Foreclosed Building On Constitution Plaza In Hartford Up For Sale
January 20, 2012 by Isabelle Bolliger · Leave a Comment
A five-story office building on Hartford’s Constitution Plaza that recently got new owners as a result of a foreclosure is up for sale.
GE Asset Management took control of the building at 200 Constitution Plaza the former Travelers Education Center in late December. It had been empty for about a year, but a master lease guaranteed rent payments. The master lease expired several months ago.
Last week, GE declined to comment on its plans for the building, whose ownership is separate from other structures on the plaza.
No asking price has been established because the marketing is just getting started, according to the Hartford office of CBRE-NE, which represents the property.
The city is proposing a fair market value of $7.3 million for calculating property taxes as a result of its 2011 revaluation.
John M.
Petrobras to hire female executive
January 20, 2012 by Sofia Camfield · Leave a Comment
The Brazilian multinational energy corporation Petrobras is to hire its first ever female chief executive.
Seen as a positive move, news of the potential appointment caused shares in the company to soar to an eight-month high.
Maria das Gracas Foster, who has been with the government-run corporation since 1978, is said to be a no-nonsense woman, a trait she shares with her close friend president Dilma Rousseff.
“[Her career] shows the pioneering spirit of a woman who has coordinated important public programs, participating in an active way in the defence of Brazilian interests,” Marcio Rocha Mello, a former Petrobras executive, told Fox Business.
“Gracas Foster is extremely qualified for this post and will certainly command Petrobras with the same brilliance with which she has conducted her entire career.”
The 58-year-olds story is a classic rag to riches tale, born in a favela in Rio de Janeiro, working as a waste collector from the age of eight.
Down and Dirty with the Property Recovery – UK
January 19, 2012 by Jesse Spivakovsky · Leave a Comment
Many people feel like – “if I hear one more commentator say it’s a mixed bag I am going to shoot him/her and then myself”, but there is no other way to describe it. In fact it is so mixed that one can easily find enough evidence to support the theory of a strengthening recovery in UK housing or a weakening one.
For example: RICS has reported a marginal rise in new residential buyers for the last 2 consecutive months, and this is now backed up by house builder Taylor Wimpey, which has today revealed that after 2011 “exceeded expectations” it has likely already hit its target of increasing operating profits into double digits, a target set for this year.
The presence of more buyers is also supported by the gradual but continued growth in mortgage approvals.
Washington Report, Jan. 16, 2012: Federal Reserve Releases Housing White Paper
January 18, 2012 by Jesse Spivakovsky · Leave a Comment
In this issue: Supreme Court Hears Oral Arguments on Wetlands Case; Government Mandates Housing Fee Increases to Help Pay-for Benefits Extensions; NAR Meets with HUD REO Staff; Federal Reserve Releases Housing White Paper.
Nine-Property Seattle M-F Portfolio Gets $155M Freddie Refi
January 13, 2012 by Isabelle Bolliger · Leave a Comment
Financing to the tune of $155.3 million has been put in place for a 2,184-unit apartment portfolio in metropolitan Seattle, courtesy of CBRE Group Inc.’s capital markets team. Acting on behalf of the Holland Partner Group and Invesco, joint owners of the nine properties, the real estate services firm arranged the funds for the refinancing of the portfolio through Freddie Macs CME program.
The agency was good to work with and our client appreciated their moving quickly, Mike Wells, managing director for CBREs Portland operations, told Commercial Property Executive. Pa