Clarion Partners LLC agreed to buy a 108-year-old office tower near Manhattan’s Union Square for $225 million, more than twice what it sold for three years ago, as demand in the area surges, a person familiar with the deal said.
The investment arm of Kuwait’s social-security system bought a luxury apartment building in Manhattan’s Noho neighborhood, as demand for multifamily properties surges, two people with knowledge of the deal said.
A Seattle office tower that’s planned to be the city’s tallest new building in two decades will include a luxury SLS hotel, the boutique brand’s first location in the area, as property demand strengthens.
Gramercy Capital Corp., the real estate investment trust whose stock has more than doubled in the past year, may consider a sale of the company after it completes a debt restructuring, said two people familiar with the plan. The shares surged almost 10 percent.
Sluggish hotel demand outside the largest U.S. cities is slowing an industrywide rebound even as an influx of leisure, business and international travelers spurs growth in metropolitan areas such as New York.
Kushner Cos. is seeking to buy American International Group Inc. ’s equity stake in about 17,000 apartments, almost three years after selling the units near the property market’s peak, a person with knowledge of the bid said.