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SEATTLE-Gordon Sondland and partners gain final approvals for a 25-story Downtown hotel and apartment building at 1000 First Ave., where Warshal's Sporting Goods operated from 1936 through 2000. The existing buildings will be demolished.
LOS ANGELES, CA-Sales and leasing increased for the third consecutive quarter, according to a CB Richard Ellis report, which says rates dipped to 48 cents per sf per month, the first change in average asking rental rates since the third quarter of 2001.
HOUSTON-The deal delivers contiguous space for the long-time tenant at 2 Houston Center. Shell gets to consolidate leased sites from around town while Crescent gets to backfill about 18,000 sf vacated by tenants who shifted to its new office building.
AUSTIN-Until now, the interest at Interstate 35-Parmer Lane has been lobbed by the likes of Wal-Mart, Lowe's and H-E-B. Seton Healthcare Network, drawn by the same criteria as the retailers, puts 28 acres under contract for a 164-bed children's hospital.
SAN JOSE, CA-Santana Row's developers will go ahead with a grand opening of the $500-million mixed-use complex next week. Plans have been in flux since a major fire wiped out the largest of the project's nine buildings.
DETROIT-MGM has hired general contractors, and is awaiting word from City of Detroit officials on approval of a site plan of its new casino. Complicating matters is that the entertainment company must wait for lawsuit to be lifted to start building.
ORLANDO-The one-year-old real estate investment and advisory firm paid Flatrock Partners LP of New York $6 million or $35.30 per sf for the 24-tenant, 100%-leased, 169,993-sf Lee Road Shopping Center six miles north of Downtown Orlando.
HOUSTON-A medium-term lease caps talks for 7,222 sf at 8702 Westpark Dr., a 207,571-sf office/warehouse owned by San Francisco's AMB Property Corp. The deal with A-Personnel Inc. boosted occupancy to 89%.
BERKELEY TWP., NJ-The owner of Berkeley Plaza is preparing to launch an $8-million expansion (to almost 107,000 sf) and renovation that includes Shop Rite replacing a shuttered A&P as anchor tenant.
LONDON-The third quarter of 2002 saw the central London office market still in the doldrums, but a new report from Insignia Richard Ellis identifies the first signs of recovery in the West End office market.