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IRVINE, CA-The latest numbers released by Cushman Realty show that net absorption of class A and B office space turned negative, while vacancy rates rose due to companies feeling the pinch.
PHOENIX-An area of the Valley that has been the most active for office development during the past two years is getting yet another speculative project.
WASHINGTON, DC-While office vacancy rates in the District held at 3% in the first quarter, the economic downturn has apparently hit Northern Virginia and Maryland, according to a C&W study.
HOUSTON-Two CBD fire stations, forced to vacate the premises, have found a home. Two leases have been signed and renovations completed for the new accommodations. A fire department construction team also added a structure for equipment.
SEATTLE-Colliers International's first-quarter vacancy rate survey shows a figure of 7.8% for Downtown, more than double the 3.5% recorded at the end of 2000. The amount of sublease space also has nearly doubled.
BOSTON- Tosco Marketing Corp., an Exxon licensee, wins the rights to 11 service locations on the Massachusetts Turnpike in an estimated $100 million transaction for a 10-year agreement. The company will replace Mobil, whose contract had expired.
LOS ANGELES-Neither firm will comment, but one former Cushman Realty exec says a deal is in the works. Rumors about a combination began spreading in brokerage communities on both coasts last week.
BUENA PARK, CA-Birtcher Real Estate Group, which has purchased more than 1.5 sf of office and industrial property throughout Southern California in the past two years, has acquired another 154,747-sf office complex.