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HOUSTON-Vinson & Elkins hangs onto 16 floors of the 49-story First City Tower. Sure, the law firm looked around, but the final decision is sealed with a 15-year lease, options to extend beyond 2030 and a $10-million renovation.
GRAND PRAIRIE, TX-Westwood Residential of Dallas crosses the finish line in 45 days for the 436-unit Towns of Riverside, a premier property locked up twice by other would-be buyers. Westwood steps in to close the deal at a 7.8% market cap rate.
SAN FRANCISCO-San Francisco Mayor Willie Brown has revealed plans for the Hunters Point Naval Shipyard redevelopment project, including 34 acres of parks and open space and 300,000-sf of commercial development.
ROYAL OAK, MI-A former notorious hotel on Woodward Avenue is to be destroyed, in part due to city ordinance that encouraged new development on unwanted business property.
ANAHEIM, CA-The companies sign $4.126 million in leases for the interior decorator showroom and warehouse, which specializes in the sale of tile and floor coverings.
CHICAGO-Two city-owned parking lots with 45 parking meters could be had for $100,000, nearly 75% off the appraised value, under a request for proposals being prepared by the department of planning and development. A mixed-use commercial building with multifamily units on upper floors is envisioned.
NOVI, MI-Two couples are suing after a FOIA request turns up documents that the city refused to release regarding 75-acre developer settlement, says attorney.
BOSTON-The Boston Redevelopment Authority chooses Millennium Partners Boston to develop a 12-story office building at Hayward Place, the 37,000-sf parking lot on Washington Street. The NY-based developer was the only finalist not to include a residential component in its plan for the site.
DENVER-Amerivest Properties, which owns buildings geared toward small and mid-sized tenants, has completed a portfolio financing transaction for nearly $30 million with TIAA. Two area buildings, plus an Arizona property, are providing collateral.