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HOUSTON-Crescent Real Estate Equities has started unloading business-class hotels, starting with the Four Seasons, one of Houston's premier luxury hotels. The St. Louis buyer has shelled out $105 million for the 400-room structure and 114-apartment tower.
AUSTIN-The city's boomtown economy lures another out-of-state consulting firm to set up its first office outside its home base in Alexandria, VA. Robbins-Gioia caters its services to government agencies and Fortune 500 clients.
DENVER-Grubb & Ellis' third-quarter analysis presents a healthy picture for the city's largest industrial market. The Northeast corridor has experienced a slight decline in its vacancy rate from a year ago while year-to-date absorption stands at more than 3.4 million sf.
DENVER-A survey of 1,000 commercial real estate power players shows the industry will continue its bullish stance on projects. Half of those polled say their companies plan to increase allocations for real estate projects.
HOUSTON-A $175-million basketball arena has rebounded from an Election 1999 defeat. In this year's final count, 65% of the area's voters supported the city's third sports arena in recent years.
BOSTON- Starwood Hotels and Carpenter & Co. are having difficulty securing financing for the proposed anchor hotel in South Boston's convention center. The developers insist they need financial concessions.
WASHINGTON, DC-A good economy didn't buoy MeriStar Hospitality Corp. very much, as it posted funds from operations of about $57.1 million for the third quarter, which remained flat compared to the same period a year ago.
CHICAGO-CenterPoint and CALSTERS have bought three of the troubled REIT's industrial properties for $36.8 million. The trust, which engaged Prudential and Lehman this summer to advise on a sale, has large amounts of debt coming due in the next two years.
WESTMINSTER, CO-Sun Microsystems is staying ahead of the curve ball, leasing another 63,057 sf in this Denver suburb. The company already has offices in 266,000 sf in the town, situated close to its one million-sf Broomfield campus.