Office Space News
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Champion Real Estate Investment Trust will buy office space in Citibank Plaza from Hong Kong’s government for HK$2.16 billion ($278 million), consolidating its ownership of the city-center office complex.
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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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British Land Co., the U.K.’s second- largest real estate investment trust, said annual earnings rose 1.9 percent as tenants paid higher-than-expected rents on new leases.
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With Norway finally starting to feel the pain from Europe’s debt crisis, the oil-dependent country is looking for ways to diversify its economy, and -- surprise -- tech has emerged as a promising area of development.
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Forget the old boy’s club. Groups like the Brazen Hussies, Power Bitches and SLUTS -- aka Successful Ladies Under Tremendous Stress -- are where today’s hot deals are being brokered and they’re strictly girls-only.
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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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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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Mitsubishi Estate Co., Japan’s biggest developer by market value, expects to post an increase in full- year profit for the first time in three years as rents and apartment sales improve.
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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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UBS AG, the Swiss bank that is cutting about 10,000 jobs, plans to move out of almost three-quarters of the space it rents at Manhattan’s 299 Park Ave. as it seeks to reduce real estate costs.
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