National Commercial Real Estate News From CoStar Group
Granite Westchase Portfolio Trades for $154.8 Million
Franklin Street Properties Corp. acquired Granite Westchase I and II at 10370 and 10350 Richmond Ave. in Houston, TX, from Granite Properties Inc. for $154.75 million, or approximately $246 per square foot.
The purchase includes two 14-story, Class A office buildings totaling 629,022 square feet and the adjacent parking garage. The Granite Westchase buildings are on 6.5 acres within the Westchase submarket. Westchase I at 10370 Richmond was built...
BPG Lands Major Wells Fargo Consolidation Move In Minneapolis
In one of the biggest office deals to be signed in suburban Minneapolis this year, Wells Fargo Bank, N.A. selected BPG Properties Ltd.'s Metropoint office park for a major consolidation, signing a long-term lease for 477,800 square feet.
Wells Fargo will more than triple the amount of space it currently occupies in the complex as part of the bank's plan to shift its suburban Minneapolis operations to the four-building complex located on the north...
Major CRE Firms Say 3Q Deal Slowdown Reflects Client Caution
The largest publicly traded CRE firms reported leasing and sales activity slowed noticeably in the U.S. during the third quarter as businesses wait on the sidelines for clarity from next week’s election and ensuing efforts to resolve nation’s fiscal debt and tax issues before making major property decisions.
Also in third-quarter earnings calls this week, CEOs of the two largest publicly traded CRE companies said the ongoing debt crisis in Europe...