Cushman & Wakefield News
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Coffee houses hold a special place in London’s history. During the late 17th century, they were the birthplace of Lloyd’s of London and the London Stock Exchange -- two institutions that helped make the square-mile City of London a global financial capital.
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Leasing by San Francisco-area technology firms is slowing just as developers are poised to add 6.5 million square feet of office space to the city and Silicon Valley, the most construction in a dozen years.
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Cheung Kong Holdings Ltd., the developer controlled by Asia’s richest man, is canceling the sale of HK$1.4 billion ($180 million) of hotel rooms after Hong Kong’s securities regulator began a probe into the transactions.
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Cheung Kong Holdings Ltd., the developer controlled by Asia’s richest man, is canceling the sale of HK$1.4 billion ($180 million) of hotel rooms after Hong Kong’s securities regulator began a probe into the transactions.
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ING Groep NV is seeking to sublet as much as two floors it currently leases in Hong Kong’s tallest building as the company reduces space following the sale of its insurance business in the city.
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Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer by value, says it’s “optimistic” about the city’s Central business area office market even after rents last year dropped the most since the 2008 credit crisis.
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A unit of JPMorgan Chase & Co. and American Realty Advisors each agreed to buy a Manhattan office tower from Hines, a Houston-based developer, for a combined price of more than $1 billion.
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Seeking to hedge against rising rents and a shortage of space, banks and insurers are on a record spree of buying office buildings in Hong Kong, where occupancy costs are the second-highest in the world.
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Verizon Communications Inc., the second-largest U.S. phone company, will sell or lease out about half the space in its Manhattan headquarters, part of a move to cut costs and raise cash in a rebounding real estate market.
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JPMorgan Chase & Co.’s asset- management unit agreed to buy the 31-story tower at 425 Lexington Ave. in midtown Manhattan for about $650 million, a person with knowledge of the plans said.
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