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JERSEY CITY-Sublease availabilities along the Hudson River clearly reflect the impact of the economic/real estate slowdown, and questions remain about what's next for the market.
AUSTIN-Makos Advertising takes the 5,600-sf balance of the vacant AV Labs' space in the Perry Books building at 720 Brazos St. AV Labs now shares an office with its parent, Austin Ventures, in CarrAmerica's new 300 West Sixth.
DETROIT-Four complexes in Muskegon, MI and St. Joseph, MI up for sale at a price the Dietz Organization terms as below replacement value. The properties have seen substantial renovations and improvements.
WASHINGTON, DC-The Foundry Building, the 216,000-sf brick and glass office building that sits along the historic C&O Canal, sells to Hartford, CT's Cornerstone Real Estate Advisers in a $51-million transaction. Bolstered by its desirable location in popular Georgetown, the building commands lease rates ranging from $30 to $35 per-sf.
PHILADELPHIA-The Doylestown, PA-based developer begins one of two planned class-A buildings targeted to mid-size companies. A three-story, 71,000-sf building will offer 23,000 sf on one floor. Completion is set for next year when groundbreaking for a second, 63,000-sf building is planned.
JOLIET, IL-The $40-million project receives approval from the Illinois Gaming Board, and is part of the $120 million-plus Argosy Gaming Co. is spending on projects here and in Kansas City. The two-level Empress barge is expected to be ready in April.
ATLANTA-The Oak Brook, IL-based retail REIT has added another shopping center to its bulging Southeast portfolio with the acquisition of a newly completed 174,015-sf, 100%-leased center in Florence, Inland paid Brentwood, TN-based GBT Realty $110 per sf.
NEW YORK CITY-Borders Books takes 30,000 sf to open a new store at 100 Broadway. The bookseller plans to occupy the space, currently under construction, in the fall 2003.
PHOENIX-Frank Boutin, a 30-year professional, is director of Summit Builders' new health-care division for Arizona, California and Southwestern US. He was VP of operations for a national health-care design/build firm.