Business Specialties Development
Sustainability Issue Holds Strong, RICS-CPE Report Finds
Aug 04, 2009
Though the intensity of the economic crisis may be in the process ofdiminishing, it continues to have a vice-like grip on countries aroundthe world. Yet for the commercial real estate industry, investment insustainability remains a priority--although not necessarily for themost altruistic reasons. According to the second quarterly RICS-CPEGlobal Commercial Property Sustainability Survey, despite financialchallenges, real estate industry players remain willing to pay money togo green today, particularly with regard to energy consumption, inorder to benefit from cost savings tomorrow..
NJ Company Breaks Ground on Cold Storage Facility in China
Aug 04, 2009
Ground has broken on a 280,000-square-foot refrigerated warehouse at
Lingang Logistics Park in Shanghai, China, for Newark, N.J.-based
Preferred Freezer Storage. For China, the property will become the
country's largest and most sophisticated single-story cold storage
facility. For PFS, the build-to-suit structure marks the company's
entrée into China, as well as the beginning of its pursuit to
accommodate the burgeoning demand for cold storage facilities across
the country.
Transwestern Wins Nearly 500,000-SF Property Management Assignment
Aug 04, 2009
Transwestern has been awarded management of One Central Park East, a 485,720-square- foot office project Mesirow Financial Real Estate is constructing at 50 East Van Buren in Downtown Phoenix. Under construction and scheduled to open in the third quarter of 2009, the 26-story Class A property will also include 9,000 square feet of retail space and an executive fitness center. A recipient of the AIA Western Mountain Region Design Citation Award, it includes an advanced insulated window wall glass system featuring exterior horizontal and vertical shade fins to combat the harsh Phoenix sun.
Opus Property Services Reported for Sale
Aug 03, 2009
Opus Corp. is seeking to sell its property-management business, according to a report on bizjournals.com, the Web site of American City Business Journals. It quoted a company spokesperson as stating that selling off Opus Property Services would help the company renew its focus on its "core competency," along with its being a good time to sell because property management firms currently have an "appetite ... to grow their (business)." Opus' management portfolio totals about 30 million square feet of office, retail, industrial and corporate space.
McKinsey: Green Building Can Save US $1.2T
Jul 31, 2009
Investing in energy efficient buildings now will lead to as much as
$1.2 trillion in savings by 2020, according to a new study from
McKinsey & Co. In its new report, Unlocking Energy Efficiency in the U.S. Economy,
the management consulting firm forecasted just how valuable aggressive
green construction could prove to be for the United States.
$1B HUD Infusion Could Give Jump to Stalled Affordable Housing Projects
Jul 29, 2009
When the credit markets froze, so did the development of much-needed
affordable housing across the nation, but the U.S. Housing & Urban
Development is making strides in tackling the issue. The agency, acting
through its new $2.25 billion Tax Credit Assistance Program, which is
funded via the American Recovery and Reinvestment Act of 2009, has just
approved the second dispensation of approximately $1.2 billion to state
housing finance agencies in 26 states to finance the resurrection of
various affordable rental housing programs.
$4.2B Semiconductor Facility in Upstate NY Likely to Spark New Opportunities
Jul 28, 2009
After three years of Silicon Valley-based GlobalFoundries and the State
of New York working together to lay the financial groundwork,
construction of GlobalFoundries' $4.2 billion semiconductor wafer
manufacturing facility at the new 1,400-acre Luther Forest Technology
Campus in Malta, N.Y., has just commenced. Officials expect the
GlobalFoundries development to create 1,400 new manufacturing jobs, and
they are keeping their fingers crossed that the 1.3-million-square-foot
Fab 2 will spur additional investment in the area.
Highwoods, USAA Partner to Build FBI Office
Jul 28, 2009
Highwoods Properties Inc. and USAA Real Estate Co. were awarded a build-to-suit lease by the U.S. General Services Administration to develop an approximately $45 million field office for the Federal Bureau of Investigation in Charlotte, N.C. The joint venture is scheduled to begin building the 171,000-square-foot, five-story Class A office building and annex in the first quarter of 2010 and complete it in the second quarter of 2011, with certification sought under the U.S. Green Building Council's Leadership in Energy and Environmental Design program. The project is Highwoods' third for the FBI, which is a repeat client of investor USAA's as well, and both have worked extensively with the GSA overall. Highwoods will retain a 10 percent ownership interest in the joint venture, as well as receiving development fees.
CAS Launches Green Apartment Measurement Tool
Jul 24, 2009
CAS Financial Advisory Services, the asset management arm of CAS Partners, launched Green Capital Needs Assessment, designed to measure quantitatively the value of incorporating green improvements into multi-family properties. For discussion on another green tool, the Corporate Realty, Design & Management Institute's Model Green Lease, designed for use across commercial properties, log on to CPN Radio later today.
Renovated Historic Building an Example of Condo Developers Thinking Outside the Box
Jul 24, 2009
In today's stalled condo market, many developers are looking for creative ways to attract buyers. To that end, Emanon Equities, a Long Island-based real estate development and construction firm, and Ramsgard Architectural Design have turned The Seitz Building, a collapsing historic building in Downtown Skaneateles, N.Y., into a luxury mixed-use condominium complex.
Is East Asia's Vertical Retail Model Wave of Future for U.S.?
Jul 22, 2009
Vertical retailing--building retail destinations higher instead of
wider--has long been a success in cities like Hong Kong and Shanghai,
but the trend has yet to catch on in the United States. However, given
the country's growing population and dwindling pool of developable land
in major cities, the time may be just right for the nation's
metropolises to jump on the bandwagon, or so believes Charles Chan,
president of commercial real estate brokerage firm Harvest
International.
1.2MSF Project on Former Brownfield Site in California Earns LEED Certification
Jul 22, 2009
A 1.2-million-square-foot industrial park touted as the largest
speculative industrial project in the U.S. became one of the largest
overall projects in California to receive LEED certification. Developed
by Dallas-based Hillwood, the project was sold to CB Richard Ellis
Investors a year ago, but Hillwood staff recently completed the Silver
LEED certification process on behalf of the new buyer.
Prepping for a Turnaround, Hyatt Announces Plans for New Hotel in Suburban Houston
Jul 21, 2009
The severely wounded economy and ongoing job losses continue to inhibit
travel among the leisure and business sets, but the lackluster
conditions are not stopping Hyatt Hotels & Resorts from planning a
new 214-room Hyatt Place within the 190-acre mixed-use Lake Pointe
Towne Center in Sugar Land, Texas, about 20 miles southwest of Houston.
Turner to Build $93M Atlanta Office for CDC
Jul 20, 2009
Turner Construction Co. has been selected by the Centers for Disease
Control and Prevention to provide design/build services for a $93
million, 311,000-square-foot office complex.
Construction Activity to Fall Through 2010, Says AIA
Jul 17, 2009
Nonresidential construction spending is expected to decrease by 16
percent in 2009 and fall another almost 12 percent in 2010, according
to the American Institute of Architects' latest Consensus Construction
Forecast. Commercial projects will see the most significant decrease in
activity.
Carter Alliance Speaks to Growth in Medical Office Investment
Jul 17, 2009
In a prime example of how medical office properties garner investor
demand by exhibiting considerable resistance to the economic downturn,
Atlanta-based commercial real estate firm Carter formed a strategic
alliance with Align Healthcare, which provides planning and program
management services to hospitals and health systems, to develop a slate
of new Healthcare facilities.
Green Mixed-Use Project in Hawaii Moves Forward
Jul 15, 2009
Architecture firm Stoutenborough Inc. has signed been selected by theKrausz Cos. of San Francisco to handle the design of a320,000-square-foot sustainable, mixed-use community on the island ofMaui, Hawaii.
ProLogis to Develop 554,000-SF BTS Project in the Netherlands
Jul 15, 2009
Like so many real estate companies, ProLogis isn't developing spec
projects these days, but build-to-suits are a different story. The
Denver-based global industrial REIT just agreed to develop a
554,000-square-foot distribution center in The Netherlands for
Hi-Logistics, and if ProLogis has anything to do with it, more
build-to-suit transactions will materialize.
Harrah's Cherokee Kicks Off Next Phase of $633M Expansion Despite Lackluster Gaming Market
Jul 13, 2009
With the recession in full swing, fewer people are taking chances at
the gaming tables, but that is not stopping the Eastern Band of the
Cherokee Nation from moving forward with its $633 million expansion of
the Cherokee Casino & Hotel in Cherokee, N.C. Tribal leaders just
broke ground on the 532-room hotel segment of the property's massive
upgrade.
Weighing the Costs, Benefits of Green Building
Jul 10, 2009
Sustainability is a buzzword for today’s consumers and likely a
requirement for them tomorrow, noted Bobby Bowling, president of
Tropicana Building Corp. and moderator for a National Association of
Home Builders multifamily webinar, entitled “Green Building: A
Cost/Benefit Analysis.”
With Robust Retail Demand on the Horizon, Work Begins on $100M Shopping Center at Fort Bliss
Jul 09, 2009
Development in the retail sector, which began its nosedive with the
collapse of the housing and credit markets, is hardly booming. However,
the situation is quite different at Fort Bliss in El Paso County,
Texas, where the Base Realignment and Closure Act of 2005 will bring an
estimated 127,000 new military personnel and family members to the area
by 2012.
In Struggling Hospitality Market, Arizona Resort Moving Forward with $600M Renovation Plan
Jul 06, 2009
The currently anemic state of the hospitality sector has been well documented for some time now. Doubly stung by a sharp slowdown in both business travel and tourism—as well as the financing problems that have plagued the commercial property sector as a whole—it seems clear that the sector is in the midst of one of its toughest periods ever. The struggling state of the market, though, is apparently not discouraging the owners of the Arizona Biltmore Resort & Spa from moving ahead with a planned $600 million renovation project. Also undeterred is the Phoenix City Council, which okayed the plan late last week.
HUD Awards Over $1B in Recovery Act Funds to Jump Start Affordable Housing Construction
Jul 02, 2009
The U.S. Department of Housing and Urban Development is approving plans submitted by state housing finance agencies for $1 billion to jump start affordable housing programs in states throughout the country that are currently stalled due to the economic recession. Funded through the American Recovery and Reinvestment Act of 2009, HUD's new Tax Credit Assistance Program will allow 26 state housing finance agencies to resume funding of affordable rental housing projects across the nation while stimulating employment in the hard-hit construction trades.
Green Building Council Steps Up LEED Requirements
Jun 29, 2009
With an eye toward maintaining long-term sustainability, as opposed torewarding good intentions, the U.S. Green Building Council has justadded a new requirement for owners pursuing LEED Certified status fortheir properties.
Houston Mixed-Use Opens Amid Uncertain Economy
Jun 29, 2009
While Texas struggled later and possibly not as much as the rest of the country when the bottom fell out late last year, Houston’s office market continued to thrive until just recently with rising vacancies and more projects under construction. Recent delivery of projects like Citycentre’s mammoth 425,000 square feet of mixed use space right now might not be ideal timing, but developer Midway Cos. hopes to weather the difficult market.
Downtown Miami Condo Market Showing Signs of Life--Contrary to Popular Opinion
Jun 29, 2009
Rumors of the Downtown Miami condominium market's death have beengreatly exaggerated. The Miami Downtown Development Authority recentlycommissioned the Residential Closings & Occupancy Study, whichindicates that industry talk about the area's stock of new condos beingcovered in cobwebs--or predominantly empty--may not be totallyaccurate.
UN Moves Forward with Next Phase of $1B Renovation of NYC Headquarters
Jun 25, 2009
With the country well ensconced in a recession and debilitated by the
credit crunch, the clatter of construction equipment on the streets is
not an oft-heard sound--unless you are at the site of the United
Nations headquarters in New York City. In the face of a global economic
meltdown, the international organization has not missed a beat with its
$1 billion Capital Master Plan for the sweeping renovation of the 2.6
million-square-foot complex. And now that Skanska USA Building Inc. has
kicked off the next phase of the project, the comforting buzz of
building activity is not going to stop anytime soon.
Angling to Capitalize on Future Apartment Market Changes, Industry Vets Form New Firm
Jun 24, 2009
The apartment market held up relatively well during the early stages of the economy's descent--but even it is now in decline. And while many investors are shying away, industry veterans Jim Butz and Greg Lamb are jumping in with both feet. The two former principals of leading multi-family developer JPI East have teamed with office and mixed-use developer Akridge to launch Jefferson Apartment Group with the intention of acquiring--and eventually--developing apartment properties in the Mid-Atlantic and Northeast regions.
Anticipating Future Demand, Dallas Approves $514M Bond Sale for Convention Center Hotel
Jun 23, 2009
For the most part, banks still aren't lending and business and leisure travelers--inhibited by economic decline and job losses--have not exactly been escalating their travel plans, but such conditions are not stopping the City of Dallas from moving forward with its plan to develop a large luxury hotel. In a unanimous vote, the Dallas City Council has green-lighted an ordinance that paves the way for the sale of $514 million in municipal revenue bonds for the development of the $346 million Omni Dallas Convention Center Hotel, which is now scheduled to deliver in 2012.
The Green Mandate for Commercial Real Estate
Jun 19, 2009
Green building standards may not seem to be on the front burner of commercial real estate as much this year as last, simply because very little new development is breaking ground these days. Yet planning and policy shifts regarding sustainable real estate go on, anticipating the day when development will begin again.
While Other Projects Languish, $500M Suburban Boston Film Studio Takes Next Step
Jun 18, 2009
The frozen credit market and shattered economy have caused the interruption or outright cancellation of development project after development project across the country, but such is not the case for an unlikely 1.8 million-square-foot mixed-use endeavor in Plymouth, Mass., about 40 miles south of Boston. Having just secured the Plymouth Planning Board's approval of a master site plan, developers of Plymouth Rock Studios can now proceed with on- and off-site activities for the fully funded, $500 million film and television studio compound.
In Stalled Development Market, New Firm Aims to Help Banks with Non-Performing Loans
Jun 17, 2009
With development projects stalled across sectors, the need to deal with loans that have gone bad is one of the few growing niches of the commercial property industry. To that end, Diversified Properties has formed a partnership with industry veteran Jonathan Stein to form Diversified Realty Advisors, a real estate advisory and turnaround group providing lenders with interim portfolio or individual asset management services during the workout or foreclosure stage, as well as long-term strategies such as asset and construction management, acquisition support and disposition services.
With Little Opportunity in Domestic Hotel Market, MGM Eyes Cairo
Jun 17, 2009
As the U.S. hotel market continues to tumble hand-in-hand with the flailing economy, many hotel concerns are finding opportunities for projects in less hindered travel destinations abroad, and MGM Mirage is no exception. The Las Vegas-based gaming and hospitality company has just announced a partnership with Egypt's New Giza for Real Estate Development to develop a new resort just outside of Cairo, Egypt.
New Airport Puts Panama City on Track for Long-Term Growth
Jun 12, 2009
Most of the country is waiting for the economy to turn, or even for the federal stimulus to have some measurable effect on local economies, but at least one part of the country has a third option. In the Florida panhandle, in particular the Panama City area, a new international airport--under construction, scheduled for completion next year--promises economic stimulation, both in terms of business growth and real estate development.
Redevelopment of Former Auto Dealerships a Tough Prospect
Jun 11, 2009
In May, both Chrysler and General Motors cut loose thousands of dealerships --
some 789 by Chrysler as part of its bankruptcy proceedings, and then about
another 1,100 by GM even before its bankruptcy. The moves were part of the
aggressive scaling back by both companies to meet the stipulations of the
federal government's Auto Task Force.
Houston Marks a Green Milestone
May 20, 2009
As green development continues to thrive across the country, Houston’s
First City Tower has earned LEED Gold certification for an existing
building from the U.S. Green Building Council, marking a milestone for
sustainable development in the market.
Economic Update - Legacy CMBS Now Under TALF
May 20, 2009
In a major expansion of the Term Asset Backed Securities Loan Facility (TALF), the Federal Reserve said on Tuesday that investors will be able to buy existing securities backed by commercial real estate loans--so-called "legacy" CMBS. The commercial real estate industry has been pushing for this for some time, and it will at last be possible starting in July.
Philadelphia: Soon to be America's Greenest City?
May 14, 2009
If Philadelphia mayor Michael Nutter meets his goal, the City of Brotherly Love could soon be called the City of Sustainability instead. He plans to make the nation’s first capital the greenest city in America. And he has set out 15 targets to achieve that goal by 2015, before his term is up.
U.S. Infrastructure at Crossroads: Report
Apr 21, 2009
With $132 billion having been set aside in the stimulus package for road, highway and various other transit related projects across the United States, the issue of the country's outdated infrastructure is at the forefront. The Urban Land Institute and Ernst & Young note in a new report that while the funding will certainly boost the job market, what is of even more vital importance is a long-term infrastructure plan for digging the nation out of an economic slump and shoring up the country to be competitive on an international level in the future.
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