Did Gov. Chris Christie know beforehand of the “traffic problems in Fort Lee” that occurred when some members of his staff and Port Authority cronies ordered lane closings at the Fort Lee, N.J., entrance to the George Washington Bridge last September? Will “Bridgegate” spell the end of Christie’s hopes for a presidential run in 2016?...More
What a difference a few years make. As recently as 2012, one of the things that kept commercial real estate professionals up at night was the huge volume of CMBS maturities that were coming up starting in 2015....More
This year’s Super Bowl for the first time collected food waste on game day for composting, as well as used biodiesel to power generators. The National Football League also took other steps to make for the most environmentally-friendly championship game yet, including planting trees near the host East Rutherford, N.J., MetLife Stadium to offset carbon emissions....More
As part of the transaction, Hudson’s Bay will be able to lease back the space for 25 years, with extension options totaling 50 additional years. This will allow the company to bring a 150,000-sq.-ft. Saks Fifth Avenue store to share its downtown Hudson’s Bay location....More
Colliers International's year-end 2013 port outlook report, "Biggie-Size It," takes a close look at North America's fastest-growing ports, port upgrade projects and the economic implications of labor, legislative and environmental issues, and presents 10 new port awards. What follows is a list of the top 10 busiest and most post-Panamax ready ports in the United States.
San Francisco-based DivcoWest, through its DivcoWest Fund IV, has purchased the 670,000-sq.-ft. One Kendall Square in Cambridge, Mass. for a reported $395 million to beef up its technology-based office holdings....More
Matan Cos., through its Matan Fund IV, has acquired Milestone Business Park, a 42-acre campus in Germantown, Md., from Multi-Employer Property Trust for $128 million.
Cassidy Turley represented the seller in the transaction....More
As the curtain was ready to draw on 2013, a number of major commercial real estate transactions were completed to beat the buzzer, one of them: Perennial Real Estate Holdings and the Asia Real Estate Income Fund, who paid $766 million to Pacific Star Group for a major office property in Singapore....More
In the latest example of foreign capital’s willingness to swoop in to pick off U.S. trophy assets, funds from Singapore and United Arab Emirates have joined Related Cos. in paying $1.3 billion for Time Warner Center, a 1.1 million-square-foot office property in Manhattan....More
Invesco Real Estate has purchased the 24-story, 388,370-square-foot Class A office tower at 101 Second St. in San Francisco’s SoMa district from Hines, the latter’s San Francisco office announced Friday....More
Host Hotels & Resorts LP (NYSE: HST) sold an 89% stake in its ownership interest of the Philadelphia Marriott Downtown for $270.03 million, or about $215,000 per room, in a deal that values the hospitality asset at $303.4 million....More