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CAMBRIDGE, MA-The Exeter Group, a technology-consulting firm, leases 30,074 sf at One Canal Park, a 98,154-sf property. The building is 80% leased. This area's office market has been struggling with rising vacancy rates.
DETROIT-Grubb and Ellis releases says office rents for class A space in Southeast Michigan have declined slightly, even in the relatively healthy Southfield and Bloomfield Hills submarkets.
BETHESDA, MD-Apartment REIT AvalonBay Communities continues its strategy of penetrating its core markets with the recent start of construction on Avalon at Grosvenor Station, an $82.3 million apartment community.
LONDON-Investment volumes in single-asset hotel properties fell across Europe during 2001, according to analysis by Jones Lang LaSalle, as investors focussed on portfolio deals.
NEW YORK CITY-The 150-acre retail and entertainment complex to be built in Syracuse has its funding in place and commitments from hotel operators for 4000 rooms that are scheduled to be phased in starting next year.
MANALAPAN, NJ-The local planning board is listening to scaled-down versions of earlier proposals that would have resulted in almost 2,700 units on more than 500 acres.
STONEHAM, MA- Leisure Manor Realty Trust secures $9.5 million in permanent mortgage financing for its 241-unit luxury apartment community, Leisure Lane, located on North Street Drive. Legg Mason Real Estate Services/Spectrum Financial arranged the financing, which was provided by Freddie Mac.
NEW YORK CITY-In a groundbreaking initiative to enhance the industry's information and networking opportunities, Real Estate Media Inc. has created a business unit designed to provide conference programs in venues around the nation. Former Commercial Property News publisher Rich Kelley will head the initiative. Real Estate Media is GlobeSt.com's parent firm.
SPOKANE, WA-The acquisition of Red Lion Inns helps the locally-based see a rise in revenues for the quarter ending March 31. During those three months, total revenue rose $50.9%.
DALLAS-Every time the state comes up with a shortfall, the issue of a professional services tax is raised. The Texas Association of Realtors will counterattack with alternatives. One option is to lobby to close a loophole to make LLPs pay their fair share.