Office Tower News
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Qatar Holding LLC, a unit of the Persian Gulf emirate’s sovereign-wealth fund, agreed to buy a 40 percent stake in Milan’s newly built Porta Nuova business district to expand its Italian real estate holdings.
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John Grayken, founder of Lone Star Funds, has a record of generating more than 20 percent returns over two decades as the world’s biggest buyer of delinquent mortgages. What he doesn’t have is a designated successor.
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Land Securities Group Plc, the U.K.’s largest real estate investment trust, said full-year profit increased as the company secured tenants for empty properties. The shares rose the most in 16 months.
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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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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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Goldman Sachs Group Inc. made about $500 million arranging three bond sales in the past year for 1Malaysia Development Bhd., the state investment fund led by Prime Minister Najib Razak, said a person familiar with the matter.
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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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Manhattan’s 57th Street, where the two tallest condominium towers in New York are under construction, is poised to get a third skyscraper with apartments perched above the city at near-record heights.
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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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Among defense contractors, QinetiQ North America is known for spy-world connections and an eye- popping product line. Its contributions to national security include secret satellites, drones, and software used by U.S. special forces in Afghanistan and the Middle East.
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