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REDWOOD CITY, CA-Despite being rocked by the bankruptcy of major dot-com tenant, a Bay Area developer negotiates an agreement making its lender a joint-venture and equity partner and allowing it to continue owning and operating a one-million-sf office/R&D campus.
CLACKAMAS, OR-The Dolan family acquired the site early last year for $1.9 million and is developing the building. Their company, Globe Lighting, will occupy 10,000 sf. David's Bridal has signed on for the remainder.
LONDON-New research from King Sturge suggests that property could again prove to be the most successful investment sector in 2003, with a total return of an inflation-beating 8.5%.
BALTIMORE-The 20-year-old office campus on Edgewood St. known as Caton 95 gets a new owner. South Edgewood LLC acquired the three-building complex from Grandview Joint Venture LLP for approximately $4.7 million.
LOS ANGELES, CA-Rents for the top Class A space will slide by about 2% this year in Los Angeles, according to a new Grubb & Ellis survey, which ranks L.A. eighth most expensive among U.S. cities for cost of office space.
LONDON-The Mall Corporation, the limited partnership set up by Capital & Regional and Morley Fund management has paid pounds 105.75 million ($170 million) for the Grosvenor shopping centre in Chester.
NEW YORK CITY-Three investors buy out their two partners, picking up the remaining 50% stake in 500/512 Seventh Ave., a pair of adjacent Garment District office buildings. Wachovia Securities provides the loan.
PHILADELPHIA-The $20-million purchase of a 507,000-sf distribution facility in Middletown, PA, takes the West Conshohocken, PA-based REIT's Pennsylvania portfolio close to 7 million sf. The facility outside Harrisburg is fully leased to Sears Logistics Services for four more years.
CHICAGO-"Sears Tower has been our home for a decade and there is no place I would rather be," says Tressler, Soderstrom, Maloney & Priess managing partner Howard Priess, whose firm signs on for 15 years and 75,000 sf.
CHICAGO-The 11.1% vacancy in space at regional centers between 50,000 sf up to regional malls is the highest since CB Richard Ellis, Inc. began keeping count. The jump is a full point worse than the start of the fourth quarter.