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CAMBRIDGE, MA-A recent, sudden increase in vacancy rates here does not mean rents will be plummeting anytime soon, according to David Begelfer, CEO of the National Association of Industrial and Office Properties.
MAPLE GROVE, MN-United Properties has re-leased 98% of the 85,000-sf building in the last eight months. Norstan Communications left the former Wedgwood Commerce Centre I building two years ago.
NEW YORK CITY-Property managers and vendors agree that when the economy was thriving and capital was flowing some poor business models came online and were unable to properly service clients, but the shakeout is eliminating them.
CAMDEN, NJ-A new 6,425-seat park on the shores of the Delaware River, across the river from Philadelphia, is the next piece of the long-term puzzle of reviving South Jersey's largest city. It will be home to the Riversharks.
MINNEAPOLIS-Padilla Speer Beardsley will anchor the four-story, 80,000-sf building, which is part of city's plans to redevelop the riverfront. The site is part of a former railroad yard and has been vacant for years.
SAN DIEGO-The Pala Band of Mission Indians today opened its $115-million casino complex on its north county reservation. The full-scale gaming complex is expected to generate $30 million to $40 million for the tribe annually.
ATLANTIC CITY-The investment group gets the go-ahead from New Jersey's Casino Control Commission to close the deal announced last fall. Sun International will get $148 million for the property.
HOUSTON-Automated Information Management has moved its corporate headquarters to Cornerstone Towers. The 20-year-old firm specializes in fiber-optic lines, including last-mile service. PM Realty and Grubb & Ellis negotiate the deal.
WESTFORD, MA-Locally-based Captivate Network Inc. merges with Toronto-based Elevator News Network. The two companies provide media content and advertising in elevators via monitors and together have contracts to install monitors in 1,100 buildings across the country.
AUSTIN-ClearCube is in the expansion mode, signing for an extra 18,000 sf at Colina West along the Capital of Texas Highway. This year's plan also calls for another 11,000 sf or 12,000 sf in a move to more than triple its existing office space.