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CLEAR LAKE, TX-Talk of NASA cutbacks has Clear Lake brokers taking inventory stock. It's an old scenario being played out in a submarket with 45% of its office space filled by tenants with direct ties to human space exploration.
LONDON-New research from Insignia Richard Ellis paints a bleak picture for the central London office markets, with take up falling by 19% and availability rising by 25%. The slump is set to continue.
BROOMFIELD, CO-The $61-million Summit at Main Street multifamily project remains a go, but a 40% vacancy in the submarket puts the brakes on an $80-million, 400,000-sf office component will wait on the market's comeback.
AUSTIN-A slight dent is made in the sublease space on the market from Palo Alto, CA-based Sun Microsystems. Celite is moving into 11,156 at one of three buildings in Lakewood on the Park, owned by a Massachusetts trust.
CARLSBAD-Construction is under way on Atrium II, a 32,196-sf office building at 2710 Loker Ave. Completion of the $2.7 million shell construction project is slated for the
SAN LEANDRO, CA-Rolls Wood Group, a joint venture of Rolls Royce and Wood Group, leases 32,000 sf for five years at an annual lease rate of $6.50 per sf NNN. The property owner is Israel Family Trust.
NEW YORK CITY-One of the city's largest office condominiums changes management, hiring Grubb & Ellis to replace Jones Lang LaSalle. A value-add strategy designed to improve the property's market position sealed the deal.
BIRMINGHAM, AL-Eason Graham & Sandner Inc., a locally based commercial real estate brokerage, paid $33 million for the combined 1.1 million-sf Perimeter Industrial Park and Oxmoor South Industrial Park. SouthTrust Bank financed the deal.
MEMPHIS-The Houston-based REIT refused to disclose the purchase price of the 407,200-sf, 28-acre Outland Business Center but the combined properties are appraised for taxes at $7.6 million or $18.66 per sf.
NEW YORK CITY-The Manhattan-based REIT buys nearly all the shopping center assets of a Morgan Stanley-owned trust for $354 million in cash and the assumption of $300 million in outstanding debt.