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.
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.
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.
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.
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.
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.
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.
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 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.
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.