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Commercial Real Estate News

In this section we've added RSS feeds from several commercial property news sources.

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CoStar
Bank of America subsidiary Merrill Lynch, Pierce, Fenner & Smith, Inc. has leased 122,418 square feet at 75 Rockefeller Plaza in New York City. RXR Realty, with equity partner Walton Street Capital LLC, acquired a 99-year ground lease on the building in 2013 from Park Lane Investments LLC for $500 million, according to CoStar data, and immediately began a gut-renovation of the building, which was previously fully occupied by Time Warner. Cushman...
One of the most prominent management consulting firms in the world has agreed to a lease to anchor Pier 4, Tishman Speyer's 13-story, 375,000-square-foot office tower currently under development at 200 Pier 4 Blvd. in the Seaport District of Boston. The Boston Consulting Group (BCG) will consolidate 146,000 square feet across the One Beacon building and the company's headquarters at the Exchange Place in downtown Boston to 202,000 square feet...
It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: New York City, Northern New Jersey, Denver, Chicago, Columbus, Boston, Sacramento, Atlanta, Florida and more! NEW YORK CITY Klein Joins Monday Properties as EVP, Capital Markets Lead By Justin Sumner
In another sign of the super-heated market for commercial property in San Francisco, one China-based company has agreed to sell 123 Mission Street to another Chinese investor for $255 million in cash, more than 30% higher than it paid for the 28-story office building in late 2013. The 346,000-square-foot office building in San Francisco’s South Financial District, formerly the Pacific Gas & Electric Building, is a 407-foot-tall structure constructed...
Wentworth Property Company LLC (WPC) and Northwood Investors LLC have purchased a portfolio of five office properties in the eight-building Perimeter Center business park, including 8660, 8665, 8667-8701 and 8777 E. Hartford Dr. and 16767 N. Perimeter Dr. in Scottsdale, AZ. Scottsdale-based real estate development and investment firm Desert Troon Companies sold the assets for $122 million, or about $191 per square foot. "As one of the premiere...
      
National Real Estate Investor
Heightened competition for replacement properties is spurring 1031 exchange investors to expand their criteria to include a broader geographic scope and more property types.

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Home prices in 20 U.S. cities rose at a steady pace in April from a year earlier, a sign demand for residential real estate remains solid enough to support both buyers and sellers.

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Lehman Brothers Holdings Inc. sold the NYLO New York City hotel, bringing the unwinding of the bank’s real estate investments close to completion almost eight years after its bankruptcy.

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Over the next two years, developers are expected to continue to build more new apartments than usual.

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CNBC looks at how Brexit might benefit U.S. REITs. Another interest rate hike is now unlikely until 2017, according to MarketWatch. These are among today’s must reads from around the commercial real estate industry.

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Wall Street Journal
Investors are dumping property shares in Britain and developers are reassessing projects following the U.K. vote to leave the EU.
As turmoil continues to grip U.K. markets, some in China are beginning to eye British property for potential bargains.
Singapore sovereign-wealth fund GIC is negotiating to acquire Denver-based Yes Communities, an owner of manufactured-housing communities, in a deal valuing Yes at more than $2 billion.
The Chinese acquirer of New York’s Waldorf Astoria is finalizing plans for an extensive overhaul that would shut the landmark hotel for up to three years and convert as many as three-quarters of its rooms into private apartments.
As fast-casual restaurants, juice shops and gourmet coffee bars have been expanding their presence in Manhattan, they are finding a receptive audience not only among consumers but also building owners.
      
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