Commercial Construction News
Riverbed Technology Leases 170,000 SF in San Francisco
Building renovations have started at 680 Folsom St. in San Francisco's south financial district and so has leasing activity. Networking firm Riverbed Technology leased floors two through six totaling 167,788 square feet under a triple net lease with a 10-year initial term. The building, which is currently undergoing renovations, will serve as Riverbed's global headquarters. The firm expects to occupy the space following consturction completion...
Posted on 6 February 2012 | 10:45 pm
In The Pipeline: CoStar Development & Construction News for Feb. 5-11
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail. ACC Begins Student Housing Project at Drexel University American...
Posted on 6 February 2012 | 9:57 pm
$92M Cruise Terminal For America's Cup Events Gets Off the Line In San Francisco
Construction has begun on the Port of San Francisco's long-awaited 88,000-square-foot cruise terminal at Pier 27, quickly following the Board of Supervisors approval of an environmental report on the terminal and events related to the 34th America’s Cup events to be held in the city this year and in 2013. San Francisco Mayor Edwin M. Lee said the James R. Herman Cruise Terminal is a key port infrastructure project to host the prestigious 160...
Posted on 6 February 2012 | 8:10 pm
CoStar's People of Note (Jan. 29-Feb. 4)
This week's People of Note includes the following markets: Chicago, Dallas/Fort Worth, Los Angeles, Milwaukee/Madison, New York City, Philadelphia, Pittsburgh, South Florida, Washington, DC. LOS ANGELES Cockrum Joins Lowe Enterprises Investors as SVP By Laurie Forbes Lowe Enterprises Investors hired William M. Cockrum IV as senior vice president to head the company’s marketing and capital raising efforts. He will be based in th
Posted on 2 February 2012 | 10:47 pm
GREEN LEAD | Green Building News from CoStar
GREEN LEAD is a column on environmental and sustainable design and construction, best practices for green building maintenance and operations, economic impact on developers and owners, new LEED and Energy Star building certifications, and trends in the Green Building movement. Send in your Green News Leads to news@costar.com Latest Research on Green Real Estate Now Available
Posted on 2 February 2012 | 8:05 pm
EXCLUSIVE: C-III Capital's Robert Lieber On NAI Global Acquisition and Growth Plans
Real estate investment firm C-III Capital Partners LLC last week completed its acquisition of Princeton, NJ-based NAI Global. The long-awaited closing came seven months after the transaction was announced in June, leading some to wonder if the deal had fallen by the wayside. But C-III was hardly idle during that time, acquiring three other companies and making a major play for cash-strapped CRE services firm Grubb & Ellis Co. As reported by CoStar...
Posted on 1 February 2012 | 10:23 pm
Stirling Properties Acquires Avant Properties
Stirling Properties, a commercial real estate company based in Covington, LA, acquired Shreveport-headquartered Avant Properties. Through this purchase, Stirling will grow the scope of its office and retail business and become one of the dominant real estate firms in the Louisiana area. Stirling deals in development, commercial brokerage, property and asset management. It has vast retail operations in Shreveport and Bossier County. The acquisition...
Posted on 1 February 2012 | 9:17 pm
Latest Potential Investor In Grubb & Ellis Emerges From Talks Without Agreement
A two-week period of exclusive negotiations between Grubb & Ellis Co. and New York-based financial brokerage BGC Partners expired Tuesday without an agreement, according to a document filed with the U.S. Securities and Exchange Commission. Under the previous agreement, Grubb & Ellis provided an exclusive right to negotiate for BGC Partners, headed by chief executive Howard Ludnick, to pursue a debt or equity financing agreement or acquisition of...
Posted on 1 February 2012 | 9:13 pm
Warehouse Occupancy Rising, Market Remains Stable and Positive, Still Not at Point for Higher Rents, New Construction
With the gradual return of economic growth, including higher levels of manufacturing and consumer spending, the vacancy rate for U.S. warehouses continued to decline at the end of 2011 as the property sector was buoyed by its strongest quarter for net absorption since late 2008. The vacancy rate tracked across 210 markets by Property and Portfolio Research (PPR), CoStar’s analytics and forecasting division, declined to 9.6% in the fourth quarter...
Posted on 1 February 2012 | 8:33 pm
No More Fear and Loathing of CRE Lending for Banks
As economic headwinds subside, the commercial real estate lending business for U.S. banks has hit an inflection point. For the first time in five years, a majority of banks are finally talking about their ability to grow their loan portfolios. While the sentiment among banks is neither unanimous, nor the projected lending growth strong, bank executives in analyst earnings calls over the past couple of weeks were clearly signaling they believe they...
Posted on 1 February 2012 | 8:15 pm
Back in Business: CRE Sales Volumes Make Strong Comeback
The dollar volume of commercial real estate sales vaulted back to longterm historical levels in 2011. CoStar Group has confirmed $291.6 billion in CRE sales in 2011, a 32% increase over the sales volume in 2010. Last year's volume bested the 12-year average volume of $254.2 billion. However, the 2011 dollar volume is still overshadowed by credit-bubble level of $560.5 billion in 2007. Sales of office property led all other types in dollar volume...
Posted on 1 February 2012 | 8:13 pm
In The Pipeline: CoStar Development & Construction News for Jan. 29 - Feb. 4
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail. Trammell Crow, Principal Launch $1B Development Program Principal...
Posted on 30 January 2012 | 9:03 pm
LyondellBasell Renews 358,138 SF in Houston
LyondellBasell renewed 358,138 square feet at 1 Houston Center in Houston. The plastics, chemical and refining company signed a long-term extension deal to maintain its global operations at the central business district office tower. The 1.06 million-square-foot property at 1221 McKinney St. was built in 1996. The lease also included naming rights; the 46-story office building will now be known as LyondellBasell Tower. Charles Gordon, Craig...
Posted on 27 January 2012 | 12:08 am
CoStar's People of Note (Jan. 22-28)
This week's People of Note includes the following markets: Dallas, Denver, National, New York City, Orange County, San Francisco and Washington, DC. DALLAS, NATIONAL Behringer Harvard Appoints New President, CEO of REITs By Laurie Forbes Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place
Posted on 26 January 2012 | 10:19 pm
Miami Herald Finalizes 158,000-SF Lease in Doral
The Miami Herald Media Company has agreed to terms to relocate to a 158,265-square-foot office building in Doral, FL. The building, at 3511 NW 91st Ave. in Miami, will be renamed One Herald Plaza at Westpointe Business Park. The company has also acquired an adjacent six-acre pad site to house its 119,000-square-foot production building. CoStar first brought you coverage of the sale of Miami Herald's former waterfront office location to Genting...
Posted on 26 January 2012 | 9:58 pm
C-III Capital, CEO Farkas Close NAI Global Purchase
Real estate investment firm C-III Capital Partners LLC completed its acquisition of NAI Global, just 10 days after negotiations between C-III and partner Colony Capital LLC to acquire Santa Ana, CA-based Grubb & Ellis Co. expired without an agreement. Financial terms of the transaction were not disclosed. At the time the NAI Global transaction was announced in June 2011, C-III Capital and its veteran CEO Andrew L. Farkas expected it to close...
Posted on 25 January 2012 | 8:14 pm
Ravens Crest Apts Sells for $95M
Heitman LLC has acquired the Ravens Crest Apartments at 3217 Ravens Crest Dr. in Plainsboro, NJ for $95 million, or about $135,000 per unit, from Equity Residential. Occupancy at time of sale was more than 95 percent. The 704-unit, two-story, 586,520-square-foot multifamily building was built on 29 acres in the Princeton North submarket of Middlesex County. It is an even mix of one- and two-bedroom units that rent for $865 to $1,570 per month...
Posted on 25 January 2012 | 4:02 am
Wells Pays $65M for Class A Office in MD
Wells Real Estate Funds, a Georgia-based REIT, acquired the seven-story Franklin Center in Columbia, MD, from Principal Financial Group Inc. for $65 million, or about $324 per square foot. The Class A office building delivered in 2008 at 6841 Benjamin Franklin Drive in the Columbia South submarket. It totals 200,573 square feet and is fully occupied by SAIC Inc., according to CoStar information. Paul Collins, William Collins, Jud Ryan, Jonathan...
Posted on 25 January 2012 | 1:16 am
Apt. Developer Sells Denver Multifamily for $54M
Apartment developer RedPeak Properties LLC sold a 324-unit multifamily community at 650 S. Dahlia Circle in Denver, CO, to CBRE Investors for $54.3 million or $167,593 per unit. The Heritage Creek Apartments complex is a 308,700-square-foot property with 19 buildings. The property, located in the Glendale submarket, was delivered in 1996. David Martin of Moran & Co. represented the seller. Please refer to COMPS #2229375 for more information...
Posted on 25 January 2012 | 12:26 am
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