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Oct 9, 2012

Ivanhoé Cambridge buys more Silicon Valley apartment buildings

NEW YORK, Oct 9 (Reuters) – Ivanhoé Cambridge Inc has
expanded its apartment ownership in Silicon Valley, spending
$234 million for a project under construction and an existing
building, the real estate arm of Canadian pension fund Caisse de
dépôt et placement du Québec said Tuesday.

Ivanhoé Cambridge said it spent $63 million, which includes
$2.5 million for upgrades, to buy Kimberly Woods, a 208-unit
building near four other complexes it already owns.

Oct 5, 2012

Amazon pays top dollar to buy Seattle HQ

Oct 5 (Reuters) – Amazon.com Inc said on Friday it
will spend over $1 billion to buy its Seattle corporate
headquarters in what will be the United States’ biggest
commercial real estate deal so far this year for a single
location.

The world’s largest Internet retailer plans to buy a complex
of 11 buildings in the trendy South Lake Union area, comprising
1.8 million square feet of office space, for $1.16 billion from
Microsoft Corp co-founder Paul Allen’s investment firm.

Oct 4, 2012

U.S. strip mall recovery stalls in the third quarter

NEW YORK (Reuters) – The nascent recovery at U.S. strip malls stalled in the third quarter as retail sales struggled. But large regional malls continued to rebound, driven by top-quality malls with high-end department and specialty stores, real estate research firm Reis Inc said Thursday.

The retail real estate sector has been among the hardest hit in commercial property. At the mercy of consumer spending, the sector has reflected the diverse pressures and changes since the housing crisis began in 2007.

Oct 3, 2012

U.S. economy may be nipping at apartment sector

NEW YORK, Oct 3 (Reuters) – The U.S. apartment sector posted
its smallest vacancy decline in nearly two years, raising the
possibility that the strongest commercial real estate category
may be succumbing to the sluggish economy, according to real
estate research firm Reis Inc.

For nearly two years apartment landlords have been able to
boost rents and fill their buildings as Americans, either burned
by the housing bust or unable to get a mortgage, turned to
renting instead of owning a home.

Oct 2, 2012

Demand for Manhattan office space soft in Q3: Cushman & Wakefield

NEW YORK (Reuters) – The Manhattan office vacancy rate ticked up in the third quarter and average rent was essentially flat, as demand for office space remained soft, real estate services company Cushman & Wakefield said on Tuesday.

The overall Manhattan vacancy rate at the end of the third quarter stood at 9.6 percent, up from 9.3 percent a year earlier and from 9.0 from in the second quarter, said the report.

Oct 2, 2012

U.S. office market barely gains in third quarter

NEW YORK, Oct 2 (Reuters) – The U.S. office market recovery
remained stalled in the third quarter as uncertainty over the
upcoming federal elections, U.S. tax policy and Europe’s fiscal
problems crimped job growth, keeping demand for office space
limp and rent growth anemic.

“We’re stuck,” said Ryan Severino, senior economist for Reis
Inc, which released its third-quarter office report on Tuesday.

Sep 10, 2012

General Growth board rejects Ackman call to sell

NEW YORK (Reuters) – The board of General Growth Properties Inc (GGP.N: Quote, Profile, Research, Stock Buzz) on Monday rejected activist investor Bill Ackman’s call for the company to consider selling itself, saying its shareholders would be best served by the company sticking to its current business plan.

“After reviewing your letters and giving the matters you raised serious consideration, the Board has unanimously determined that the best value for all shareholders will be achieved by GGP continuing to execute on its well-conceived business plan,” the board said in a letter to Ackman contained in a filing with the U.S. Securities and Exchange Commission.

Sep 6, 2012

Empire State Realty Trust names proposed board members

NEW YORK (Reuters) – The group leading the effort to create a publicly traded company with the Empire State Building as its centerpiece named a half dozen independent directors to join its future board, according to a regulatory filing on Thursday.

Empire State Realty Trust Inc’s group of proposed directors includes a slate of commercial real estate veterans such as Thomas DeRosa, the former vice chairman and chief financial officer of the Rouse Co, according to the filing.

Sep 6, 2012

Companies use World Trade Center as rental bargaining chip

NEW YORK (Reuters) – Companies renegotiating their property leases in New York are seeking lower rents by playing the World Trade Center card — threatening to move to the towers rising from the rubble of the 9/11 attacks.

Many brokers and landlords say they’re just bluffing.

The WTC is struggling to fill its millions of square feet of office space at the southern edge of Manhattan amid a real estate slowdown all across the city. It is so bad that construction is set to be halted on two of the four towers planned for the WTC complex until tenants sign up.

Aug 1, 2012

General Growth 2nd quarter beats Wall Street’s forecast

NEW YORK, Aug 1 (Reuters) – General Growth Properties Inc
, the No. 2 U.S. mall owner, on Wednesday raised its
forecast for the year after reporting a quarterly earnings
measure that rose 24.1 percent, on higher rent and occupancy,
beating Wall Street’s forecast.

The company posted second-quarter core funds from operations
(FFO) of $228.3 million, or 23 cents per share, compared with
$184.0 million, or 18 cents a share, a year ago.