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New York City Hotel Supply to Strike Another High Note in 2018

Although RevPAR Performance Ties to Number of Rooms the Market Can Digest, Industry Experts State There’s Some Room for Optimism

Just like a dining establishment patron halfway through a particularly heavy meal with 3 more courses coming prior to dessert, the New york city City hotel sector is facing the technique of peak supply levels this year, and the market must be able to absorb those spaces if fundamentals are to improve.

Market watchers with their eye on supply are optimistic that 2019 should bring better days for hotel profits afater the marketplace soaks up all the brand-new spaces and construction slows.

In 2018, 6,272 rooms are forecasted to be added to the market, according to CoStar Market Analytics, however only 2,232 rooms in demand are anticipated. This year’s delivery figure is rather close to the peak so far this cycle, which was available in 2014 when 6,348 rooms came on line. However, demand for rooms was forecasted to be a healthy 5,913 that year. This year, CoStar projections tenancy to reach 81.8 percent, compared with 2014, when occupancy hit 83.7 percent.

According to CoStar market data, the gap between supply and need in New York City’s hotel market must reduce by 2020, and after that support by 2022. On the revenue side, the data shows revenue per readily available room (RevPAR), a crucial industry metric, ticking up in 2019 before flattening out by 2022.

The wave of new building and construction is starting to wear down the city’s hotel-sector fundamentals, said Jeff Myers, managing expert with CoStar Portfolio Method. Tenancy levels have peaked, he says, and New york city City’s hotels are experiencing slowing room income growth.

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So-called select-service designs are driving the bulk of brand-new building today. They generally have a much shorter preparation and entitlement window and are simpler to construct, said Mark Van Stekelenburg, handling director of CBRE’s Hotel Advisory Group.

Boosting this hotel class was using numerous parcels referred to as M1 for development, which are normally smaller sized and have actually been as little as 5,000 square feet, he added. The size and character of M1 parcels are usually not convenient for big, full-service hotels.

For the Record: M1 is New york city City’s zoning code for light industrial and manufacturing districts, which are located beside residential or office zones, serving as a buffer versus much heavier commercial and manufacturing districts. Hotels have actually been permitted in M1 districts, however a brand-new M1 Hotel Text Amendment making its way through city legislature could limit that by requiring unique allowing.

” It is really challenging to develop a substantially-sized hotel for a variety of factors, including the increasing development expenses, the increasing zoning constraints and the restricted however growing debt capital offered,” stated Jared Kelso, managing director of international hospitality at Cushman & & Wakefield.

Both in New York City and across the nation, designers who seek to construct full-service hotels have needed to progress to more versatile, mixed-use designs.

” The industry in basic is changing by becoming a bit more versatile in using a full-service experience, however they have actually been able to reproduce the full-service experience through mixed-use advancements, i.e. a retail and facility podium with a separate hotel tower, but to the visitor it looks like a full-service hotel. There has been a frequency of that, mixed-used buildings with a hotel part,” stated CBRE’s Van Stekelenburg.

In addition to the hotel rooms underway now, there have actually been significant delays in opening some hotels in New York City. Completion timeframes appear to be getting pushed further and even more out, inning accordance with Warren Marr, handling director of PricewaterhouseCoopers.

In reality, a variety of tasks have been deserted completely, added Van Stekelenburg. That means 2018 and 2019 might be choosing years for the direction of the city’s hotel cycle.

” The genuine question is, how many of those will really open? A lot of 2017 spaces got pushed back into 2018 as well as 2019. We must be nearing peak here, if those all increase,” Marr said. In 2017, 6,285 spaces were projected to open in 2017 but just 1,998 ended up opening, kept in mind Marr, pointing out the advisory firm’s numbers.

Source: CoStar Market Analytics. In New York City, banks have actually taken note of the approaching supply and its associated missteps, so that funding for new projects is now an obstacle.

” Only triple-A places or global banks are breaking through,” said Van Stekelenburg. “Financing is relationship-based or sponsorship-based.”

Traditional loan providers and primary home mortgage loan providers are financing on up to 60-percent take advantage of, while mezzanine capital is lending on up to 75 percent. EB-5 continues to contribute as different parts of the capital stack, but not the whole solution, he noted.

But in a typical concept this cycle with other possession classes, financial obligation capital is eager to step up.

” Over the previous year, interest by debt lending institutions to finance hotel jobs in New York City has actually increased drastically,” stated Dustin Stolly, vice chairman and co-head of capital markets financial obligation and structured finance at Newmark Knight Frank. “We are seeing debt capital lend on forward-cash-flow forecasts.”

There’s Reason for (Affordable) Optimism

” I am fairly bullish on New York City hotels– supply development need to be choked off by the end of 2019. In Midtown west and midtown east, we are expecting a strong rebound in the second half of 2019,” said Jeffrey Davis, international director of the hotel and hospitality group at JLL. He says he expects profits to firm up in the second quarter of 2019.

Kelso anticipates hotel development will reduce following the 3rd quarter of 2018.

” Integrate that with ever-increasing demand in the city, and we anticipate strong RevPAR development in 2019 and 2020,” he stated.

Regardless of the impact from all the new supply, New York City remains well-above the nationwide average for occupancy. However industry experts said tourists have become more price-sensitive over the in 2015.

Manhattan hotel occupancy completed in 2015 at 87.6 percent, compared with 65.9 percent nationally, and achieved an average day-to-day rate of more than double the United States average, Marr noted. Nonetheless, PwC computed a 1.6-percent year-over-year decline in ADR in 2017, a sign of what Marr calls “a shift in need” by leisure travelers, who consisted of the bulk of New York City’s lodging business.

” Tourism was strong in 2015 despite concerns of weakness since of rhetoric coming out of Washington, D.C. It did well, however there was strong rate level of sensitivity among this segment. When price sensitivity is more powerful, [room] rates trend lower,” he stated. “A strong dollar in 2015 was not good for lodging market, particularly in entrance markets. The dollar’s strength is waning now however is still strong relative to other currencies.”

Group and convention travel is down in general, and whether corporate tax cuts boost organisation travel remains to be seen, added Warren.

” The hope of the lodging community is that corporations will loosen their handbag strings on their travel budgets. But it is prematurely to see whether that occurs. We will need to wait to see till the high season for business travelers– in the latter half of March, April, May [and] June,” he keeps in mind.

Expense Creep

Although New York City is taping strong tenancy figures, there has definitely been pressure on cost, stated Van Stekelenburg, noting that ADR has experienced approximately four years of decrease.

” And costs are growing at a three- to four-percent rate on top of that,” he described. “Labor is the single largest operating expenditure within a hotel and can be upwards of 50 percent of the operating expense. What that produces is extra limitations or obstacles. Flow-through and success of hotels has actually been struck.”

As the market builds smaller and competes with both delivery delays and rates concerns, a two-fold challenge faces finished hotels: Employees are more difficult to come by and labor itself has grown more pricey.

With a great part of hotel labor in New York City being unionized, work-rules impact the ability to manage costs, experts stated. Particular staffing structures and work-rules can make it more challenging to implement quick changes such as adjusting the hours of operations within food and beverage facilities at hotels.

Robin Trantham, an analyst with CoStar Portfolio Techniques, says:

It’s putting a crimp on the hotel market, which is currently competing for shrinking labor force, more so than other home types,” “The ratio of hotel workers to hotel rooms has actually been reducing. Fewer hotel workers per room, earnings will increase for hotel employees. It’s a tight work market, with about 4 percent unemployment. Hotels likewise typically use immigrant workers, and the current tightening of U.S. migration policies could also impact the accessibility of new personnel. At the very same time hotel construction ramps up – right now we are in an environment with a lot of hotels providing and a slowing labor market.

Diana Bell, New York City Market Reporter CoStar Group.

Woman stated she was upset with ‘drinking, another female’ before eliminating spouse

Police investigate a deadly shooting on March 26, 2018. (Luis Marquez/FOX5)
< img alt=" Authorities investigate a fatal shooting on March 26, 2018. (Luis Marquez/FOX5)"

title= “Cops investigate a lethal shooting on March 26, 2018.( Luis Marquez/FOX5)” border=” 0 “src=” /wp-content/uploads/2018/04/16396537_G.png” width=” 180 “/ > Police examine a deadly shooting on March 26, 2018.( Luis Marquez/FOX5 ). A 21-year-old woman is facing a murder charge after authorities stated she shot and eliminated her spouse before attempting to

eliminate herself. The female, Jennifer Yanez, shot her partner, Aaron Rivera, in the head following an argument in their apartment or condo near Arville Street and Twain Avenue on March 26, authorities stated.

Inning accordance with an authorities report, officers were contacted the following day by two roomies, Juan Villalobos and Andre Debrum, after they discovered the bodies in the bedroom of the house.

Debrum said he initially dismissed the gunfire, informing cops he didn’t believe they would be “that dumb.” He smoked a cigarette and went to sleep, the report stated. He and Villalobos found the victim and Yanez the next day on Villalobos’ lunch break.

[RELATED: Guy eliminated, lady hurt in tried murder-suicide in Las Vegas]

Debrum, in an interview with private investigators, stated the couple fought often and Yanez had formerly hit Rivera with a vacuum in Nov.

. He said Rivera was “calm and collective, open and an enjoyable guy,” while saying Yanez was “a bit different” and that she became a different person when she drank.

In the hospital on Monday, Yanez informed officers she was disturbed with Rivera’s drinking and having another relationship with a lady.

She was scheduled in absentia on a murder charge.

Copyright 2018 KVVU ( KVVU Broadcasting Corporation). All rights scheduled.

Blackstone Purchasing Another Logistics Portfolio, This Time from FL-Based FRP Holdings

FL-Based Land, Mining and Advancement Business Capitalizes on Tax Benefits on $359 Million Sale

The 200,000-square-foot building at 7021 Dorsey Road in Hanover, MD’s Hillside Organisation Park is one of the biggest structures in the FRP Holdings portfolio.

FRP Holdings, Inc. (Nasdaq: FRPH) has actually accepted sell 41 warehouses and 2 advancement lots located primarily in the Baltimore, Philadelphia and Washington, D.C. markets to an affiliate of Blackstone Realty Partners VIII, LP for $358.9 million.

The sale of mainly smaller sized storage facility buildings averaging less than 100,000 square feet is anticipated to close in the second or third quarter of this year. The portfolio amounts to almost 4 million square feet, according to CoStar information and info in FRP’s regulatory filings.

Most of the structures are located in the Baltimore metro, with smaller sized clusters of homes in the Manassas/I -66 commercial submarket of D.C. and the Delaware submarket of Philadelphia. One of the biggest homes remains in the Norfolk Industrial Park in Hampton Roads, VA, at 188,000 square feet.

Blackstone entities have bought infill U.S. and Canadian industrial portfolios at a stable clip because returning to the logistics market in late 2016. Investors have actually sought to capitalize on the growing demand for e-commerce distribution centers, particularly metropolitan and rural properties near population centers where carriers can Amazon and other e-commerce business can fulfill same-day or next-day delivery to online buyers.

Jacksonville, FL-based FRP Holdings was formed in 1986 through the spin-off of the real-estate and transport organisations of Florida Rock Industries, Inc., now a completely owned subsidiary of Vulcan Materials. The business has company sectors in industrialized structures, mining royalty lands and other development lands.

FRP said in a release it would redeploy proceeds from the sale into other organisation segments, including mining and land advancement.

“The reduction in business income tax rates in a low cap rate environment created too good an opportunity to give up,” stated John D. Baker II, executive chairman and CEO.

Eastdil Safe, LLC is functioning as FRP’s unique broker in the deal. Houlihan Lokey Capital, Inc. functioned as monetary advisor and Nelson Mullins Riley & & Scarborough LLP serves as legal counsel to FRP. Simpson Thacher & & Bartlett LLP acts as counsel to Blackstone on the transaction.

UNLV’s jazz program leaves Monterey with another big win

They did it once again. The trainees of UNLV’s Jazz Studies program not just were invited back to the Monterey Next Generation Jazz competitors, staged March 9-11, however saw their Honors Combination win top place in the College Jazz Combination category. It’s the 2nd success in as several years by UNLV’s jazz musicians, as Jazz Ensemble I tied for first last year in the College Big Band classification (it placed as a finalist throughout this month’s contest, which also saw Las Vegas Academy of the Arts’ big band complete in the high school department). The Formality trio, on the other hand, has already been asked to return to Northern California to perform throughout the revered Monterey Jazz Festival in September.

1 eliminated, another critically injured in east Las Vegas apartment or condo shootout

Police investigate a deadly shooting on March 20, 2018. (Luis Marquez/FOX5)
< img alt=" Police investigate a lethal shooting on March 20, 2018. (Luis Marquez/FOX5)"

title=" Authorities examine a fatal shooting on

March 20, 2018.( Luis Marquez/FOX5) “border=” 0″ src= “/wp-content/uploads/2018/03/16363348_G.png” width= “180”/ > Cops examine a lethal shooting on March 20, 2018.( Luis Marquez/FOX5). LAS VEGAS( FOX5) -. One guy was killed and another was critically injured in a shootout Tuesday night, according to Las Vegas Metro cops.

Officers were called to the 4800 block of Boulder Highway, near Flamingo Road, at 10:57 p.m.

. According to Lt. Ray Spencer, of City’s Murder Area, a male in his late teenagers or early 20s went to an apartment to purchase drugs from a male in his 30s. There was some type of conflict inside the home and the man left. The male then went back to the apartment or condo with a firearm and demanded drugs. The other guy inside the apartment secured a gun and the 2 shot at each other.

The guy who at first went to the apartment or condo sustained a fatal gunshot wound and the other guy was taken to Dawn Medical facility in crucial condition, Spencer said.

A woman and child inside the apartment or condo were not injured, Spencer said.

Spencer stated there is no prior involving the 2 men at the apartment or condo.

Cops said the call initially came in as a reported burglary.

An examination is ongoing.

Stay with FOX5 for updates.

Copyright 2018 KVVU (KVVU Broadcasting Corporation). All rights booked.

Apple to Open Another Business School, Pledges to Produce 20,000 US Jobs

iPhone Producer Estimates Total Spending Effect of $350 Billion Over Next Five Years

Apple unveiled its brand-new visitor center in Cupertino near Apple Park last November. Credit: Apple Inc.Just a few months after opening its 2.8 million-square-foot circular head office school in Cupertino, CA, Apple Inc. today announced strategies to build a 3rd U.S. corporate school and hire 20,000 workers as part of a$30 billion capital-spending program over the next 5 years. Apple said in a release that it will reveal the place of the new school, which will “initially home technical support for consumers, “later on this year, drawing immediate comparisons to Amazon’s look for its HQ2 head office campus, which drew 238 propositions from states, provinces and areas throughout North America. The company supplied no further details about the prospective location or size of the

campus, or whether Apple will look for existing space or develop brand-new facilities. Apple likewise did not particular whether it will, like Amazon, utilize a request for propositions(RFP)procedure to recognize the new place. The iPhone maker owns or rents more than 6.5 million square feet of workplace in the U.S., according to CoStar information, ranging in size from its new $5 billion Apple Park”spaceship”head office campus, which opened in Cupertino in 2015, to the former headquarters at 1 Infinite Loop amounting to about 850,000 square feet, which now functions as office and research and advancement space. Apple also occupies numerous buildings totaling more than 1 million square feet at a technical assistance school in Austin. In its latest significant absorption of office, Apple leased more than 200,000 square feet at 2 places in Culver City on L.A.’s West Side. The business expects to make about $38 billion in repatriated corporate tax payments to take advantage of a tax break under the new tax law authorized by President Donald

Trump and the Republican-led Congress, the largest payment by a company to date under the legislation. Integrated with the planned capital expenditures and investments in U.S. production, the tax payment will represent about$75 billion of Apple’s direct contribution, the company stated. The business will invest about one-third, or$10 billion, of its expanded capital investment on information centers across the country to support its App Shop, iCloud and Apple Music services, adding to

its existing network of data centers and co-location centers in North Carolina, Oregon, Nevada, Arizona and a just recently revealed job in Iowa. Apple today is breaking ground on a new center in downtown Reno that will support its existing Nevada centers. In total, the iPhone manufacturer on Wednesday approximated its direct contribution to the U.S. economy over the next five years would be $350 billion, consisting of about$55 billion this year, as a result of the mix of new financial investments and ongoing business with its U.S.-based suppliers, providers and manufacturers. Chosen and financial advancement authorities in numerous states and U.S. cities right away promised to put themselves in the running for the new school, presuming Apple has actually not currently decided.”I don’t know what Apple’s searching for

, but what ever it is, we’re going to go compete and we’re going to put our finest foot forward,”stated Chicago Mayor Rahm Emanuel in a news conference after Wednesday’s regular city board meeting. Emanuel, keeping in mind that the Windy

City has actually led the U.S. in corporate movings for four straight years in part due to housing cost, great transport system and proximity to high-quality universities, stated lots of employees in coastal markets where Apple, Google and other tech

business are locateded “can not pay for to work or live where they are.” “Business are realizing that where they are is not a long-term strategy, and Chicago has a lot to use,”Emanuel said.

Workplace Lease Up (November 13) Brookfield Lands Another Significant Occupant at One Manhattan West as Ernst & & Young Register For 600K SF

Wrap-Up of Largest Reported Workplace Leases Includes Deals by QRM, Envision Doctor Solutions, WeWork and more

Ernst & & Young (EY) has concurred to lease 600,000 square feet of office in Brookfield Home Partners’new One Manhattan West located at 400 West 33rd St., ending up being the current significant office renter to decamp for the emerging location of the city, the worldwide tax advisory firm confirmed Thursday.

The 67-story, 2.1 million-square-foot One Manhattan West is the very first of two workplace towers Brookfield is constructing as part of its Manhattan West advancement, situated at the corner of 9th Ave. and West 33rd St. across from the under-construction Moynihan Station and obstructs from The Related Business’s massive Hudson Yards development.

EY validated it chose One Manhattan West to house its North America headquarters in a tweet. Presently, EY inhabits 966,477 square feet at its 5 Times Square base under a lease set to end in Might 2022, according to CoStar information. In an associated move, EY stated the very same year it transfers to One Manhattan West it likewise plans to open a 170,000-square-foot office in Hoboken, N.J., where it will house among its main knowing hubs.

Cushman & & Wakefield is handling the office leasing for the Manhattan West advancement, while Brookfield is in charge of retail leasing there. By Diana Bell

QRM Extends, Broadens Worldwide HQ to 107,000 SF at 181 Madison

Quantitative Threat Management (QRM) signed a renewal and expansion of its home office at 181 W Madison

in Chicago’s Central Loop. The 30-year-old danger management speaking with company has actually been operating from the 952,559-square-foot, 50-story Central Loop tower for over half of its life expectancy. The business’s decision to restore its lease and expand by an additional 17,700 square feet brings the consulting company’s total footprint at the tower to 107,000 square feet throughout the 40th, 41st,48 th and 49th floors.

Mark Buth and Kelsey Scheive of MB Realty Solutions handled settlements on behalf of 181 Madison owner HNA Property Holdings, which obtained the property in January of this year. By Landon Cox

Medical Group Indications 89,000-SF Lease in Plantation

Envision Physician Services LLC, a medical group practice, has leased 89,143 square feet at the 1801 Structure in

Plantation, FL. The two-story, 96,230-square-foot structure was constructed in 1983 and went through a series of remodellings this year after 3 long-lasting renters left. When Envision opens in the summer season of 2018, the building will reach full occupancy.

Colliers’ Alfie Hamilton, Caitlin Inklebarger and Jarred Goodstein represented the landlord. Alex Brown of Cresa South Florida represented the renter. By Paul Owers

WeWork Takes 65,000 SF in Downtown Austin’s Chase Tower

WeWork will open its 4th place in Austin after the New York City-based co-working area supplier signed a 65,076-square-foot lease at the 21-story Chase Tower in Austin’s central business district.

Anchored by J.P. Morgan Chase, RGM Advisors and Procore, the 389,503-square-foot Chase Tower was constructed in 1972 at 221 W. 6th St. minutes from the Austin Convention Center, I-35 and the Amtrak-Austin station. In addition to its anchor tenants, the residential or commercial property is the home of The Headliners Club, a private dining club located on the 21st flooring of the structure.

Jay Lamy and Matt Wilhite of AQUILA Commercial represented WeWork. Trish Williams and Andy Smith of Lincoln Residential or commercial property Co. dealt with negotiations on behalf of the Homeowner, a joint venture consisted of Lincoln Home Co. and Goldman Sachs. By Andrea Lawson

Peapod Picks Riverside Plaza in Downtown Chicago for HQ

Peapod has protected a new place for the company’s corporate workplaces, signing a 15-year lease for 52,827 square feet at the Riverside Plaza in Chicago’s West Loop. The online grocery shipment service revealed its plan back in May to transfer the business’s headquarters to downtown Chicago in an effort to bolster productivity and broaden its company. Established in 1989 and gotten by Dutch global food seller Ahold Delhaize in 2001, Peapod will totally occupy the 6th floor of the +1 million-square-foot, 23-story Riverside Plaza in the very first half of 2018.

Matthew Pistorio and Pleasure Jordan of the Telos Group brokered the offer on behalf of the homeowner, a joint endeavor comprised of Mizrachi Group and David Werner Property. Thomas Berarducci and David Burden Colliers International represented Peapod. By Jack Lepore

National Law Practice Renews 55,000-SF Lease at Two Allen Center

Chamberlain, Hrdlicka, White, Williams & & Aughtry, a nationwide law firm, has signed a lease extension for 55,000 square feet at Two Allen

Center in downtown Houston. Chamberlain, Hrdlicka &, White, Williams & Aughtry has preserved offices on the 13th and 14th floorings of the tower for more than Thirty Years, according to CoStar information. The company’s most current extension will keep them in the structure through 2028.

David Guion and Tim Relyea with Cushman & & Wakefield represented Chamberlain Hrdlicka in the transaction, while JLL’s John Pruitt, Bubba Harkins and Jessica Ochoa represented the property owner, Brookfield Property Partners. By Veryne Lawrence

Bible College Expands into 50,000-SF Structure

South Florida Bible College & & Theological Academy has signed a 50,000-square-foot, full-building lease to move its campus to 2200 SW 10th St. in Deerfield Beach, FL.

Established in 1996, the single-story office building is a previous call center that housed 300 work stations. The college is expected to relocate throughout the spring semester.

John Criddle and Joe Freitas with Cushman & & Wakefield represented the landlord, Boca Raton-based Fields Realty. Casa Bella Real estate’s Joe Souza represented the occupant. By Paul Owers

First Reserve Leased 35,000 SF in Stamford

First Reserve, a private equity investment company, signed a lease for 34,551 square feet in the office building

at 290 Harbor Dr. in Stamford, CT. The five-story building totals 185,369 square feet in the Shippan Landing workplace park. The property delivered in 1981. Other renters consist of Octagon Worldwide, Inc. and Workpoint.

Journey Hoffman and Michael Norris of Cushman & & Wakefield and Dana Pike of George Convenience & & Sons, Inc. represented the proprietor. By Matthew Hamburger

Cona Providers to Open New Midtown Atlanta Workplace

Cona Providers, a Coca-Cola System IT services company totally owned and governed by its Coca-Cola bottling partners in North America, will establish a brand-new center in Midtown Atlanta after accepting a lease for 32,594 square feet at 10 10th St.

The home is a 421,417-square-foot, 13-story office building constructed in 2001 3 blocks from Tech Square and in close distance to the Midtown MARTA station.

Andy Sumlin, Will Porter and Aileen Almassy of Cushman & & Wakefield represented Union Financial investment in the deal, while Greg Baxendale of JLL represented Cona Provider. By Terrence Allen

Corbion Takes 32,355 SF at Genesis R&D/ Workplace School in South San Francisco

Corbion signed a 51-month lease for 32,355 square feet in the South Tower of the Genesis life science R&D/ office campus located straight off Hwy. 101 in South San Francisco.

The food and biochemical components business was looking for a quick move-in and found market-ready space at 1 Tower Location, a 350,461-square-foot, 12-story office building and one of 2 residential or commercial properties that compose the Genesis complex. The North Tower, a nearby 21-story, 400,000-square-foot high-rise, is currently under advancement and slated to deliver next fall.

Jay Leslie, Randy Scott, Mary Hines and Jennifer Vergara of Newmark Cornish & & Carey, in cooperation with internal rep Becka Studer, represented structure owner Stage 3 Property Partners in settlements. Ben Stern, likewise of Newmark Cornish & & Carey, brokered the deal for Corbion. By John Walz

International Aquaculture Alliance Transferring HQ in Portsmouth, NH

The International Aquaculture Alliance (GAA) has actually reached an offer to relocate its head workplaces to a new 28,800-square-foot office complex presently under development in the Rockingham area of Portsmouth, NH.

An international nonprofit dedicated to advancing ecologically and socially accountable aquaculture, GAA will move its offices from 2 International Dr. to 15,750 square feet at 85 New Hampshire Ave. The structure is slated to provide nearby to Pease International Tradeport and simply off I-95 by spring 2018.

Renee Plummer of Two International Group brokered the lease on behalf of ownership. By Allison Quinn-Redding

Varagon Capital Transferring HQ to 299 Park Opportunity by Year End

Varagon Capital Partners, a direct loan provider for middle-market business and financial sponsors, will relocate its head office to the UBS Building at 299 Park Ave. in New York City City, having actually accepted inhabit 28,316 square feet there.

The 42-story, 1.18 million-square-foot, 5-Star office tower sits in between 48th and 49th Streets within the Plaza District submarket of Manhattan. Varagon will be transferring its existing head office from 488 Madison Ave., where it occupies 10,360 square feet, marking a significant growth for the tenant.

Leo Paytas and Conor Denihan with CBRE represented Varagon in lease negotiations. Marc Packman and Clark Briffel with Fisher Brothers, together with Newmark Knight Frank’s David Falk, Peter Shimkin, Andrew Sachs, Eric Cagner and Andrew Peretz represented the landlord in the lease offer. By Diana Bell

Food & & Water Watch Extends HQ Lease in NW D.C.

Food & & Water Watch, a non-governmental public interest company that champions healthy food and tidy water for all, agreed to restore its 18,323-square-foot head office at 1616 P St. NW in Washington, D.C.

. The six-story office building totals 68,500 square feet in the Resources & & Conversation Center. Other renters in the structure include Earth Day Network and Just Vision.

John Danziger and Eric West of West, Lane & & Schlager Real estate Advisors represented the occupant in the renewal. By Phil Graham

Regus to Anchor New Redstone Gateway Advancement in Huntsville

Regus, a workplace suite and co-working space company, signed a lease to anchor a new office complex set to be established within the Redstone Gateway development

in Huntsville, AL. The 36,000-square-foot, single-story structure is arranged to break ground this month at 4100 Market St. Regus will occupy 21,000 square feet on a 14-year offer that is expected to start in the 4th quarter of 2018.

Redstone Entrance is a 470-acre, mixed-use office park owned in a joint endeavor by Business Office Residence Trust and Jim Wilson and Associates, LLC. The final advancement will consist of more than million square feet of office, retail, restaurant and hospitality space. By Carter Wells

Lennar Corp. Signs Lease at 500 E. Morehead St. in Charlotte

LMC, the multifamily division of Lennar Corp., signed a lease for 20,400 square feet in the new office complex located at 500 E. Morehead St. in Charlotte, NC. The company will occupy its new space in early December.

The seven-story, 178,259-square-foot building delivered las April in the Midtown submarket. The project took about 15 months to complete, providing with most of the structure pre-leased. Beacon Partners established the property, inning accordance with CoStar details.

Charlie Swanson and Kristy Venning represented the owner, Beacon Partners. Mark Decherd with CBRE represented the tenant. By Shae Yeagar

Axios to Open New 15,000-SF Office in Clarendon

Axios Media, a recently launched American news and info website established by Politico co-founder Jim VandeHei, former Politico Chief White Home reporter Mike Allen and former Politico CRO Roy Schwartz, signed a lease for 15,301 square feet of office space at 3100 Clarendon Blvd. in Arlington, VA.

. Renovated in 2015, the 14-story, 272,698-square-foot high-rise is anchored by The Cadmus Group as well as homes offices for the State Dept. Federal Cooperative Credit Union and Enterprise Understanding, among others. Axios’ lease includes the whole 13th floor, which the business plans to inhabit in the spring of 2018.

David Alperstein of FD Stonewater represented Axios in settlements, while Dave Millard, Nick Gregorios, Peter Berk and Caroline Guidera of Avison Young represented the property owner, Atlanta-based Piedmont Workplace Realty Trust. By Olivia Schneider

Ametek Takes 15,906 SF at Diehl Point at Cantera

Ametek, Inc., an international maker of electronic instruments and electromechanical gadgets, signed a 10-year lease to open a new workplace at Diehl Point at Cantera in Warrenville, IL.

Ametek will occupy 15,906 square feet at 27755 Diehl Rd., a 44,730-square-foot, single-story structure finished in 1999 just south of I-88 in the Western East/West Passage. Ametek’s offer brings the residential or commercial property to completely rented.

Patrick Elwood of CBRE represented Ametek in negotiations. Peter Adamo, also of CBRE, represented the property owner, KBS Realty Advisors. By Kahn Thomas Branch

Las Vegas airport records another 4-million-passenger month

Image

Steve Marcus An American Airlines guest jet removes from McCarran International Airport June 5, 2017.

Thursday, Oct. 26, 2017|11:57 a.m.

Las Vegas aviation authorities say the city’s airport is on track to break its year-end record as September marked the seventh consecutive month it logged more than 4 million guests.

Figures from the Clark County Department of Aviation reveal that the McCarran International Airport saw a more than 2 percent increase in guest volume last month as compared with September 2016.

More than 36 million individuals have flown in or out of the Las Vegas airport this year, putting it on speed to reach past the year-end record of nearly 48 million set in 2007.

In spite of the total boost last month, the airport’s top four scheduled carriers all skilled declines in between 2 percent and 3.5 percent as compared with the very same month last year.

Concerning terms with yet another mass murder

Image

Mikayla Whitmore A memorial showing 58 crosses by Greg Zanis at the Welcome To Las Vegas Sign on October 5, 2017. Each cross has the name of a victim taken throughout the mass shooting at the Route 91 Harvest festival this past Sunday.

Monday, Oct. 9, 2017|2 a.m.

. We reside in an age of mass murders. Often we can describe the carnage– the bloody result of a grievance, the casualties of terrorism– and in some cases we can not.

However constantly, we are stricken. Even if we do unknown the victims. Even if we are thousands of miles far from the gunfire.

When once again, we are mourning the victims of a shooter– 58 individuals who set out to listen to country music and wound up dead. And we question: Why is this taking place? And how does it impact a society when consistently, streets and plazas and theater and workplaces become blood-soaked battlefields?

There are no great answers.

“There’s exactly what we might call a natural post-traumatic stress disorder response,” states Alan Lipman, a medical psychologist and director of the Center for the Study of Violence in Washington, D.C.

“Increasingly more, what we see is a sort of psychological numbing– an acceptance that this becomes part of the reality of life,” which nothing can be done to stop it, he says.

Mom Jones magazine and the Washington Post have counted the variety of U.S. mass shootings given that Aug. 1, 1966. They included killings in which 4 individuals or more died, however not gang murders or slayings linked to domestic disagreements or other criminal activities, like robberies. The overall: 948 dead in 131 shootings.

The 1966 date is not random. It was then that Charles Whitman, a 25-year-old architectural engineering significant and ex-Marine, killed his better half, his mother and three others before climbing up the 27 stories of a tower at the University of Texas and drizzling shooting on the plaza listed below. Over 96 minutes, another 11 individuals were killed and 31 injured prior to Whitman was killed by law enforcement officer.

“I do not really understand myself nowadays,” he composed, in a suicide note. “I am expected to be a typical sensible and smart young man. However, recently (I can not recall when it began) I have been a victim of numerous uncommon and irrational thoughts.”

Some authorities would later blame his behavior on a pecan-sized tumor an autopsy discovered in Whitman’s brain, though others disagreed– they said it was just a way of aiming to discuss the mysterious.

There had actually been mass killings prior to the Texas sniper. In September 1949, 28-year-old Howard B. Unruh strolled the streets of Camden, New Jersey, and eliminated 13 people with a gun he brought house as a keepsake from World War II. “I have a great mind,” he insisted, but the justice system disagreed: He was discovered crazy, and lived the rest of his 88 years in confinement.

“We cannot understand it,” New York Times reporter Meyer Berger quoted people in Camden as saying the day of Unruh’s rampage. “Just do not get it.”

In the years given that, Americans would have need to express those same beliefs once again and once again, and the world they now reside in has conspired to enhance already frustrating occasions.

In 1949, media coverage of Unruh’s rampage was simple; Berger was released by train to Camden, a single press reporter, and reported and composed his account on deadline. He won a Pulitzer Prize for it.

When Stephen Paddock unleashed his trouble in Las Vegas, 68 years later on, wide ranges of reporters and electronic camera teams descended on the desert to cover the shootings, and the news plastered the internet and 24-hour cable television news. There is no escape from an endless loop of blurry video of panicking concertgoers.

In truth, though the number of mass shootings has increased, they account for a vanishingly little percentage of all shooting deaths– less than 1 percent. And Steven Pinker, a Harvard teacher of psychology and author of “The Better Angels of Our Nature: Why Violence has Decreased,” says there is far less violence today than in any period. Though it doesn’t constantly feel that way.

Humans are durable, and adaptive. Within view of The Associated Press headquarters in lower Manhattan, women press strollers under rows of trees, near two square holes in the ground. Water runs down their walls like tears for the almost 3,000 individuals who died here 16 years back.

And at the University of Texas, the observation deck of the tower where Charles Whitman set down resumed for great in 2004. In the garden below it, a monolith is engraved with the names of those who passed away more than a half-century ago, under a single Latin word: “Interfecti.”

Eliminated.

UFC: Champ Jon Jones flagged for another failed doping test

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L.E. Baskow UFC 200 fighter Jon Jones make s a comment about Daniel Cormier during an interview and take on for the last time at the MGM Grand on Wednesday, July 6, 2016.

Published Tuesday, Aug. 22, 2017|5:45 p.m.

Updated 26 minutes ago

Jon Jones might face a prolonged suspension from blended martial arts after the UFC light heavyweight champ was alerted Tuesday of his second possible violation of the promotion’s anti-doping policy.

Jones is widely considered the leading pound-for-pound fighter in the sport, however his possible offense comes from a sample collected after his weigh-in July 28 for his title battle versus Daniel Cormier at UFC 214 in Anaheim, Calif.

. Jones won the battle and reclaimed his 205-pound belt after remaining the previous year for a stopped working doping test. The success seemed a return to glory for a long-troubled fighter who has repeatedly prevented his stellar profession with wrongdoing outside the octagon.

Jones was removed of his belt in 2015 after being associated with a hit-and-run accident. He was set up to combat Cormier for the title in July 2016, but was pulled from the UFC 200 card for what he declared was an unsuccessful test due to a sexual improvement pill.

Jones hasn’t yet been removed of his title for a second time, UFC President Dana White stated. Cormier held the belt for the majority of Jones’ absence, and he had actually stated he didn’t strategy to retire after his second loss to Jones.

Jones’ camp and his manager, Malki Kawa, released a statement: “We are all at a total loss for words right now. Jon, his fitness instructors, his nutritionists and his entire camp have actually worked relentlessly and thoroughly the past 12 months to avoid this specific scenario. We are having actually the samples tested again to determine the validity or source of contamination. Jon is squashed by this news and we are doing whatever we can as a group, to support him.”

If the infraction is confirmed, Jones promises to face a multiyear suspension from the sport, removing much more of his fighting prime. The UFC also will be damaged by the lengthy absence of its finest fighter and a burgeoning pay-per-view draw.

The UFC likewise could lose its dream matchup between Jones and former heavyweight champion Brock Lesnar. The super stars both appeared eager to meet next year in a heavyweight battle that would be among the greatest occasions in the UFC’s history.

The U.S. Anti-Doping Agency administers the UFC’s doping policy. The California State Athletic Commission has jurisdiction over Jones’ test in addition to USADA.