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LOS ANGELES-Pivotal Century Plaza Hotel LLC spends $70 million on the Century Plaza Hotel and another $40 million Saint Regis, neighboring hotels fronting the Avenue of the Stars. "We have created an urban resort," says company founder Francis Najafi.
PHOENIX-Desert Ridge Marketplace is close to leasing all of its 1.2 million sf of retail space. And, the project is still six months away from being fully opened. Potential growth and location spark the retailers' race for space.
HOUSTON-Caldwell Watson will kick off another college center project, a 52,000-sf undertaking with North Harris Montgomery County Community College District. The Cy-Fair College Fairbanks Center will deliver in March 2002.
DALLAS-Haves and have-nots are waging a battle over space. The battlefield is in bankruptcy court. Would-be tenants think it's a spot for discount rates for multiple sites and the court still believes 95 cents on the dollar can be recouped.
AUSTIN-The city's available sublease space is continuing to rise, according to the latest accounting. Buls/Hodge Consulting says it's hit 2.2 million sf. Signing incentives are creeping into the market as sublessors vie for tenants.
HOUSTON-Three coffeehouses and development rights for six more have changed hands in a $1-million deal between Irvine, CA-based Diedrich Coffee and Seattle-based Magna Cum Latte. The sell-off is for Diedrich's entire Texas portfolio.
NEW YORK CITY-Cushman & Wakefield is currently in an international rollout of its new extranet and intranet systems and finalizing contracts globally for its e-management product. One potential snag could be the restructuring of its technology advisor, Agency.com.
CHICAGO-Heartland Partners, L.P. reports a first-quarter net profit of $2,194,000, the majority of it generated by the sale of 16 units at the West Loop luxury condominium project for slightly more than $5 million.
SAN ANTONIO-The 120,000-sf under-construction third phase to Northwood Shopping Center is practically filled. Two more national retailers will join Academy Sports when the center delivers in the fall. And, Borders is headed to The Forum.