Commercial Real Estate News
General Growth Retail Net Operating Income Falls
General Growth Properties Inc., which operates the Natick Collection in Natick and Faneuil Hall in Boston and filed for bankruptcy in April, on Tuesday reported a 2.1 percent decline in quarterly net operating income from its retail properties, citing weakness in the economy and falling occupancy rates.
Papa Gino’s Pies Continue To Fly
Pizza chain Papa Gino’s has renewed its lease for 3,600 square feet at Quincy Granite Place, a retail plaza near Quincy center.
Jones Lang LaSalle Posts Q2 Net Loss
Jones Lang LaSalle Inc., a real estate service company with a significant presence in the Bay State, has posted a second-quarter net loss from a year-earlier profit, after restructuring and impairment charges.
Filene’s Hole Owner Q2 FFO Falls
Vornado Realty Trust, co-owners and developers of the currently stalled Filene’s redevelopment project in downtown Boston, said second-quarter funds from operations fell 53 percent, due in part to charges related to its loss reserves and accounting adjustments.
Simon Property Group Hit With Q2 Loss
Despite the completion of two refinancings for $230 million, and the closing of an additional $400 million of mortgage financings for three regional malls, Simon Property Group Inc., which operates malls across the Bay State, has reported a second-quarter unaudited net loss of $14.1 million, compared to net income of $114.4 million in the same period a year ago.
F.W. Webb Buys Southie Industrial Property For $4.2M
Anindustrial property at 307 Dorchester Ave. in South Boston has been sold for $4.2 million.
Boston’s ’15 Days’ Project Earns LEED Platinum Distinction
The ambitious “15 Days” project at 10 Post Office Square in Boston that teamed Leggat McCall Properties, Commodore Builders and Audrey O’Hagan Architects LLC last September has been certified LEED-platinum by the U.S. Green Building Council (USGBC).
Payette Strengthens Academic Presence With Two New Projects
Boston architecture and design firm Payette will provide a programming and feasibility study for the schematic design phase of a new 16,000-square-foot, energy efficient greenhouse facility at the University of Massachusetts, Amherst.
Rashi School Marks Construction Progress With Cornerstone Dedication
The Rashi School, a Boston area reform Jewish day school, recently held a cornerstone dedication ceremony at the site of its new school in Dedham.
Casino Legalization Heats Up
Afinal showdown over the casino issue is brewing on Beacon Hill, with State House hearings now tentatively slated for next month.
Polaroid HQ Deal Hits Snag, Foreclosure On The Line
A deal to save Polaroid’s former Waltham headquarters from foreclosure has hit a wall in bankruptcy court, setting the stage for what could be the second high-profile commercial foreclosure to rock Waltham this summer.
Commercial Landlords Turn To Plug-And-Play
Landlords with blocks of vacant space are increasingly dangling a new carrot in front of smaller tenants who are leery of the costs and complications of moving in a down market: they’re speculatively improving their vacancies and marketing the space to tenants as pre-built, plug-and-play opportunities.
Beantown Turning To Greentown
In a recently released report, the Natural Resources Defense Council (NRDC) ranked the city of Boston as the top green city on the East Coast.
CWCapital Refinances Church Park With $130M
CWCapital LLC, a financer to the multifamily and health care real estate industries and subsidiary of CW Financial Services, recently provided $130 million in financing for the refinance of Church Park, a 508-unit mixed-use building located at 221 Massachusetts Ave. in Boston.
Wakefield Insurance Co. Renews Lease
Thomas Gregory Associates Insurance Agency Inc. recently renewed its office lease of 10,354 square feet at 601 Edgewater Drive in Wakefield.
Unbuilt Iconic Tower Wins BSA Award
The ecoFLEX project, designed by a team from Shepley Bulfinch, has won the 2009 Unbuilt Architecture Design Award from the Boston Society of Architects.
Liberty Wharf Breaks Ground
Boston Mayor Thomas Menino joined developers for a groundbreaking ceremony on a soggy day at the site of the future Liberty Wharf development on South Boston’s waterfront. B&T photographers were there. Click here for exclusive photos.
CBRE Has Q2 Net Loss
CB Richard Ellis Group Inc., the world’s largest commercial real estate service company by revenue, posted a second-quarter net loss on Wednesday compared with a year-ago profit, as leasing and sales declined sharply.
EPA Recognizes Prudential Tower With Energy Star Label
The U.S. Environmental Protection Agency recently awarded Boston’s landmark Prudential Tower with an Energy Star label for superior energy performance.
Avalon Bay FFO Beats Expectations
AvalonBay Communities Inc., an owner and builder of apartments with a strong presence in the Bay State, posted lower second-quarter funds from operations on Wednesday, as the nation’s weak jobs market weighs on demand for apartments.