November 30, 2009 - Atlantic Yards Gets Greenlight
New York’s Court of Appeals dismissed a challenge over the use of eminent domain in constructing the long-planned and long-delayed Atlantic Yards project near Brooklyn’s downtown according to a CoStar article. The decision removes the last legal hurdle for New York’s largest single-source development project in history, a 22-acre $4.9 billion asset. The proposed development [...]
November 27, 2009 - Baystate Financial Services Moving to Boston’s John Hancock Tower
Normandy Real Estate Partners announced it has signed Baystate Financial Services to occupy the 19th floor of the John Hancock Tower. Baystate will lease 28,852 sq ft starting early next year. GlobeSt.com reported Class A office space goes for roughly $35.78 per square foot in Boston. The John Hancock Tower stands at 60 stories and is [...]
November 26, 2009 - Financing Secured for $100M National Archives Facility
The $100 million new facility for the National Archives and Records Administration’s (NARA) National Personnel Records Center in St. Louis, MO has secured financing and is expected to complete the first phase of construction in May 2011 according to a CoStar article. The National Personnel Records Center will be the largest national archives facility outside [...]
November 25, 2009 - RTC Leases Crossroads 5 in Chicago Metro
RTC Industries Inc. has signed a 12 year lease for the 503,200 square foot Crossroads 5 building in Romeoville according to a CoStar report. RTC, a company providing store-ready solutions to the retail industry including planning and design, manufacturing, program management, global logistics, and retail technology, will relocated to 3101 Kedzie Avenue next spring. The terms [...]
November 24, 2009 - Barclays Capital Acquires Crescent from Morgan Stanley
Barclays Capital has formed Crescent Real Estate Holdings LLC, a joint venture with Goff Capital, Inc., to acquire Crescent Real Estate Equities Limited Partnership from Morgan Stanley Real Estate Funding II. Crescent, a real estate investment company, owns more than 17 million square feet of office towers as well as investments in resorts and hotels [...]
November 23, 2009 - Station House Office Building Sells for $2.6M
The Station House Office Building, part of an office complex in Collingswood, NJ, sold for $2.6 million in a deal coordinated by Colliers Lanard & Axibund’s South Jersey office according to GlobeSt. Station House Office Associates sold the property to 900 Haddon Avenue LLC who is said to be planning capital upgrades to the property. [...]
November 19, 2009 - Stamford’s Harbor Point Secures Another Tenant
After more than three years of negotiations, Starwood Hotels and Resorts announced it will be moving its headquarters to a redeveloped area in Stamford, CT. Harbor Point, which the Wall Street Journal described as a ”large mixed-use real estate development under construction in Stamford’s south end” also houses the corporate offices of Pitney Bowes and Deloitte [...]
November 18, 2009 - Bernanke On the Outlook for the Economy and CRE
Federal Reserve Chairman Ben Bernanke addressed the Economic Club of New York earlier of this week and spoke about the current financial climate and its trajectory. In his speech, Bernanke expected to see a slow economic recovery as demand for commercial property is down but said that he did not agree with economists bracing for [...]
November 17, 2009 - NYC Office Building Trades for $29.5 Million Cash
Savanna Investment Management recently announced the sale of 63 West 38th St in New York City’s Garment District. The building, a 12 story office building contains 144,000 sq feet and is only 15% occupied. Savanna initiated its investment in the property in May 2008. According to GlobeSt.com, “Savanna and a hedge fund partner initially invested [...]
November 16, 2009 - CSAA Drives to New Headquarters in Walnut Creek, CA
The “AAA of Northern California” has left their iconic San Francisco properties on Van Ness and moved into new headquarters in Walnut Creek. In 2008, the California State Automotive Association sold their 28-floor office tower and complex in San Francisco’s Civic Center area to a joint venture led by the Patson Group and including Vornado Realty [...]
