Tag Archives: million

Re/Max World HQ Structure Sells for $115 Million

Equity Commonwealth Finishes Sale of 12-Story Trophy Tower in Denver Tech Center

In the most significant workplace sale so far in 2018, the property that houses Re/Max LLC’s global headquarters has traded for $115 million, according to Denver County public records.

Equity Commonwealth, a property investment trust that is part of Sam Zell’s Chicago-based Equity Group Investments, sold the home to KORE Investments, a Centennial, CO-based real estate business.

A representative of KORE Investments did not respond to a request for remark.

Re/Max Plaza, at 5075 S. Syracuse St., is a 233,998-square-foot, Class AA office complex that is nearly 80 percent inhabited by Re/Max, the property real estate brokerage franchisor, on a long-term lease.

Re/Max owned the building until 2010, when it offered the property to Zell’s business for $75 million, according to CoStar research study.

Equity Commonwealth sold the residential or commercial property for $491 per square foot, a prices that fits in much better with main enterprise zone rates than southern city Denver.

Equity Group Investments’ multifamily arm, Equity Residential, sold all its city Denver apartment complexes to Starwood Capital Group in 2016, however the company’s other divisions still own homes around the metro location, including 17th Street Plaza and the Boulder County Service Center.

KORE owns two other residential or commercial properties, according to CoStar research study, each obtained for around $11 million in 2017. In your area, the business owns Republic Park, a 91,000-square-foot office property in Greenwood Village. The other home lies in Skokie, IL, north of Chicago.

To purchase Re/Max Plaza, KORE secured a $65.5 million loan from Ladder Capital Securities LLC, inning accordance with public records.

2 various South Korean funds bought shares in an unique function business established to purchase the property, offering equity for the offer.

This marks the 2nd major office purchase in the Denver Tech Center involving South Korean capital in recent memory. In 2016, a pension fund and an investment company based in South Korea paid $113 million for CoBank’s headquarters structure at 6340 S. Fiddler’s Green Circle in Greenwood Village.

Mike Winn, Tim Richey, Chad Flynn, Jenny Knowlton and Charlie Will of CBRE Capital Markets brokered the sale for Equity Commonwealth.

For more information on the deal, please see CoStar Compensation # 4175662.

Group Pays $275 Million for GTA Waterfront Website

Ontario Power Generation States 177-Acre Lakeview Lands Offered to Consortium, Up to 8,000 Residences to be Constructed

Courtesy: JLL.A consortium of developers is paying approximately $275 million to the province of Ontario for a track of land on the Greater Toronto Area’s waterside that is expected to generate as much as 8,000 new real estate systems and create six new areas. Ontario Power Generation, a provincial Crown Corp., worked with Jones Lang LaSalle Property Services Inc. in August 2017 to run the sale of the 177-acre parcel that was when the home of the Lakeview Generation Station, which was decommissioned in 2005. Documents gotten by CoStar News reveal JLL pitched the sale based

on the fact the shift of the website from an energy to mixed-use had actually already begun and included assistance from the city of Mississauga, which is leading an official strategy amendment procedure for the area at 800 Hydro Roadway.” This substantial preparation work, both finished and in-progress, supplies a benefit to a possible designer by accelerating land use evolution and facilitating a shorter time frame to building and construction,” according to a pamphlet that was prepared by JLL, which would not discuss the sale. In a release, OPG said it had completed the sale of the former coal-fired website in Mississauga to Lakeview Community Partners Ltd. The previous coal-fired power plant site will be changed into a mixed-use neighborhood with 67 acres of waterside land to be remediated and transferred to the City of Mississauga. Lakeview Neighborhood Partners Ltd. is a consortium of developers that includes Argo Development Corp., TACC Construction Ltd., Branthaven Homes, Greenpark Group and

CCI Development Group of Cos.” This website is among the biggest undeveloped parcels of waterfront lands left in the Greater Toronto and Hamilton Area, and the 4th previous OPG coal plant site to shift to a

brand-new, eco-friendly use,” stated Jeff Lyash, president and president of Crown Corp. in a statement, predicting the website will be the” gem of Mississauga.” The strategy requires the brownfield website to be changed into a mixed-use community with a range of residential structure types, the parkland, cultural and employment uses. JLL had actually

predicted the site might create 7,000 to 9,000 new jobs. Fabio Mazzocco, president of Lakeview, said the goal was to construct” an icon on the coasts of Lake Ontario in Mississauga “for a sustainable and connected community. The net earnings from the sale of Lakeview lands will be transferred to Ontario’s Trillium Trust to fund transit, transportation and other crucial facilities projects throughout the province, according to a release. Garry Marr, Toronto Market Press Reporter CoStar Group.

Nevada marijuana tax income $5.54 million in January

The state gathered $5.54 million in taxes in January from legal marijuana, continuing to outmatch projections, according to the Nevada Department of Tax.

That’s near a record $5.8 million in October, $5.5 million in November and $5.7 million in December.

The revenue includes a 15 percent wholesale tax on medical and leisure pot and a 10 percent excise tax on recreational weed sales.

January’s revenue from the wholesale tax on cultivation and production centers for transferring the plant to dispensaries was a record $2.26 million. The excise tax brought in about $3.28 million.

“Our collections to this day are around 70 percent of exactly what was predicted for the year,” said Expense Anderson, director of the Nevada Department of Taxation.

The state predicted typical tax profits of $5 million a month from July 2017 to July 2019, leading to total collections of $120 million. Authorities anticipated the first numerous months of recreational marijuana sales would be slower and after that get.

But with $35.9 million gathered through 7 months of leisure pot sales, the industry is running ahead of the expected speed.

Income from the wholesale tax funds state and city government policy of the market, with any remaining money going toward schools. Profits from the excise tax is transferred into the state’s rainy day fund, normally utilized for emergencies.

Ford remembers 1.4 million vehicles since guiding wheel can come off

This Tuesday, Jan. 17, 2017, photo shows a Ford sign at an auto dealership, in Hialeah, Fla. Ford Motor Co. says a change in the way it values pension assets will cut 2016 full-year net income by $2 billion. (AP Photo/Alan Diaz)
< img alt=" This Tuesday, Jan. 17, 2017, picture shows a Ford sign at a vehicle dealer, in Hialeah, Fla. Ford Motor Co. says a modification in the way it values pension assets will cut 2016 full-year net income by $2 billion. (AP Photo/Alan Diaz)"

title=” This Tuesday, Jan. 17, 2017, picture shows a Ford indication at a car dealer, in Hialeah, Fla. Ford Motor Co. says a modification in the method it values pension assets will cut 2016 full-year net income by $ 2 billion. (AP Photo/Alan Diaz)” border= “0” src=” /wp-content/uploads/2018/03/13482843_G.jpg” width =” 180″/ > This Tuesday, Jan. 17, 2017, photo reveals a Ford sign at a car dealership, in Hialeah, Fla.

Ford Motor Co. states a change in the way it values pension possessions will cut 2016 full-year net income by $ 2 billion. (AP Photo/Alan Diaz). (CNN Loan)– Ford is remembering 1.4 million cars because the guiding

wheels can end up being loose and even come off while driving. The car manufacturer says it is familiar with two mishaps and one injury that might have been caused by the issue. [Related: Amazon recalling

portable charging bricks due to fire, chemical hazard] The affected models are the Ford Fusion and the Lincoln MKZ, both from design years 2014-2018.

Ford said the issue is that a steering wheel bolt might come loose, which might trigger the guiding wheel to potentially remove.

[Related: InSinkErator is remembering 1.4 million garbage disposal switches due to fire risk]

The company likewise announced a recall of another 6,000 vehicles due to a threat of fire from a clutch pressure plate fracture. But all those recalled vehicles are manual transmission cars, which are not frequently sold. The affected designs are 2013-16 Ford Focuses and 2013-15 Ford Fusions.

The-CNN-Wire ™ & & © 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved.

Oct. 1 shooting fund set to release $31.4 million

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=” Image “/ > John Locher/ AP In this Monday, Oct. 16, 2017, picture, individuals go to a makeshift memorial for victims of the Oct. 1 mass shooting in Las Vegas.

. The Las Vegas Victims’ Fund on Monday will start dispersing $31.4 million to people injured and the families of those killed in the Oct. 1 mass shooting on the Strip.

The cash will be distributed to more than 500 plaintiffs, with the greatest dispensations– $275,000– going to the households of the 58 people eliminated and 10 people who suffered permanent paralysis or mental retardation in the attack.

” The love and support shown for the households and survivors of the 1 October tragedy was significant,” stated Scott Nielson, chairman of the Las Vegas Victims’ Fund Committee.

” We recognize, however, that cash can not change a life lost or permanently altered due to this terrible occasion,” Nielson stated.” Exactly what the committee strove to do was disperse the gifts given by 10s of thousands of individuals in a manner that would assist those families and survivors most seriously affected by 1 October.”

A gunman opened fire on Oct. 1 from the 32nd flooring of a Strip hotel tower into a crowd of individuals at a country music performance across the street, killing 58 and hurting more than 800. The fund processed claims from 532 people and households.

People who were hospitalized– a total of 147– will receive from $17,500 to $200,000, depending on for how long they remained in the health center. The fund broke down the disbursements as follows:

– Hospitalized one day (32 individuals): $17,500

– Hospitalized two to seven days (77 people): $52,500

– Hospitalized eight to 15 days (15 individuals): $100,000

– Hospitalized 16 to 23 days (nine individuals): $150,000

– Hospitalized 24 days or more (14 people): $200,000

A total of 317 claimants who were hurt and received outpatient care stand to share $2.5 million– about $7,900 each– once all claims are verified, authorities stated.

The distribution of the money is anticipated to be finished by the end of the month.

Money from the Las Vegas Victims’ Fund consists of contributions made to other funds, such as the Vegas Strong Fund, the Direct Effect Fund and the National Empathy Fund.

It was collected from more than 90,000 donors, with nearly 40 percent of the funds contributed by Las Vegas video gaming companies and $1 million in matching funds from Zappos. Individual donations varied from $1 to nearly $400,000.

The Vegas Strong Fund raised $5.2 million, which included donations from Las Vegas Sands Corp., Wynn Resorts, Caesars Home Entertainment, Boyd Video Gaming and Red Rock Resorts, as well as $66,000 in Tee shirts sales by Green Valley High School. A benefit concert in December at T-Mobile Arena raised some $700,000.

The Las Vegas Victims’ Fund is separate from the Nevada Victims of Criminal Offense Program, which offers cash to help victims offset the monetary concern of funerals and medical, psychological health and other costs. To find out more, click here.

ASB Real Estate Sells Capella Tower to Shorenstein for $255 Million

DC-Based Investment Company Trimming Workplace Holdings as Part of Portfolio Rebalancing Effort

San Francisco-based Shorenstein has bought the Capella Tower, one of the most distinctive buildings in downtown Minneapolis, from ASB Realty Investments.

Washington D.C.-based ASB on Friday announced the deal to sell the 58-story Class A structure at 225 S. Sixth St., which it has actually owned since 2006. The sale included an adjoining 20-story structure occupied by the Star Tribune newspaper.

The 2 structures cover 1.4 million square feet, which exercises to about $182 per square foot. Capella Tower was valued at $244.6 million for taxes payable in 2018, according to Hennepin County records.

The tower’s illuminated crown has actually beautified the city’s horizon because building on the structure involved the early 1990s. Its namesake, Capella University, occupies about 348,000 square feet and has actually had naming rights to the structure given that 2008.

The building is 86% occupied, inning accordance with recent CoStar information.

ASB bought the structure for $245 million from then-owner Hines, based in Houston. Executives from ASB and Shorenstein were not immediately readily available for remark, but in the announcement, ASB stated the company was encouraged to offer in an effort to rebalance its portfolio. Workplace stock made up about 36.3% of its holdings since Dec. 31, inning accordance with the ASB website, which also indicated that the companies is looking to cut that proportion down to 20%.

“Capella had become a less tactical investment from a portfolio diversity standpoint, and the current market characteristics provided a great chance to sell and redeploy capital,” Larry Braithwaite, senior vice president and portfolio manager of ASB’s Allegiance Fund, stated in the release.

This seems the 3rd big workplace sale by ASB in 2018. In late January, ASB offered 900 G Street, a 112,635-square-foot office complex in Washington DC’s East End submarket for $144 million to an affiliate of Masaveu Real Estate US. ASB likewise is under contract to offer the 1.6 million-square-foot Infomart data center and office complex in Dallas to Equinix for $800 million. Nevertheless, ASB also purchased an office building at 64 New York Ave. NE in Washington DC in December for $186.3 million.

Shorenstein owns two other residential or commercial properties in Minneapolis in addition to Capella: Washington Square, a 1.1 million-square-foot workplace complex at 100 Washington Ave. S., and the Maverick Apts., a 168-unit high-end apartment in the North Loop district.

Please describe CoStar Compensation # 4144482 for additional information on this transaction.

Swing set collapses on teen'' s head, jury orders Las Vegas HOA to pay $20 million

LAS VEGAS (FOX5) –

A jury reached a $20 million verdict after a teen suffered extreme brain injuries from a swing set collapsing on his head at Lamplight Village in northwest Las Vegas.

Lawyers for Carl Thompson, who was 15 years of ages at the time of the injury, argued that the Lamplight Village Homeowners’ Association need to have been examining and keeping play area equipment that could be fatal if left unattended.

The swing set collapsed in 2013. On Thursday, the Lamplight Village play ground had empty poles where the swings used to sit.

“He was playing basketball,” attorney Al Lasso stated. “He sat down on the swing set to send a text message. When he sat down, the 42-pound steel bar fell from a height of 8 feet and crushed his skull.”

Lasso and his co-counsel, Sean Claggett, stated they found the swing sets had actually been proven to be malfunctioning at least 3 times prior to the collapse. They stated they do not believe anybody was hurt in those circumstances.

At trial, they told the jury Lamplight Town had the choice to pay a $150 month-to-month upkeep cost, but declined.

“(Thompson) just happened to be the unfortunate individual that it fell on,” Lasso stated. “These injuries to the brain do not get any much better. In fact, they become worse, and sadly that’s the diagnosis.”

“He’s aiming to finish high school,” Claggett said. “This injury caused him to not finish yet, so he’s still attempting to end up high school.”

“He wishes to go and he wishes to better himself,” Lasso added. “He’s never ever quit.”

Lasso and Claggett stated the fact that Thompson endured was fortunate. They stated they believe a more youthful child would have died from the head injury.

Lawyers for Lamplight Village have actually not yet returned telephone call from FOX5. If they choose to appeal, the case would go to the Nevada Supreme Court.

Lasso said he offered Lamplight Town numerous settlement offers (for “significantly” less than $20 million) in an effort to save his customer from needing to affirm. He said the HOA refused to settle.

“In their eyes, they did nothing wrong,” Lasso said.

“This isn’t the only HOA that’s behaving this way,” Claggett said. “HOAs around the valley are doing the exact same exact thing. So the playground devices isn’t safe anywhere … It could have been anybody.”

Homeowners were expected to address the concern at next Monday night’s HOA conference. Some said they think the discussions will be contentious.

“This will be one interesting conference, don’t you believe?” wrote somebody on the Homeowners of Lamplight Town Facebook page. “Please, let’s all be considerate of others and state our concerns calmly. Bear in mind that board members are homeowners too and we’re all in this together. See you there!”

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

J.P. Morgan Chase Commits to Building 2.5 Million-SF Head Office in New York City

Bank is Self-Financing 70-Story, Ground-Up Building And Construction Accommodating About 15,000 Staff members

J.P. Morgan Chase made waves this morning with the statement that the worldwide banker will develop a brand-new 2.5 million-square-foot headquarters at 270 Park Ave. in New York City.

Still in development, inning accordance with sources, is the task of amassing approvals for a prepared 70-story, LEED-certified commercial tower borne from the site of its previous headquarters. The taking down and redevelopment of its brand-new structure will produce an approximated 8,000 construction tasks.

J.P. Morgan currently has cost-run rates on the task, and will fund the construct itself. Building is expected to begin in 2019 and take five years to complete. In the interim, it has signed leases for area to house workers at 245 Park Ave., 277 Park Ave. and 237 Park Ave., inning accordance with sources with understanding of the offers.

Upon completion, nearly 15,000 workers will work from the new tower, replacing what J.P. Morgan hires a release, “an outdated center” that houses simply 3,500 current staff members.

The bank’s preference was to remain in the area where it was, however the business might not build higher without the Midtown East rezoning. The Department of City Preparation’s Midtown East rezoning targets a 73-block radius around Grand Central station, supplying rewards for brand-new advancement and energy effectiveness.

With this deal, the banks seeks to achieve a modern-day workplace and produce a property with modern-day facilities, in a sea of aging buildings. It could not offer talk about the approximate cost of the project.

” With a new headquarters at 270 Park Avenue, we are recommitting ourselves to New York City while also making sure that we run in a highly effective and world-class environment for the 21st century. We eagerly anticipate working constructively and collaboratively with Mayor Expense de Blasio, Governor Andrew Cuomo, Deputy Mayor Alicia Glen, the New York City Board, and other crucial City and State officials on this crucial task,” CEO Jamie Dimon said in a release.

J.P. Morgan Chase should purchase additional development rights from surrounding properties to guarantee its tower climbs up. Inning accordance with corporate releases on the deal, any such deals in the brand-new East Midtown subdistrict require the seller of the air rights to pay the City a minimum contribution of $61.49 per square foot, providing funding for enhancements to the area’s public world.

The monetary corporation has not settled renderings for its brand-new HQ concept. Built in 1958, the present Chase Structure at 270 Park Ave., located between 47th and 48th Streets, is fully rented. It stands 52 stories tall and makes up 1.36 million square feet of 4-Star office space.

” J.P. Morgan Chase’s dedication to build their brand-new, state-of-the-art home office and assistance thousands of jobs here in New York is proof that our financial advancement strategies succeed,” noted New York State Guv Andrew Cuomo.

Diana Bell, New York City Market Reporter CoStar Group.

Los Angeles Times sold to local billionaire for $500 million

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Image “/ > Richard Vogel/ AP In this Might 16, 2016, file image, pedestrians take a look at news photos posted outside the Los Angeles Times building in downtown Los Angeles.

Wednesday, Feb. 7, 2018|12:59 p.m.

LOS ANGELES– A biotech billionaire struck a $500 million offer Wednesday to purchase the Los Angeles Times, ending the paper’s quarrelsome relationship with its Chicago-based corporate overseers and bringing it under regional ownership for the very first time in 18 years.

The arrangement in between Los Angeles medical business owner Dr. Patrick Soon-Shiong and Tronc Inc. represents the current instance of an abundant, civic-minded private buying a paper from a huge corporation.

Soon-Shiong, 65, collected his fortune in part by developing a cancer drug in 1991. He was currently a major shareholder in Tronc, among the richest guys in Los Angeles and the nation’s wealthiest doctor by Forbes’ estimate, with a net worth put at $7.8 billion.

The deal includes the purchase of The San Diego Union-Tribune and some other publications and the presumption of $90 million in pension liabilities.

Soon-Shiong takes over at a time of turmoil at the paper. The Times just changed its top editor, the 3rd such switch in 6 months, and publisher Ross Levinsohn had actually been on unsettled leave after it was learned he was a defendant in two unwanted sexual advances suits elsewhere. Tronc stated Wednesday he was cleared of any misdeed.

Also, journalists voted last month to unionize for the very first time in the paper’s 136-year history.

Tronc, previously known as the Tribune Co., owns the Chicago Tribune and numerous other U.S. newspapers, including the Baltimore Sun and New York Daily News.

Clashes between the Times and its Chicago-based owner appeared not long after it got the West Coast paper in 2000. Personnel at the Times bristled over what it considered a string of bad choices made from hundreds of miles away in Chicago, and the paper went through a succession of leading editors and publishers.

Among them was editor John Carroll, who led the paper to 13 Pulitzer Prizes but resigned under heavy pressure to cut staff. His follower, Dean Baquet, left after 15 months and is now managing editor at The New york city Times.

Press reporters at the Times were likewise alarmed by the current hiring of several news executives who reported to business executives, and not to news editors. Traditionally, the editorial and service sides of a paper are kept different to preserve journalistic credibility.

As news spread of a potential sale Tuesday, cheering appeared in the Times newsroom. After the deal was announced, the union representing the paper’s journalists stated it “anticipates dealing with a local owner who can help us preserve The Times as a guardian of our neighborhood and as the voice of the American West.”

Maya Lau, a Times law enforcement reporter, tweeted: “Congratulations to Patrick Soon-Shiong and hooray for a return to local ownership of the Los Angeles Times & & San Diego Union Tribune.”

With the newspaper market tossed into deep turmoil by the web, Amazon creator Jeff Bezos purchased The Washington Post in 2013 for $250 million. The exact same year, Boston Red Sox owner John Henry purchased The Boston Globe for $70 million.

” We discover ourselves going back to where we were a century back when a handful of wealthy owners controlled huge, prominent newspapers,” said Al Tompkins, a senior faculty member at the Poynter Institute, a journalism think tank in St. Petersburg, Florida.

” Here’s the distinction: The ownership today does not assure financially rewarding returns. You take it over knowing it isn’t almost as successful as it might have been 20 or 50 years ago. Today it’s a thinner margin, and it gets thinner every day.”

Soon-Shiong, who also holds a minority interest in the Los Angeles Lakers, said in an interview with the Times in 2015 that as a major stockholder in the paper, he was dissatisfied with the method it was being run.

” I am concerned there are other programs, independent of the newspaper’s needs or the fiduciary commitments to the practicality of the organization,” he stated. “My goal is to try and protect the integrity and the practicality of the paper.”

Tronc said the sale will enable the Chicago business to follow a more aggressive growth technique concentrated on news and digital media. It said it is buying a majority stake in online product evaluation company BestReviews for an undisclosed quantity.

Veteran media service analyst Ken Doctor stated a go back to local ownership will bring back pride at the Times.

The concern is whether a new owner will do more than halt lowerings by reinvesting, as Bezos and Henry did at their newspapers, and set the Times on a new path.

” Provided the huge challenges still dealt with by news publishing in the age of Google/Facebook ad duopoly and still-onrushing digital disturbance, even a billionaire has his work cut out for him,” Medical professional said.

Christopher Weber and John Rogers added to this report.