Cornerstone Sells VA Multifamily for $75M
January 12th, 2010Cornerstone Real Estate Advisors Inc. sold Woodway at Trinity Centre, a 504-unit apartment complex in Centreville, VA, to CB Richard Ellis Investors for $75 million, or about $148,810 per unit. CBREI made the purchase on behalf of one of its funds.
The…
New York: State Initiatives Save $12M and Counting
January 12th, 2010The State of New York’s decision to restructure its lease at 60 Broad St. in Manhattan last week was the latest action in an initiative designed to save New York taxpayers money through commercial real estate transactions.
Since the start of the 2009…
CoStar’s Retail News Roundup: January 10-16, 2010
January 11th, 2010This week in the Retail Roundup, CoStar reports on expansions or new concepts at Disney Store and Marco’s Pizza; closings, cutbacks, bankruptcy, default, receivership or foreclosure news at Macy’s, Trans World Entertainment, Foot Locker, CityNorth and…
Boston Properties CEO Dies
January 11th, 2010Boston Properties announced the death of Edward Linde, its co-founder and CEO, due to complications from pneumonia. Mortimer Zuckerman, co-founder and chairman, had assumed the duties of CEO.
Foot Locker Closing 200 Stores This Year
January 10th, 2010Athletic footwear and apparel retailer, Foot Locker, expects to have opened 40 new stores and closed 200 stores during its fiscal 2009 year (ends 1/31/2010), which is 60 more store closures than the retailer had originally anticipated. This year’s net…
Tishman Completes 1 Million SF in NY-Area Office Renewals
January 10th, 2010Tishman Speyer said last week that it closed on more than 1.05 million square feet in New York-area office renewals in December. A single-month record for the real estate firm, the deals included five top-tier tenants.
The most activity occurred in…
Rents Signal Rise of D.C., Fall of N.Y.
January 8th, 2010Washington’s office market is set to topple New York as the most expensive in the U.S., reflecting a decline in finance center amid a government expansion.
Shanghai Hotel Project to Move Ahead
January 8th, 2010More than a year after a twin tower hotel project here got snagged on a web of problems more complex than its iconic, honeycombed exterior, construction is finally about to restart.
Hines, CalPERS Sold 500,000-SF Office Park for $75M
January 8th, 2010National Office Partners LP, a joint venture of Hines and the California Public Employees’ Retirement System (CalPERS), sold Station Square, a 496,967-square-foot office park in Silver Spring, MD, last week to a joint venture led by Moore & Associates…
UPDATE: Penn Traffic Files Bankruptcy; Buyer Likely
January 7th, 2010Updated January 8, 2010: Buffalo, NY-based Grocery store operator, Tops Friendly Markets, intends to acquire most of the assets of Penn Traffic Company out of bankruptcy.
Reportedly, Tops proposed an $85 million bid to acquire all of Penn Traffic…
