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PARSIPPANY, NJ—New Jersey's office market recorded its best annual year-over-year vacancy rate improvement in 10 years in 2014, according to Transwestern's Fourth-Quarter 2014 Office Market report. Matthew Dolly, research director for Transwestern's New Jersey office, says industries that fill office space are still not getting sufficient job growth to keep the office market moving forward.
PHILADELPHIA, PA—Peter Finley, formerly head of capital markets at Paramount Group, has joined Lowe Enterprises Investors as senior vice president to lead the firm's marketing and business development efforts. Finley will be headquartered in Philadelphia, with national responsibilities, the firm says. He will maintain and expand client and consultant relationships and assist with the development of new investment products and strategies.
HASBROUCK HEIGHTS, NJ—The rebirth of the Morristown market through multifamily developments such as Roseland's Metropolitan at 40 Park and The Residences at Vail Mansion, were part of the focus of the “Real Property Roundtable: All Eyes on Multi-Family!” hosted by the Commerce and Industry Association of New Jersey on January 23 at the Hilton Hotel in Hasbrouck Heights, NJ.
SAN FRANCISCO—The Westin Market Street in San Francisco officially goes to LaSalle Hotel Properties, which is renaming it the hotel Park Central San Francisco.
SAN ANTONIO--CBRE Capital Markets' multifamily team has announced the sale of Legacy Heights on behalf of an anonymous seller. Cottonwood Residential of Salt Lake City, Utah, purchased the property for an undisclosed price.
NEW YORK CITY—Dollar volume for the year rose by nearly 40%, with outer boroughs as well as Northern Manhattan playing a huge role in the spike, according to a new report.
DALLAS--Stockdale Investment Group has purchased a 2.6-acre multi-tenant retail property at 7835 and 7839 Park Lane from Park Lane Partners & Skillman Oram Partners LP. The property is across from NorthPark Center, at the northwest quadrant of Park Lane and North Central Expressway. Terms of the deal were undisclosed.
ATLANTA—Wingate Companies and Columbia Residential have commenced construction on the City Lights affordable senior housing development being built in the city's Fourth Ward.