Wednesday, October 16, 2013

Major Office Deals in NY, LA and San Francisco Demonstrate Rising Market Optimism

National Commercial Real Estate News From CoStar Group

Major Office Deals in NY, LA and San Francisco Demonstrate Rising Market Optimism

Several big deal office investments announced this week underscore investors' growing optimism for the foremost segment of the nation’s commercial real estate market even as they hope the unsightly spectacle in Washington does little real harm to the recovering economy.
In New York this week, buyers continue to make this one of the top investments markets in the world. So in demand is this market, that existing owners are reluctant to let go of...

Grosvenor Pays $167.5M for Seattle Office Portfolio

Grosvenor Americas has acquired an 11-building office portfolio in Seattle, WA from developer Schnitzer West for $167.5 million, or about $235 per square foot.
The properties, totaling 712,460 square feet of class A office space in the Bothell/Kenmore submarket of King County, are part of the 125-acre Schnitzer North Creek office campus, comprised of 24 buildings totaling 1.1 million square feet built in 1999 and 2000. Just 20 minutes from downtown...

Vornado Completes $194M Assemblage in NYC

Vornado Realty Trust (NYSE: VNO) has acquired the land and air rights for its planned development at 220 Central Park South, for $194 million.
Current zoning on the 3.15-acre site would allow for 137,000 buildable square feet at the site, located in the Columbus Circle submarket of Manhattan.
Having completed its assemblage, the buyer will begin construction on a 920-foot luxury residential condominium tower totaling 472,000 square feet...

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