Nevertheless, the second half of 2000 was shaped by a number ofimpressive deals. In the development arena,'s openingdays were filled with such news as General Motors' $1-billionexpansion of its Detroit TechCenter, Crescent's planned development of the 570,000-sfFive HoustonCenter (located, our story reported, "a few blocks from the newEnron Field") and Mack-Cali's 1.5-million-sf additions to Harborside FinancialCenter in Jersey City.While the biggest-ticket leases seemed tobe signed by law firms, the 1.1-million-sf dealinked by what was then Chase Manhattan, which bailed from Manhattanin favor of Jersey City's Newport Center, certainly was asecond-half eye-catcher. The transaction not only underscored thewar between the states but also the relative benefits ofout-of-town cost efficiencies as well.

It was an interesting year for bellwether stories on the stateof the industry, and not all, frankly, were meant as such. Therewas the report that Project Octane(remember that?) was set to roll out new technology platforms by2002. Others were more accurately prophetic such as our report ofpredictions that the entire dot-com field wasabout to run out of gas ("chaos and carnage," was how one punditcharacterized it).

In what would ultimately prove to be an ironic turn of events,rumors began flying in mid-November that Vornado RealtyTrust was looking to acquire either Insignia/ESG or CB RichardEllis, on the heels of the revelation that a management-ledinvestment group was about to take CBRE private.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.