SEATTLE-Fitch Ratings downgrades $195 million in debt securities tied to the 76-story office tower in Downtown Seattle owned by Equity Office Properties Trust, saying, "The lower market rents, increased vacancy and limited new leasing activity may affect the borrower's ability to refinance the loan at maturity in December 2004.
SAN FRANCISCO-Currently in shell condition, 875 Howard St. will serve as a temporary home for the private nonprofit museum, aquarium and planetarium while its facilities in Golden Gate Park are rebuilt over the next four years.
WEST GREENWICH, RI-The provider of online lottery services to governments says it is selling its 260,000-sf headquarters building in West Greenwich and building a new one in Downtown Providence as well as a new manufacturing plant in West Warwick.
BOISE, ID-Tamarack Resort LLC can now proceed with development of a 3,600-acre destination resort in west central Idaho. The first phase will include three ski lifts, grading for a Robert Trent Jones II golf course and infrastructure for home sites.
CLEVELAND-The three properties are located in different cities in Northern Ohio and total about 400,000 sf. They were sold to a private investor for approximately $14 million. Two of the buildings are fully leased and the third was recently vacated.
AUSTIN, TX-The investment advisor inked long-term leases with Cousins Property in 2002 for three buildings here at Research Park Plaza. It built out one building as a call center and occupied it for a short while. The others remain in shell condition.
SAN FRANCISCO-BT Commercial partner Michael Kamm tells GlobeSt.com he is not selling the company to CB Richard Ellis and that the merger would be a joint venture partnership, though the BT brand would eventually disappear.
PLEASANTON, CA-With an option due to renew a synthetic lease agreement for some of its properties here or acquire them for their cost of construction, the software firm opts for the latter. A similar synthetic lease comes due in September that would cost $105 million to buy out.
PORTLAND-The revised plan will guide development of airport land, which includes 15 acres for aviation use, 20 acres for long-term commercial ground leases and up to 40 acres for long-term industrial ground leases.
SANTA CLARA, CA-The seller of the seven-building San Tomas Technology Park here is an affiliate of New York-based Blackstone Real Estate Advisors. The development was 90% leased. The sale closed this week.