Regions
JLL: Vacancies Fall Amongst NYC Class A Office Properties
Vacancy rates dropped amongst all property types in Midtown, where the overall vacancy rate fell to 13.2 percent at mid-2010, a drop of 3 percent from the overall vacancy rate of 13.6 percent in the first quarter. Class A vacancy rates fell to 13.4 percent over the second quarter, down 3.4 percent from the previous quarter’s 13.9 percent.
CBRE Investors Grabs 1.6M-SF Downtown Oakland CRE Portfolio for $356M
Shorenstein had acquired four of the buildings in a $120 million deal in late 1996, and brought in the Ohio pension fund as a 50/50 partner in 1998. In 1999, the joint venture exercised an option to purchase the parking facility from the City of Oakland.
Bayonne Medical Center to Get New 50,000 SF Building
Slated to break ground in 2011, the building is touted as transforming unused land into revenue-generating space. It will house a surgery center, nursing school, hospital pharmacy, and doctors’ offices.
CBRE Sells Hawaiian Mall for $27.5M
The retail center consists of 11 buildings housing 43 tenants in 170,275 square feet of retail space, with major tenants including Longs Drugs and City Mill. It is located on a 15.62-acre lot.
Pharmaceutical Firm Snaps Up Boston-Area Tech Park for $165M
The premier biotechnology compound of office and lab space and 40 acres of preserved open space had been undergoing redevelopment at the hands of Patriot Partners, the partnership between Framingham, Mass.-based Atlantic Management Corp., Concord, Mass.-based Mohawk Partners L.L.C. and New York City-headquartered O’Connor Capital Partners that acquired the property in 2003.
Alliance For Downtown NY: Hotel Rooms Booming in Lower Manhattan
The number of hotels in Lower Manhattan has tripled since the 9/11 terrorist attacks, the Alliance for Downtown New York has found. The organization said this week that the number of rooms in their district, Lower Manhattan south of Chambers Street, has increased by more than 60 percent in that time.
GPE Management Boosts Property Management Team
Mark Carrell and Shirley Hawley have joined GPE Management Services, bringing nearly half a decade of combined property-management experience to the Scottsdale, Az.-based firm.
Hawaii’s Largest Office Property to Trade in $232M Deal
Bishop Square, which with 960,000 square feet of office space holds the title of the largest office property in Hawaii, is about to change hands. Santa Monica, Calif.-based Douglas Emmett Inc. has signed an agreement to acquire the premier complex for $232 million from Bishop Square Associates, a partnership involving Sacramento, Calif.-headquartered California Public Employees’ Retirement System (CalPERS) and Milwaukee-based Northwestern Mutual.
InterContinental Hotels Group Targets China for 146-Property Expansion
Already the largest international hotel operator in Greater China, InterContinental Hotels Group (IHG) plans to become even bigger in China — more than 50 percent bigger. The Buckinghamshire, England-headquartered company has just revealed pans to expand its 131-property portfolio in the country with the addition of 146 hotels over the next five years.
Hines and Partner Sell Premier Office Building in California for $103.2M
Houston-based international real estate firm Hines and Fort Worth-headquartered Crescent Real Estate Equities Co. have just sold the 271,556-square-foot office building at 2211 Michelson Drive in Irvine, Calif., to Los Angeles’s Kilroy Realty Corp.