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Blackstone Sells Pair of Santa Monica Office Bldgs. to Douglas Emmett, Qatar Investment Authority JV for Top Dollar
(COSTAR) - 10 hours, 53 minutes ago...
Blackstone Group this week sold a pair of Santa Monica office buildings totaling about 292,667 square feet to a joint venture of Los Angeles-based Douglas Emmett, Inc. and the Qatar Investment Authority, commanding a premium sale price of approximately $352.8 million. At about $1,205 per square foot, the office deal ranks as one of the priciest in Southern California to close this year. Blackstone has owned the buildings since its 2007 acquisition......
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Apartment REITs Feeling Pinch of Rising Urban Supply, Declining Rents
(COSTAR) - 10 hours, 53 minutes ago...
Publicly traded apartment REITs that have led the surge in downtown luxury apartment construction since 2009 are trying to adjust as rents in higher-end urban markets continue to decline, prompting some large developers such as AvalonBay Communities Inc. (NYSE: AVB) to shut down new construction starts in the CBD to pursue projects in better-performing suburbs. Having borne the brunt of declines in U.S. apartment rents since the third quarter of......
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How New Mexico is benefitting from Colorado's high cost of living
(BIZ Journals) - 10 hours, 53 minutes ago...
For several years, Colorado and other states have experienced a construction boom while neighboring New Mexico has seen some of the worst job losses in the industry, leaving the question of whether the state can still find qualified residents to fill those jobs, or whether workers have left for greener pastures. But between February and March, New Mexico added 1,500 construction jobs, a 3.4 percent increase, the largest percentage increase in the nation, according to data from the U.S. Departme...
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DBJ & 9News 9Neighborhoods: Morrison, where dinosaurs walked and musicians flock (Photos)
(BIZ Journals) - 10 hours, 53 minutes ago...
Tucked into the foothills just west of Lakewood and about 15 miles from Denver is the town of Morrison, home to about 500 people, site of one of the world's most renowned concert venues, and gateway to many popular mountain attractions. And the history of Morrison includes the discovery of dinosaurs. In March of 1877, Arthur Lakes, a professor and geologist, discovered massive dinosaur bones along the Dakota hogback in Morrison. Lakes hoped an expert would be interested in his find and wo...
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Patti Payne's Cool Pads: Bainbridge waterfront estate listed for $2M after 101 years in the Nute family (Photos)
(BIZ Journals) - 10 hours, 53 minutes ago...
A rare property has just come available on Bainbridge. Listed for $2 million, the waterfront estate sits in a private bight (inlet or cove) off Restoration Point and dates back more than a century under the Nute family. “After 101 years, a new owner now has a rare opportunity to own this southerly estate with its commanding view of Mount Rainier, Puget Sound and downtown Seattle,” says Windermere broker Marilyn Smith, who has the listing. I spoke to Ret. Navy Cmdr. John Nute, who ...
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Oakland modular tower proposal gets downsized, reveals designs
(BIZ Journals) - 10 hours, 53 minutes ago...
Developer RAD Urban is moving forward with two of the tallest modular towers proposed in the U.S., but has downsized one of its proposals. The Oakland-based developer is seeking approval for a 29-story residential building at Oakland's 2044 Franklin St., shorter than an earlier 40-story preliminary proposal for the site. The current plan calls for 179 apartments and a three-story townhouse component with five homes. It would also include 57,000 square feet of office space and 5,000 square ...
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Can Seattle teach San Francisco how to make housing happen?
(BIZ Journals) - 10 hours, 53 minutes ago...
Seattle builds more housing than San Francisco does. A lot more. Based on our cover story today, it has managed to add about twice as many units as San Francisco has going back several years. While Seattle residents may think they have a housing crisis (and they do, as I lived there for several years), the numbers show it's less severe than the one experienced here. In either case, the way to resolve a housing crisis in an urban area requires looking outside city limits, experts say. And ...
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Portland renters would have to boost their budgets to buy a median home in the region
(BIZ Journals) - 10 hours, 53 minutes ago...
A new study from real estate company Zillow found that a typical renter in the United States could purchase a home that's nearly 50 percent more expensive than the median value and still keep their same monthly housing budget. Renters in Portland, however, are not typical. According to Zillow, the trend bucks the opposite way in the Rose City, where the median rent is $1,895 and the median home value is $414,800. That means that a monthly rent payment wouldn't be enough to cover the ...
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Arizona’s ‘Mr. Canada’ is confident US, Canada relations will survive NAFTA changes, Trump trade talk
(BIZ Journals) - 10 hours, 53 minutes ago...
Glenn Williamson is often referred to as Arizona’s ‘Mr. Canada.’ He is the CEO and founder of the Canada Arizona Business Council. He’s also an honorary counsel for the Canadian government and CEO of investment firm Nest Ventures. Williamson is hopeful and confident the Trump administration’s imposition of tariffs on Canadian lumber and the White House’s bid to rework the North American Free Trade Agreement won’t do lasting harm to economic relations....
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How New Mexico firms are benefiting from Colorado's construction boom
(BIZ Journals) - 10 hours, 53 minutes ago...
For several years neighboring states such as Colorado have experienced a construction boom while New Mexico has seen some of the worst job losses in the industry, leaving the question of whether the state can still find qualified residents to fill those jobs, or whether workers have left for greener pastures. But between February and March, New Mexico added 1,500 construction jobs, a 3.4 percent increase, the largest percentage increase in the nation, according to data from the U.S. Department ...
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