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Starwood CEO Sternlicht, Partners to Invest $100M in South Beach Hotel, Condos

Starwood CEO Sternlicht, Partners to Invest $100M in South Beach Hotel, Condos

A consortium including affiliates of Starwood Capital Group, the LeFrak Organization and Invesco Ltd. have purchased a beachfront, mixed-use property in Miami’s South Beach, including a hotel formerly known as the Gansevoort.

Economy Watch: Economy Continues to Create Jobs

Economy Watch: Economy Continues to Create Jobs

The U.S. Bureau of Labor Statistics reported that 243,000 jobs were added to the economy in January. The CBO expects sluggish economic growth for the next two years. And Fed Chairman Bernanke sparred with some members of Congress over monetary policy.

Clarion Partners Buys Pair of Back Bay Office Buildings for $87.1M

Clarion Partners Buys Pair of Back Bay Office Buildings for $87.1M

On behalf of a separate-account client, real estate investment manager Clarion Partners has acquired two adjoining office buildings in Boston’s Back Bay for $87.1 million. The 13-story buildings total 184,000 square feet.

Kentucky’s Springhurst Towne Center Sells for $78M

Kentucky’s Springhurst Towne Center Sells for $78M

In a sale arranged by real estate investment banking firm Savills, one of the firm’s institutional-investor clients picked up the Springhurst Towne Center, an 830,000-square-foot retail complex in Louisville, for $78 million.

Economy Watch: ADP Posits Smaller Jobs Expansion in January

Economy Watch: ADP Posits Smaller Jobs Expansion in January

ADP reported on Wednesday that the U.S. private sector created a net 170,000 jobs in January. The Institute for Supply Management said U.S. manufacturing activity continued to expand. And President Obama outlined his mortgage-refinance proposal.

Jamestown, Rockwood Spend $390M for NYC’s 530 Fifth Ave.

Jamestown, Rockwood Spend $390M for NYC’s 530 Fifth Ave.

Near the close of yesterday’s markets, Jamestown Properties and Rockwood Capital announced the $390 million acquisition of 530 Fifth Ave. — also known as the Bank of New York Building — which is soon to undergo a $20 million renovation to bring the property to Class A standards.

Paramount Group Buys 12-Story, 207 KSF D.C. Office Building

Paramount Group Buys 12-Story, 207 KSF D.C. Office Building

The latest purchase in the D.C. market comes courtesy of Paramount Group Inc., on behalf of Paramount Group Real Estate Fund IV, which picked up the 12-story building at 2099 Pennsylvania Ave.

Novaya Takes 147 KSF of Tech Office Space in Massachusetts

Novaya Takes 147 KSF of Tech Office Space in Massachusetts

Novaya Real Estate Ventures, not yet one month old, has begun to build its portfolio with the acquisition of two office/R&D buildings featuring an aggregate 146,700 square feet in suburban Boston.

Economy Watch: Home Prices Continue Their Slide

Economy Watch: Home Prices Continue Their Slide

Despite rising property sales, most housing markets aren’t seeing rising prices. Consumer confidence, too, dropped by 3.7 points from December to January. But Wall Street saw a rare “golden cross” yesterday, which usually precedes bull markets.

Hines, JP Morgan Acquire Dallas’ Plaza at Legacy Office Complex

Hines, JP Morgan Acquire Dallas’ Plaza at Legacy Office Complex

Eight years after selling The Plaza at Legacy in Plano, Texas, Hines has welcomed the 215,000-square-foot office property back into its portfolio.

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