Tag Archives: union

5-year labor offer reached between union, 2 Las Vegas gambling establishments

[unable to recover full-text material] 2 gambling establishments in downtown Las Vegas reached a tentative labor contract with unionized bartenders, food and mixed drink servers and other employees over the weekend. The Culinary Union says the five-year deal covers more than …

Seattle'' s South Lake Union Area Hosts $338.5 Million Sale, Puget Sound'' s Greatest in 2018

Purchase of Tommy Bahama’s Headquarters at 400 Fairview Seals Amazon’s Community as the Region’s Hottest for Commercial Real Estate

Tommy Bahama’s head office structure cost a 2018 record rate of $338.5 million for the Puget Noise region.

Seattle’s South Lake Union neighborhood sealed its track record as the region’s most desirable business real estate place with the sale of Tommy Bahama’s head office for $338.5 million, a record cost for 2018 for all of Puget Noise.

The 400 Fairview structure, the home of the casual clothing company, remains in the neighborhood of internet retailing huge Amazon. The offer, the first in Seattle for Boston-based Pembroke Real Estate, exercises to about $969.28 per square foot, which CoStar’s data programs is the location record for the year.

“Seattle has actually been a target for us due to its long-lasting development potential and functional synergies with San Francisco, where we manage two assets,” stated Pembroke Vice President Cory Saunders, who called the South Lake Union community the most in-demand Seattle submarket.

The community simply north of downtown started to take shape when Paul Allen, a Microsoft co-founder, invested $30 million to acquire land there to develop a large park, according to the Discover South Lake Union website. Allen then formed Vulcan Realty and developed the land into a mix of workplace, retail and multifamily.

Today, South Lake Union is the second-largest workplace submarket in Seattle, with several brand-new structures going up in the past several years. Vacancies are low, and average rents, at $52.45 per square foot in Class A buildings, are amongst the highest in metropolitan Seattle, according to CoStar research study. Besides Amazon, major employers with office in South Lake Union consist of insurance provider Pemco, architecture company NBBJ and a number of health-care companies, consisting of University of Washington Medicine, Fred Hutchinson Cancer Research Center and Group Health.

Recent close-by sales consist of 501 Fairview, a brand-new structure that cost practically $269 million in 2015, and the Amazon Head office Phase VIII building, at 400 Ninth Ave. N., which sold for $244 million in late 2016. Amazon occupies 100 percent of both buildings, according to CoStar information.

The completely rented 400 Fairview building was developed by Skanska 3 years ago. The Swedish construction and development company offered a majority stake in the building in 2015 to TH Property, an affiliate of Nuveen, which is the investment supervisor for TIAA, a major pension fund investor and monetary services provider serving the scholastic, research, medical and government fields.

Skanska maintained a 10 percent interest in the building, which will be divested this fall. Skanska will keep managing the property following its sale to Pembroke.

Pembroke owns a number of homes in the United States and Europe, including in Washington, D.C., Boston, San Francisco, London, Munich and Oslo. Besides Boston and D.C., Pembroke has offices in London, Stockholm, Sydney and Tokyo.

400 Fairview, which has to do with 349,000 square feet, holds LEED Gold accreditation from the United States Green Structure Council.

Jason Flynn and Reid Rader of Eastdil Secured represented Skanska and TH Realty in the transaction.

More information on this sale is readily available by speaking with CoStar Sale Comp # 4373368.

Prepare For Chicago Union Station Mixes Old with New on Landmark Website

Riverside and Convexity’s Strategies Call for $1 Billion Redevelopment with Retail, Residential and Hotel

Chicago firms Riverside Financial investment & Development and Convexity Characteristic yesterday unwrapped an enthusiastic $1 billion-plus redevelopment plan for the historic Chicago Union Station that the group guaranteed would bring order and stability to a gorgeous and busy property that has actually been largely underused.

“We want to adapt and recycle an underutilized structure,” John O’Donnell, Riverside president, informed a group of residents at Alderman Brendan Reilly’s community conference Monday night. “Our objective here is to have something that will be utilized 12 months a year by numerous groups.”

The proposal can be found in two stages, the first which is an addition and remodelling to the main building, which inhabits a whole city block bounded by Clinton and Canal, and Jackson and Adams. The 2nd stage design, which has not been finished, consists of a 1.5 million-square-foot office tower on the website of the surrounding parking garage, which would be destroyed. That stage would be considered an entirely various job that would need different permits and city approvals.

Hotel Side, view looking west along Adams.Photo Credit: Riverside Financial Investment & & Development.The very first phase,

which could start as soon as next spring, calls for stepping up the mixed-use concept of the landmarked Amtrak train station with 1.1 million square feet of retail, residential and a hotel that will boost the Great Hall concourse and its open interior, secured by the 2002 city landmark designation.

The station, which is owned by Amtrak as well as serves Metra riders, is the largest and busiest traveler train depot in the city, carrying some 3 million Amtrak riders and 33.8 million Metra riders annually. The design was pictured by Daniel Burnham, among the city’s most revered architects, who died in 1912 before it was completed. His successor company, Graham, Anderson, Probst and White, ended up the style however building and construction was not finished till 1925, owing to a variety of concerns tied to the Fantastic Economic crisis and after that labor lacks.

Union Station Redevelopment.Photo Credit: Riverside Investment & Development.The developers want to add another 7 floorings to the

eight-story primary structure, exactly what’s described as the”headhouse, “that will hold 404 property homes created around the donut shape of the lower levels that inhabit an entire city block. The initial structure would be widely brought back with the classical Beaux-Arts style of the Great Hall, maintaining the historical patterns and resuming the windows that were bricked in after a fire in the 1970s. Amtrak is now bring back much of the area, including the 219-foot-long, barrel-vaulted skylight that sits 115 feet over the Great Hall. The concourse entryway would be relocated to the

middle of the structure on Clinton Street, and the lobby would be surrounded by retail and dining areas, with canopied entrances to a 330-room hotel and the residential complex on opposite corners. The strategies require an extreme reworking of the traffic situation there,

which has the tendency to be a mish-mash of buses, both standing and in service, taxis, automobiles, bicyclists and individuals. The building’s design instantly created controversy at the meeting and on social networks afterward. Because of its landmark designation, the rules surrounding the seven-story addition are defined-preserve the historical and architectural functions of the site, particularly the outside building elevations visible from the public right of way, inning accordance with the city regulation. Chicago designers Solomon Cordwell Buenz chose to do that by making the top suitable to the verticality of the

base, however separated with a cantilevered base that would visually separate the two. Glass and metal columns mimic the limestone columns and muscular corners, however are clearly a contemporary take on a historical

structure. The addition would nearly double the height of the squat structure to 245 feet from 125 feet. In the original styles of the buildings, the architects pictured two 13-story towers above the headhouse. If city licenses and approvals are granted-and there are a myriad of them yet-the first phase could be finished by 2021.

Union: Strike would cost gambling establishments over $300 million in first month

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Steve Marcus Members of the Culinary Employee Union, Local 226, praise during a presentation prior to voting on whether to license a strike Tuesday, May 22, 2018, in Las Vegas. A possible strike would impact 34 casino-hotels.

Published Wednesday, May 30, 2018|10:57 a.m.

Updated Wednesday, Might 30, 2018|12:41 p.m.

. A threatened strike by 50,000 members of the Culinary Workers Union in Las Vegas beginning Friday would cost 34 gambling establishments on the Strip and downtown more than $300 million in its first month, union representatives estimated today.

Union analyst Ken Liu stated Caesars Home entertainment’s revenues would be slashed by $115 million prior to interest, taxes, depreciation and amortization, while MGM Resorts International would lose $200 million.

The 2 business own most of the resorts on the Strip and employ almost 40,000 union employees, mostly mixed drink servers, bartenders, housekeepers, food servers, porters, bellmen, cooks and other kitchen area employees.

About 20 percent of the union workers are employed by Penn National Video Gaming, Golden Entertainment and Boyd Gaming.

Their contracts expire Friday.

Almost half of the membership took part in balloting earlier this month to license union leadership to require a strike, voting 99 percent in favor.

Under their existing agreement, employees got annual raises, which include income and benefits, of 2.2 percent, Culinary Workers Union spokesperson Bethany Khan said.

Under a proposed new five-year agreement, the union is looking for annual raises of 4 percent and added defenses for employees, including a panic button for maids to alert authorities if they are under pressure.

MGM spokesperson Mary Hynes and Caesars representative Rich Broome stated today they were positive casino operators would reach an equally beneficial deal with the union and avoid a strike.

The last time Culinary Employee Union members staged a citywide work stoppage remained in 1984, when 15,000 employees went on a 67-day strike. Individual properties have actually likewise had work interruptions, most notably a more than six-year strike in the 1990s at the Frontier.

Scholars: Vote to strike by Culinary Union doesn’t suggest interruption looms

[unable to retrieve full-text material] The Culinary Union this week will perform its very first citywide strike vote in more than 15 years, however a vote to strike by a majority of 50,000 hospitality employees doesn’t always mean a debilitating walkout looms at dozens of Las Vegas gambling establishments and hotels.

Where I Stand: State of Union teeters on the verge

State of the Union: Exactly what might it indicate for Nevada?

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< img class=" photograph" src

=” /wp-content/uploads/2018/01/AP_18031094029028_t653.jpg” alt=” Image”/ > Win McNamee/ AP President Donald Trump gestures as delivers his first State of the Union address in your home chamber of the United States Capitol to a joint session of Congress Tuesday, Jan. 30, 2018 in Washington, as Vice President Mike Pence and House Speaker Paul Ryan applaud.

contact) Tuesday, Jan. 30, 2018|9 p.m. Related news Las Vegas drew a reference early on in Donald Trump’s State of the Union speech, when the president mentioned the Oct. 1 tragedy as one of the obstacles the country dealt with throughout his very first year in workplace.

However how might Las Vegas be impacted by the policies and efforts that Trump went on to go over for the next 120 minutes? Here are a few takeaways.

Immigration

Trump promoted exactly what he called his “down the middle” immigration package, but that initiative has actually been blasted as a severe curtailment of legal immigration that includes a fairly minor concession to permit a path to citizenship for kids of prohibited immigrants. Decrease of legal immigration, deportations of immigrants who have actually gotten Temporary Protected Status and similar relocations could have a profound effect on Las Vegas, where recent immigrants comprise a substantial part of the labor force. For example, it’s been approximated that losing the 4,8000 Salvadorans who are residing in Nevada under TPS would develop a $255.3 million decrease to the state GDP, according to the Center for American Progress.
” They wish to build up their deportation force to drive millions out of the country,” the immigrant advocacy company Make the Roadway Nevada said of Trump and immigration hardliners in a release after the address. “They want to build a big, inefficient and insulting border wall to extend the middle finger to Latin America. They want to slash legal immigration by nearly HALF, the biggest such decrease in nearly 100 years. They wish to remove most categories of legal migration. They wish to cut immigration from locations that Trump describes with vulgarities. They wish to gut our nation’s asylum laws so they can send Central Americans who are looking for security back to the violence they ran away. They wish to end America as we know it, but we will not let them. Our fight is hardly starting.”

Infrastructure

Trump called for a $1.5 trillion spending plan, which could be considerable for Las Vegas if it consisted of funding for improvements like a light-rail system or to fast-track tasks like Interstate 11 in between the city and Phoenix.
” Connecting 2 of the country’s most vibrant economies will have substantial positive benefits to the whole Intermountain West, including a potential $24 billion economic advantage that would create roughly 240,000 jobs, as well as $39 billion in possible travel advantages,” stated Mary Beth Sewald, president and CEO of the Las Vegas Metro Chamber of Commerce.
However Trump offered few specifics. An essential question is whether Congress has any hunger for a major spending effort after authorizing a tax package last year that is forecasted to include $1 trillion to the deficit over the next Ten Years. Nevertheless, the infrastructure strategy really would cost the federal government $200 million, NPR reported, as the costs of projects would be shared by state and regional funds. Public-private collaborations would likewise help reduce the federal government’s outlay.

Gun violence

Trump didn’t enter into any depth on this subject, however he clearly showed he wasn’t planning to break from the GOP’s pro-NRA dogma on gun control.
” We are completely protecting our 2nd Change,” he stated. Not a surprises there. Don’t look for Trump to offer any ground to advocates of restrictions on bump stocks, high-capacity publications or attack weapons, all which resurfaced in the after-effects of the Las Vegas shooting.

Renewable energy

Again, not a surprises. Trump boasted that his administration had “ended the war on American energy and we have actually ended the war on lovely tidy coal.” He made no reference of renewables, which isn’t helpful for a state that is looking towards the sector as a key to diversifying its economy.

Merkel supports German union with Greens, Free Democrats

Saturday, Oct. 7, 2017|6:09 a.m.

BERLIN– German Chancellor Angela Merkel is pushing for a union with the Free Democratic Party and Greens, stating it’s the best fit to govern the nation.

Speaking Saturday in Dresden to her celebration’s youth wing, Merkel said she ‘d conduct talks with the pro-business FDP and left-leaning Greens and after that present her Christian Democratic Union with a union proposal for approval.

Merkel’s conservative bloc won Sept. 24’s election with 33 percent.

Merkel will talk Sunday with her Bavarian-only sister Christian Social Union party, which has actually been pushing for a yearly cap on migrants in response to the flood of more than 1 million asylum applicants in the previous 2 years.

Merkel says she still believes German asylum law allows for no cap but will work for an arrangement with the CSU.

Union: Countless firefighters didn'' t work throughout Harvey

Saturday, Sept. 16, 2017|10:31 p.m.

HOUSTON– Countless Houston firefighters were informed to stay home at the height of Harvey’s flooding even as calls for help overwhelmed 911 dispatchers, the president of the city’s firefighters union stated Friday.

In an interview with Houston television station KHOU, Marty Lancton stated that the fire department might have done more throughout the storm.

“I don’t wish to hear about absence of resources,” Lancton said. “Emergency situations are something you prepare for. You don’t have the answers, however you prepare. In this case, they weren’t prepared.”

On Sunday, Aug. 27, as fast-rushing water chased after individuals onto their roofs, about 3,000 firefighters were instructed not to report to work, inning accordance with Lancton, a painful order for lots of eager to assist with saves.

“We’re sorry,” Lancton stated, fighting back tears. “Every Houston firemen would put their life on the line for any person without question, with a minute’s notice, and this is not different.”

Houston Fire Chief Sam Pena acknowledged that three-quarters of the force was asked not to report, however stated that the department was fully staffed.

“Everything we had available, we released in anticipation of that,” Pena stated.

The choice against a complete recall, which Pena stated was made based on staffing needs throughout previous disasters, left a team of 900 firemens accountable for 650 square miles of Houston. Numerous worked 2 or three days without a break.

Pena said he had not seen the data yet for response times from that Sunday but that in hindsight, he would have generated more firemens to make sure teams might rotate out every day.

The choice to not release more fire responders struck a nerve in southeast Houston, where Debbie Martinez and her 3-month-old granddaughter had actually waited on assistance as her home filled with water.

“There might have been people here to help us leave here,” she said. “It does not make good sense.”

Union Investment Obtains Amazon-Leased Midtown21 Office complex for $330M.

German Financial investment Company Adds Second Building in Seattle Rented to Online Retail Giant

Union Investment recently added to its growing Seattle home portfolio, purchasing the 21-story Midtown21 office building at 1007 Stewart St. for $330.2 million, or around $884 per square foot.

Amazon announced strategies to rent the brand-new 373,000-square-foot building last fall. Union Investment, a property financial investment firm based in Hamburg, Germany, acquired the building from a joint endeavor of MetLife Property and Trammell Crow Co., which established the workplace tower in 2015 in the Denny Triangle within the South Lake Union submarket.

The German investment company stated it plans to transfer Midtown21 to its open-ended real estate fund Unilmmo: Europa, which concentrates on European acquisitions however also gets homes overseas. The fund already owns 2 other office complex and a hotel in Seattle, consisting of the north and south structures developed as Stage VI of Amazon’s headquarters complex at 515 Westlake Ave. In March, Union Investment got the Hilton Garden Inn Hotel, located near the Midtown21 office tower.

“Seattle’s Denny Triangle is currently a first-rate submarket,” stated Willis Kim, Head of U.S. West Coast and Canada for Union Financial investment Real Estate GmbH. “Going forward, the quality of the place will continue to improve, for instance through the expansion of the Washington State Convention Center and substantial investment in local facilities with the extension of the city rail system.”

Todd Tydlaska and Tom Pehl of CBRE marketed the home on behalf of the sellers. Please refer to CoStar COMPS # 3929160 for additional information on this transaction.