and to the honor of having the highest score in the Existing Buildings category worldwide.
CBRE to Oversee Management, Leasing of GM’s 5.5 MSF Detroit HQ
CBRE was recently tapped by General Motors to spearhead facilities management, leasing and project management of Renaissance Center, the automaker’s 5.5 million-square-foot mixed-use headquarters complex in Detroit.
Savanna, Feil’s $137M JV in Midtown NYC
Savanna and the Feil Organization have together acquired the 375,000-square-foot building known as 21 Penn Plaza — also known by the address of 360 W. 31st St. — for $137 million.
Cushman Hires Five-Person Brokerage Firm in New Jersey
Cushman & Wakefield has snapped up a five-person office-brokerage team from Jones Lang LaSalle to help bolster its foothold in Central New Jersey. Paul Giannone will serve as executive vice president and will lead the group.
CommonWealth Buys One Shell Square in New Orleans for $102M
In the largest office transaction since Hurricane Katrina, CommonWealth REIT has purchased the 1.3 MSF One Shell Square in New Orleans from MetLife for $102 million.
Report: Domestic Office Sector Moving Upward Despite Weak Economy
A report by Cassidy Turley showed an uptick in demand for office space around the country. According to its latest figures, a net 14.9 million square feet were registered in the third quarter of 2011, the largest quarterly gain in more than four years.