The first lease has been signed for 7 World Trade Center between the New York Academy of Sciences and developer Larry Silverstein. The Academy will take occupancy of 40,000 square feet next spring on a 15-year lease.
Tristar Business Communities, the developer of St. Louis's 2,300 acre Gateway Commerce Center, has sold 450 acres to Trammel Crow for a reported $16 million. The park is located near I-255 and I-270 in Madison County, Illinois and has 17 buildings totalling almost 8 million square feet.
TriStar's vision is to eventually sell another 700 acres to Trammell Crow or another developer, Towerman said. TriStar, meanwhile, will develop about 80 remaining acres for retail and smaller industrial uses, he said.
Source: STLtoday - Business - Story
Morgan Stanley Real Estate and Lane Company have entered a $150 million joint venture aimed at apartment acquisitions, condo conversions and new multifamily development in the Southeast. The company will be focusing on high quality apartment investments in good locations throughout the Southeastern US.
«This joint venture between Lane and Morgan Stanley Real Estate allows us to take advantage of opportunities that exist in the Southeast, which has very strong multifamily demographics,» said Lane Company CEO Bill Donges. «The venture will be weighted more heavily towards apartment acquisitions and will target high-quality locations for core through value-added acquisition opportunities.»
A Grubb & Ellis report today predicted a continuing rebound in suburban Philadelphia and South Jersey for 2006. The size of commercial transactions in South Jersey is getting larger and in Pennsylvania the number of large blocks available is declining. Vacancy rates are declining, while construction costs are increasing, so rent increases are expected.
The office vacancy rate in Philadelphia's western suburbs will fall below 20 percent for the first time since 2002, predicted Daniel Brogan, a suburban office adviser with the global commercial real estate firm.
In South Jersey, office vacancy rates are declining rapidly toward 10 percent, and in 2006 the area is expected to lease 400,000 to 500,000 more square feet than comes on the market, said Anne Klein, a Grubb & Ellis senior vice president.
Philadelphia Inquirer | 12/13/2005 | Suburban real estate to continue recovery, firm forecasts
The West Edge, a $116 mixed-use project which will include a boutique hotel, headquarters for an advertising agency and a museum of advertising characters and symbols, broke ground today just off Kansas City's Country Club Plaza. The project, designed by renowned architect Moshe Safdie 40,000 square feet in half a dozen landscaped terraces and an office building surrounded by a large spacious atrium. The project is scheduled for completion by the end of 2007.
The long-awaited project was proposed a year ago, but delays caused by rising costs and design changes slowed the timetable. It is located between Roanoke Parkway and Belleview Avenue, from 48th Street to Ward Parkway and includes 203,000-square feet of office space, a 128-room hotel, 27,000-square feet of retail, 260-seat auditorium and a 1,100-space underground garage.
Kansas City Star | 12/13/2005 | Midday Business Report: West Edge begins
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