W.P. Carey & Co have acquired 386,000 sq ft of prime office space following a lucrative purchase from JPMorgan Chase in Texas.
Investment management company W.P. Carey have bought the JPMorgan Chase Operations Center office site from Brookfield Real Estate Opportunity Group, a branch of Brookfield Asset Management.
The sale follows the recent news that Brookfield had acquired 2.9 million sq ft of real estate from JPMorgan Chase. George DuGan, President and CEO of W.P. Carey & Co. LLC, commented on the company’s commercial real estate purchase in a company press release, “The acquisition of the JP Morgan Chase facility adds a well-located, quality property leased to a premier tenant to our public company property portfolio.”
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New York City sees another key commercial real estate deal confirmed this week as The Metropolitan Transportation Authority signs a 10-year lease on SL Green Realty Corporation’s 333 West 34th Street.
The MTA will occupy 112,940 sq ft of desk space and the move will consolidate several of their services under one roof from across New York city.
News of the acquisition marks an upturn for the fortunes of the site. Steven Durels, Director of Leasing and Real Property at SL Green disclosed in a press release that the “lease raises office occupancy at the building to over 81%” and further stated, “It’s a tremendous accomplishment given that the building was scheduled to be 100% vacant only five months ago.”
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Peerless Industries, a manufacturer and distributor of audio visual ware will move operations from two campuses in Melrose Park to one consolidated office space in Aurora, Illinois.
In a bid to withdraw production from China and return manufacture to home workers, Peerless are gathering their resources into one modern facility. The decision was made in 2009 to relocate their industry efforts to home ground.
The planned new headquarters will be the 1997 established 2300 White Oak Circle in Aurora on Interstate 88 near Eola Road. Peerless will occupy 307,813 sq ft of desk space on the 22.5 acre plot with their sights set on a further 22,000 sq ft expansion.
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Over the coming ten years, more than 22 acres of San Francisco industrial space will be renovated into office space to accommodate the growing biotech industry.
The ‘Gateway Project’, as it is known, will boost office space capacity from 300,000 sq ft to nearly 1 million sq ft as part of the massive expansion scheme. A main draw for the biotech industry is that South City has already established a hub for the biotech industries with 70 companies having found a home there.
New office space campuses will be developed by Chamberlin Associates while the area’s infrastructure of roads and sewers will be supplemented to serve the new industry community.
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Two new office developments in the Coral Gables and Brickell areas are among real estate in the region battling it out to secure tenancies, showing a continuing upturn for the US commercial real estate sector.
The 396 Alhambra development is currently awaiting construction to provide 273,000 sq ft of new office space to the area. Each floor plan provides 31,000 sq ft of desk room and the site has further amenities alongside a 884 space garage for parking. The North Tower of the project is expected to reach completion by the end of 2011.
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The fortunes of the global commercial real estate market have taken a turn for the better, figures from Cushman and Wakefield have shown.
The US is the largest commercial real estate market in the world and is expected to report a huge leap in volume of sales this year as it emerges from the grip of recession.
The property consultants undertaking the research into current real estate trends are predicting a rise and are expecting even their figures to be outdone by the improving market.
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US Ambassador Louis Susman has unveiled plans for a revolutionary new American $1 billion embassy office building in London, to be completed by 2016.
The new embassy will be situated on the south bank of the Thames River and will be a geometric, energy efficient glass cube design. The high-tech structure will relocate the embassy from Grosvenor Square in central London to Nine Elms near Battersea.
Security is a key feature of any embassy office building and the new US offices will be protected by a 100ft semi-circular moat and sit atop an elevated mound, nodding to the European architectural tradition of castles as the ultimate in high-security builds.
The new cube embassy will be anything but archaic. A sculptural glass box structure will be a stark departure from the concrete stalwart of its former incarnation, representing a new era of openness.
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A historical building in Florence that was once The Florence County Memorial Library will now be leased as office space.
It has been reported that Turner Padget Graham & Laney have signed the lease on the site at 319 Irby Street. Approximately 20,000 sq ft of office space will be freed in the property.
Built as a library and opened to serve the public on November 4th 1925, the new plans for a modern office renovation are in stark contrast to its original purpose.
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According to recent news, Governor Arnold Schwarzenegger has bid hasta la vista to 24 California state offices across 11 sites, a sale forced out of necessity for the struggling state to recoup debt money.
Buildings will be sold and leased back to the state for a minimum of 20 years and bids are being assessed for office spaces across LA, San Francisco, Santa Rosa, Oakland and Sacramento.
They are expected to contribute towards the goal of $2 billion to pay off long term debts.
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The Aqua tower in 
Chicago, has this week been awarded Skyscraper of the Year for 2009.
Emporis is a worldwide indexer of buildings and collates data on the global property market. The annual Emporis Skyscraper Award is the most prestigious of its kind to honour the world’s tallest architectures and comes as welcome praise for the Chicago structure.
Aqua is the third tallest building in the world designed by a female architect.
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W.P. Carey & Co have acquired 386,000 sq ft of prime office space following a lucrative purchase from JPMorgan Chase in Texas.
