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PHILADELPHIA-Despite a 1%-hike since first-quarter in the CBD office vacancy rate and a slightly higher rise in office vacancy in the PA suburban market, average asking rental rates in both markets increased slightly in second quarter 2003, according to Smith Mack.
DALLAS-Robert A. Mohr remains as chairman of the board for his 17-year-old Mohr Partners, but steps aside as president to mark the first new face in the seat in the firm's history. Ted Fredericks says the switch is the final step to a restructuring.
CHICAGO-Moody's Investors Services ranks the local economy the most diverse among more than 300 US markets, which comes as no news to real estate professionals who have focused their efforts here.
WASHINGTON, DC-The Henry Adams House gets a new name and a new owner as Boca Raton, FL's Gables Residential snaps up the multifamily property in a $53 million deal, and renames it Gables Woodley Park. The 211-unit apartment building towers up 11 stories toward the skyline.
PHOENIX-The hot pursuit of the Ventura Vista gated community ends with a price that's just $200,000 shy of the ask set by developer PB Bell Cos. The "very special" two-story building was more than 90% leased at sale, the broker says.
PHOENIX-The firm is getting comfortable in 22,681 sf at Canyon Corporate Plaza after signing a seven-year lease for the class A space. The firm relocated from 17,000 sf of class C space, but still cut a deal that was a budget saver.
BOSTON-A recently released mid-year survey by Meredith & Grew provides mixed messages on the city's real estate market. While the market experienced positive absorption this quarter, the vacancy rate is relatively unchanged and rental rates have declined slightly.
IRVINE, CA-Encore Credit Corp. takes a seven-year lease for a new corporate headquarters location in a plan to vacate 23,000 sf in Irvine when that lease expires in September and hold 32,000 sf until its contract runs out.
ATLANTA-The 12-year-old, 687,000-sf property at 3200 Windy Hill Rd. in Wildwood Office Park is named the most environmentally friendly building in North America. In addition, the 27-story, 420,000-sf 230 Peachtree building wins a TOBY Award for excellence in office building management and operations in the renovated buildings category.