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3333 Warrenville Road, part of the two-building Central Park of Lisle. Photo from CoStar Group Inc.

(Crain’s) — A former top executive with Fifield Cos. and a heavyweight New York investment firm are teaming up to buy the Central Park of Lisle office complex for about $77 million, or 23% less than its owners paid for the west suburban office complex four years ago.

US commercial property prices rising but concern remains over rising defaults and foreclosures

US commercial real estate prices increased for the second month in a row in December, rising 4.1%, but the sector continues to face several challenges, such as the rising tide of defaults and subsequent foreclosures, according to a new report.

Commercial real estate roundup

Paula C. Squires Biz Journals 23.02.2010
London leads office market bouce-back across world´s financial centres

London’s office market was hit hard and early by the global financial crisis, but in comparison with other leading financial centres, it has been among the first to bounce back, according to the latest research from the leading commercial property consultant, CB Richard Ellis.

Commercial real estate roundup

WASHINGTON, D.C — The American Health Lawyers Association (AHLA) will leave its office on Connecticut Avenue NW and return to an early commercial location on Eye Street NW. The association signed a 10-year, 11,000-square-foot lease for the sixth floor of the building, according to real estate adviser Studley. Studley negotiated a lease that will save the firm 34 percent in total rent costs over the life of the lease. “This is both a nostalgic and cost-effective move for us,” said AHLA’s Chief Operating Officer Wayne Miller.

Hope in store for U.S. retailers?

The Economist 21.02.2010
Bangkok office market transactions top THB10 billion during 2009,

Capital transactions in the Bangkok office market totalled almost THB10 billion during 2009, despite both local and global difficulties.

People move through New Park Mall, a General Growth Properties mall in Newark, Calif. Simon Property Group, the nation’s largest shopping mall owner, made a $10-billion hostile bid Tuesday to acquire ailing rival General Growth Properties. (AP photo)

$10-billion takeover bid by Simon Property Group for rival’s shopping malls indication that people are spending once again

Deal expected for major office building

The Business Desk 18.02.2010
Deal expected for major office building

A YORKSHIRE office building is set to be sold by its owner for close to £50m, according to reports.

Chinese start to muscle in on London commercial real estate market

Chinese real estate investors are increasing looking to the commercial property market in London as they put money into UK companies and embark on new ventures, it is claimed.

London Leads Office Property Recovery Among Financial Centers

Peter Woodifield Bloomberg News 16.02.2010
Simon Property offers $10 billion for General Growth

NEW YORK (Reuters) - Simon Property Group Inc sought to pluck General Growth Properties out of bankruptcy on Tuesday, offering to pay $7 billion to creditors and nearly $3 billion to shareholders in a deal that would combine the two largest U.S. shopping mall owners.

London Leads Office Property Recovery Among Financial Centers

Feb. 16 (Bloomberg) -- London’s commercial real-estate market has led a rebound from the credit crisis and global recession, according to CB Richard Ellis Group Inc.

Trendy spacious lofts in Hong Kong creating an underground market

Rising rents and surging prices of apartments in Hong Kong are driving a trend towards converting older industrial and commercial buildings into lofts for residential living.

Vauxhall Sky Gardens by Careyjones, out to public consultation

Careyjones has redesigned its Sky Garden Tower for property company Fraser in Vauxhall Cross, London.

Clark Quay sold at S$268 mil

CapitaMalls Asia Limited has entered into an agreement and sale with HSBC Institutional Trust Services (Singapore) Limited, the trustee of CapitaMall Trust (CMT), for the sale of Clarke Quay at a price of S$268 million.

London, England

The fall-off in development could lead to rent on prime office space in London increasing nearly 20% in 2010, and 50% over the next five years. Commercial real estate values across the UK continued their steady climb in January, reflecting the global economic rebound and return of investment dollars to the market.

Shrewsbury's shopping centre was sold for a greatly reduced price

At the height of the property boom in 2006, Shrewsbury's shopping centre was sold for £118m with only six of its 135 units lying empty.

IBEC calls for 10% rebate on commercial rates for Irish retailers from cash-strapped local authorities

Retail Ireland, the IBEC group that represents the Irish retail sector, today urged that this year all local authorities give retailers a 10% rebate on commercial rates bill, given the very serious challenges the sector is facing. However, there is no proposal as to how the cut will be funded by the cash-strapped local authorities.

London Tops Commercial Foreign Investment Interest

Charlotte Cuthbertson The Epoch Times 04.02.2010
U.K. Retail Sales, Homebuyer Enquiries Suffer in Winter Freeze

Feb. 9 (Bloomberg) -- U.K. retail sales climbed in January at the slowest annual pace in at least 15 years, and enquiries to buy homes dropped as winter weather hurt consumer spending, surveys showed.

A large shop, in a prime location opposite Harrods department store, stands empty awaiting a business tenant on January 20, 2009 in London, England. (Oli Scarff/Getty Images)

London is the top city for commercial real estate investment, outstripping previously hot cities such as Washington D.C. and New York, according to a recent survey by the Association of Foreign Investors in Real Estate (AFIRE).

 
Commercial property triggers recruitment surge for litigators

High-end commercial property litigators will be the most in-demand breed of lawyer in London over the coming year, recruitment consultants Badenoch & Clark predicted this week.

 
 

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