Preparing to answer growing demand induced by the federal government’s Base Realignment and Closure process, Merritt Properties wraps up the acquisition of a nearly 36-acre site for the development of a 265,900-square-foot office park in Aberdeen, Maryland.
The premier office tower at 300 Park Avenue in New York City did not have debt attached to it a few days ago, but it does now.
The Orlando market, one of the harder-hit during the recession, is seeing some action.
According to Cole senior vice president of structured finance Matthew Donnelly, there was a highly competitive atmosphere for the debt on the property, allowing for favorable rates and terms.
The developer has quietly taken the property out of receivership.
Cassidy Turley’s latest expansion move did more than give the company a full-service presence in Denver. The fast-growing company, formed on March 1 with the partnership of a number of former Colliers firms and an assortment of others, found in Denver heavyweight Fuller Real Estate a “perfect fit.”
The Oxford Square transit-oriented development project in Hanover, Md., just got a substantial boost–in the form of preferred equity capital totaling $17.5 million from Canyon-Johnson Urban Funds. And while mixed-use projects are hardly rare in the area today, BRAC promises to increase demand in the near future.
Three years ago, the entire industry would have scoffed at the idea of acquiring the leasehold interest in a premier 1 million-square-foot Philadelphia office building for a measly $129 million, but Brandywine Realty Trust has succeeded in doing just that.
Now that Akridge and Rockwood have taken the property off the hands of the U.S. General Services Administration, the federal government’s real estate division, the team plans to submit the building to a major upgrade in order to mold it into a Class A office facility.
When completed three years from now, the skyscraper will be New York’s tallest at 1,776 feet. Should the Conde Nast deal come to pass, the company will likely move from its 800,000 square feet at 4 Times Square in 2014.