Regions

No market has gone unscathed in this severely crippled economic environment, but some areas are feeling less pain than others are, as evidenced by a recent transaction that just closed in Southern California’s Inland Empire region. A 263,700-square-foot segment of the 539,270-square-foot Crossroads Marketplace in Chino Hills, Calif., was just snapped up at a 5.87 percent cap rate by SKT Investments for $79 million, including the assumption of an existing $63 million CMBS loan on the power center. Located in an affluent neighborhood just a stone’s throw from the 71 Freeway, the nine-year-old Crossroads Marketplace is home to such national…

With the global recession still in full swing, recovery is far off for even the best of the world’s commercial real estate markets, but , according to international property advisor DTZ’s new European Quarterly report, certain first quarter results in the United Kingdom indicate that the market in Europe may very well be on the road to stabilization. Sometimes, no news is good news, and in the case of transaction volumes in the U.K., there was nothing new to report in the first quarter; things didn’t get better, but they didn’t get worse either. At £3.5 billion, transaction volumes held…

As green development continues to thrive across the country, Houston’s First City Tower has earned LEED Gold certification for an existing building from the U.S. Green Building Council, marking a milestone for sustainable development in the market. “It’s the first building in Houston to receive LEED Gold under the existing buildings rating system. The other three LEED-EB projects in Houston have earned silver or certified statuses,” Marie Coleman, USGBC communications coordinator, told CPN. “LEED for existing buildings is our second most commonly used rating system behind LEED for new construction.” Located at 1001 Fannin St. in Houston’s Central Business District,…

Banking on an advantageous location to attract tenants in a shaky economy, The Hampshire Cos. purchased a 98,400-square-foot, four-story office building on a little more than 19 acres in Iselin, N.J. Hampshire Global Partners, an entity controlled by The Hampshire Cos., plans to re-develop and upgrade the office building and develop the rest of the site. “The new owners plan to redevelop the property. They will turn the existing building into a Class A property. It is currently C or D. They’ll do that now and develop the balance later,” Jeffrey Dunne (pictured), vice chairman in CB Richard Ellis’ New…

Washington, D.C., is feeling the effects of the economic slump, but the area office market remains attractive enough to help reel in lenders willing to part with the big bucks. Perseus Realty L.L.C., with the assistance of affiliate Perseus Realty Capital L.L.C., has obtained $103.5 million in financing for its 309,500-square-foot Class A office property at 1110 Vermont Ave. N.W. in D.C.’s Central Business District.Developed in 1980, 1110 Vermont (pictured) is a 12-story structure featuring approximately 20,000 square feet of ground-level retail space and a two-level parking facility. Perseus had owned a 5 percent stake in the property until 2005,…

With the recession suppressing the need for office space in New York City, planners at the World Trade Center site could be calling an audible. The Port Authority of New York and New Jersey is now looking at building a luxury hotel and residential building to replace one of the planned office towers. According to a report in the New York Post, the hotel and residential tower would be built at the site of the Deutsche Bank. The plan for that site was to sell it to JP Morgan Chase, which planned to build a new tower, complete with trading…

The New York City office market has taken its hits with the tanking of the economy, but accounting firm Marcum & Kliegman L.L.P.’s new lease agreement for nearly 67,200 square feet at 750 Third Ave., the largest tenant relocation lease in Midtown Manhattan this year, is sparking hope that the worst will be over sooner rather than later. Marcum & Kliegman will move from its current home down the block at 655 Third Avenue to the 11th and 12th floors of the 857,400-square-foot Class A building at 750 Third Avenue (pictured), which has been owned by SL Green Realty Corp….

Brandywine Realty Trust is the latest firm to take advantage of the relatively stable government-related development market. Despite the continuing credit crunch and still-foundering economy that has laid low commercial property deals across the globe, Brandywine has received funding commitments of $209.3 million and $46.7 million, respectively, for a Philadelphia office rehabilitation and nearby parking garage project, both of which will be occupied by the Internal Revenue Service. The office project involves the redevelopment of the 862,000-square-foot 30 South Street building in the city’s University City neighborhood, which carries a total cost of $260.5 million. Across the street from that…

The Port Authority of New York and New Jersey is considering downsizing the World Trade Center redevelopment, but project developer Silverstein Properties wants to stick to the plan–and so does New York City Mayor Michael Bloomberg, who is orchestrating a meeting between the two parties at Gracie Mansion this week in an attempt to keep the multi-billion project on track. According to an article by the New York Daily News, the Port Authority has proposed downsizing the number of planned skyscrapers at Ground Zero from five to two, ultimately leaving the site with just 5 million square feet of office…