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CHICAGO- Real estate titan continues to predict massive consolidation for the real estate industry, saying the upcoming changes will be akin to the "oligopolization" of steel and autos early last century. Zell says the two REITs he launched and in which he remains the largest shareholder, Equity Office REIT and Equity Residential REIT, will increasingly focus on offering services to their huge client base. Sees Equity Residential offering insurance and mortgages to renters who are leaving to buy homes.
LOS ANGELES-The bus and rail strike, which started over the weekend, will force an estimated 450,000 workers to find other ways to commute today. Many office buildings, businesses will share their pain.
WESTMINSTER, CO-Allied Realty Services and Transworld are developing a $40-million, luxury apartment high-rise, the team's second project in five years in the Denver area. The project's location is its biggest selling factor, emphasize officials for both companies.
WINSTON-SALEM, NC-Diversified Senior Citizens Inc., a Nasdaq-traded developer/manager, will also be paid property management fees for looking after the 10-building, 739-unit assisted-living property in Virginia. The sales transaction closes in early January.
DENVER-Developers Bruce and Seth Berger met a city-imposed deadline to submit a letter of intent for a hotelier for a proposed $217-million, 1,100-room facility on property across from the Colorado Convention Center. In fact, they submitted two letters--one from Sheraton and another from Hyatt Regency. They now have until Jan. 15 to seal a management pact with one of the hoteliers.
SAN FRANCISCO-Sharp rent increases at 450 Sutter St., a medical office tower owned by Portland, Ore.'s Harsch Investment, are pushing out dentists and doctors and opening up space for cash rich dot commers.
SEATTLE-If the deal is approved, the Seattle Public Library will demolish the structure at 2821 Beacon Ave. S. and build a new library. The current library on Beacon Hill is in a converted, 3,200-square-foot retail store.
SAN FRANCISCO-The online e-commerce hub for schools and school suppliers is master leasing the 23,000-sf Radiator Building, taking one floor and subleasing the rest at $75 per sf.