Archive for July, 2011

Savanna’s New York office have welcomed new tenants

Sunday, July 31st, 2011

Savanna has welcomed new tenants to its New York City offices.

Savanna’s New York City office has welcomed new tenants onto the office roster following the signing of deals worth over 60,000 square feet of office space in Manhattan.

The commercial property owned by Savanna is located at 104 West 40th Street close to Bryant Park and the 60,000 square feet of office space deals agreed with the new tenants represents 30% of the commerical building’s total capacity.

TKP New York Inc is the company who has taken on the largest office space in the Savanna office property, whilst Daytop Village Foundation have also taken on commercial property office space.


Transwestern are new managers of Sumitomo’s US offices

Friday, July 29th, 2011

Tranwestern is the new commercial property manager of the Sumitomo Corporation’s American offices.

The property management portfolio of Transwestern has been boosted by an exclusivity deal with Sumitomo Corporation to manage their American offices, supplanting former managers Ryan Companies US Inc.

It means that Transwestern’s commercial management portfolio has increased to the tune of 1.6 million square feet of office space of which they are expected to look after and maintain.

It is the second major deal pulled off by Transwestern in less than a month following their agreement with Cabot Industrial Properties in Florida for an industrial portfolio reaching nearly four million square feet.


CBD office markets show higher tenancy leasing since 2007

Wednesday, July 27th, 2011

Average office vacancy rates have had their largest drop since 2007.

Office vacancy rates in the Central Business District Office Market have fallen to the lowest levels seen in the country since 2007 thanks to statistics which show the second quarter results of office space availability.

It means that on average office space vacancy rates have dropped to 13.9%, a 0.7% decline from the first quarter of the year from 14.6% according to data from Cushman & Wakefield.

The three strongest markets noted by the commercial property real estate company are the Washington, DC office market, the Midtown Manhattan office market and Miami‘s commercial office market.


Alabama office equipment for sale in warehouse auction

Monday, July 25th, 2011

The state of Alabama is auctioning off old office equipment.

Alabama is to auction off commercial office equipment such as computers, office desks and office chairs as part of a general equipment sale in a hangar off the freeway close to Mobile Airport.

There are exactly 11,438 items to be auctioned off at 8am on Wednesday 27 July following a viewing period for the items which ended last week from the hangar which is located to the south of Montgomery.

There is expectation that hundreds of office chairs may go for as little as $1 in lots of 25 or more assuming that there is no counter-bid placed, whilst pallets of office computers can be bid on also.


Oppenheimer sign up for Manhattan office space

Sunday, July 24th, 2011

Oppenheimer agree a fifteen year office lease deal in Manhattan’s 85 Broad Street.

National investment boutique Oppenheimer & Co Inc. have agreed a fifteen year lease deal to take on seven floors of office space in an exclusive Manhattan commercial property.

Based at 85 Broad Street in New York City, the Manhattan commercial property has over 1.1 million square feet of commercial office space available for leasing.

Oppenheimer have agreed a fifteen year deal for 200,000 square feet of commercial office space dispersed across seven floors of the 30 story commercial office skyscraper.


Washington office building parcel sells for $86 million

Friday, July 22nd, 2011

Two office buildings have been sold for $86 million in Washington, DC.

An $86 million deal has been sealed between Pearlmark Real Estate and JGB which has seen the latter acquire the Falls Church Corporate Center in the suburbs of Washington, DC.

JGB’s commercial property portfolio has now been added to by the acquisition of two 13 story office buildings which offer the firm just under 400,000 square feet of office space.

The exact total is 399,049 square feet of office space in both buildings but the parcel of land where the commercial properties are based is also ripe for a new 200,000 square foot office building should JGB so desire.


Irvine commercial property sold to joint venture firms for $70 million

Wednesday, July 20th, 2011

A class A office building in Irvine, California has been sold for $70 million.

A joint venture has bought a class A commercial property building in Irvine, California for $70 million proving that there are competitively priced deals still available even as office property value is rising.

Ocean West Capital Partners and Dune Real Estate Partners teamed up to purchase 307,700 square feet of office space in Michelson Drive, in the Californian town of Irvine, setting them back only $70 million.

The 16-story commercial office tower is situated close to Irvine Airport in Orange County and was formerly owned by Maguire Properties who had bought the commercial property in 2007 from the Blackstone Group.


The top ten office complaints – How many affect your office?

Monday, July 18th, 2011

A new survey in Great Britain has identified the top ten office worker complaints.

A survey from across the Atlantic has listed the ten most annoying habits in the office space as given by office workers who routinely face having to deal with these during their working day.

Some of these points will affect the American commercial office workers who may also have a pang of sympathy and understanding with their British colleagues.

Here then is the list of office space misdemeanours which can be found in most offices not just in the UK but in the fifty states across the nation too.


Browsing the internet in office hours

Sunday, July 17th, 2011

The advantages and disadvantages of using the internet when working in an office.

Internet use in the office is often divisive and tolerated as a necessary evil in certain commercial properties, whilst other office staff rely on a fast-working internet to perform their jobs.

Even with office jobs where the internet needs to be used, office workers can still find that there are limits to either the amount of time spent browsing the web or which particular websites should be used.

Therefore different companies offer different solutions for office employees who are working on computers or laptops in order that the employees do not abuse their privilege and stay on social networking websites all day.


Los Angeles office space refinanced to the tune of $160mn

Friday, July 15th, 2011

A downtown Los Angeles office building has been refinanced for apporximately $160 million.

A high rise office skyscraper in Los Angeles is the subject of a refinancing deal which has been provided by an undisclosed financier sought out by Jones Lang LaSalle.

Joint owners of One California Plaza – Charter Hall Office REIT and MPG Office Trust Ltd – have been able to acquire $160 million for refinancing the Los Angeles class A premier commercial property thanks to the help of Jones Lang LaSalle who were able to agree a financing agreement between the investor and the joint owners.

One California Plaza has 995,000 square feet of office space as part of a mixed use complex spread across 11.5 hectares in the Downtown Bunker Hill region of Los Angeles.