RECENT NEWS
Guardian Life Signs Lease for 25,000 sf at 60 Broad in NY
September 13, 1999 Guardian Life has signed a 10-year lease for 25,000 square feet at 60 Broad Street, a 1.1 million-sf office building in downtown Manhattan.The building is owned by a venture between Kennedy-Wilson (NASDAQ:KWIC) and Pioneer Holdings,...
Colliers: Class A Office and Industrial Markets Continue to Strengthen Throughout Western U.S.
September 13, 1999 The office and industrial markets in the western U.S. remained healthy throughout the first half of 1999, and is expected to continue past 2000, according to an annual report by Colliers International. Office Market ReviewClass...
Holliday Fenoglio Eyes Additions in New York, Boston
September 13, 1999 Holliday Fenoglio Fowler LP is expected to add high-caliber investment sales professionals in New York and Boston as part of its strategy to become a national player in the investment-sales community.The Dallas unit of Amresco...
Archstone Buys Three Apartment Complexes in Midwest for $72.4 Mln
September 13, 1999 DENVER – Archstone Communities (NYSE:ASN) is buying three apartment complexes in Illinois and Minnesota for $72.4 million.The purchases mark Archstone's entry into the Midwest. The REIT expects to complete another $75 million of Midwestern purchases...
Crown American Cuts Staff Levels and Expenses
September 13, 1999 JOHNSTOWN, Pa. – Crown American Realty Trust (NYSE: CWN) has eliminated 20 positions in its corporate office and three field staff positions, in anticipation of lower construction and development activity.The 12 percent reduction in staffing...
CDL Hotels to Buy Regal Hotels Portfolio
September 10, 1999 A unit of CDL Hotels International of Singapore has agreed to buy the North American portfolio of Regal Hotels International, giving it control of such trophies as the Biltmore Hotel in Los Angeles, the UN...
Southeast Regional Digest
September 10, 1999Investors throw in towel on city block Orlando Sentinel, Sept. 10ORLANDO, Fla. – The Saudi Arabian owners of two-and-a-quarter acres of prime downtown Orlando real estate have given up trying to market the property themselves. Greenwich...
Canadian Digest
September 10, 1999 Shoppers' executives caught up in suitThe National Post, Sept. 10TORONTO—Takeover target Shoppers Drug Mart has lost the second round ofa bitter two-year legal battle with mail-order pharmacist Meditrust Healthcare Inc. Meditrust, which launched a $120-million...
Speculative Office Space on Route 128 Fills Up Quickly
September 10, 1999 By Keith Regan, VertiNews.com CorrespondentLeggat McCall Properties LLC has landed six tenants at its Waltham Woods Corporate Center just a month after completing construction of the property -- news that may encourage more developers to...
Charles E. Smith Residential to Raise $100 Mln Through Preferred Offering
September 10, 1999 ARLINGTON, Va. – Charles E. Smith Residential Realty Inc. (NYSE:SRW) will sell $90 million of convertible preferred shares to GE Capital and $10 million to another institutional investor.Charles E. Smith will issue a total of...
Russians Study Real Estate Business in Bismarck
September 10, 1999 By The Associated PressBISMARCK, N.D. (AP) – Eleven Russian real estate professionals are visiting Bismarck. The group – from five large Russian cities – wants to learn how real estate business is conducted in this...
Detroit Nears Agreement With Developer
September 10, 1999 DETROIT (AP) – A developer is nearing an agreement to spell out terms for a project that city officials have said is key to revitalizing downtown. "My understanding is that a development agreement is very,...
Apollo Real Estate to Inject Capital into Criimi Mae
September 10, 1999 ROCKVILLE, Md. – Criimi Mae Inc. (NYSE:CMM) said an affiliate of Apollo Real Estate Advisors IV will provide it with a $50 million capital infusion as part of a $910 million plan of reorganization that...
PS Business Parks Raised $110 Mln Through Preferred Offering
September 10, 1999 GLENDALE, Calif. – PS Business Parks Inc. (AMEX:PSB) raised $110 million by privately placing preferred shares in its affiliated operating partnership, PS Business Parks LP.Goldman Sachs and Merrill Lynch were exclusive placement agents for an...
Hines Buys Downtown LA Office Building for $215 Mln
September 10, 1999Hines has purchased Sanwa Bank Plaza, a 1 million-square-foot office building in downtown Los Angeles. The firm did not disclose the purchase price, but it is widely believed to have been $215 million, or $215/sf.The building,...
Clarion Makes Investments in Donahue Schriber, NY Office Building
September 10, 1999 NEW YORK – Clarion Partners has made a total of $150 million of investments in Donahue Schriber of Newport Beach, Calif., and a New York office building owned by Taconic Investment Partners.The investment in Donahue...
Jameson Inns Inc. expanding to Louisiana
September 9, 1999 By Carol Muse Evans, VertiNews.com CorrespondentATLANTA, Ga. – Atlanta-based Jameson Inns Inc. (NASDAQ:JAMS), owner of Jameson Inn and Signature Inn hotels, is entering the Louisiana market with the purchase of a Shreveport site for a...
Regency Realty Corp. Completes $160 Mln In Perpetual Preferred Offerings
September 9, 1999 JACKSONVILLE, Fla. – Regency Realty Corporation (NYSE: REG) announced today that its Regency Centers, L.P. sold $85 million of 8.75% Series B cumulative redeemable preferred units and sold $75 million of 9.00%, Series C cumulative...
Bentley Forbes Buys $20 Mln Office, Provides 10-Yr Lease
September 9, 1999 LOS ANGELES – The Bentley Forbes Group LLC bought Capital One Financial Corporation's Tollway Office Center I complex in the Dallas, Texas suburb of Plano for approximately $20 million.As part of the deal, Bentley Forbes...
Glimcher Sells Ticket to Movies for $7.8 Mln
September 9, 1999 CHICAGO – Theatreplex Entertainment Properties Inc. bought a $7.8 million cinema multiplex from Glimcher Properties Limited Partnership, the operating partnership for Glimcher Realty Trust (NYSE: GRT), a real estate investment trust based in Columbus, Ohio.The...
Crown American Modifies Credit Line, But Earnings Will Suffer
September 9, 1999 JOHNSTOWN, Pa. – Crown American Realty Trust (NYSE:CWN) has negotiated a two-year extension and modifications to its secured line of credit from GE Capital Real Estate.The modifications were done in order to fund an expansion...
Prime Buys Property Management Software
September 9, 1999 DENVER – Prime Group Realty Trust (NYSE: PGE) has purchased J.D. Edwards' OneWorld(TM) and WorldSoftware(TM) software package which features fully-integrated property management and financial systems, the software company said today.Chicago-based Prime Group Realty Trust is...
Tishman Speyer Goes Broadband
September 9, 1999 NEW YORK – WinStar Communications Inc. (NASDAQ: WCII) has signed an agreement with Tishman Speyer Properties to offer its Wireless Fiber(SM) service to tenants worldwide. "Having access to fast and reliable broadband technology is essential...
Duke-Weeks Makes It Easier to Buy Its Stock
September 9, 1999 SAN FRANCISCO – A new service offered by Duke-Weeks Realty Corporation (NYSE: DRE), a mixed office and industrial Real Estate Investment Trust (REIT), and StockPower Inc., a Web-based direct investing company allows investors to purchase...
Duke-Weeks Promotes 2 in Central Florida Reorganization
September 9, 1999 By Paul Gereffi, VertiNews.com CorrespondentDuke-Weeks Realty Corp., (NYSE: DRE) a REIT created earlier this year through the combination of Weeks Realty Corp. of Atlanta and Duke Realty Corp. of Indianapolis, has reorganized its Central Florida...
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