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NEW YORK-During a meeting here for the Building Owners and Managers Association, Cushman & Wakefield president and CEO Arthur J. Mirante II reported that while demand in the office and industrial sectors has declined for eight consecutive quarters, a turnaround may be expected for 2003.
PHILADELPHIA-The West Chester, PA-based construction management, general contracting and design/build firm restructures to devote specialists to each of three types of facilities: healthcare; commercial, including suburban office buildings; and warehouse/distribution, which includes light industrial and chain store retail projects.
CHULA VISTA, CA-The lender, which offers refinancing, home equity and purchasing loans, inks a five-year lease for office space in the Gateway Chula Vista Business Center. The transaction is valued at $750,000.
LONDON-Over pounds 1.3 billion ($2.1 billion) was invested in Central London offices in the fourth quarter of 2002 according to Insignia Richard Ellis, bringing the annual total to pounds 6.5 billion ($10.5 billion). Demand was strongest in the West End.
BURBANK, CA-The owners of a firm that provides lighting for the movie industry buy the industrial property for an expansion. The building will serve as a warehouse and distribution facility.
PHOENIX-Six metro complexes sell to a Phoenix couple after two years of word-of-mouth marketing and a failed contract by a non-profit group. The buyer, a multifamily regional owner, secures a conventional 80% loan to close the deal.
AUSTIN-The law firm of Dewey Ballantine becomes the fifth tenant to pre-lease office space in Cousins Properties' Congress at Fourth. The 35,000-sf, 10-year lease carries the 525,000-sf tower to 34% filled, with the opening still 10 months away.
DALLAS-The retailer will shutter 54 locations in Texas, the largest hit by any state in the 326-store shutdown. When the dust settles, it will be discovered most are leased locations, with backfilling more complicated because there are multiple building owners.
AUSTIN-The law firm of Dewey Ballantine becomes the fifth tenant to pre-lease office space in Cousins Properties' Congress at Fourth. The 35,000-sf, 10-year lease carries the 525,000-sf tower to 34% filled, with the opening still 10 months away.