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MIAMI-Net absorption showed a great improvement in the second quarter and the first half of the year, recently released market reports show. Net absorption was 245,000 sf in the quarter, up from negative 53,600 sf this time last year, Grubb & Ellis states.
DALLAS-Mike Silliman is working his last week at Crescent and readying for the job as sidekick to Maguire's partner in Dallas. The immediate challenge is a 400,000-sf, class A block in the 900-acre Solana, with 300 available for development over the long term.
CORAL GABLES, FL-Fleming's Prime Steakhouse & Wine Bar plans to open at the new 2525 Ponce de Leon building here by the end of the year, taking 8,659 sf of ground-floor space in the 250,000-sf, class A office building. The building is scheduled to open in August.
BOSTON-Shreve, Crump & Low moves its flagship store to 222 Berkeley St. The jewelry store will relocate this fall from 330 Boylston St. to space that was formerly occupied by FAO Schwarz at the corner of Berkeley and Boylston streets in the city's Back Bay.
KATY, TX-Hines has been hired by Tristar Holdings to develop a mixed-use plan on empty land at the junction of Pin Oak Road and Interstate 10, right across the highway from Katy Mills Mall. The master plan won't be done before 2005, at the earliest.
ITASCA, IL-Occupancy at One Pierce Place in the Chancellory office complex is 86% with First Midwest Bancorp, Inc. signing a 50,000-sf deal and US Cellular converting a sublease into a 42,100-sf direct lease.
HOUSTON-The tax consulting firm of Ryan & Co. pens a long-term lease for 22,263 sf to drive a relocation of 41 employees from Uptown Houston to Post Oak Boulevard. The firm will move next month.
WASHINGTON, DC-Tenancy is on the rise at 1800 M St., as the government commits to 55,000 sf at the 535,000-sf class B office tower where space is marketed in the upper $30 per-sf range. The lease agreement leaves the class B property 70% occupied.
HOUSTON-The size of the new office buildings has yet to be determined, but the first one breaks ground in the fall for a 2006 delivery. By 2007, a second building will be up and the 172,336-sf existing headquarters will be fully retooled.
BELLEVUE, WA-Principal Real Estate Investors of Iowa pays about $136.5 million for the 480,000-sf class A office development here that was developed and sold by Hines, which has been retained as property manager. The three-building complex is 95% leased.