Tag Archives: closes

Hines Closes on 27-Story First Tower High-Rise in Downtown Calgary

Houston Company Strategies Major Redevelopment for First Tower in Oilpatch, in Face of Half-Full Structure and Rising Office Job Rate

Calgary’s hard luck office market isn’t scaring off an international realty company, which stated Wednesday it obtained the 27-storey Very first Tower despite the fact that it is only 51 percent rented.

Houston-based Hines, in addition to a subsidiary of real estate funds managed by Oaktree Capital Management out of Los Angeles, purchased the 708,354-square-foot high-rise in the downtown east submarket of Calgary, and is planning a major redevelopment at the structure home to Encana, Telus and TransCanada.

A report this week from CoStar Research kept in mind the overall office market vacancy rate in Calgary fell 30 basis points in first quarter of 2018 from completion of 2017, but is still up 70 basis points year over to 15.3 percent. That rate is anticipated to climb in 2018 with the delivery of Telus Sky, a 761,235-square-foot, mixed-use tower presently under construction at 7 Ave. SW and Centre St. in Calgary’s main core, in 2018. The downtown job rate is more than 21 percent.

Increases in the vacancy rate from a year ago are being driven by new supply and that lots of tenants that pre-leased area are now putting the area they no longer require on the sublet market, according to CoStar Research study. Net asking rental rates fell 1.1 percent in the first quarter from the end of 2017 and 2.2 percent from a year ago to $16.92 per square foot.

In the face of those numbers, Hines and partner Oaktree are pushing ahead with a significant upgrade to the home at 411 1st St., part of the +15- connected office complex network that connects the city’s core through confined pathways. The group is guaranteeing a “extensive redevelopment” of the 34,000-square-foot +15- level – something it feels will drive renters to the structure.

No price was divulged on the deal or just how much will be spent on redevelopment.

” As a company, our company believe in, and are committed to, the city of Calgary with First Tower being Hines’ 2nd workplace acquisition during the recent energy recession,” stated Syl Apps, Hines handling director, in a declaration.

New area being updated will consist of a tenant lounge/collaboration location; a café and food service location with the possibility for a differentiated food hall concept; an outside balcony; a physical fitness and health centre and a modern, versatile conference facility.

For more information on the transaction, please see CoStar Compensation # 4208236.

Garry Marr, Toronto Market Reporter CoStar Group.

Priciest Piece of Cominar Deal Closes for $195.1 Million

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Information Coming in for A Few Of the Properties Sold in $1.14 Billion Handle Slate, Including 55 University Avenue

Visualized: 55 University Ave. in Toronto.The most costly home in Cominar Realty Investment Trust’s sale of$ 1.14 billion of its possessions was an 18-storey building that Slate Acquisitions resold for $195.1 million, according to land transfer records. Winnipeg-based I.G. Financial Investment Management Ltd. was the supreme purchaser of 55 University Ave. in Toronto, however the business seems a subsidiary of Investors Group, a brand of publicly-traded IGM Financial Inc. IGM itself is a subsidiary of Power Corp. of Canada. With its December 2017 handle Slate closing in March, more information on the major personality on exactly what was called at the time 97 non-core residential or commercial properties with 6.2 million square feet of space, are starting to become clear. The non-core market portfolio was made up of possessions in the Greater Toronto Location, the Atlantic provinces and western Canada. Cominar stated at the time that the general capitalization rate of the income-producing homes to be offered was estimated at 6.2 percent, including

5.3 percent for the Greater Toronto Area. The REIT stated it wound up offering 95 homes for$ 1.14 billion while Slate presumed $106.2 million of home loan debt.” I am delighted to have closed the sale of Cominar’s non-core market portfolio. This transaction will allow Cominar to focus on its core markets portfolio in Montreal, Québec City and Ottawa,” stated Sylvain Cossette, president and president of Cominar, last month. However, prior to the deal was closed, Slate started marketing parts of the portfolio consisting of the building at 55 University Ave. it offered to Financiers, and lining up deals in advance of the close that saved money on some land transfer fees. Ultimately, said one source, Slate may have created$ 100 million to$ 150 million more on the rate paid to Cominar, which saw Michael Dallaire, the business’s former president, resign as chairman of the board of trustees in February

. In November 2017, Cominar stated Sylvain Cossette was taking control of as chief executive officer, a move that coincided with the choice to offer non-core assets to reduce the company’s debt ratio. RBC Capital Markets and CBRE were maintained, and about a month later the deal with Slate was announced. A few of the assets obtained by Slate were offered to associated entities. Slate Workplace Realty Financial Investment Trust paid$ 191.4 million to buy 7 homes in the GTA and Atlantic Canada at$ 192

per square foot.” It’s unclear what does it cost? this created for Slate, “said another source. Some of the properties offered by Cominar , like 55 University Ave., were purchased by the REIT as part of a portfolio. Another residential or commercial property sold by Slate before the offer

closed was 6325 Northam Drive. KingSett Capital openly acknowledged it had purchased a 33-acre site near the Toronto airport, called the American Business Park, but did not divulge the price. CoStar research study shows the website, that includes 552,675 square feet of commercial area, sold for$ 90.6 million.” You can’t really say who did well on this today. You cannot state Slate won this or Cominar. There is simply too much real estate, “stated one source.” For Cominar, they wished to eliminate some stuff and Slate has the capital and is a little bit more active to resolve all the real estate.

” The REIT did reveal last month it was shocking its board, bringing in 3 brand-new members it referred to as having deep property and capital markets experience. To find out more on the sale of 55 University Ave., please see CoStar Compensation # 4196443.< a class=" hover" href= "mailto:[email protected]"

target=” _ top “> Garry Marr, Toronto Market Press Reporter CoStar Group.

Heavy snow in Sierra Nevada closes roadways, prompts cautions

Friday, March 16, 2018|3:18 p.m.

RENO– It’s a snow day in northern Nevada, where heavy build-up from a late-winter storm closed schools and public buildings in the Reno location, postponed opening a ski resort in the Sierra Nevada and triggered the closure of Interstate 80 to California.

Nevada Highway Patrol Cannon Fodder Matthew McLaughlin the interstate was closed Friday in between the Nevada state line and Colfax, California.

Mount Rose Highway also was closed during the morning, and Mount Rose Ski Area opened late.

The National Weather Service provided winter season storm and avalanche cautions for backcountry mountains, and meteorologist Evan LaGuardia said the 10 inches tape-recorded at Reno-Tahoe International Airport pushed the monthly accumulation to the fourth-most in last 100 years.

LaGuardia says another storm is due next week.

McLaughlin reported multiple reports of vehicles skidding off roadways in the Reno area, but stated no major injuries were reported.

Stretch of U.S. 95 closes for the weekend

Project Neon closures are affecting Las Vegas commuters throughout the weekend of March 10, 2018 (FOX5).
 Job Neon closures are affecting Las Vegas commuters throughout the weekend of March 10, 2018 (FOX5).

Project Neon closures are impacting Las Vegas commuters throughout the weekend of March 10, 2018 (FOX5).

LAS VEGAS( FOX5) -Several brand-new modifications to Project Neon left drivers confused and irritated today. So if you’re out and about this weekend, the greatest thing motorists will wish to keep in mind is to prevent the U.S. 95 near downtown Las Vegas.
The final stage of Job Neon, known as the “Centerpiece,” is underway and it’s triggering a longer, messier commute for some drivers.
” It was a little busy so I was a little late,” one chauffeur said

Drivers will likely feel more frustration this weekend.
Starting Friday night, the United States 95 will be closed at the I-15 interchange till Monday early morning.

At the exact same time neighboring stretches of Martin Luther king Boulevard and Las Vegas Boulevard will also be shut down.
” That’s going to affect a lot especially with the occasions pertaining to town and things it’s going to impact a lot,” a chauffeur stated.
And while many understand it’s required they likewise can’t wait up until all the roadway work is complete.
” I know it’s going to be for the much better good however at the moment it’s slowing me down,” a driver stated.
If you require help browsing around the construction zones, NDOT partners with the Waze navigation app and sends out updates in genuine time.

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

Display Theater closes, leaving Strip without a movie theater

Tuesday, Jan. 23, 2018|1:30 p.m.

. The only movie theater on the Las Vegas Strip has closed after more than Twenty Years, a manager said today.

The eight-screen Regal United Artists Display Theater at the Display Mall, on the north side of the MGM Grand, opened in 1997.

“Absolutely nothing has actually been put in its location,” Showcase Mall Manager Jason Crawford stated. He referred other concerns to Regal Cinemas, which did not right away respond to an ask for comment.

Online evaluations of the shuttered theater were mixed, with guests utilizing words like “old,” “dated” and “vintage” to explain it. Others stated the theater was tidy and had a great image.

Unlike modern-day theaters with stadium-style seating, Display Theater featured rows of seats on the same elevation.

Theater near the Strip include areas at the Palms and Orleans, as well as at Town Square shopping mall, simply south of the Strip.

Disneyland closes down cooling towers over Legionnaires' ' cases

By Susannah Cullinane, CNN

(CNN)– Disneyland Park has actually shut down two cooling towers at its park in Southern California following an outbreak of Legionnaires’ disease.

Orange County health officials said nine people who checked out the Anaheim theme park in September established the disease.

An extra three people who had been to Anaheim however not Disneyland got sick too, stated Jessica Good, a spokesperson for the Orange County Healthcare Agency. One client, who had not gone to the park and had extra health concerns, died, she said.

The 12 patients are between ages 52 and 94, and 10 were hospitalized, she said.

CNN has actually reached out to Disneyland for comment however has actually not heard back.

“To date, no additional Legionella cases have actually been related to prospective direct exposure in Anaheim after September,” Good said. “There is no recognized ongoing threat associated with this break out.”

Legionnaires disease is an extreme form of pneumonia triggered by Legionella germs, in some cases found in water supply. It is usually contracted by breathing mist from the water that contains it. The source of the mist can be a/c units in big facilities, showers or jacuzzis. Legionnaires’ illness is not infectious in between people.

County health officials recognized Disneyland Park as a typical place of eight of the cases last month, and have actually been working to recognize possible sources, Good said.

Disneyland Park notified health officials this month that elevated levels of Legionella had been identified in two of its 18 towers, which were then dealt with and decontaminated.

Disneyland took the towers out of service on November 1 and informed the health agency it had actually performed extra disinfecting and testing. It brought the towers back into service November 5, however two days later, they were gotten of service again, she stated.

Health officials subsequently released an order that the towers stay shut down up until they are verified to be free from contamination. The results of the tests will not be known for about 2 weeks.

The-CNN-Wire
™ & & © 2017 Cable News Network, Inc., a Time Warner Company. All rights booked.

Deadly crash including police closes part of Las Vegas Boulevard

Metro at the scene of a fatal crash on South Las Vegas Boulevard on Sept. 20, 2017. (Luis Marquez/FOX5)< img src= "/wp-content/uploads/2017/09/14960452_G.jpg" alt=" City at the scene of a fatal crash on South Las Vegas Boulevard on Sept. 20, 2017.
Metro has portion of Las Vegas Boulevard closed due to a fatal crash on Sept. 20, 2017. (LVACS)( Luis Marquez/FOX5)” title=” Metro at the scene of a deadly crash on South Las Vegas Boulevard on Sept. 20, 2017. (Luis Marquez/FOX5)”

border=” 0 “width=” 180″/ > City at the scene of a deadly crash on South Las Vegas Boulevard on Sept. 20, 2017.( Luis Marquez/FOX5).City has portion of Las Vegas Boulevard closed due to a deadly crash on Sept. 20, 2017.( LVACS) City has portion of Las Vegas Boulevard closed due to a deadly

crash on Sept. 20, 2017.( LVACS). LAS VEGAS( FOX5 )-. Metro authorities are examining a fatal crash that involved among their own officers early Wednesday early morning. The Las Vegas Metropolitan Cops Department reported a vehicle accident just after 3:30 a.m. at the crossway of Las Vegas Boulevard and

Serene Avenue. Authorities upgraded the incident and stated the crash was a deadly collision that included a Metro officer. Roadway closures remained in place at the scene of the mishap and alternate routes were suggested by police

. The Henderson Cops Department has taken over the examination of the crash due to City participation, inning accordance with cops representatives.

Authorities did not release any further instant info from the scene. Stay with FOX5 for updates on this story.

Copyright 2017 KVVU ( KVVU Broadcasting Corporation). All rights scheduled.

Popular Las Vegas Thai area closes after ceiling caverns

Sunday, Sept. 10, 2017|7:54 p.m.

. A popular Las Vegas restaurant needed to close after heavy rains caved the roofing of the structure in throughout organisation hours on Friday.

Lotus of Siam needed to pay for meals and for customers’ rides house after portions of the ceiling fell.

No one was hurt.

The family-owned restaurant states it’s searching for a momentary place to resume. Lotus of Siam has been operated by the exact same household for almost Twenty Years.

Related Cos. JV Closes on Funding for 50 Hudson Yards Building

Deutsche Bank Reported to be Interested in Transferring Wall Street HQ to Planned 2.9 Million SF Tower

Perspective rendering of 50 Hudson Yards
Point of view rendering of 50 Hudson Yards Related Companies, Oxford Residence Group and Mitsui Fudosan America, Inc. today announced the closing of a $1.5 billion senior construction loan for 50 Hudson Yards, which represents the last piece in the $3.8 billion financing of the enormous advancement’s flagship tower.

Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corp. organized the last construction loan for the 59-story, 2.8 million-square-foot tower scheduled for completion in 2022, which will be anchored by BlackRock, Inc., among the world’s largest investment management companies. Deutsche Bank is also apparently considering 50 Hudson Yards as the German banks searches for 1.3 million square feet in Manhattan to relocate its headquarters from 60 Wall Street.

The building and construction loan at 50 Hudson Yards, which finishes the $2.3 billion capital committed by partners Related, Oxford and Mitsui Fudosan, represents the complete capitalization for the first phase of advancement at Hudson Yards, which now surpasses $18 billion, including last year’s recapitalization of 10 Hudson Lawns, the 1.7 million-square-foot, 52-story workplace tower completed last year.

“The rate of commercial leasing at Hudson Yards has been absolutely nothing short of unmatched, and with all the industrial space in the nearby workplace towers successfully spoken for, we are thrilled to introduce 50 Hudson Yards to the marketplace,” Jeff Blau, CEO of Related Business, said in a declaration.

John E. Westerfield, CEO of Mitsui Fudosan America, included that the business’s confidence in the Hudson Yards project and its collaboration with Related “has actually been highly validated by the outstanding leasing results we have actually accomplished at 55 Hudson Yards.”

Related, Mitsui and Oxford likewise partnered on the 1.3 million-square-foot 55 Hudson Yards, which is arranged to open in 2018, with inaugural anchors that include Boies, Schiller & & Flexner, Cooley LLP, Intercept Pharmaceuticals, Milbank, Tweed, Hadley & & McCloy LLP, MarketAxess, Point72, Third Point and Silver Lake.

Equity Commonwealth Closes on $328M Sale of Centre Square East & & West Towers

Equity Commonwealth (NYSE: EQC), a Chicago-based, self-managed public REIT, has actually closed on its previously announced sale of the Centre Square East and West Towers at 1500 Market St. in Philadelphia, PA.

. Nightingale Properties LLC, a New York-based landlord, has picked up the workplace residential or commercial properties for a gross list prices of $328 million, or about $186 per square foot. CBRE Capital Markets reports that at 1.76 million square feet, it is the biggest single-asset workplace deal by square video footage in the city’s history.

The seller had gotten the home in October 2002 for $183.5 million ($104/ SF) from Metropolitan Life Insurance CC, Inc., inning accordance with CoStar information.

See CoStar COMPS # 698800.

The 43-story West Tower totals 957,804 square feet on 1.5 acres in the Market Street West submarket while the nearby East Tower amounts to 801,389 square feet over 36 floorings. Found adjacent to Dilworth Park and City Hall, the twin towers were 91 percent rented at the time of sale to numerous tenants including the University of Pennsylvania Health System, Towers Watson, PHMC, Saul Ewing, Dilworth Paxson and home loan insurance provider Radian.

Centre Square was developed by designer Vincent G. Kling & & Partners in 1974 and was remodelled in 1991. A renowned part of Philadelphia’s skyline and its CBD, the complex includes covered parking with 450 stalls, a 45-foot Clothespin art sculpture in its expansive front plaza, a 41,000-square-foot retail component with a number of shops and restaurants, 12-foot slab heights in the workplace, 35 guest elevators, on-site conferencing facilities and banking, a glass-domed atrium, access to public transit, on-site management, and LEED registration, Energy Star label and BOMA 360 classification.

Nightingale Characteristic prepares to do a substantial renovation at Centre Square. Founded in 2005, the firm manages a portfolio totaling 11 million square feet of industrial area spanning 22 states, consisting of a number of properties in Philadelphia like 1635 Market St., 1500 Spring Garden St. and 1835 Market St.

The purchaser has actually maintained CBRE’s office leasing group led by Christian Dyer and Nick Gersbach to continue renting efforts at the property, as they have provided for the previous 15 years.

“Centre Square is a major part of Philadelphia’s material and brought in financier interest and capital dedications from around the globe,” said Robert Fahey, executive vice president with CBRE Capital Markets in Philadelphia. “It is the best-located set of office towers in the Philadelphia CBD. We are honored to have actually been chosen to represent Equity Commonwealth in the sale of this landmark property.”

Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ institutional properties group represented the seller in marketing and sales negotiations. The buyer managed the deal in-house.

Please see CoStar COMPS # 3962312 for extra info on this deal.