CB Richard Ellis acquires remaining Australian interests Los Angeles-based CB Richard Ellis recently purchased the remaining ownership interests in the Richard Ellis Australia and New Zealand businesses that it did not already own. Terms of the transaction, which was announced Oct. 2, were not disclosed.
In April, CB Commercial and REI Ltd., the holding company for all of Richard Ellis' operations outside of the United Kingdom, merged to create a company with more than 9,000 employees worldwide. The merger did not include Richard Ellis Group Ltd., which chose instead to merge with Insignia/ESG.
Praedium Group forms alliance with Richard Ellis Group New York-based The Praedium Group has formed a strategic alliance with the United Kingdom's Richard Ellis Group Ltd. (REGL) that will target more than $500 million in real estatein Western Europe during the next two to three years. Praedium President Russell Appel says the alliance will afford his company direct access to the best information in specific foreign markets. "We have been keenly focused on opportunities in Western Europe and recognize the value that an established European real estate group can bring to our unique, value-added investment program," he says. REGL Chairman Andrew J.M. Huntley also believes the alliance will be mutually beneficial. "Our strategic alliance underscores the need for truly global real estate services provided by the very best talent in each market," he says. Praedium Group is an affiliate of Credit Suisse First Boston; REGL is a subsidiary of Insignia/ESG.
Xerox sells and leases back its England headquarters Xerox recently completed a transaction in which it will sell its headquarters in Marlow, England, to United Kingdom-based developer Akeler and remain in the building for 18 months under the sales-leaseback arrangement. Akeler bought the 198,579 sq. ft. headquarters in Globe Park for an undisclosed sum. Jones Lang Wootton arranged the sale-leaseback on behalf of Xerox.
Chris Hiatt, head of JLW's United Kingdom National Office Leasing team, says JLW and Xerox started their international marketing campaign in February. "We quickly narrowed down the prospective buyers to several U.K.-based investors and developers." he says. "With the recent injection of funds from the U.S., Akeler emerged as the most likely buyer. Of particular appeal was the size of the property and the strength of the Thames Valley market."
The transaction marks the second large project JLW has completed on behalf of Xerox. In an analysis of Xerox's Rochester, N.Y., region JLW found potential savings of 10% through the renegotiation of Xerox's offices leases and a rationalization of the space it uses.
Forget Fifth Avenue! Warsaw street has more shoppers Germany's Blumenauer Research has spent part of the past year counting the numbers of pedestrians on the busiest shopping streets in the world and has made a surprising observation: The highest volume of pedestrian flow was registered on Nowy Shwiat Avenue in the Polish capital of Warsaw. Some 14,351 people walked the street between 11 a.m. and noon on a Saturday when researchers counted. Foot traffic on the Warsaw street topped that found on major streets in 13 other cities on four continents including New York's Fifth Avenue, London's Oxford Street and Paris' Champs-Elysees. Blumenauer says its analysis can assist retailers in finding the right locations. For more information on the Blumenauer Footfall Analysis, call Brigitte Roth in Germany at (49) 69 9591950.
Starwoodexpands presence in Japan and China WHITE PLAINS, N.Y. - In a span of 13 days, Starwood Hotels & Resorts Worldwide opened hotels in China and Japan.
On Sept. 12, Starwood opened the five-star Sheraton Suzhou Hotel & Towers, located one hour west of Shanghai in China's Jiangsu Province. The five-story, 328-room hotel has been designed to evoke Suzhou's past: It features humped-back bridges, dramatic waterways and colorful gardens within an imposing city wall.
In Japan, Starwood opened the 398-room Yokohama Bay Sheraton Hotel & Towers on Sept. 25. Built at a cost of $368 million, the 28-story hotel is owned by Sagami Railway Co. Ltd. The Yokohama Bay Sheraton (right) joins Starwood's two other Sheraton Hotels and four Westin hotels in Japan. "Two of Starwood's hotel brands, Sheraton and Westin, have been making a big impact in Japan for the past few years, and the addition of Yokohama Bay Sheraton will provide travelers in Japan with a wider selection of excellent hotels in the Starwood Group," says Ted Teng, president of Starwood Hotels & Resorts Worldwide's Asia-Pacific division.