Ilaina's Feed
Mar 4, 2013

A casualty of the financial crisis: The corporate palace

March 4 (Reuters) – In the past year, defense company SAIC
Inc has shrunk the office space it either owns or leases
by 306,000 square feet (28,428 sq metres), the size of about
five football fields.

Now, it is thinking about tearing down many of the walls at
its headquarters in McLean, Virginia, replacing private offices
with open-floor layouts. Fewer offices mean the same space can
accommodate more people, which will help cut costs further at a
time when the defense industry is facing a downturn.

Feb 27, 2013

Vornado CEO Fascitelli to leave, chairman to be CEO

NEW YORK, Feb 27 (Reuters) – Vornado Realty Trust,
the second-largest U.S. real estate investment trust after Simon
Property Group Inc, in an unexpected move said on
Wednesday its chief executive officer will step down next month.

Michael Fascitelli, 56, who has been with Vornado for 16
years, serving as CEO for the past four years, said he would
step down on April 15. Chairman Steven Roth, whom Fascitelli
succeeded as CEO in 2009, will resume his dual role of chairman
and CEO. Fascitelli will remain a director on the board.

Feb 27, 2013

Exclusive: Macerich in talks with Starwood for sale of four malls

NEW YORK (Reuters) – Starwood Retail Properties is in talks to buy four lower sales- generating malls from Macerich Co (MAC.N: Quote, Profile, Research, Stock Buzz), two sources familiar with the deal said on Tuesday.

Last year, Macerich put 17 lower sales-generating or “B” malls up for sale to gauge the interest in the assets. The four malls Starwood wants are Rimrock Mall in Billings, Montana; Northridge Mall in Salinas, California; The Centre at Salisbury, Salisbury, Maryland; and Kitsap Mall in Silverdale, Washington.

Feb 20, 2013

Empire State Building investors cool to MacKenzie Capital offer

NEW YORK (Reuters) – An offer by MacKenzie Capital Management LLC to buy 170 units from the owners of the Empire State Building has largely fizzled, according to regulatory documents filed on Tuesday.

MacKenzie made the offer of $110,000 per unit to investors in Empire State Building Associates LLC in December. By the February 8 deadline, MacKenzie had acquired only 13.83 units, according to the filing. There are 3,300 units in total.

Feb 19, 2013

Delhi’s Connaught Place fourth most expensive market for office space

NEW YORK (Reuters) – London elbowed its way past Hong Kong to regain the title as the world’s most expensive market in which to rent office space, while Rio de Janeiro jumped to the No. 3 spot from No. 8, according to a report by global real estate services firm Cushman & Wakefield.

It was the first time since 2008 that London took the top spot. Competition for the scarce high quality office space in London fueled office rents by 2 percent in the city’s West End bolstering rents sufficiently to leapfrog over Hong Kong, according to the report on Tuesday. Office rents in the West End are expected to continue to grow as the economy improves, Cushman & Wakefield said.

Feb 19, 2013

London regains crown as most expensive market for office space: report

NEW YORK (Reuters) – London elbowed its way past Hong Kong to regain the title as the world’s most expensive market in which to rent office space, while Rio de Janeiro jumped to the No. 3 spot from No. 8, according to a report by global real estate services firm Cushman & Wakefield.

It was the first time since 2008 that London took the top spot. Competition for the scarce high quality office space in London fueled office rents by 2 percent in the city’s West End bolstering rents sufficiently to leapfrog over Hong Kong, according to the report on Tuesday. Office rents in the West End are expected to continue to grow as the economy improves, Cushman & Wakefield said.

Feb 19, 2013

Stanford investor body accuses Antigua of aiding Ponzi scheme

NEW YORK (Reuters) – The Official Stanford Investors Committee and the court-appointed receiver of Allen Stanford’s financial empire have sued Antigua and Barbuda, the Eastern Caribbean Central Bank and 23 former Stanford Financial Group Co executives, accusing them of assisting in the financier’s $7 billion Ponzi scheme.

The committee is seeking at least $90 million of transfers to Antigua, according to the complaint filed on February 15 in U.S. Federal Court in Dallas. It also is seeking punitive damages. It accuses Antigua and Barbuda of shielding Stanford’s activities in exchange for loans that were not repaid and real estate.

Feb 18, 2013

Nike has no plans to use Pistorius in future ads

NEW YORK (Reuters) – Nike Inc said on Monday it has no plan to run future ads using Paralympic athlete Oscar Pistorius, charged with murdering his girlfriend, after the South African became the sporting goods maker’s latest sponsored athlete to face trouble.

“Nike has no plans for Oscar Pistorius in upcoming campaigns,” KeJuan Wilkins, a Nike spokesman, said in an email.

Feb 18, 2013

Reader’s Digest parent company files for bankruptcy again

NEW YORK, Feb 18 (Reuters) – The owner of magazine Reader’s
Digest, once the staple of doctors’ offices and coffee tables,
has filed for bankruptcy for the second time in less than four
years, citing a greater-than-expected decline of the media
industry.

RDA Holding Co and more than two dozen affiliates filed for
a pre-negotiated Chapter 11 bankruptcy plan the company says
will allow it to reduce its $534 million debt load by 80
percent, according to documents filed Sunday in U.S. Bankruptcy
court in the Southern District of New York.

Feb 15, 2013

Exclusive: Hines puts two midtown Manhattan office buildings up for sale

NEW YORK (Reuters) – Two midtown Manhattan skyscrapers owned by international real estate firm Hines are up for sale, according to a source familiar with the deal, as sales of New York office buildings show signs of heating up.

Hines, a privately owned, Houston-based real estate investment manager and developer, is selling 499 Park Avenue, the former headquarters of Bloomberg LP and the current headquarters of financial company Cantor Fitzgerald, said the source, who was not authorized to speak publicly about the sale.