Office Property News RSS

The Graying of America: Age and Opportunity

Wed, 28 Oct 2009 13:05:03 UTC

The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn�t been impressive�from 21.06 percent to 24.17 percent�growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it�s time investors consider the opportunities this megatrend offers.�

As San Antonio Office Market Rebounds, Transwestern Takes Over at 2MSF Mixed-Use

Wed, 28 Oct 2009 13:05:03 UTC

With San Antonio's office market rebounding in the third quarter, Transwestern�s local office hopes to take advantage of that good karma with the contract to handle the real estate services assignment for the Brooks City-Base development there.

Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office Lease

Wed, 28 Oct 2009 13:05:03 UTC

New York's loss is New Jersey's gain, as the Depository Trust & Clearing Corporation reveals plans to relocate 1,600 members of its 2,300-member staff to 415,000 square feet of space at the Newport Office Center in Jersey City. It's not a total defeat for New York, however; DTCC will keep its headquarters and its remaining 700 employees in Lower Manhattan.

Corporate RE Departments Reorganizing, Downsizing, Outsourcing

Wed, 28 Oct 2009 13:05:03 UTC

As companies continue to grapple with the industry-wide downturn, they are increasingly looking to make their corporate real estate departments operate as efficiently as possible, according to a new report by CB Richard Ellis Inc. and CoreNet Global.

$554B Corus Portfolio Sale One of Biggest Splashes Yet in Distressed Market

Wed, 28 Oct 2009 13:05:03 UTC

With the global financial crisis and frozen credit market having taking their toll, many property owners have been forced to sell distressed assets at bargain-basement prices just to survive. And for those investors who can still access financing, like partnership Northwest Investments L.L.C, opportunities abound to buy premium properties on the cheap.

A Ray of Sunshine?

Wed, 28 Oct 2009 13:05:03 UTC

The capital markets are on hold right now. The news is all about the lack of debt capital to refinance maturing loans and, on the flip side, the growing pool of equity capital waiting to invest in distressed assets, primarily debt. At some point assets will begin to change hands, but whether that process resembles a dam breaking or a steady flow is uncertain.For a ray of sunshine, we must look to the leasing market.�

To Shore Up Balance Sheets, REITs Like Brandywine Look to Divest Non-Core Assets

Wed, 28 Oct 2009 13:05:03 UTC

With loans still hard to come by, Brandywine Realty Trust is shoring up its balance sheet, reducing leverage and preparing for investment opportunities with the disposition of non-core assets, including two properties in Trenton, N.J. The REIT just completed the sale of the office buildings at 33 W. State St. and 50 E. State St., totaling 474,000 square feet, to a private investment group.

As Gov't Demand Buoys DC Office Market; ING Makes $73M Sale

Wed, 28 Oct 2009 13:05:03 UTC

The Washington, D.C., office market may have reached a turning point in demand as the region experienced improved fundamentals last quarter�figures propelled by expanded demand for government office space. And if deals like the recent $73 million sale of an office building in Falls Church, Va., are any indication, buyers are taking interest in the area�s strong demographics..

$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market

Wed, 28 Oct 2009 13:05:03 UTC

With the commercial real estate market still hindered by a chilly credit market and declining property values, sale-leaseback activity has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank USA N.A. still sees some advantages in such deals. The financial services company has signed a $330 million cash sale-leaseback agreement with a subsidiary of Israel-based IDB Group for its 865,000-square-foot New York City headquarters.

Sluggish Miami Office Market Buoyed by 80,000SF Financial District Pre-Lease

Wed, 28 Oct 2009 13:05:03 UTC

While Miami's office market vacancy rate lingers beneath the U.S. average, it has not gone unscathed by the worldwide economic crisis. However, law firm Bilzin Sumberg Baena Price & Axelrod L.L.P's pre-lease of 80,000 square feet at the 576,000-square-foot 1450 Brickell office tower downtown has players in the Miami office market game buzzing. The transaction marks South Florida's largest new office lease this year.

Manhattan Office Market Stabilizing

Wed, 28 Oct 2009 13:05:03 UTC

The Manhattan office market, which was hard hit by the recent economic and financial upheaval, is showing some signs of getting back on track, and is expected to become increasingly more stable and fundamentally sound in the coming months.

Equity Office Signs Sony to LA Lease Renewal

Wed, 28 Oct 2009 13:05:03 UTC

Equity Office Properties has signed tenant Sony Corp. to a lease renewal for 50,400 square feet of office space in West Los Angeles.

HFF to Market Former Mervyn's HQ in California

Wed, 28 Oct 2009 13:05:03 UTC

The San Francisco office of Holiday Fenoglio Fowler L.P. has been selected to market for sale the former headquarters of department store chain Mervyn�s.

McShane Snags 380,000SF Healthcare Facility Management Contract

Wed, 28 Oct 2009 13:05:03 UTC

McShane Medical Properties has been awarded the management and leasing assignment for Nationwide Health Properties, a portfolio containing a total of 380,000 square feet across 12 buildings throughout suburban Chicago.

Owners Increasingly Seeking LEED Certification for Existing Buildings

Wed, 28 Oct 2009 13:05:03 UTC

Despite the economic challenges of today�s market and economy, developer interest in the U.S. Green Building Rating System�s Leadership in Energy and Environmental Design program is on the rise. Notably, while still not quite as prevalent as LEED certification for new construction, LEED retrofitting of existing building continues to grow.

Savills Adds Monahan to NYC Office

Wed, 28 Oct 2009 13:05:03 UTC

David Monahan has joined U.K-based international real estate advisor Savills as a senior vice president in the firm�s New York City office.

NJ Office Owner Lands $25M Refi

Wed, 28 Oct 2009 13:05:03 UTC

The New Jersey office of Holliday Fenoglio Fowler L.P. has arranged a $25 million refinancing for Glenpointe Centre West, a 333,600-square-foot, Class A office building in Teaneck, N.J.

Berger to Lead NYC Leasing for Monday Properties

Wed, 28 Oct 2009 13:05:03 UTC

Private real estate firm Monday Properties has tapped former Jones Lang LaSalle vice president Jordan Berger as the firm�s new director in its New York office.

16-Story Manhattan Office Trades Off-Market

Wed, 28 Oct 2009 13:05:03 UTC

Daniel Findorak of Dumann Realty, a full-service real estate solutions company, has completed a deal for 222 West 37th Street Realty Corp. in the disposition of a 16-story, 50,000-square-foot office building located at 222 West 37th Street in Manhattan.

Eola Capital Snags Interests in 7.6MSF Office Portfolio

Wed, 28 Oct 2009 13:05:03 UTC

The grip of the credit crunch is reportedly loosening for hopeful real estate buyers, and investors with cash on hand are mining the market for deals, but it is a rare occasion that a transaction involving the general partnership interests in a multi-million-square-foot portfolio transpires these days. Orlando-based Eola Capital, however, recently solidified such a deal, acquiring the general partnership interests in a 7.6 million square-foot office portfolio from Miami-based America's Capital Partners.