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Real estate services firm Jones Lang LaSalle has just revealed that three office buildings it manages in New York City have attained the Energy Star rating. The prominent properties–320 Park Ave (pictured)., 460 Park Ave. and 51 Madison Ave–account for a total of more than 2.5 million square feet. The U.S. Environmental Projection Agency created the Energy Star program in 1992 as a means of encouraging businesses and citizens alike to reign in spending through instituting energy efficient practices. Four years later, the U.S. Department of Energy joined forces with the EPA on the endeavor. Commercial office properties became eligible…

Vornado Realty Trust, which owns some of the mezzanine debt on Macklowe Properties’ $7 billion debt on a portfolio of Manhattan trophy towers, may be playing the spoiler in a deal enabling Macklowe to fend off foreclosure.Developer Harry Macklowe was served with a notice of default Monday, according to a report by Jennifer Forsyth in the online edition of the Wall Street Journal. Forsyth reported that two sources close to the deal noted Vornado was the most vocal opponent of a proposed bailout plan.Citing an October federal filing, Forsyth reported that Vornado had bought a 42 percent interest in two…

In an exclusive interview, Grubb & Ellis chief economist Bob Bach told CPN that his firm is predicting a 40 percent decline in commercial real estate transaction volume this year compared to 2007.  A big reason for the prediction is a survey of lending officers at large banks, done by the Federal Reserve and released in January. The survey notes that 80.3 percent of such loan officers are tightening their lending requirements, a figure unequaled in nearly 20 years.  The credit crunch “really does show up in fourth-quarter sales being down,” Bach said. According to Real Capital Analytics’ figures, the…

Interstate Hotels & Resorts and FFC Capital Corp. have formed a joint venture, acquired 22 Exel Inns, and converted each to various Wyndham Worldwide brands.A hotel operator that has undertaken a strategic plan to grow by developing a portfolio of properties owned individually and through joint ventures, Interstate has taken a 10 percent equity position in the 22 properties. The Interstate equity includes the company’s share of capital improvements for re-branding, re-imaging, and repositioning the hotels. Interstate will also manage the properties. “We have been using this ownership and joint venture strategy since 2005,” Carrie McIntyre, senior vice president and…

Houston-based developer Hines and the California Public Employees’ Retirement System (CalPERS) are reportedly preparing to create a third fund for investment in Brazilian real estate. All together, the fund could total $800 million. News of the new fund was reported by Bloomberg, quoting Douglas Munro, chief executive of Hines do Brasil Empreendimentos. This morning a representative of Hines confirmed to CPN that the report was accurate, but otherwise declined to comment on the fund, which may be ready by August. Representatives of CalPERS could not be reached for comment. Hines is an experienced player in the Brazilian real estate market,…

The New York City Law Department will renew it lease at 100 Church Street, continuing to occupy six floors of the Downtown New York City building. Terms of the lease were not disclosed. The building is currently undergoing a significant capital improvement program, encompassing structural, building, window replacements, and mechanical upgrades, as well as aesthetic enhancements to the common area spaces. The building, built in 1958, is a 21-story, 1.1-million-square-foot multi-tenant office building. CB Richard Ellis Inc. is the leasing agent and property manager for the building. Lower Manhattan’s office market posted a lower overall availability rate than the Midtown…

The proposed 10000 Santa Monica Boulevard luxury condo project will bring “green” to a whole new level. Courtesy of a design by Jean Nouvel, the high-profile French architect who’s just been tapped by SunCal Cos., the project’s developer, the 45-story, 177-apartment tower in Century City, Los Angeles, will feature “an integration of landscaping beyond the ground-level, horizontal plane into the vertical façades of the building.” In a prepared statement, Nouvel described his semi-transparent design as making the building (pictured) look like “a green blade.” In addition to vertical landscaping, the design includes a private 40,000-square-foot garden at the lobby level….

After a government denial halted the proposed $600 million St. Regis Mohawk Casino at Monticello Raceway, Empire Resorts Inc. has joined forces with Concord Associates L.P. to relocate the development to a 160-acre parcel of land at the site of the closed Concord Hotel. Closing under the agreement is subject to various approvals and closing conditions. Construction is expected to commence later this year, with a grand opening in 2010. Plans for the project include a gaming and entertainment facility at the site. The main feature of the development will be a $700 million entertainment complex consisting of a 100,000-square-foot…

Pinnacle Entertainment Inc., has taken a big step forward with its plans to develop the Riviere, a $250 million gaming entertainment destination in Baton Rouge, La. The company has secured a most necessary endorsement for its first phase–that of the voters of the City of Baton Rouge. Riviere (pictured) will be sited on 550 acres about 80 miles outside of New Orleans. “We tailor each of our properties to the taste of the market and Riviere will be very much for a regional market; it will be a true destination resort,” a Pinnacle spokesperson told CPN today. “We believe there…

It is my hope that this week’s column will serve to help dispel the myth that ideas are inherently good things. Let me state right from the outset that I place little value on ideas. Not only do raw ideas have little intrinsic value, but they are often very costly. While I stipulate to the fact that ideas can sometimes lead to great things, I also submit that it is more frequently the case that ideas lead to disappointment, tragedy, and disaster. Those of you familiar with my work are probably wondering if it is really me authoring this text…if…