Property Management News

Citigroup Board to Meet Today Amid Rumors of Sell-Off

CPN News - Fri, 11/21/2008 - 06:03
U.S. stock futures surged early this morning after a report Citigroup may put itself on the block and following upbeat results out of Dell and Salesforce.com, according to MarketWatch. S&P 500 futures leaped 31.7 points to 780.00 and Nasdaq 100 futures climbed 39.25 points to 1,079.70. Dow industrial futures leapt 293 points.

NYC's Pier 57 Attracts Trio of Renovation Proposals

CPN News - Fri, 11/21/2008 - 04:59
At the edge of Manhattan’s Meat Packing District in Chelsea, Pier 57 abuts an area that has seen a burst of activity over the last decade. Located at the end of West 15th St. and encompassing some 375,000 square feet of waterfront space plus rooftop area, the pier is now the focus for three bids for renovation.

American Realty Advisors Provides Equity for Grand Hyatt Washington Recapitalization

CPN News - Fri, 11/21/2008 - 04:17
American Realty Advisors has provided preferred equity financing to an affiliate of Quadrangle Development Corp. for the recapitalization of the Grand Hyatt Washington, D.C. The investment was executed on behalf of one of American’s separate account clients.

Proposed $1B Philadelphia Skyscraper Gets Zoning Approvals, Awaits City OK

CPN News - Fri, 11/21/2008 - 04:13
The American Commerce Center, a $1 billion, mixed-use skyscraper proposed for 1800 Arch St., in Philadelphia’s Center City, moved another step closer to reality this week when the city’s planning commission unanimously approved zoning changes for the 1.5-acre site.

Developers Move Ahead with Plans for 60-Story NYC Tower

CPN News - Fri, 11/21/2008 - 01:19
Banking that the healthcare industry will stay healthy despite the tough economic times, developers are moving ahead with plans to build the World Product Centre, a 60-story tower on Manhattan’s West Side that would showcase medical diagnostic and device companies and serve as an international educational center.

Opus Phoenix-Area Retail Center Moves Forward

CPN News - Fri, 11/21/2008 - 01:13
Opus West Corp. has begun construction on, and nailed down leases for most of the space at, the 170,000-square-foot Mill Crossing retail center in Chandler, Ariz., in southeast metro Phoenix.

As Markets Gyrate, Citigroup Ponders Fate

CPN News - Fri, 11/21/2008 - 00:40
Citigroup executives are currently meeting in something of an emergency session to figure out what to do in the face of flagging investor confidence in the banking behemoth. Or are they? They're meeting, at least, but the company says that it's financially strong, despite its four quarters of losses stemming from billions in writedowns.

Top 10 Office Markets See Modest Gains

CPN News - Thu, 11/20/2008 - 06:23
While prices across commercial real estate are down from a year ago, they increased in September up 2.5 percent from the month before, according to an Associated Press report on Moody's/REAL Commercial Property Price Indices. The top 10 markets showed modest gains in all property sectors in the third quarter, Moody's said.

Flagler Inks Tenant to 240,000-SF Lease at Florida Biz Park

CPN News - Thu, 11/20/2008 - 04:32
Flagler Development Group has signed paper products firm Lagasse Sweet to a 240,000-square-foot lease in a build-to-suit facility at Flagler Station, South Florida’s largest business park.

JV to Develop 162,000-SF Office Building near Chicago

CPN News - Thu, 11/20/2008 - 04:14
Bridge Development Partners L.L.C. in partnership with Globe Corp. will develop 555 Corporate Center, a 162,000-square-foot, four-story speculative office building at 555 Aptakisic Road in Lincolnshire, Ill.  Plans call for the Class A office facility to be LEED certified by the U.S. Green Building Council.

New CBRE Group Rides to the Rescue of Distressed Assets

CPN News - Thu, 11/20/2008 - 04:11
CB Richard Ellis Group Inc. has just kicked off its restructuring services group to provide one-stop shopping for clients in need of services to address the growing pool of distressed commercial real estate assets.

$700M Houston-Area Mixed-Use Project Expands

CPN News - Thu, 11/20/2008 - 00:43
A huge mixed-use development in a Houston suburb has recently both broken ground and potentially added another major component. The 150-acre WaterLights project, being developed by Historic Real Estate Inc., is under way in the growing Houston suburb of Pearland.

Conference Report: Investors Move Cautiously in Nation’s Capital

CPN News - Thu, 11/20/2008 - 00:22
You know it’s a tough market when even Washington, D.C., is affected. Yes, even the long recession-resistant center of government has seen a reduction in real estate investment sales, as speakers affirmed during the investment panel at CPN’s Washington, D.C. Property Opportunities conference on Nov. 18.

Financial Market Update-More Grim News on Employment Front

CPN News - Thu, 11/20/2008 - 00:16
Jobless claims are at their highest level in 16 years, according to the U.S. Department of Labor. For the week ended Nov. 15, initial claims for state unemployment insurance benefits were 542,000. The four-week moving average of new jobless claims also rose, from 490,750 last week to 506,500, which was the highest in 25 years.

$334M in Commercial Mortgages are Likely to Default, Bank of America Buys Stake in China Construction

CPN News - Wed, 11/19/2008 - 06:11
While Wall Street rebounded Tuesday in another turbulent session as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low, the market for debt used to finance hotels, offices and shopping malls tumbled Tuesday on worries that the long-feared rise in defaults for commercial mortgage-backed securities had begun, possibly ushering in the next phase of the financial crisis, according to the Wall Street Journal.

Gaylord Nixes Plans for $1B San Diego-Area Resort

CPN News - Wed, 11/19/2008 - 05:04
Tennessee-based Gaylord Entertainment has pulled out of a plan to develop a $1 billion resort in Chula Vista, Calif., but the firm claims the project’s abandonment was not caused by the frozen debt markets that have wreaked havoc on developments across the nation.

Boston Properties Closes $375M Financing of Four Embarcadero Center

CPN News - Wed, 11/19/2008 - 04:29
Using the proceeds to pay down its unsecured line of credit, Boston Properties Inc. has closed on an eight-year, $375 million loan secured by Four Embarcadero Center in San Francisco. The loan was provided by a syndicate of life insurance companies and bears interest at a fixed rate of 6.10 percent annum.

STAG Capital Kicks Off Industrial Fund with Anticipated $1.3B Buying Power

CPN News - Wed, 11/19/2008 - 04:24
Boston-based STAG Capital Partners has initiated STAG Investments V L.P., a fund targeting commitments of $400 million for the acquisition of predominantly high-yield single-tenant industrial properties across the country.
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