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1. BizJournals - Banking & Finance
2. BizJournals - Commercial Real Estate
3. Costar - Boston Market
4. GlobeSt. - Northeast
5. Commercial Property News - Northeast
6. Commercial Property News - Finance
7. Wall Street Journal - Commercial Real Estate |
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Commercial Banking News - Commercial Banking News Headlines | Bizjournals.com
Banking & Financial Services: headlines from the week of March 8, 2010
Old Southern Bank seized, changes hands
Old Southern Bank was closed late Friday by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corp. as receiver.
FireHost gets $2 million in funding
FireHost Inc., a secure Web hosting firm with operations in Texas and Arizona, has closed a $2 million round of funding after only three months.
IBC may face $21.8 million judgment related to dispute
International Bancshares Corp. has lost a court battle in Oklahoma related to its 2004 acquisition of Local Financial Corp. (IBOC)
WaMu bankruptcy deal may leave shareholders with nothing
A monumental deal struck Friday in the bankruptcy of Washington Mutual?s holding company is likely to leave the failed bank?s common shareholders with nothing and could spark a further legal battle in the months-long, complicated bankruptcy case. (JPM)
Colorado sees low use of stimulus mortgage-modifiction program
Colorado?s use of the federal government?s stimulus-related Home Affordable Modification Program (HAMP) is relatively low as of February, according to a report released Friday by the U.S. Treasury and Housing and Urban Development departments.
Sonabank CEO made $443k in 2009
Georgia Derrico, chairman and CEO of McLean-based Southern National Bancorp of Virginia Inc., made $442,636 in 2009, 12.5 percent more than she made in 2008, according to the company?s proxy statement released Friday.
New Mexico bank, thrift losses grow
New Mexico?s banks and thrifts saw their losses increase by more than $100 million in the fourth quarter, reaching a year-to-date net loss of $119 million, according to the Federal Deposit Insurance Corp.
M&I chief?s compensation drops by half
Marshall & Ilsley Corp. chief executive officer Mark Furlong saw his total compensation cut in half in 2009 mainly due to receiving no stock option awards in 2009. (MI)
Patina Solutions opens Boston office
Patina Solutions, a Brookfield provider of professional business talent for short-term projects and assignments, has opened an office in Boston to give the company its fourth location since the company's inception at the end of 2008.
IberiaBank announces Bham board leader
IberiaBank said local banking executive W. Charles Mayer III has joined the company and will head its Birmingham advisory board.
Archtax owner gets 3 years in prison
A former tax preparer who owned Archtax in St. Louis County was sentenced to three years in prison Friday for failing to pay federal taxes and stealing tax refunds from his ex-clients.
Standard & Poor's downgrades Regions
Regions Financial Corp. (NYSE: RF) has been downgraded by Standard & Poor?s Rating Services, which said the bank?s credit quality has not yet stabilized. (RF)
Scottrade scammer sentenced to prison
A Pennsylvania man, formerly of Florida, was sentenced to one year and one day in prison on fraud charges involving his impersonation of Scottrade clients.
Jeb Hensarling appointed to Obama's fiscal commission
U.S. Rep. Jeb Hensarling, R-Dallas, has been appointed to President Obama?s National Commission on Fiscal Responsibility and Reform.
Tribune: FDIC seeks bidders for Amcore
The Federal Deposit Insurance Corp. is seeking bids from healthy banks to buy Amcore Bank, a Rockford, Ill.-based bank that has a branch in Wauwatosa, and maybe a half dozen other struggling Chicago-area financial institutions, according to a report Friday by the Chicago Tribune. (AMFI)
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Commercial Real Estate Industry News Headlines | Bizjournals.com
Commercial Real Estate: headlines from the week of March 8, 2010
Owner of Super Bowl champs to visit San Antonio
Tom Benson, owner of the Super Bowl Champion New Orleans Saints, will give the keynote address at the Salvation Army?s annual banquet in San Antonio on May 11 at the Oak Hills Country Club.
JEDC: Hillwood must spend $272M to get Cecil land ready
The city of Jacksonville says the proposed contract with Cecil Commerce Center?s master developer is fair considering the hundreds of millions of dollars it will have to spend to bring the land to market.
Shidler REIT outsources leasing
Hawaii?s largest owner of office buildings will start outsourcing its leasing activity for 1.6 million square feet of office space in Honolulu next month to a new commercial real estate company.
Sea Gate Plaza project in foreclosure
The stalled Sea Gate Plaza office project in Fort Lauderdale could be seized in a foreclosure lawsuit.
Birmingham area home sales up 14% in February
Birmingham area home sales picked up in February, as the traditional buying time in the real estate industry approaches.
American Society of Nephrology buys H Street space
The American Society of Nephrology plans to buy two floors in a renovated office condo building near the White House, 1510 H St. NW.
Report: Birmingham office leasing to rise in 2010
Increased leasing activity in Birmingham?s office market will continue through 2010, putting pressure on rates, according to an office market overview.
Medivation terminates S.F. lease
San Francisco biotech Medivation has terminated its 63,817-square-foot lease at 345 Spear St., a move that comes just days after the company announced negative results of a Phase III trial for Dimebon, the Alzheimer?s drug the company is developing with Pfizer.
City of Austin buys $5.5M plot for park
The city of Austin this week purchased land to expand the Barton Creek Wilderness Park in Southwest Austin, saving 13 acres slated for commercial development.
American Spectrum Realty gets delisting notice from AMEX
American Spectrum Realty Inc. has received notice from the American Stock Exchange that it is at risk for being delisted.
Northrop taking space in Harford Co.
Northrop Grumman Corp. (NYSE:NOC) confirmed Friday it will move into an office building being built North Gate Business Park at Aberdeen Proving Grounds. (NOC) (OFC)
Builders group hires executive director
The Metropolitan Builders Association has hired Richard Hodges as the organization?s executive director following a nationwide search.
NHI buys three nursing homes, hospital
National Health Investors Inc. has announced the purchased of three assisted-living facilities and a psychiatric hospital, the company announced today, as part of $29.7 million in deals that will turn NHI into a landlord for the facilities' operators.
Penrose Group wins suit against Camalier, Davis families
Two prominent Maryland families improperly blocked Penrose Group from getting financing to build a high-rise apartment project in Bethesda and were ordered to pay Penrose $36 million in damages, a jury decided Thursday.
Jason?s Deli to open in Cary's Crossroads Plaza
Jason?s Deli will open it first restaurant in Cary ? at Crossroads Plaza in the fall. It will be the company?s fourth location in the Triangle.
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Boston Commercial Real Estate News From CoStar Group
CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of commercial real estate information and commercial property listings available in its markets.
CoStar's People of Note (March 7-13)
This week's People of Note includes the following markets: Los Angeles, New York City, Northern New Jersey and Orange County
LOS ANGELES
Studley Names Wilder as Senior Managing Director
The West Los Angeles office of Studley promoted Stacy A. Wilder...
HHS Leases 114,500 SF in Quincy
The Executive Office of Health and Human Services for Massachusetts signed a lease for 114,451 square feet of office space at HarborSouth Tower in Quincy. MassHealth and other related divisions will occupy floors four through eight at 100 Hancock St....
Former Trammell Crow Exec Joins Goedecke & Co.
Goedecke & Co. LLC, an independent commercial mortgage banking company, appointed Paul J. Barry Jr. as senior vice president in the company?s Boston office. As senior vice president, Barry will be responsible for the origination of debt, equity and structured...
CBRE Names CFO; Turns Over Reins of Private Client Group
Gil Borok was promoted to chief financial officer of CB Richard Ellis Group Inc. He takes over from Bob Sulentic who will continue as CBRE?s president running day-to-day operations and principal business activities worldwide. Both will report to CEO Brett...
Finch Group Sells North Falmouth Hotel Complex
The Finch Group sold the Sea Crest Resort & Conference Center in North Falmouth, MA, to the partnership of ING Clarion Development Ventures III and Scout Real Estate Capital for nearly $20.33 million, or about $76,410 per room.
The 190,000-square-foot...
Cassidy Turley Adds Vast Experience
Cassidy Turley has named Peter Ruggiero and Lisa Birrittieri as managing director and vice president of U.S. Capital Markets, respectively. They join the newly formed Cassidy Turley after experiencing success as part of Colliers Investment Services Group...
CVS Pharmacy in Kingston Sells for $2.8M
Kingston Summer LP sold the CVS Pharmacy property at 189 Summer St. in Kingston, MA, to Frank Sullivan for $2.77 million, or nearly $274 per square foot.
The one-story, 10,125-square-foot retail building was built in 1997 and is on 1 acre. CVS has...
43-Store Swoozie's Chain Files Bankruptcy
Atlanta-based Swoozie's Inc. filed bankruptcy on March 2, 2010. The luxury personalized gift and paper products retail chain operates 43 stores in 15 states and employs 350 people. According to the filing, the retailer has less than $10 million in assets...
Pharmaceutical Giant Expands in Cambridge
Ironwood Pharmaceuticals Inc. expanded its lab space by 60,000 square feet at 301 Binney St. in Cambridge, MA, and now occupies space on the first, second and third floors for a total of 164,000 square feet in the building.
The property is a five-story...
Updated: Sears & Kmart Closing 21 Stores; Creating Nearly 2M SF of Vacancy
Sears Holdings Corp. said Monday that it intends to close a total of 21 underperforming stores nationwide. The shutdowns equate to approximately 1,000 job cuts.
The department store owner is closing 13 Kmart stores and eight Sears locations, on or...
Lease Up/Lease Down (Mar. 7-13): UBS Renews, Postal Service Unveils 10-Year ...
CoStar compiles news of corporate expansions, relocations, extensions, closures, layoffs, lease cancellations and mergers in the weekly Lease Up/Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial...
In The Pipeline: CoStar Development and Construction News for March 7-13
In this week's edition of In The Pipeline, Forest City's Atlantic Yards mixed-use project is scheduled to finally break ground this week. Meanwhile, another long delayed development project, the Guasti Historic District in Ontario, CA,has begun with...
CoStar's Retail News Roundup: Mar. 7 - 13, 2010
This week in the Retail Roundup, CoStar reports on expansions or new concepts at TJX Companies and Kohl's; closings, cutbacks, bankruptcy, default, receivership or foreclosure news at Swoozie's and the Northgate Mall; acquisition, merger, loan, sale...
Lease Up/Lease Down (Feb. 28 - Mar. 6): Hummer: Stalling Out for Good?
CoStar compiles news of corporate expansions, relocations, extensions, closures, layoffs, lease cancellations and mergers in the weekly Lease Up/Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial...
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GlobeSt. Topics - Boston
Filene's Site Not 'Blackmail'
BOSTON-The CEO of Gale International, the co-developer of the Downtown Crossing site, responds to inflammatory statements about the project.
Statewide Consolidation Calls for 114,451 SF
QUINCY, MA-The Executive Office of Health and Human Services is consolidating numerous locations across the state into HarborSouth.
DebtX Selling $410M of Loans
BOSTON-DebtX is selling a $105.5-million loan portfolio and its joint venture with KEMA Advisors--KDX Ventures--is selling a $306-million HUD portfolio.
Forest City Forms $668M JV
CAMBRIDGE, MA-Health Care REIT is acquiring 49% interest in seven University Park life sciences buildings.
Harvard Shopping $5B Portfolio
CAMBRIDGE, MA-The university is looking to sell and partner with buyers to free up some $5 billion from it's current $26 billion portfolio, says the Wall Street Journal.
Wychmere Harbor Club Sells
HARWICH PORT, MA-The Cape Cod Times is reporting that an unnamed Boston-based investor is taking over the mixed-use resort.
Columbus Center In Trouble
BOSTON-The proposed $800-million complex is in more trouble, reports Boston Globe after it defaulted on its 99-year lease.
Karma Nominee Trust Buys Sheraton
BRAINTREE, MA-The Patriot Ledger is reporting that the group of private investors is purchasing the hotel for $9.1 million.
Sheraton Braintree Shutters Doors
BRAINTREE, MA-The Starwood-owned hotel is closing up, according to Boston Business Journal, and may switch operators.
Mixed REIT Results Show Market Flux
BOSTON-Publicly held office REITs here and elsewhere in the US report a combination of earnings, losses, positive FFO and negative FFO.
PetEdge Moves, Expands Into 217,000-SF W/D
BILLERICA, MA-The pet supply products company is moving its main distribution hub from Woburn.
Retail Center Secures $13M Refi
WORCESTER, MA-Perkins Farm Marketplace is 100% leased and anchored by a Super Stop & Shop.
Airpot Expansion in a Holding Pattern
HYANNIS, MA-The Barnstable Municipal Airport is experiencing delays which will push the project's start into July or later, says the Cape Cod Times.
Government Center Towers on Hold
BOSTON-After some opposition, the towers intended for the site of the Government Center garage will undergo a reimagining and delay, reports the Boston Globe.
Boston Properties’ Linde Dies at 67
BOSTON-The cofounder and CEO of the locally-based REIT died Sunday of complications from pneumonia; Mortimer Zuckerman is stepping in as CEO.
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Northeast RSS
$135M Financing Secured for 1MSF Yonkers Shopping Center
It's almost like the good old days of 2007 when loans over $100 million
for commercial real estate practically rained from the sky. Undeniably,
those times have not returned, but news that Brooks Shopping Center
L.L.C., owner of the 1 million square-foot Cross County Shopping Center
in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage
to finance the property's redevelopment certainly brings back good
memories.
Economy Watch - Homebuyer Tax Credit Sees Some Cheating
In testimony reminiscent of dogs getting credit-card applications
approved back during the mid-2000s credit bubble, a Treasury Department
inspector told Congress that kids as young as four years old have been
able to receive $8,000 first-time homebuyer tax credits. “Some key
controls were missing to prevent an individual from erroneously or
fraudulently claiming the credit,” J. Russell George told the House
Ways and Means Committee’s oversight panel on Thursday.
Manhattan Retail Hit Hard in '09, But Turnaround on Tap
It's been a rough year for retail, even in tony Manhattan. The
crumbling of Wall Street in the fourth-quarter of 2008 spurred the
downward spiral of the market and the recession just added salt to the
wound, according to a third quarter report by Marcus & Millichap
Real Estate Investment Services.
The Graying of America: Age and Opportunity
The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn’t been impressive—from 21.06 percent to 24.17 percent—growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it’s time investors consider the opportunities this megatrend offers.
Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office L...
New York's loss is New Jersey's gain, as the Depository Trust &
Clearing Corporation reveals plans to relocate 1,600 members of its
2,300-member staff to 415,000 square feet of space at the Newport
Office Center in Jersey City. It's not a total defeat for New York,
however; DTCC will keep its headquarters and its remaining 700
employees in Lower Manhattan.
Economy Watch - Mortgage Reforms From Out West
California Gov. Arnold Schwarzenegger signed green legislation over the weekend, as covered by CPE
on Monday, but also nestled in the raft of bills that he signed were
major overhauls of the rules governing residential mortgages. The
thrust of the reforms was to help prevent some of the mortgage
origination abuses that were rampant in the mid-2000s, and which did
their part to inflate the housing bubble.
To Shore Up Balance Sheets, REITs Like Brandywine Look to Divest Non-Core Assets
With loans still hard to come by, Brandywine Realty Trust is shoring up
its balance sheet, reducing leverage and preparing for investment
opportunities with the disposition of non-core assets, including two
properties in Trenton, N.J. The REIT just completed the sale of the
office buildings at 33 W. State St. and 50 E. State St., totaling
474,000 square feet, to a private investment group.
$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market
With the commercial real estate market still hindered by a chilly
credit market and declining property values, sale-leaseback activity
has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank
USA N.A. still sees some advantages in such deals. The financial
services company has signed a $330 million cash sale-leaseback
agreement with a subsidiary of Israel-based IDB Group for its
865,000-square-foot New York City headquarters.
CREW Keynote: Lingering Unemployment No Surprise; All Recoveries are Jobless
The economic crisis started with a credit crunch, has undergone the
containment stage with the government providing bailout packages and
stimulus money, and is now in the resolution stage, said Marci Rossell,
former chief economist for CNBC, who was a keynote speaker at the CREW
Network’s convention in Boston last week.
CREW Awards 20 Women Under 40
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.
Manhattan Office Market Stabilizing
The Manhattan office market, which was hard hit by the recent economic
and financial upheaval, is showing some signs of getting back on track,
and is expected to become increasingly more stable and fundamentally
sound in the coming months.
NJ Office Owner Lands $25M Refi
The New Jersey office of Holliday Fenoglio Fowler L.P. has arranged a
$25 million refinancing for Glenpointe Centre West, a
333,600-square-foot, Class A office building in Teaneck, N.J.
Savills Adds Monahan to NYC Office
David Monahan has joined U.K-based international real estate advisor
Savills as a senior vice president in the firm’s New York City office.
Russian Equity Partner Comes Aboard on $4B Atlantic Yards Project
The $4 billion Atlantic Yards mixed-use development--the centerpiece of
which will be the Barclays Center sports and entertainment arena,
future home base of the NBA's Nets team--has new financial backing.
Developer Forest City Ratner Cos. Inc. and Nets Sports and
Entertainment have just signed a letter of intent to form a strategic
partnership with an affiliate of Moscow-based international private
investment fund Onexim Group for the development of the 22-acre
project. The multi-faceted deal calls for Onexim to invest $200 million.
RBJ Negotiates 343,000SF Boston-Area Warehouse Lease
Real estate advisory firm Richards Barry Joyce & Partners has
negotiated a nearly 343,000-square-foot industrial lease renewal and
expansion in Northborough, Mass., one of the Boston-area’s largest
deals of the year.
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Finance News RSS
CREW Awards 20 Women Under 40
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.
Free Fallin'?
Pull out the old VCR and rewind the tape. Some common wisdom holds that the commercial real estate market is destined for, if not already in the midst of, a replay of its early 1990s crash, around the time Dana Carvey was parodying the first President Bush on Saturday Night Live, Sinead O’Connor topped the charts, and the brand-new Mirage Hotel was the glitziest palace on the Las Vegas Strip.
Economy Watch: J.P. Morgan Wants to Sell; Will Buyers Want to Buy?
Are there any buyers out there for office properties--office properties that aren't distressed, that is? J.P. Morgan Chase might well find out in the coming months.
Economic Update: No New Stimulus--For Now
Time for another round at the federal stimulus bar? Both President Obama and U.S. Treasury Secretary Timothy Geithner say no. In his weekly radio address on Saturday (recorded, since he was in Ghana), the president said that the initial plan "was not designed to work in four months," Obama said. "It was designed to work over two years."
Time to Reduce Leverage
Industry players believe real estate companies need to reduce their leverage levels, according to a June fast poll on cpnonline.com.
Economic Update - Tesco Completes Sale-Leaseback, CMBS Deals
British retailer Tesco Plc. inked a sale-leaseback of 14 properties. The sale-leaseback followed on the heels of the company's successful
completion of the sale of commercial mortgage-backed securities. The offering by Tesco may mark the glimmering beginnings of a new, simpler CMBS market.
Economic Update - CRE Defaults Head for High Ground
A new report by Real Estate Econometrics, based on FDIC data, puts thecommercial real estate loan default rate at its highest level in morethan a decade and a half, at least those loans held by regulateddeposit-taking institutions—banks and thrifts, for the most part. Thedefault rate soared from 1.62 percent in the last quarter of 2008 to2.25 percent in the first quarter of 2009. That rate doesn’t includedefaults on loans associated with multi-family rental properties, whichReal Estate Econometrics put at 2.45 percent in the first quarter of2009, up 68 basis points from the previous quarter.
ProLogis Announces Full Occupancy at 531,000-SF Houston Distrib Park
ProLogis announced today full occupancy at ProLogis NorthPark, a recently developed, four-building, 531,000- square-foot distribution park located in Houston.
Economic Update - Mortgage Rate Worries Weigh on Housing Market
General Motors was in the news over the weekend before the largest bankruptcy in U.S. history (that is, its own), but more worrying for many policymakers, economists and ordinary borrowers is last week's sudden spike in mortgage interest rates.
Economic Update - CRE Buyers Looking for Deals
Turns out that the recession is still on, at least if the latest
numbers from payroll firm ADP accurately reflect the state of hiring
and firing in the nation. According to ADP on Wednesday, U.S. companies
cut an estimated 532,000 employees from their payrolls last month, with
goods producers laying off 267,000 workers, and service providers
shedding 265,000 positions.
American Realty Plans $30M Houston Industrial Buy
American Realty Capital Trust Inc. plans to acquire a newly constructed
freight facility entirely net leased to FedEx Freight in the coming
weeks.
M-F Mortgage Delinquencies Increase in Q1, Says MBA
The weakening economy and continued credit crunch led to increases incommercial/multifamily mortgage delinquencies during the first quarter of 2009, according to the latest Commercial/Multifamily DelinquencyReport, released by the Mortgage Bankers Association.
Moody's: Outlook for M-F REITs Stable for Now
During the fourth quarter of 2008 and first quarter of 2009, the fundamentals of the apartment industry steadily eroded, and the forecast for rental demand remains uncertain. Still, the overall outlook for the multi-family REIT sector is stable, according to a report by Moody's.
Financing Keeps Rolling in for Colonial
Despite the fact that widespread job losses have begun to take a toll
on the multi-family market, owners of this asset type are still able to
secure financing in what remains a frigid lending environment. Just
three months after having wrapped up a $350 million secured credit
facility, Colonial Properties Trust has landed another major financing
deal with the closing of a new $156.4 million secured credit facility.
Capital Markets' Distress Mingles with Hints of Improvement
Signs of growth in distressed properties are mixing with evidence that the U.S. and global real estate markets are starting to stabilize, according to a recent analysis by Jones Lang LaSalle Inc.
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| > Wall Street Journal - Commercial Real Estate |
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WSJ.com: Commercial Real Estate
Commercial Real Estate
WTC Development Talks Continue
Negotiations continued between developer Larry Silverstein and the Port Authority who are trying to resolve an impasse over the redevelopment of the World Trade Center site before a critical deadline Friday.
Fortis Sues Lender Kennedy in Debt Case
Kennedy Funding, a New Jersey lender to cash-strapped real-estate developers, has plenty of experience going after debtors who fall behind on their payments. But now it's Kennedy's turn to get squeezed.
European REIT Rollout at Hand
With European property markets beginning to recover from the market downturn and global recession, there are signs that the REIT revolution could be at hand.
General Growth Debt Bet Pays Off
A handful of investors dug to the bottom of the discount bin and snapped up General Growth's convertible bonds at three cents on the dollar. They now trade at 103 cents.
Marriott Expands in Europe
Forty thousand more hotel rooms on the Continent would have Marriott brand names in the next few years under the company's plan.
Farkas Closes Deal to Buy Centerline
The New York real-estate investor will buy one of the nation's largest commercial-mortgage-servicing specialists for $100 million in new equity and assuming $180 million of Centerline's debt.
U.K. REIT Plans IPO
Metric Property Investments hopes to raise £150 million in an IPO on the London Stock Exchange's main market as it seeks to take advantage of the sharp downturn in property values.
China Vanke's Property Sales Slip
China's largest property developer by market share said sales fell in February for the first time in 11 months. The slowdown was anticipated after the government introduced measures to cool off the real-estate market.
Trust Not Enough for Integrity Bank
The FDIC is investigating loan practices at Georgia's Integrity Bank, which was seized in 2008 after loaning all its capital to the owner of Casa Madrona Hotel & Spa in California.
Banks Begin to Rein In Branch Boom
Say goodbye to the building boom that made it seem like there was a bank branch on every corner. The total number of branches in the U.S. is on pace to decline for the first time since 2002.
General Growth Wins Plan Extension
A federal judge hearing mall owner's bankruptcy reorganization grants it four more months of exclusive control over its fate, against the objection of some suitors and creditors.
Dubai World Coughs Up Knickerbocker
The former hotel near Times Square has become the latest Dubai World investment to go belly up, and investors are looking to pick up the property at a discount.
Multifamily-Home Builders Inch Back
Operators are betting that limited new supply, combined with an improving economy, will lead to ideal market conditions nationwide starting in 2011 or 2012.
Thai Firm Bets on Strong Market
Land & Houses plans projects that could fetch as much as $942 million this year, though it cautioned about the country's uncertain political climate.
Helmsley Estate Sells Manhattan Hotel
The Helmsley Carlton House is being sold to a partnership between private-equity firm Angelo, Gordon & Co. and Extell Development for about $170 million.
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