Regions Northeast
$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.
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.
PA Office Lands $52M Refi
Jul 10, 2009
Capmark has originated $52.5 million for a partnership equity
recapitalization and refinance of an existing loan for a
345,000-square-foot office tower in Conshohocken, Pa.
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.
NBA Renewal Marks Big Win for Midtown Manhattan
Jun 22, 2009
Multiple landlords attempted to lure NBA Properties to other locations
in Manhattan and across the Hudson River but Olympic Tower Associates’ signed NBA Properties Inc. to a 10-year, 153,000-square-foot renewal at 645 Fifth Avenue.
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.
New Owner of Atlantic City's Tropicana Somewhat of a Surprise
Jun 16, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
Despite Office Market Slump, 1M-SF Connecticut Campus Trades in $72M Deal
Jun 09, 2009
It's an office trade of such a size that has not been seen in
Connecticut, no less challenged by job losses and economic malaise than
most other markets, in quite a while. Matrix Connecticut L.L.C. has
just taken over ownership of the 1 million-square-foot Danbury
Corporate Center in Danbury, Conn., from GERA Danbury L.L.C. in a $72.4
million merger transaction. The deal is a coup for Connecticut, as well
as its neighbors, as it marks the largest multi-tenant office
transaction in the suburban New York Tri-State area so far this year.
KABR Fund Takes 235,000-SF New Jersey Office
Jun 03, 2009
Newly-formed value-added real estate fund KABR Real Estate Investment Partners L.L.C. has purchased a 235,000-square-foot office building at 85 Challenger Road in Ridgefield Park, N.J., from AIG.
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has
continued to take it on the chin thus far in 2009. Real estate sales in
Manhattan reached a 25-year low in 2009's first quarter, according to a
new report by Massey Knakal Realty Services.
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has continued to take it on the chin thus far in 2009. Real estate sales in Manhattan reached a 25-year low in 2009's first quarter, according to a new report by Massey Knakal Realty Services.
New CRE Website Combines 3D Mapping, Property Data for NYC, NJ
May 14, 2009
Taking real estate expertise and combining it with technology has given birth to REonomy.com, a real estate information Web site designed to serve a range of professionals, from investors to brokers, by providing integrated parcel data, MLS and comprehensive property research tools in one location.
Boston-Area Biotech Firms Seek Cheaper Space in Suburbs
Apr 27, 2009
Drug maker Alkermes Inc. last week became the latest in what has become a growing line of biotech firms leaving Cambridge, Mass., in search of less expensive office and laboratory space in the suburbs. The company plans to relocate to a 100,000-square-foot facility in Waltham early next year, a move that Alkermes says will eventually save some $750,000 a year.
Boston
CB Richard Ellis Realty Trust Buys Best Buy Warehouse
Aug 07, 2009
CB Richard Ellis Realty Trust acquired a new 238,370-square-foot state-of-the-art suburban Boston warehouse/distribution building built to suit for Best Buy Stores, which is occupying it on a long-term lease. Located at 140 Depot St. in Bellingham, Mass., the center is expandable and features pre-cast concrete construction, cross-docking, a 36-foot clear height, ESFR sprinklers and excess trailer parking. It will be used primarily as a regional distribution center for home delivery of large items, along with some service/repair and dispatching and scheduling work.
Boston Office Lands $25M in Financing
Jul 21, 2009
The Boston office of Holliday Fenoglio Fowler L.P has secured $25
million in financing for 101 Merrimac Street, a 10-story,
159,000-square-foot Class A office building in Boston.
Research Facility in Boston's Healthy Life Science Market Attracts $350M Loan
Jul 01, 2009
Flying in the face of the frosty credit market, BioMed Realty Trust
Inc. has just gotten its hands on a $350 million loan secured by its
successful new 700,000-square-foot Center for Life Science | Boston.
John Hancock Life Insurance Co., TIAA-CREF, and Westdeutsche
ImmobilienBank AG stepped up to the plate to provide the financing.
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.
Boston-Area Biotech Firms Seek Cheaper Space in Suburbs
Apr 27, 2009
Drug maker Alkermes Inc. last week became the latest in what has become a growing line of biotech firms leaving Cambridge, Mass., in search of less expensive office and laboratory space in the suburbs. The company plans to relocate to a 100,000-square-foot facility in Waltham early next year, a move that Alkermes says will eventually save some $750,000 a year.
New Jersey
New Owner of Atlantic City's Tropicana Somewhat of a Surprise
Jun 16, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
New Owner of Atlantic City's Tropicana Somewhat of a Surprise
Jun 16, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
KABR Fund Takes 235,000-SF New Jersey Office
Jun 03, 2009
Newly-formed value-added real estate fund KABR Real Estate Investment Partners L.L.C. has purchased a 235,000-square-foot office building at 85 Challenger Road in Ridgefield Park, N.J., from AIG.
New York
SL Green Lands $145M for Refinancing of NYC Office High-Rise
Aug 06, 2009
Flying in the face of the still chilly credit market, SL Green Realty
Corp. has managed to get its hands on a $145 million leasehold mortgage
for the refinancing of the 1.2-million-square-foot office tower at 420
Lexington Ave. in Midtown Manhattan.
Cadillac Fairview Buys 49% Interest in NY Macerich Center
Jul 31, 2009
Cadillac Fairview Corp. purchased a 49 percent interest in Macerich's Queens Center in the New York City borough of Queens for $150 million in net cash. The eighth joint venture between the two firms, the venture gives Canadian Cadillac Fairview, wholly owned by the Ontario Teachers' Pension Plan, entree to New York City. Queens Center is the top-performing asset in Macerich's portfolio: The 966,499-square-foot urban retail center, which at year-end 2008 was 97.5 percent occupied, was at that time producing annual mall sales of $876 per square foot. Macerich purchased it in 1995 and redeveloped and expanded it in 2004.
New Firm Banks on NYC Multi-Family Market
Jul 29, 2009
The current economic climate is certainly putting a drag on many in the
commercial property business. But Kevin Salmon is betting that now is a
time of opportunity. To that end, Salmon has launched Salmon and
Marshall Real Estate Investments, a new firm that will provide
investment sales and consultation services in Manhattan’s apartment and
condominium markets.
Manhattan Office Market Decline Slows
Jul 15, 2009
Manhattan leasing activity increased in June and the monthly vacancy
rate held steady for the first time since February 2008, which together
with some otherindicators and more may show some steadying of
commercial real estate, particularly in the office market, according to
a midyear report released by Cushman & Wakefield.
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.
NBA Renewal Marks Big Win for Midtown Manhattan
Jun 22, 2009
Multiple landlords attempted to lure NBA Properties to other locations
in Manhattan and across the Hudson River but Olympic Tower Associates’ signed NBA Properties Inc. to a 10-year, 153,000-square-foot renewal at 645 Fifth Avenue.
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has continued to take it on the chin thus far in 2009. Real estate sales in Manhattan reached a 25-year low in 2009's first quarter, according to a new report by Massey Knakal Realty Services.
Is The Sky Falling On Commercial And Multi-Housing Property Developers?
Nov 26, 2008
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Real Estate Market News from the Northeast
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