commercial-real

CoStar’s People of Note (April 2-8)

April 8, 2011

This week’s People of Note includes the following markets: Cincinnati, Indianapolis, Long Island, Nashville, National, New York City, Northern New Jersey, Seattle and Washington, DC. WASHINGTON, DC Berk-Millard Leasing Team Joins Avison Young in NoVa Avison Young recruited top commercial real estate veterans Peter Berk, far left, and Dave Millard, left, as principals in the firm’s Tysons Corner, VA, office. The leasing team, formerly of Cushman

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Nonperforming CRE loans weighed heavily on March bank failures …

April 6, 2011

But within those failed institutions, commercial real estate loans represent 55% of the nonperforming mortgages, analytics firm Trepp said Wednesday. The pace of bank failures is slowing, moving to the lowest level on …

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First-Quarter REIT Gains Reflect Broadening Recovery In National Office Markets

April 6, 2011

Picking up where they left off last year, U.S. equity REITs continued to post strong returns in the first quarter of 2011, outperforming broader market indices despite a late-quarter slowdown that softened returns on investment trust stocks in March, according to new figures from NAREIT. The gains appear to reflect investor expectations that market fundamentals will continue to improve across all sectors of commercial real estate — including…

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Video: FivePoint’s Haddad Sees `Healthy’ Housing Market in 2013

March 29, 2011

March 29 (Bloomberg) — Emile Haddad, chief executive officer of FivePoint Communities Inc., talks about the U.S. housing and commercial real estate markets and his company’s strategy. He speaks with Matt Miller and Carol Massar on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

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Cole Real Estate Acquires University of Phoenix Offices for $170M

March 29, 2011

Cole Real Estate Investments, one of the nation’s largest owners and buyers of high-quality, income-producing commercial real estate assets, announced it has acquired the University of Phoenix office complex at Riverpoint in a $170 million sale-leaseback transaction. The acquisition of Apollo Group’s Riverpoint facility is one of the top-10 largest single-tenant office transactions in Arizona history, according to CoStar data. Apollo Group’s Riverpoint…

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Survey: Investor Optimism Rising As CRE Recovery Slowly Gains Traction

March 24, 2011

Investors are growing more confident that the commercial real estate industry is moving past the bottom of the cycle as the economy adds jobs and property fundamentals slowly improve, according to the results of the first-quarter 2011 PwC Real Estate Investor Survey. Tracking the expectations of survey respondents for the future performance of the office, retail, industrial and multifamily property sectors from 2011 to 2014, PricewaterhouseCoopers…

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CRE May Hear Static from Proposed AT&T T-Mobile Merger

March 24, 2011

Following AT&T Inc.’s blockbuster announcement that it has agreed to acquire the T-Mobile USA subsidiary of Bonn, Germany-based Deutsche Telekom for $39 billion, the firm once known as Ma Bell, will be looking to shave billions in costs from the combined firms. Not all of those cuts will come from facilities, but the mega merger will undoubtedly impact the commercial real estate market. By the third year out from the merger, AT&T said it is looking…

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Investor Survey:Optimism Rising As CRE Recovery Slowly Gains Traction

March 24, 2011

Investors are growing more confident that the commercial real estate industry is moving past the bottom of the cycle as the economy adds jobs and property fundamentals slowly improve, according to the results of the first-quarter 2011 PwC Real Estate Investor Survey. Tracking the expectations of survey respondents for the future performance of the office, retail, industrial and multifamily property sectors from 2011 to 2014, PricewaterhouseCoopers…

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CRE May Hear Static from Proposed Merger of AT&T and T-Mobile

March 24, 2011

Following AT&T Inc.’s blockbuster announcement that it has agreed to acquire the T-Mobile USA subsidiary of Bonn, Germany-based Deutsche Telekom for $39 billion, the firm once known as Ma Bell, will be looking to shave billions in costs from the combined firms. Not all of those cuts will come from facilities, but the mega merger will undoubtedly impact the commercial real estate market. By the third year out from the merger, AT&T said it is looking…

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Boeing Builds Second OKC Avionics Facility

March 23, 2011

Construction has begun on a second facility for Boeing Co. in Oklahoma City. The new six-story, 320,000-square-foot building is needed to accommodate growth in the local Boeing work force due to plans to move Boeing operations to Oklahoma from Long Beach, CA. The building will be designed and built by the Gardner Tanenbaum Group, a commercial real estate company headquartered in Oklahoma City, and leased by Boeing. The building is expected to open…

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Trade Group: Construction ‘Recovery Plan’ Would Stimulate CRE Industry

March 16, 2011

The Associated General Contractors (AGC) of America released a proposal calling for sweeping changes to stimulate demand for construction, including measures to promote energy efficiency, boost private-sector demand, streamline regulations and offer tax relief that have long been coveted by commercial real estate owners and developers. AGC Chief Executive Officer Stephen Sandherr said the plan is critical to reversing deep declines in construction…

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U.S. REIT Risk Appears Limited As Japan Confronts Massive Relief and Rebuilding Effort

March 16, 2011

Early reports suggest that U.S. real estate investment trusts with property holdings in disaster-ravaged prefectures of Japan report little damage and few if any injuries. However, answers to many questions about the impact of the tragedy on global and U.S. commercial real estate aren’t yet forthcoming as the island struggles to recover from the deadly March 11 earthquake and tsunami — and contain the potential meltdown of reactors at the Fukushima…

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Case for Green Buildings Grows Stronger for Owners, Occupants

March 10, 2011

Evidence continues to stack up in the form of updated studies by CoStar Group, CB Richard Ellis, McGraw Hill Construction and other commercial real estate leaders that green practices are reducing long-term operating and occupancy costs, improving occupant health and boosting employee productivity – though not all those variables are fully understood or measureable as yet. Those were among the findings of the spring update of “Current Trends in…

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A Federal Board for Building Sales? U.S. Govt. Looks To Expedite Sales, But Obstacles Remain

March 10, 2011

As far as rummage sales go, the federal government’s proposal to set up a board to sell its vacant and underutilized commercial real estate may rank as one of the largest ever proposed. But like any white elephant sale, it could be a mammoth undertaking with uncertain results for the sellers and the buyers. The U.S. General Accounting Office and the Office of Management and Budget are backing President Obama’s proposal to create a board to expedite…

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For Distressed Investors, There is No Where To Go But Up

March 3, 2011

If conditions in commercial real estate have indeed hit bottom, then an increased amount of distressed assets could hit the market this year — and values could also begin to tick up. That is the general consensus of industry professionals that CoStar Group interviewed for their outlooks on distressed investing in 2011. Contributing to this expectation is a change seen in the dynamic among lenders. Up until very recently, banks have been reluctant…

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CoStar’s People of Note (Feb. 13-19)

February 18, 2011

This week’s People of Note includes the following markets: Atlanta, Austin, Chicago, Cincinnati, Cleveland/Northern Ohio, Columbus, Dallas/Fort Worth, Houston, National, New York City, Orange County, Philadelphia, Phoenix, Richmond and San Antonio. AUSTIN, DALLAS/FORT WORTH, HOUSTON, SAN ANTONIO Veteran Investors Form State of TX Real Estate Fund Veteran commercial real estate investors Mark Jordan and Kevin White formed the State of Texas…

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CoStar’s People of Note (Feb. 13-19)

February 18, 2011

This week’s People of Note includes the following markets: Atlanta, Austin, Chicago, Cincinnati, Cleveland/Northern Ohio, Columbus, Dallas/Fort Worth, Houston, National, New York City, Orange County, Philadelphia, Phoenix, Richmond and San Antonio. AUSTIN, DALLAS/FORT WORTH, HOUSTON, SAN ANTONIO Veteran Investors Form State of TX Real Estate Fund Veteran commercial real estate investors Mark Jordan and Kevin White formed the State of Texas…

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Video: British Retailers Rebound in London, Retreat in North

February 18, 2011

Feb. 18 (Bloomberg) — Bloomberg’s Olivia Sterns reports on a rise in commercial real estate vacancies in the North of England, while trade at London stores rebounds. Linzie Janis also speaks on Bloomberg Television’s “Global Connection.”

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CBRE To Buy ING Real Estate Investment Management Business For $940M

February 16, 2011

Los Angeles-based CB Richard Ellis Group Inc. announced Tuesday it is acquiring most of the global real estate investment management business of Netherlands-based ING Group NV for $940 million in cash. The combination creates the largest real estate investment platform in the world with more than $97 billion in assets under management. Dutch financial conglomerate ING, seeking to reduce its exposure to commercial real estate, is divesting its ING…

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CBRE To Buy ING Real Estate Investment Management Business For $940M

February 16, 2011

Los Angeles-based CB Richard Ellis Group Inc. announced Tuesday it is acquiring most of the global real estate investment management business of Netherlands-based ING Group NV for $940 million in cash. The combination creates the largest real estate investment platform in the world with more than $97 billion in assets under management. Dutch financial conglomerate ING, seeking to reduce its exposure to commercial real estate, is divesting its ING…

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Video: Stacom Sees Recovery in Manhattan Commercial Real Estate

February 14, 2011

Feb. 14 (Bloomberg) — Darcy Stacom, vice chairman of CB Richard Ellis Group Inc., talks about Manhattan’s commercial real estate market. She speaks with Betty Liu on Bloomberg Television’s “In the Loop.” (Source: Bloomberg)

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CRE Industry Groups Support Obama ‘Better Building’ Plan; Say It Will Create Jobs, Spur Green Investment

February 10, 2011

Who says there’s no consensus to be found in Washington these days? Leading commercial real estate industry groups and green building experts appear to be in favor of President Obama’s new federal program to boost energy efficiency in commercial buildings by 20% over the next decade using a package of tax incentives and loan guarantees to induce owners to build green. Trade and advocacy groups representing architects, contractors, developers…

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Big News Overseas as CBRE, JLL Vie for Control of $87 Bil. in Global Assets

January 20, 2011

The news flooding Europe’s financial newspapers this past week is that Los Angeles-based CB Richard Ellis Group Inc. (CBRE) has been in exclusive talks for two weeks negotiating a deal to acquire all or a portion of ING Groep NV’s ING Real Estate Investment Management, whose property portfolio is valued at more than $87 billion. As of Sept. 30, CBRE already had $35.7 billion of commercial real estate under management. Fully combining the two entities…

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Big News Overseas as CBRE, JLL Vie for Control of $87 Bil. in Global Assets

January 20, 2011

The news flooding Europe’s financial newspapers this past week is that Los Angeles-based CB Richard Ellis Group Inc. (CBRE) has been in exclusive talks for two weeks negotiating a deal to acquire all or a portion of ING Groep NV’s ING Real Estate Investment Management, whose property portfolio is valued at more than $87 billion. As of Sept. 30, CBRE already had $35.7 billion of commercial real estate under management. Fully combining the two entities…

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CRE Pricing Volatility Continues; Assets Attracting Higher Prices Remain Exception Rather Than the Rule

January 13, 2011

The three national commercial real estate repeat sales indices released in this week’s CoStar Commercial Repeat-Sales Indices (CCRSI) were down for the month of November — the second consecutive month of decline for the trio of “headline” indices measuring the investment sales market — despite a significant boost in prices for high-profile core deals in Washington D.C. and New York City. While the disparity between “troubled and trophy” assets…

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Hilton Alexandria in VA Trades for $121 Million

January 11, 2011

Dallas-based Crow Holdings purchased the 496-room Hilton Alexandria Mark Center in Alexandria, VA, for $121 million, or approximately $243,952 per room, on behalf of its real estate fund. Denver-based commercial real estate manager Amstar and Memphis, TN-based lodging management company Davidson Hotel Co. sold the 30-story hotel after acquiring the property for $93.2 million, or nearly $187,700 per door 66 months ago. The joint venture invested…

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CoStar’s People of Note (Jan. 2-8)

January 7, 2011

This week’s People of Note includes the following markets: Atlanta, Boston, Cincinnati, Detroit, Greenville/Spartanburg, Hampton Roads, Long Island, Los Angeles, National, New York City, Phoenix, Pittsburgh and Washington, DC. BOSTON, NEW YORK Newmark Knight Frank Acquires Thompson Hennessey & Partners Boston-based commercial real estate advisory firm Thompson Hennessey & Partners merged operations with Newmark Knight Frank. Ten employees…

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2010: A Year of Strategic Change and Growth For Commercial Brokerage Firms

January 6, 2011

Most commercial real estate brokerage and property services firms benefitted from a welcome increase in sales and leasing transaction activity in 2010 — and all indications are, that trend will continue in the New Year as the economy and demand continue to recover. The past year was also marked by a number of major consolidations and expansions among brokerage firms, and industry observers expect consolidation and growth by the largest players…

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Developers Break Ground On Phila. Navy Yard Flex Project

January 3, 2011

The new year brings some much-needed good news for Philadelphia’s beleaguered commercial real estate market. The first large-scale development in the City of Brotherly Love in nearly two years is officially under way. Liberty Property Trust (NYSE: LRY) and Synterra Partners broke ground Monday on two of three planned flex buildings in the Navy Yard Commerce Center totaling 103,137 square feet, and announced the signing of the project’s first tenant…

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ColonyLed Group To Buy CRE Mortgages From FDIC

January 3, 2011

A consortium of investors led by Colony Capital has agreed to purchase 137 million of commercial real estate mortgages from the Federal Deposit Insurance Corp reports National Mortgage News

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Updated: Google Closes Acquisition of One of NYC’s Largest Buildings for $1.8B

December 27, 2010

Google has completed its purchase of 111 Eighth Avenue, a 15-story brick building of nearly 3 million square feet in the Chelsea submarket of Manhattan, in a deal valued at about $1.8 billion. It’s the largest single-asset commercial real estate deal of 2010. Google had signed a contract to buy the building, a source close to the deal confirmed for CoStar early this month. It’s the largest single-asset commercial real estate deal of 2010. The…

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Bank Watch: Deteriorating CRE Conditions Forcing Bank Mutual To Boost Loan Loss Provisions

December 27, 2010

Bank Mutual Corp., parent holding company of Bank Mutual in Brown Deer, WI, (Milwaukee area), expects to record charges related to loan loss provisions of up to $21 million during the fourth quarter. That is nearly twice as much as the bank had set aside as of Sept. 30. During the fourth quarter Bank Mutual reported that it was noting an increased number of commercial real estate borrowers whose properties were experiencing increased vacancies…

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Downtown Miami Office Tower Trades for $105.5M

December 21, 2010

In a boost for the beleaguered Miami and South Florida economy and investment sale market, the 600,959-square-foot Miami Tower office building has traded for $105.5 million, or $175.55 per square foot. It’s the largest commercial real estate office sale of the year in Miami. I&G Miami, Inc. acquired the Class A downtown landmark at 100 SE 2nd St. from owner Blue Capital US East Coast Properties, L.P. in a deal that closed Friday. The iconic 47…

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Iconic Downtown Miami Office Tower Trades for $105.5M

December 21, 2010

In a boost for the beleaguered Miami and South Florida economy and investment sale market, the 600,959-square-foot Miami Tower office building has traded for $105.5 million, or $175.55 per square foot. It’s the largest commercial real estate office sale of the year in Miami. I&G Miami, Inc. acquired the Class A downtown landmark at 100 SE 2nd St. from owner Blue Capital US East Coast Properties, L.P. in a deal that closed Friday. The iconic 47…

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Sheraton Premiere Hotel in VA Sells for $84.5 Million

December 17, 2010

The JBG Cos., a Chevy Chase, MD-based commercial real estate investor and developer, purchased the 443-room Sheraton Premiere Hotel at Tysons Corner in Vienna, VA, for $84.5 million in cash. A partnership between FelCor Lodging Trust (NYSE: FCH) and Starwood Hotels & Resorts Worldwide (NYSE: HOT)? sold the property for $190,745 per room. FelCor, a hotel real estate investment trust, said it received $42.25 million in gross proceeds, and there…

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More Property Sales Expected in More Markets In 2011 As Investors Work Up Appetite for Risk

December 16, 2010

Institutional investors have remained notoriously selective about the types of commercial real estate assets and markets they buy during the country’s choppy economic recovery in 2010, with little tolerance for properties with high vacancies — or any, outside a handful of core markets for that matter. Well-leased, steady income-producing commercial buildings for sale in Washington, D.C., New York, Boston, and San Francisco have fetched huge prices…

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HCP to Acquire Assets of HCR ManorCare In $6.1B Sale-Leaseback

December 14, 2010

In one of the largest commercial real estate transactions of the last several years, HCP Inc. (NYSE: HCP), the nation’s largest health-care REIT, said it will buy all the real estate assets of privately owned HCR ManorCare for $6.1 billion, including…

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Latest CRE Price Analysis Reverses Positive Direction in October

December 9, 2010

Reversing two months of increasing commercial real estate prices, all three of CoStar’s “headline” Commercial Repeat-Sale Indices decreased in October, continuing the recent see-saw performance of commercial real estate pricing, according to CoStar Group…

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Latest CRE Price Analysis Reverses Positive Direction in October

December 9, 2010

Reversing two months of increasing commercial real estate prices, all three of CoStar’s “headline” Commercial Repeat-Sale Indices decreased in October, continuing the recent see-saw performance of commercial real estate pricing, according to CoStar Group…

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Latest CRE Price Analysis Reverses Positive Direction in October

December 9, 2010

Reversing two months of increasing commercial real estate prices, all three of CoStar’s “headline” Commercial Repeat-Sale Indices decreased in October, continuing the recent see-saw performance of commercial real estate pricing, according to CoStar Group…

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Video: ProLogis’s Rakowich Sees Industrial Space Demand Rising

December 3, 2010

Dec. 2 (Bloomberg) — Walter Rakowich, chief executive officer of ProLogis, discusses demand for industrial space and the U.S. commercial real estate market. ProLogis is the world’s largest warehouse owner. Rakowich talks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Reduced Lending Linked To High CRE Exposure

November 11, 2010

Banks with large exposure to commercial real estate before the recent financial crisis have slower rates of lending to other sectors than banks with less exposure according to economists at the Federal Reserve of Chicago

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Reduced Lending Linked To High CRE Exposure

November 11, 2010

Banks with large exposure to commercial real estate before the recent financial crisis have slower rates of lending to other sectors than banks with less exposure according to economists at the Federal Reserve of Chicago

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Video: Cushman’s Mosler Says Commercial Rents to Rise in 2011

November 10, 2010

Nov. 9 (Bloomberg) — Bruce Mosler, co-chairman of Cushman & Wakefield Inc., talks about the outlook for the U.S. commercial real estate market. Mosler talks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Investment Climate Highly Favorable for REITs

November 4, 2010

REITs have been some of the most active players in the CRE investment market in 2010. What’s more, REITs also make up a substantial portion of the widely discussed “capital on the sideline” ready to pounce on commercial real estate investment opportunities…

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CRE Values Bouncing Hard Along the Bottom

October 7, 2010

Composite commercial real estate values reversed their positive trend seen in July and dropped 1.38% for the month of August, according to CoStar Group’s newly released CoStar Commercial Repeat-Sale Indices (CCRSI). This up-and-down pattern is repeated…

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Steve Golove Joins Sonnenblick-Eichner Company as Vice President

October 6, 2010

LOS ANGELES, CA–(Marketwire – October 6, 2010) –  Sonnenblick-Eichner Company is pleased to announce that Steven Golove has joined the company as a Vice President in their Beverly Hills, CA office. Mr. Golove’s responsibilities will be the origination and placement of debt and equity on behalf of the firm’s clients. Mr. Golove brings over 9 years of commercial real estate experience to this position, including having worked for New York City-based Hypo Real Estate Capital Corp., where he negotiated and managed the closing of over $3.5 billion of senior, mezzanine, and construction loan transactions. Most recently, Mr. Golove was employed as a Director of Project Finance with Hilton Hotels Corporation, where he served as its representative in their joint venture partnerships on over $2 billion of domestic hotel investments. In this role, Mr. Golove placed and negotiated the closing of loan facilities and developed capital market sources for the company’s par

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Lease Down (Sept. 19-25): Abbott Sheds 3,000 Jobs, FedEx Consolidates

September 21, 2010

CoStar compiles news of consolidations, closures, layoffs and lease cancellations in the weekly Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. For news on corporate expansions…

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Lease Up (Sept. 19-25): GM Makes a Big Investment, Dassault Moves HQ

September 20, 2010

CoStar compiles news of corporate expansions, relocations and lease extensions in the weekly Lease Up news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. In this week’s issue: GM announces a…

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Best Practices in Distress Investing: No Single Strategy Fits All

September 15, 2010

When it comes to commercial real estate investment, distress is all the buzz. It’s the catchword that seems to always precede the word ‘asset’ and is currently the archetypical investment craze. There has been a downpour of money targeting distressed…

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