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Georgia State University might buy the iconic Equitable Building in downtown Atlanta, a skyscraper that helped shape the city's skyline since the 1960s—but in the modern era became an emblem of the metro area's commercial real estate woes. The Equitable Building was acquired by an investment group in 2007 for nearly $57 million. It was foreclosed by the lender in June 2009 for $29.5 million.
The CoStar Group recently reported that commercial real estate sales in secondary markets have been on the rise during the first quarter of 2011. Sales have increased 127 percent in Minneapolis, 108 percent in Dallas, and 89 percent in Denver. According to the report, the increase in interest and popularity is the result of more available credit and significant price increases in primary markets such as New York, San Francisco, and Washington, D.C.
Boston Properties has terminated its agreement to sell its Princeton, N.J., two-million-square-foot Carnegie Center portfolio to an entity affiliated with the Landis Group—the project's original developer—for $468 million. The exchange was announced on April 25, but it provided that either side could terminate the agreement at any time before June 21, 2011, without cost or payment to the other party.
The commercial real estate market continues a slow pace toward recovery, with occupancy rates rising in office properties in most major U.S. cities. The progress is supported by rising employment and restocking of wholesale inventory, according to National Association of Realtors (NAR) Chief Economist Lawrence Yun.
New York City Mayor Michael R. Bloomberg recently joined law firm WilmerHale's co-managing partner William J. Perlstein and World Trade Center developer Larry A. Silverstein at the signing of WilmerHale's 7 World Trade Center lease - the nation's first to incorporate groundbreaking language that promotes enhanced energy efficiency and sustainability.
Realty Income Corp., a REIT that specializes in net lease investments, has signed purchase agreements to acquire up to 33 single-tenant, retail, distribution, office, and manufacturing properties under long-term net leases—for approximately $544 million. The portfolio has approximately $291 million of existing mortgage debt.
Office building and retail property values are rising, defying predictions of a collapse that would drag the U.S. economy back into recession. Last February, the Troubled Asset Relief Program (TARP) Congressional Oversight Panel said that a deteriorating commercial real estate market had the potential to wreck the U.S. economy. The panel's report noted that almost half of the $1.4 trillion in commercial property loans set to be paid off by 2014 were under water.
The Chicago City Council has approved seven ordinances that aim to increase economic opportunities for communities across the Windy City. The ordinances are enabling the construction of new retail and office building properties, the rehabilitation of industrial properties, and neighborhood revitalization by providing tax incentives that will draw new businesses and make commercial construction affordable.
A PwC Real Estate Investor Survey of 31 commercial real estate markets showed that average overall capitalization rates have decreased in 27 of them. The decrease has sparked interest in secondary locations, Class-B properties, and value-added Class-A plays, suggesting that both investors and lenders are gaining more confidence in the overall performance of both the economy and the real estate industry, according to the annual poll conducted by the U.S. real estate advi...
Bright forecasts for holiday season consumer spending are prompting some owners of retail properties in high-traffic Manhattan corridors, like Times Square, to raise tenants' rent. The latest biannual retail report from the Real Estate Board of New York (REBNY) indicates that many tourist-friendly businesses may have to pay more to operate because rents in areas with heavy foot traffic have gone up 107 percent from a year ago. Now, tenants can expect to pay an avera...
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