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BOSTON-The tentatively titled Park Essex project involves tearing down a vacant hotel and cafi. Archstone-Smith estimates that this largest rental housing project in downtown Boston in nearly 20 years will cost $152 million.
PHOENIX-Two groups of Vancouver-based investors are eyeing plans to grab two half-built projects that were abandoned in April by their Canadian developer. The intent was just filed with the city for the WilloWalk and Superstition Lakes condo projects.
IRVING, TX-The insurance company will move into 16,500 sf of class A-plus office space in November. The latest lease for the East Tower pushes 2003 activity to about 180,000 sf with more on the way for the 1.4-million-sf complex.
MEMPHIS, TN-CLK Management of New York acquires two apartment communities in the Cordova/Germantown submarket of Memphis from Equity Residential Properties Trust for $40,185 per unit.
HOUSTON-The 352-unit Inwood Grove complex in the city's northwest submarket brings close to the $9.3-million asking price in a deal that required a loan assumption by the California buyer.
HOLLYWOOD, CA-Gross rents continue to increase in the Hollywood Entertainment District BID, according to a recent report on the area. The research shows that commercial rent receipts have risen to more than $51.6 million in 2002 from $39.1 million in 1999.
DENVER-With the closing of this second portfolio refinancing and one earlier this month, the company has reduced its floating rate debt as a percentage of total mortgage debt from 47% at the end of 2002 to 18% today, reports AmeriVest.
BOSTON-One Lincoln St., a 36-story, one million sf office tower, is completed. The $350 million project started in April 2000 on speculation, but signed State Street Corp. for a long-term lease for the entire building the next year.
FLEMINGTON, NJ-K&K Developers picks up the building from a materials handling company in a transaction arranged by Trammell Crow and Binswanger. The sale price was not disclosed.
LONDON-Office rents in Edinburgh and Glasgow have remained steady during 2003 despite a fall in demand, according to the latest Regional Capitals report from Atis Real Weatheralls.