Bank of America appoints JLW as Asian alliance partner San Francisco-based Bank of America has just appointed Jones Lang Wootton as its strategic alliance partner for corporate real estate services throughout the Asia Pacific region.
JLW will provide fully integrated services embracing all of the firm's core competencie so as to support the continued growth of BofA throughout the Asia Pacific region. This extends to the bank's 300,000 sq. ft. office and retail portfolio in Hong Kong. In total, the instruction covers about 1 million sq. ft. in 14 countries.
Nadel continues work in China, with 52 million sq. ft. in design Nadel Architects, Los Angeles, now has 12 major projects under construction and 36 more in various stages of design in the Pacific Rim. In China alone, the square footage of work totals over 17 million sq. ft.
Two recent projects include Tianjin Customs Agency, a 400,000 sq. ft. complex encompassing an 18-story office tower circled by a three-story podium. The second project is Xinzi Plaza in the growing city of Zhenzhou, China. This full-block development includes a 24-story, 350-room hotel and a 25-story 370,000 sq. ft. office building, joined by a 6-story 424,000 sq. ft. retail podium.
Bovis launches Brazilian company with local market talent Bovis Brasil Liraitada, the Brazilian subsidiary of Bovis Construction Group, is launching a joint company with the Servlease Group, a local property and services developer. Based in Sao Paulo, BCM Servlease will provide a full range of management, construction and engineering services for private and public sector clients throughout Brazil.
The firm's first projects are two World Trade Centers, currently under development by Servlease in Rio de Janeiro and Manus, the capital of the Amazon. Construction management contracts for the two projects total $150 million and include a mix of offices, hotels, exhibition space and leisure amenities. Plans also are underway to develop eight new World Trade Centers in Brasilia, Belo Horizonte, Curitiba, Florianopolis, Porte Alegre, Recife, Salvador and vitoria. These will be modeled after the 177,000 sq. ft. Sao Paulo World Trade Center, also developed by Servlease.
Moscow's retail market is focus of major JLW report With a population of over 150 million and a total area of over 17 million sq. kilometers, Russia is the largest of the former Soviet Republics. Now a new report from Jones Lang Wootton uncovers Moscow as an enormous market for international retailers. The report serves up detailed reports on every sector of Moscow's primary retail markets, customer profiles and street maps. Almost all prestige shopping is concentrated in the city center. Outside the "Garden Ring,"there are a number of secondary retail activity nodes which are likely to become the focus for the suburban retail market. In brief, "Moscow is the largest city in Europe and with its opening market economy any well thought out property investment is almost certain to perform well."
Canary Wharf launches largest-ever securitization Since its inception some 10 years ago, London's Canary Wharf has generated news. Now the latest in a series of recent banner announcements sees the largest single property development securitization ever held. Canary Wharf Finance PLC, a member of the Canary Wharf Group, has launched a 555 million pound (US$833 million) securitization on a group of building's which form one of the largest modern office developments in Europe. Thewas structured and is lead managed by Morgan Stanley & Co. International Ltd.
It comprise three tranches of long-dated fixed-rate bonds with ratings from AAA to A and a single tranche of shorter dated BBB floating-rate bonds. The collateral for the bonds consists of the rental income from the first fixed charges over five office buildings on the Canary Wharf estate including the prominent One Canada Square (pictured).
Recent leasing success at the development include the Financial Services Authority's taking 363.000 sq. ft., and Credit Suisse First Boston's recent deal for 275,000 sq. ft.
NREI runs international email@example.com in selected issues to keep pace with international activity. Please e-mail your news items via the Internet to