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BOSTON-Modern Continental, the lead contractor on the Big Dig, sells Independence Wharf to GE Asset Management. Industry sources tell GlobeSt.com that the 14-story office building fetched more than $80 million.
DENVER-Red Sea Group, based in Israel, has a contract to buy the two-building, 420,000-sf Merrill Lynch campus, which had been listed for sale by Noon & Co. for $52.5 million.
DALLAS-DeHay & Elliston thought about moving from the Bank of America Plaza, but the building owner did what was needed to keep the seven-year tenant in place. The parties sit down at the closing table after six months of talks.
DENVER-The expected $660 million in commercial real estate investment sales in 2002 will be the worst year since only $575 million worth of office, retail and industrial properties changed hands.
DALLAS-Vacancy overall is 24.8% or 25.8%, depending on who's doing the counting. Giveaways are up. Rent dipped, just not by as much. And, the Dallas CBD is no longer the engine for rising negative absorption, now up to 1.6 million sf.
DALLAS-Vacancy overall is 24.8% or 25.8%, depending on who's doing the counting. Giveaways are up. Rent dipped, just not by as much. And, the Dallas CBD is no longer the engine for rising negative absorption, now up to 1.6 million sf.
DENVER-Besides concessions on the rent, options for early lease termination and free furniture are among the soft concessions prevalent in today's office market, reports Cushman & Wakefield director Ralph Lidge.
NEW YORK CITY-If you can't buy them, copy them. Just a month after CB Richard Ellis' failed attempt to buy Grubb & Ellis, it is in serious discussions with a handful of ex-Arthur Andersen real estate people about beefing up its corporate consultancy, sources say. CBRE remains mum on the subject.
MIAMI-The former property manager for the Fort Lauderdale, FL-based theater chain will be in the same role for the Boca Raton, FL-based investment firm's Florida portfolio of shopping centers. Boca Raton is 70 miles north of Downtown Miami.
ATLANTA-The mixed-use, 77,691-sf Cornerstone Building on Peachtree Street that has fallen on hard times and is best known for its downstairs eatery, sells for $5.7 million. The four-story building, previously owned by Buffalo, NY-based HSBC Realty, is 34% occupied.