Regions
FelCor to Buy Boston’s Fairmont Copley Plaza for $98.5M in Cash
Less than $100 million for a prominent luxury hotel in Boston is quite a bargain. FelCor acknowledges that a purchase price of approximately $257,000 per-key is a significant discount to replacement cost.
$900M Mixed-Use Denver Airport Project Moves Forward with Design Unveiling
The project will be constructed in phases, with the first stage carrying a development price tag of $650 million. Phase I will consist of a 500-room hotel to be designed by architectural firm Gensler, with approximately 40,000 square feet of meeting space.
435,000-SF Blue Cross Lease to Increase Detroit’s GM Renaissance Center to 90 Percent Occupancy
In Michigan, Southfield’s loss will be Detroit’s gain now that Blue Cross Blue Shield of Michigan has committed to relocating to the 5.5 million-square-foot mixed-use GM Renaissance Center.
KBS REIT II Closes on 1.3 MSF 330 N. LaSalle
The transaction boosts KBS-purchased commercial real estate to more than 3.5 million square feet thus far in 2010. That square footage includes properties in Dallas, St. Louis, San Diego, Portland and Herndon, Va.
Equity Office Nails Down Pair of Leases at SF Bay Area’s Skyway Landing
Wells Fargo Insurance Services has taken 40,257 square feet, while MarkLogic Corp. has nearly doubled its occupancy by expanding into an additional 18,630 square feet, making for a total of 40,268 square feet.
Responding to Demand, Denver-Area Children’s Hospital Kicks Off $230M Expansion
The expansion will address a demand that has been on the rise since 2007, when the hospital opened its new location at the 227-acre Anschutz Medical Campus, a recently developed education, research and patient care complex.
MGM Resorts to Pocket $73M on Sale of Ground Leases and Land at Atlantic City’s Borgata
Having reached an agreement with Paramus, N.J.-headquartered REIT Vornado Realty Trust and Los Angeles-based Geyser Holdings, MGM Resorts International has taken the next step in the planned disposition of assets at The Borgata Hotel Casino & Spa.
Wilson Wraps Up 2 Million SF in Leasing Assignments for 2010
The largest leases include the 487,370-square-foot Commons at Quartz Hill in Lancaster, California, the 218,503-square-foot Crossroads at 395 in Victorville, California and the 224,783-square-foot Granada Village in Granada Hills, California.
Government Contractor Leases Nearly 100,000 SF in Northern Virginia
The federal government and government contractors like ASM Research Inc. continue to liven up the market in suburban Washington, D.C. The technology solutions provider has just signed a new lease for approximately 91,400 square feet of premier space at the 410,000-square-foot Centerpointe office complex in Fairfax, Va.
Pembrook Provides $47M Recapitalization Loan for NYC Condos
The condominiums have been completed and 26 of 54 units sold. The loan was closed within three weeks from the date the owners signed the loan application.