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USPS owes $3.5 million in royalties for using the wrong Statue of Liberty

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John Taylor/ Las Vegas Sun A Las Vegas variation of the Statue of Liberty outside the New York-New York on the Strip

Released Wednesday, July 4, 2018|2 a.m.

Updated Wednesday, July 4, 2018|4:43 p.m.

. A stamp that mistakenly included the image of a Statue of Liberty replica in Las Vegas rather of the initial New York Statue will cost the United States Postal Service $3.5 million in a copyright violation claim.

Las Vegas sculptor Robert Davidson, who developed the reproduction Woman Liberty in the exterior at the New-York-New York casino-resort on the Las Vegas Strip, took legal action against the Postal Service five years ago over its 2011 “forever” stamp style.

The stamp included the face of his Girl Liberty, which his lawyers argued in court filings was unmistakably various from the original and was more “fresh-faced,”” sultry “as well as”

sexier.” The Postal Service had actually been launching the stamps for a minimum of three months before finding it was not a picture of the New york city statue.

Postal Service attorneys argued Davidson’s design was too comparable for him to declare copyright.

Federal Judge Eric Bruggink sided with Davidson recently and agreed his work was an initial design with a more contemporary, womanly and contemporary face. He bought the Postal Service to pay $3.5 million to the artist– a slice of the $70 million the service made in make money from the stamp.

Postal Service representative Dave Partenheimer stated in an email that the firm was reviewing the decision and would comment “if when appropriate.”

Todd Bice, Davidson’s lawyer, stated in an emailed declaration that his customer was pleased that the court acknowledged the significance of his work.

” As the court noted, Mr. Davidson’s creative production of the Las Vegas Woman Liberty is highly special and appealing, which is exactly what prompted the United States Postal Service to select a picture of his work for the second ever Forever Stamp, over numerous other images,” he said.

Court documents reveal Davidson said he desired his sculpture, like the remainder of the casino-resort’s facade, to have the feel of New york city’s iconic horizon without replicating it.

USPS owes $3.5 million in royalties for using the incorrect Statue of Liberty

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John Taylor/ Las Vegas Sun A Las Vegas version of the Statue of Liberty outside the New York-New York on the Strip.

Wednesday, July 4, 2018|2 a.m.

There’s a great chance you have actually seen the United States Postal Service Lady Liberty stamp. Maybe you believed this was a photo of the Statue of Liberty.

To see the complete story, click here.

Mansueto Characteristic Purchases Iconic Wrigley Building for $255 Million

The renowned Wrigley Structure– one of the most famous in the world– is now in the hands of Chicago billionaire Joe Mansueto, whose new realty investment company Mansueto Characteristics purchased the historical two-building landmark for $255 million recently.

Perched at the corner of Michigan Avenue and the Chicago River at 400 and 410 N. Michigan, the structure, clad in white terra-cotta, is amongst the most identifiable in the city and on Chicago’s premier commercial district, the storied Spectacular Mile.

As the first high-rise building on Michigan Opportunity, the Wrigley Structure and its signature bell tower, styled after the Giralda Tower of the cathedral in Seville, Spain, poses as a gateway between the Gold Coast, the Loop and River North. Mansueto, the founder and executive chairman of Morningstar, the investment research firm, paid a 672 percent premium to the $33 million it last sold for in 2011.

“Located at the new center along the Chicago River, the Wrigley Structure stands high as a clear symbol of our city’s rich history,” Mansueto said in a statement. “We are dedicated to maintaining the tradition of this building and guaranteeing that it remains an essential part of Chicago’s development well into the future.”

Legend has it that chewing gum tycoon William Wrigley, Jr., called “Beau,” was so wide-eyed by the renowned White City of the World’s Columbian Exposition held in Chicago in 1893 when he was a kid, that he desired his namesake headquarters to show that aura. The glazed terra cotta has six different tones of white that ended up being brighter as the building increases. The fa├žade, whose white stone and gold information are cleaned frequently, is lighted during the night, producing a glow of the spacious plaza just steps from the river. Graham, Anderson, Probst & & White designed the structure, which sits across Michigan from another historic terra-cotta landmark, The Tribune Tower.

Considering that 2011, the Wrigley Building has undergone a $91 million remodelling by the sellers, a financial investment group led by BDT Capital Partners that also included Zeller Realty Group and Groupon founders Eric Lefkofsky and Brad Keywell. They bought the residential or commercial property from Mars Inc., which obtained it in its purchase of the William Wrigley, Jr. Co. in 2008.

The renovation of the 2 towers, which are connected by enclosed bridges at the 3rd and 14th levels, was sweeping, with a redesign of the general public areas, including must-have amenities for today’s office space that consist of a cafe, health club and occupant lounge, in addition to comprehensive facilities improvements.

The structure, which has approximately 311,000 square feet of rentable area, is nearly 95 percent leased – a considerable improvement from the 19 percent tenancy it had prior to the remodellings started. The Perkins + Will architecture firm is the largest tenant, at nearly 69,000 square feet in a lease that extends until 2026, inning accordance with CoStar research study.

The offer is stated to have been done in between Mansueto and Byron.

For additional information on the deal, please see CoStar Comp # 4343923.

Reno-Sparks tourism tops 5 million for the very first time given that 2007

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Scott Sonner/ AP In this Oct. 11, 2016, file photo, a pedestrian strolls beneath the well-known Reno arch as traffic hands down Virginia Street in downtown Reno.

Saturday, June 30, 2018|3 p.m.

RENO– The variety of visitors to Reno-Sparks and Washoe County over the previous year topped the 5 million mark for the first time considering that 2007.

The Reno-Sparks Convention and Visitors Authority and area policymakers cite several aspects for the increased visitation for fiscal year 2017, the Reno Gazette Journal reports. They range from a strong U.S. economy to a restored push to market the Reno-Tahoe area and buzz from the arrival of prominent companies such as Apple, Google and Tesla.

When the visitors authority started tracking guests in 2002, the area remained in the middle of an economic boom that saw nearly 5.7 million tourists. Once the housing bubble popped 5 years later amid a nationwide recession, tourist took a big hit.

Visitor counts fell by almost a quarter to as low as 4.3 million in 2011.

Gov. Brian Sandoval is among those who say the new numbers verify Nevada’s financial recovery.

” We’re in the middle of a renaissance today, however exactly what is essential is that it’s sustainable,” Sandoval said.

The visitors authority got some stability with the choice of a new CEO in 2016, previous Safari Club chief Phil DeLone.

It also just recently chose to deal with concerns about its venues underperforming by hiring professional third-party management firm SMG Worldwide Home entertainment to oversee centers such as the Reno-Sparks Convention Center and National Bowling Arena. Besides handling numerous convention centers, SMG oversees the Mercedes-Benz Superdome in New Orleans and NRG Stadium in Houston.

Big offers the visitors authority just recently landed include the return of the Safari Club International convention– the most significant exhibition ever kept in Reno– after it left for an extended stint in Las Vegas.

It likewise managed to take the Interbike convention from its standard home of Las Vegas and bring it to Reno-Tahoe for the very first time. The bike trade convention has seen participation drop in recent years after hitting 25,000 individuals in 2015, but is forecasted to either competing or go beyond Safari Club numbers for its approaching program.

Visitors authority Vice President of Sales Mike Larragueta says interest in Reno was a lot more powerful throughout the U.S. Travel Association’s annual convention in 2015 in Denver, which was attended by 1,000 travel organizations and about 1,300 domestic and international purchasers.

” We had a hard time to get accounts to meet us in the past, however we ended with 84 appointments over 3 days, which is unusual for us,” Larragueta stated. “It’s not us, it’s the destination. For the very first time ever, we’ve ended up being pertinent.”

With taxable room profits jumping from $231.5 million throughout the 2012 to $347.4 million throughout the 2017 , the visitors authority has seen a corresponding increase to its marketing budget.

In 2012, the company’s sales and marketing spending plan totaled $1.6 million, restricting the variety of markets where it could run marketing campaigns. For the upcoming fiscal year, its board authorized a sales and marketing spending plan totaling nearly $10.7 million.

That’s still little compared to the Las Vegas Convention and Visitors Authority, which reserves $95 countless its $140 million sales and marketing spending plan for marketing alone in the city 42.2 million individuals checked out last year. But for a market Reno’s size, it’s a huge investment.

The funding increase allowed the company to broaden marketing in Seattle, Los Angeles and the San Francisco Bay Location. The visitors authority likewise increased its regional sales agents to 9 and regional workplaces to eight, including in Sacramento, Las Vegas, Atlanta and Chicago.

AccorHotels to Buy Half of SBE Home Entertainment for $319 Million

Paris-Based Accor to Increase United States Existence with Stake in LA-Based Hospitality Company

AccorHotels will buy a HALF stake in Sam Nazarian’s Los Angeles-based SBE Entertainment Group in the latest example of the French group’s acquisition spree in the high end hotel sector.

Paris-based AccorHotels, increasing its foothold in the United States lodging market, will acquire the 50% of SBE’s typical equity held by Cain International for $125 million, and will invest $194 million in a brand-new debt instrument for an overall financial investment of $319 million.

Nazarian will continue to own the remaining 50% of SBE, that includes such well-known brand names as SLS Hotel & & Residences, Delano, Mondrian and Hyde in New York City, Miami, Las Vegas and worldwide resort locations as the Bahamas, Rio de Janeiro and Dubai.

The fancy Iran-born Nazarian, who founded SBE in 2002 and released a string of trendy clubs, dining establishments and hotels, now uses 7,000 individuals worldwide. SBE’s homes include Delano South Beach in Miami, SLS Baha Mar in the Bahamas, Mondrian Doha in Qatar, Mondrian Park Avenue in New York City and the newly opened 57-story SLS LUX Brickell in Miami.

The long-term investment will enable SBE to take advantage of AccorHotels’ worldwide hospitality platform “while staying an independent high-end lifestyle operator,” the business said in a declaration. SBE, with support from Cain Hoy and Ron Burkle’s The Yucaipa Business, got Morgans Hotel Group in 2016 for a reported $800 million.

SBE stated it would run 25 hotels making up 7,498 spaces by the end of 2018, primarily in The United States and Canada. The business has 20 hotels and houses worldwide in its development pipeline and has actually offered 1,500 branded property units valued at $2 billion, with over 2,500 units valued at $2.5 billion in its pipeline.

Lucky gamer wins over $3.2 million at Silverton Gambling establishment

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180″/ > LAS VEGAS( FOX5)- A fortunate slot player won more than $3.2 million at the Silverton Casino on June 9.

According to IGT, the confidential winner was playing the Wheel of Fortune Winning Wedges Video Slots video game when he or she positioned a $5.00 wager to win the record-setting jackpot. The slot game’s progressive jackpot started at $500,000.

The player won $3,225,240, IGT reported.

It was the biggest Wheel of Fortune Slots prize paid in 2018 so far and the biggest in Silverton’s history.

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

NJ-Based Net Lease REIT Raises $455 Million in IPO

Single-Tenant Specialist Necessary Properties Gets Everything from Motion Picture Theaters, Fast-Food and Cars And Truck Cleans to ER Centers

Cushman & Wakefield isn’t really the only commercial real estate firm testing the general public markets this week. Important Characteristic Realty Trust, Inc., a real estate financial investment trust that owns and handles triple-net, single-tenant business properties, raised $455 million by providing 32.5 million shares at $14.

The $14 per-share offering was at the low end of exactly what the business hoped to raise, which was net proceeds of $542.7 million at $17 a share. The shares began trading Thursday on the New York Stock Exchange under the sign EPRT priced at $13.61 in after-hours trading and were trading in roughly the same range Friday morning.

With the conclusion of the offering, Princeton, NJ-based Essential Properties will sell 7.79 million shares of typical stock and 1.14 million common systems in the company’s operating partnership in a personal placement to a subsidiary of Eldridge Industries, LLC, the business’s main equity service provider, for $125 million.

The business plans to use the net earnings and the personal positioning to repay about $288 million in payable notes and for basic business functions, consisting of possible future financial investments.

Goldman Sachs & & Co. LLC and Citigroup are functioning as lead book-running supervisors for the offering and as representatives of the underwriters, Barclays, BofA Merrill Lynch and Credit Suisse are acting as joint book-running supervisors for the offering.

The company’s first purchase was the June 2016 acquisition of a portfolio of 262 net-leased properties, primarily restaurants, offered as part of the liquidation of General Electric Capital for $280 million.

The business’s residential or commercial properties include restaurants, car cleans, automotive services, medical services, convenience stores, entertainment, early youth education, health, and physical fitness.

As of March 31, Important had a portfolio of 530 properties, 99.1 percent occupied by 127 tenants in 15 markets throughout 42 states. None of its tenants contribute more than 6.8 percent of its overall yearly base rent, and the typical staying lease term is a strong 13.8 years, with less than 4.5 percent of leases ending prior to 2023.

More than 95 percent of leases providing for increases in future base lease at a weighted average rate of 1.5 percent per year. 64.8 percent of the base rent was attributable to master leases.

$222 Million Sale of Charlotte Workplace Tower Sets Market Record

Portman-Developed 615 South College Sells for Highest Price Per Square Foot for Class A Workplace Residential Or Commercial Property in Charlotte History

CBRE Global Investors and a pension fund client simply obtained 615 South College, a brand-new Class A workplace tower in Charlotte for $222 million.

The sale of the 19-story, 375,865-square-foot office tower established by Atlanta-based Portman Holdings recorded in county records Tuesday. The brand-new office building was completed in 2017 beside Charlotte’s popular Westin Hotel and houses co-working firm WeWork.

The structure was sold by a joint endeavor partnership in between Portman, Los Angeles-based PCCP and a Chinese financial investment firm, China Orient Summit Capital Co., Ltd.

. At that rate, that sale works out to approximately $590 per square foot, a record cost per square foot for a Charlotte workplace home.

The office tower was constructed on top of a 1,456-space underground parking deck and the record-setting price shows in part the additional income produced by parking costs.

However, even representing the additional value from the parking earnings, the rate per square foot far eclipses any previous Class A workplace sale in Charlotte, which formerly had not exceeded $400 per square foot.

The sale did not set a general record rate for a Charlotte workplace property, nevertheless. That honor is still held by the 2016 sale of 301 S. College St. for $284 million.

The Atlanta office of Eastdil Secured organized the sale on behalf of the seller. The California State Teachers’ Retirement System (CalSTRS) joined CBRE Global Financiers in the building purchase. The purchaser and seller reacted to calls however stated they might not yet comment on the sale.

Brian Dawson, a managing director for Jones Lang LaSalle who heads JLL’s Capital Markets group in Charlotte, was not associated with the transaction but said he was not amazed that it traded for a record rate.

“This is a special property that is a really solid, well-designed, core trophy property located in Charlotte’s top submarket,” Dawson said. “The income produced by the parking garage and ancillary utilizes advantage net operating earnings.”

The office tower in Charlotte’s stylish Stonewall Passage is the last significant development finished by Portman Holdings before the death of its creator, renowned architect/developer John Portman, who died in December 2017. Portman personally cut the ribbon the main opening of 615 South College in May 2017.

The underground parking deck was developed by Portman at the very same time as the Westin Charlotte, which opened 15 years back. When Portman broke ground on the 700-key Portman-designed hotel in September 2000, the designer said the garage would be built to accommodate a 2nd stage that would comprise either extra hotel spaces or an office building.

The tower at 615 South College still is in its preliminary lease-up phase and currently is about 82 percent leased, according to CoStar research study. WeWork is the largest tenant and inhabits 76,000 square feet. Regions Bank occupies nearly 64,000 square feet. Other occupants consist of Addison Group, BDO U.S.A. and Direct Digital.

Asking rents are $39.50-$40 per square foot each year on a full-service basis.

To find out more on CBRE Global Investors’ acquisition of 615 South College, please see CoStar COMP # 4302369.

Austin'' s School Advantage Takes $200 Million Multifamily Portfolio

Visualized: Liv neighborhood in Seattle, among 6 student real estate neighborhoods acquired by Campus Benefit in a $200 million deal.Student real estate newcomer School Benefit has actually beefed up its portfolio with a six-property deal worth about$200 million. The Austin-based investment and home management business obtained a 714-unit portfolio, with 1,910 beds, near schools in Washington, Georgia, Oregon, Illinois and Tennessee. The deal balloons School Benefit’s portfolio of owned and handled homes to more than 34,000 beds. Campus Benefit got the residential or commercial properties from Chicago-based owner and

developer, CA Ventures. All 6 of the properties are recent-vintage projects established in the last 5 years. The trade shows the preferred qualities of student real estate: distance to big, state universities that have actually pulled back on student real estate construction, and high-end features. The homes consist of study spaces, health clubs, tanning salons, pools, and other top-shelf functions. The homes in the portfolio consist of: the LIV and Identity residential or commercial properties in Seattle, near the University of Washington; the

Evolve, in Auburn, GA, near Auburn University; Uncommon Eugene, near the University of Oregon; The Flats, in Typical, IL, near the University of Illinois; and Evolve Knoxville, near the University of Tennessee. Campus Benefit teamed with an unnamed public pension fund in the new$200 million joint venture. The company was begun in

2007 and has considering that gotten $1.5 billion in trainee real estate properties with various partners, according to its website. For more details on the transaction, please see CoStar Compensation # 4278316.

Female strikes $1.4 million jackpot at Golden Gate Hotel & & Gambling establishment

Rhonda L. from Wisconsin won the largest jackpot payout in the history of the Golden Gate Hotel & Casino June5, 2018 (Derek Stevens / Twitter).
Rhonda L. from Wisconsin won the largest jackpot payout in the history of the Golden Gate Hotel & Gambling Establishment June5, 2018 (Derek Stevens/ Twitter). A fortunate tourist is going home with a story to tell after hitting the largest jackpot payment in the history of the Golden Gate Hotel & Gambling Establishment. A Wisconsin lady, identified as Rhonda L., won a whopping $ 1.4 million at the downtown property on June 5. She played the Million Degrees game by Scientific Games on the gambling establishment floor, inning accordance with a media release. The gambling establishment said Rhonda was in town for a bingo tournament when she struck it rich.

Even Golden Gate’s owner and CEO Derek Stevens was gladly shocked by the win.

“She is a big fan of the D and Golden Gate so we really couldn’t have actually requested a better winner,” Stevens stated. “This is the greatest payment of my profession in Las Vegas and our lucky gambling establishment player has actually made the experience memorable.”

Golden Gate plans to post the winner’s image on the Million Degrees machine.

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