Biggest S.F. apartment project in years gets go-ahead; 800 jobs
- Oct, 31 2011
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J.K. Dineen Reporter – San Francisco Business Times
Swinerton Builders has received the green light to start work on a long-stalled 749-units apartment complex at 10th and Market Streets.
The $200 million apartment project, being developed by Crescent Heights
, is a central piece of the city’s plan to bring new activity and investment into the city’s Mid-Market neighborhood. The development, originally for-sale condos, was shelved before the recession started in 2008; it was redesigned as apartments last year.
“We got the notice to proceed today,” said Jeffrey Hoopes, president of Swinerton. “Tomorrow we will be moving trailers in and putting up fencing.”
The project will bring significant relief to the ranks of the city’s construction trades, which have struggled with double-digit unemployment for three years. The 10th and Market project will be built all at once, rather than phased, and will be the largest new housing development in San Francisco since the recession started in 2008.
“It’s pretty exciting. We’ve been waiting for some of the larger projects to start,” said Hoopes. “At the peak there will be 800 workers on that site.”
Swinerton is also the general contractor on phase two of Angelo Sangiacomo’s Trinity Place, a 417-unit rental project at Eighth and Mission. The two developments represent 1167 new Mid-Market housing units. Earlier this year the San Francisco Board of Supervisors passed a Mid-Market payroll tax break in an effort to lure tech firms to the area. The geographically target tax break resulted in Twitter’s announcement that it was moving to 1355 Market St., the former San Francisco Furniture Mart building.
Glenn Rescalvo of Handel Architects, who also worked on the Millennium project at First and Mission streets, designed the revised project.
J.K. Dineen covers real estate for the San Francisco Business Times.
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Crawford resigns as interim EDC leader
- Oct, 31 2011
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John Crawford
John Crawford has resigned as interim president and CEO of the Economic Development Corp. of Kansas City.
Longtime Assistant City Manager Bob Langenkamp will assume Crawford’s role on an interim basis until a permanent replacement is found.
No reason was given for Crawford’s resignation, and it was not clear whether Crawford tendered his resignation or was asked for it.
“I would like to extend my thanks to John for his service to the city and EDC,” Mayor Sly James said in a written statement.
The EDC is on contract with Kansas City to administer tax incentive and development programs and provides staff to statutory development agencies such as the Tax Increment Financing Commission of Kansas City and the Land Clearance for Redevelopment Authority.
Kansas City is conducting a nationwide search for a permanent head of the EDC and expects to conclude the process by the end of the year.
Crawford took over on an interim basis after former EDC President Jeff Kaczmarek resigned in July.
John Crawford has resigned as interim president and CEO of the Economic Development Corp. of Kansas City.
Longtime Assistant City Manager Bob Langenkamp will assume Crawford’s role on an interim basis until a permanent replacement is found.
No reason was given for Crawford’s resignation, and it was not clear whether Crawford tendered his resignation or was asked for it.
“I would like to extend my thanks to John for his service to the city and EDC,” Mayor Sly James said in a written statement.
The EDC is on contract with Kansas City to administer tax incentive and development programs and provides staff to statutory development agencies such as the Tax Increment Financing Commission of Kansas City and the Land Clearance for Redevelopment Authority.
Kansas City is conducting a nationwide search for a permanent head of the EDC and expects to conclude the process by the end of the year.
Crawford took over on an interim basis after former EDC President Jeff Kaczmarek resigned in July.
Cousins reaches agrement on Promenade II
- Oct, 28 2011
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Doug Sams Staff Writer – Atlanta Business Chronicle
Atlanta based Cousins Properties
Inc. has reached an agreement to buy the 38-story Midtown office tower Promenade II for at least $160 per square foot, according to sources familiar with the deal.
Cousins struck the agreement late Friday afternoon with Promenade II owner Beacon Capital Partners LLC of Boston, which earlier this year purchased the tower and other Charter Hall U.S. assets for $1.7 billion. Beacon Capital chose to spin off some of the portfolio, including Promenade II, because Atlanta is not one of its core markets.
Cousins Properties is expected to complete the transaction for the 774,000-square-foot dark glass tower with the ziggurat spire by the end of the quarter, if not sooner. Promenade II stands in the heart of Midtown in the 14th street corridor among other well-known Atlanta towers including 1180 Peachtree and One Atlantic Center. Promenade II once housed the regional offices for ATT.
Cousins Properties now has trophy towers in all the intown Atlanta office markets along Peachtree Street, from Buckhead, where it developed its three-building mixed-use Terminus complex at Peachtree and Piedmont, to downtown, where it has the 50-story One Ninety One Peachtree tower.
Douglas Sams covers Commercial Real Estate
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CBRE posts 12 percent rise in quarterly profits
- Oct, 28 2011
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Real estate services company CBRE Group Inc.
reported a 12 percent increase in third-quarter profits due to strong property and leasing revenue.
Los Angeles-based CBRE said net income rose to $63.8 million, or 20 cents a share, up from $57 million, or 18 cents a share, a year ago. CBRE’s Hawaii operation is the second-largest commercial real estate firm in the Islands, according to PBN research.
Excluding selected charges such as write-downs and acquisition-related costs, earnings totaled $77.7 million, or 24 cents a share, up from $62.4 million, or 20 cents a share, in the year-ago quarter.
Revenue for the quarter jumped 21 percent to $1.5 billion from $1.3 billion in the third quarter of 2010.
“Global revenue rose significantly in nearly all of our major service lines and geographies, reflecting the durability of the commercial real estate market recovery, coupled with our ability to improve market share in an uneven macro environment.” CBRE Chief Executive Brett White said in a statement.
Global property sales jumped 23 percent, buoyed by a 42 percent increase in sales in the Americas, while property leasing revenue grew 19 percent.
“Particularly notable was the strong growth in outsourcing, where we are benefiting from our focus on expanding our contractual relationships with space occupiers, especially in Europe and Asia Pacific,” White said.
Outsourcing revenue rose 19 percent, the strongest growth rate for this business line since the third quarter of 2008, as the company gained new clients and expanded its reach abroad.
“Globally, the commercial real estate market recovery continues, albeit hesitantly, amid weak growth in many of the world’s leading economies,” White said. “That said, our third-quarter results demonstrate our ability to perform for clients and shareholders in a difficult market environment. We are very well positioned for this recovery cycle, with a strong balance sheet, and remain keenly focused on sustaining our growth and improving our operating leverage going forward.”
Plaza Cos. lands deal to manage ASU properties
- Oct, 28 2011
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Plaza Cos. was tapped by Arizona State University
Foundation for a New American University to provide property management and leasing services for the ASU Fulton Center.
The 146,000-square-foot building at 300 E. University Drive in Tempe serves as the headquarters for the foundation and the offices of ASU’s leadership. As part of the deal, Plaza also will manage the College Avenue Marketplace at 777 S. College Ave., a two-story retail/office building next to the Fulton Center.
This project is one of the largest buildings in Plaza’s property management portfolio.
Plaza hired Bonnie Campbell to serve as property manager for the two ASU properties. Don Thaggard has been named as building engineer for the properties.
Sharon Harper, president and CEO of Plaza Cos., called the new contract with the ASU Foundation a great accomplishment.
“We are very pleased to be able to expand our already strong relationship with Arizona State University and the ASU Foundation,” Harper said. “The Fulton Center has quickly become one of the most iconic properties in the entire Valley of the Sun, and it is truly a state-of-the-art facility in every way. The Plaza team is looking forward to providing these key services in support of the important missions of the university and the foundation.”
Plaza has been working for the past several years with the ASU Foundation at SkySong, the ASU Scottsdale Innovation Center. Plaza is the developer of the project in partnership with the ASU Foundation and USAA Real Estate Company. Plaza provides property management services for the two buildings at SkySong.
Based in Peoria, Plaza has more than 5.5 million square feet valued at $1 billion in its portfolio. In the third quarter of 2011, Plaza generated more than $8 million in new and renewal leases, which includes 40 lease transactions totaling 88,000 square feet throughout the Valley and Tucson.
Washington Real Estate Investment Trust reports weaker earnings
- Oct, 27 2011
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Washington Real Estate Investment Trust posted weaker earnings for the third quarter despite its efforts sell off weaker-performing properties including most of its industrial properties in the Washington area.
For the quarter ended Sept. 30, the Rockville-based REIT posted funds from operations of $30.8 million, or 46 cents per share, compared to $30.9 million, or 49 cents per share, for the third quarter of 2010. Funds from operations is the standard measurement of real estate investment trusts.
The company also reported net income of $63 million, or 95 cents per share, compared to $6.6 million, or 10 cents per share, for the third quarter of 2010. Washington Real Estate (NYSE: WRIT)’s improved earnings came from $56.6 million, or 86 cents per share, in real estate sales for the quarter.
In a statement, Washington Real Estate CEO George “Skip” MacKenzie said he believes the company is taking the right steps to improve its financial outlook amid the uncertain environment for commercial real estate leasing.
Washington Real Estate Investment Trust posted weaker earnings for the third quarter despite its efforts sell off weaker-performing properties including most of its industrial properties in the Washington area.
For the quarter ended Sept. 30, the Rockville-based REIT posted funds from operations of $30.8 million, or 46 cents per share, compared to $30.9 million, or 49 cents per share, for the third quarter of 2010. Funds from operations is the standard measurement of real estate investment trusts.
The company also reported net income of $63 million, or 95 cents per share, compared to $6.6 million, or 10 cents per share, for the third quarter of 2010. Washington Real Estate (NYSE: WRIT)’s improved earnings came from $56.6 million, or 86 cents per share, in real estate sales for the quarter.
In a statement, Washington Real Estate CEO George “Skip” MacKenzie said he believes the company is taking the right steps to improve its financial outlook amid the uncertain environment for commercial real estate leasing.
First Potomac outlook improves
- Oct, 27 2011
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First Potomac Realty Trust CEO Douglas Donatelli
First Potomac Realty Trust
reported improved earnings for the third quarter as it continued to expand its presence in the D.C. region, the company reported Thursday.
For the three months ended Sept. 30, the company posted funds from operations of $10.6 million, or 21 cents per share, up 31 percent from the third quarter of 2010. At the same time, the Bethesda-based First Potomac (NYSE:FPO) reported a greater net loss for the quarter of $3.7 million, or 12 cents per share, up from $2.9 million, or 8 cents per share, for the third quarter of 2010.
First Potomac reported a $3.1 million impairment charge tied to its Airpark Place property as contributing to its increased losses for the period.
Company CEO Douglas Donatelli noted in a statement the company signed more than 1.1 million square feet of leases in the third quarter and made several acquisitions that stand to further improve First Potomac’s balance sheet in the future.
“Business in the greater Washington region are seeking efficient buildings in attractive, amenity-rich and transportation-friendly locations,” Donatelli said. “We remain excited by the opportunity to drive additional earnings growth as we continue to lease up our properties and realize the significant embedded value in our portfolio.”
First Potomac Realty Trust
reported improved earnings for the third quarter as it continued to expand its presence in the D.C. region, the company reported Thursday.
For the three months ended Sept. 30, the company posted funds from operations of $10.6 million, or 21 cents per share, up 31 percent from the third quarter of 2010. At the same time, the Bethesda-based First Potomac (NYSE:FPO) reported a greater net loss for the quarter of $3.7 million, or 12 cents per share, up from $2.9 million, or 8 cents per share, for the third quarter of 2010.
First Potomac reported a $3.1 million impairment charge tied to its Airpark Place property as contributing to its increased losses for the period.
Company CEO Douglas Donatelli noted in a statement the company signed more than 1.1 million square feet of leases in the third quarter and made several acquisitions that stand to further improve First Potomac’s balance sheet in the future.
“Business in the greater Washington region are seeking efficient buildings in attractive, amenity-rich and transportation-friendly locations,” Donatelli said. “We remain excited by the opportunity to drive additional earnings growth as we continue to lease up our properties and realize the significant embedded value in our portfolio.”
Video: Chris Peatross of Swift Realty talks Bay Area real estate
- Oct, 27 2011
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PDC to consider Galleria deal
- Oct, 25 2011
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The Portland Development Commission
will consider whether it will help a prominent developer attract a “large format retailer” for downtown’s Galleria Building.
Essentially, PDC would hold off on long-developing plans to revamp the Southwest 10th and Yamhill Smart Park Garage so that Galleria owner the Bill Naito Company
can work to redevelop the structure. The Galleria is at Southwest 10th Avenue and Morrison Street.
The city is said to be seeking a Target Corp.
store for the location.
PDC commissioners plan to mull a “negative financing agreement” that would ban PDC from funding any 10th and Yamhill garage project that reduces parking availability. The agreement would last for two years from the time a large tenant moves into the Galleria.
The agreement, which commissioners will consider at Wednesday’s PDC meeting, also sets a timeline on the discussions. The Naito company need to complete its negotiations to fill the Galleria by May 15.
The garage and Galleria renovation projects have been on similar paths for at least the past four years. Developer John Carroll has long championed sprucing up the site.
The Galleria work is expected to “reinvigorate a former historic retail venue and provide a significant anchor” to downtown’s businesses, according
Horse spectacle Cavalia prepares for Pearl District debut
- Oct, 25 2011
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Cavalia, the circus-like horse spectacle, cranked into high gear Tuesday when it raised its tent on a bare lot in the Pearl District.
The Montreal-based touring group erected its primary tent in the shadow of the Fremont Bridge. At more than 26,000 square feet, the Cavalia big top is the largest touring tent in the world. The tent —and seven more to house offices, horse stables and other functions — are being installed in the weeks leading up to Cavalia’s Nov. 16 premier. The 19-show run will conclude Dec. 4.
Click here to view a slideshow of the Cavalia site in the Pearl District, including the rising of a 26,264-square-foot big top, which is considered the world’s largest touring tent.
Cavalia — pronounced Caval-a-ah — is the brainchild of Cirque du Soleil co-founder Normand Latourelle. Latourelle broke off to form a new venture exploring the connection between humans and horses. The result is a high tech show that with 41 human performers and 42 horses that mixes horsemanship with acrobatics and a good dose of human-horse history.
Cavalia promises to inject more than whimsey into Portland. Latourelle said Cavalia will spend about $3 million in Portland to lease the show site, rent apartments for Cavalia’s 100-plus staff members and performers and and other costs, including advertising and utilities.
Its three-plus block site in the Pearl District is leased from Hoyt Street Properties
.
Latourelle said he’s optimistic the investment in Portland will pay off. With nearly a month to go before the premier, Cavalia has pre-sold about 10,000 tickets, out of about 38,000 available.
Ticket prices start at $24.50 for children during weekday performances to nearly $200 for adults during prime weekend performances, excluding service charges. “Horse lover” packages include tours of Cavalia’s stable tent.
Visit Cavalia’s web site or the box office, 1350 N.W. Savier St., for information.
