June 30, 2008 - CBRE Buys Tempest Management
As reported in Commercial Property News, CB Richard Ellis Group, Inc. (CBRE) announced the acquisition of Tempest Management Corp., one of Canada’s foremost project management firms, in a move to enhance CBRE’s service offerings throughout the Canadian market. Tempest, with offices in Ottawa and Toronto, delivers project management services to corporate, government and real [...]
June 27, 2008 - Shorenstein Purchases $250 Million Midtown Manhattan Package
Shorenstein Properties LLC, based in San Franciscio, CA, has purchased a $250 million senior mezzanine loan backed by 450 Lexington Avenue, a 910,000 square foot office building located in the Grand Central submarket of Manhattan, as reported by GlobeSt.com.
The loan, purchased by Shorenstein on behalf of Shorenstein Realty Investors Nine, L.P., a $2.062 billion private [...]
- Employees Get “Hot” Over Workplace Conditions
Manage Smarter
What is the biggest complaint amongst office workers? Office temperature. What amenities do they say make the perfect office features? Nap areas. Energy-efficient elevators. Color; get rid of the white walls! Free food.
Office environment makes a huge difference in workers’ productivity and motivation. More than 69 percent of workers say the condition of their [...]
June 26, 2008 - Office Buildings of the Year for 2007 Announced
The Building Owners and Managers Association International has announced The Office Building of the Year (TOBY) regional winners for 2007. The TOBY award honors the buildings—and the men and women who own and manage the buildings—that exemplify excellence in building management, operational efficiency, tenant retention, emergency planning and community impact. The awards program recognizes [...]
June 25, 2008 - Building A Greener NYC Pays
Commercial and residential customers have been handed new incentives to green their rooftops as a new tax bill passed on Tuesday. Under the new law, property owners who install green rooftops on at least 50 percent of their available rooftop space can apply for a one-year property tax credit of up to $100,000, equal [...]
June 24, 2008 - Welsh Capital Arranges Over $27.9 Million in Recent Mixed-Used Loans
Welsh Capital of Minnetonka, MN, providing a variety of creative mortgage financing solutions for developers, owners and investors of commercial real estate, has announced the closing of more than $27.9 million in permanent mortgages for commercial properties across the Midwest, according to a crefeed.com release.
“The perception that rates have hit bottom and will now rise [...]
June 23, 2008 - Cannon Commercial Acquires Travis Park Plaza
In a market where covered parking is demand, the real selling point can sometimes be a parking garage. In downtown San Antonio, where there are only six or seven structured parking garages, Cannon Commercial Inc. scooped up the 160,172 square foot Travis Park Plaza and adjacent 800 space parking garage from Darren Casey Interests [...]
June 20, 2008 - Seller Solves Bidder’s Financing Dilemma
crenews.com
When bids came in 10 percent below its asking price for a Tampa, Fla., office building, Blumberg Capital Partners stirred the process by offering gap financing.
The Coral Gables, Fla., firm eventually got the property under contract for the full asking price after it had provided the buyer 15 percent financing for the transaction.
According to Philip [...]
June 19, 2008 - General Growth Properties Unveils Vision for South Street Seaport
General Growth Properties released the details of a multi-faceted plan to redevelop the South Street Seaport and return the district to its former glory as a vibrant hub for commerce in Lower Manhattan. According to a Commercial Property News article, General Growth Properties first acquired the property with its purchase of the Rouse Co. in [...]
June 18, 2008 - Tysons Dulles Plaza Fetches $152.8 Million
Vornado Realty Trust announced yesterday that it has completed the sale of its 482,000 square foot Tysons Dulles Plaza office building complex located in Tysons Corner, Virginia for approximately $152.8 million, which resulted in a net gain of approximately $56 million since the firm first purchased the building in 2000 for $103.4 million. As [...]
