Bank Watch: Capitol Bancorp Thinks Michigan May Now Be Underbanked
July 29th, 2009Capitol Bancorp Ltd. in Lansing, MI, on which CoStar reported last week had cut a deal to sell its Nevada branches, has this week announced a plan to spin-off its Michigan Commerce Bancorp Ltd. as an independent publicly traded bank holding company. When…
Lease Cancellations: Big 10 Tire Deflates Lease Payments
July 29th, 2009Mobile, AL-based Big 10 Tire Stores filed chapter 11 bankruptcy in April. At the time of the filing, the 104-store chain announced no intention to close stores but said it would attempt to obtain rent relief from its landlords. Through bankruptcy reorganization…
National Layoffs: Verizon Cutting 8,000; Avon 2,300
July 29th, 2009Avon Products Inc. plans to realign its global supply chain manufacturing footprint and improve its operating model effectiveness in key geographies. As a result, the company said that approximately 2,300 positions will be impacted globally, with a net…
The Lease Up (July 26 – Aug. 1): Claremont Prep Takes 200,000 SF at 25 Broadway
July 29th, 2009Editor’s Note: Expansions Relocations & Extensions is now The Lease Up. Here you will find news on companies that are bucking the trend of the recession by expanding, or taking advantage of the market by relocating. You will also find stories on businesses…
Real Money: Arbor Restructures $374M in Debt with Wachovia
July 29th, 2009In this week’s issue:
Arbor Realty Trust restructures $374 million in financing facilities
Forest City arranges multiple financings and extensions totaling $325 million
Plus we give you new property finance deals and a valuable leads list of lenders…
Claremont Prep Takes 200,000 SF at 25 Broadway
July 29th, 2009Claremont Preparatory School has signed one of the largest new leases in Manhattan this year, taking 200,000 square feet at 25 Broadway. Landlord ACTA signed the educational institution to a 20-year deal, with a 10-year renewal option.
The 23-story…
Kaiser Permanente Leases 210,000 SF in Capitol Hill Area
July 28th, 2009Kaiser Permanente, the non-profit health care provider, signed a 15-year lease for about 210,000 square feet in the new Station Place office building at 700 2nd St. NE in Washington, DC. The organization will take occupancy in early 2011.
The 10-story…
New FBI Field Office Coming to Charlotte
July 28th, 2009A joint venture of Highwoods Properties and USAA Real Estate Co. is building a $45 million field office for the Federal Bureau of Investigation (FBI).
The U.S. General Services Administration (GSA) signed a build-to-suit lease for a five-story, 171…
FBI Field Office Coming to Charlotte
July 28th, 2009A joint venture of Highwoods Properties and USAA Real Estate Co. is building a $45 million field office for the Federal Bureau of Investigation (FBI).
The U.S. General Services Administration (GSA) signed a build-to-suit lease for a five-story, 171…
Demand for U.S. Industrial Space Falls to Decade Low
July 27th, 2009The vacancy rate for U.S. manufacturing, flex and warehouse space approached double digits in the second quarter as demand continued to fall in the face of sharp declines in employment, production, consumer spending and imports/exports. According to CoStar…
