REBusinessOnline

Mirae Asset Global Investments Acquires Amazon Headquarters Building in Seattle for $246.8M

Mirae Asset Global Investments Acquires Amazon Headquarters Building in Seattle for $246.8M

SEATTLE — Mirae Asset Global Investments has acquired the Amazon Phase VIII building in Seattle for $246.8 million. Vulcan Real Estate sold the 12-story, 317,804-square-foot office building. The building, constructed in 2015, includes 5,297 square feet of ground-floor retail space and serves as Amazon’s headquarters. The property, located at 325 9th Ave. N. in the South Lake Union neighborhood, is LEED Gold certified and features 443 parking spaces. Mirae Asset Global Investments is an international investor based in Seoul, South Korea. Kevin Shannon, Ken White and Michael Moll of Newmark Grubb Knight Frank (NGKF) brokered the transaction. David Milestone and Brett Green of NGKF arranged financing for Mirae Asset Global..

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GFI Brokers $195M Sale of 656,000 SF Warehouse in Queens

GFI Brokers $195M Sale of 656,000 SF Warehouse in Queens

NEW YORK CITY — GFI Realty Services LLC has arranged the $195 million sale of 23-02 49th Ave., a seven-story, 656,000-square-foot warehouse in the Long Island City section of Queens. The property is fully occupied by three tenants whose leases are expiring in 2020: the New York City Housing Authority, Eagle Transfer Co. and Mayo Studios. The undisclosed buyers plan on converting the building into office space upon the termination of the current leases. According to Crain’s New York, the buyers are Westbrook Partners, a privately owned real estate investment management firm, and investor Andrew Chung, a former executive with the Carlyle Group. Crain’s reports the sellers are Ruby Schron and the Fruchthandler family. “Long..

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Was May or June the Outlier on the Jobs Front? Economists Weigh In

Was May or June the Outlier on the Jobs Front? Economists Weigh In

What a difference a month makes when it comes to U.S. job growth and the near-term economic outlook. After the Bureau of Labor Statistics (BLS) released a disappointing nonfarm payroll employment report for May, showing a net gain of only 38,000 jobs — a figure that was later revised downward to 11,000 — June rebounded in a big way. Employers added 287,000 net new payroll jobs in June, blowing past the 180,000 jobs forecasted by Bloomberg based on its survey of economists. In a research note titled “Employment Whiplash,” Robert Bach, director of research for the Americas at real estate services firm Newmark Grubb Knight Frank, wrote that both the May and June job growth data are “outliers” in his view. Noise in the..

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ThrillCorp SkySpire Tower to Anchor $1.2B Redevelopment of Downtown Site in San Diego

ThrillCorp SkySpire Tower to Anchor $1.2B Redevelopment of Downtown Site in San Diego

SAN DIEGO — The San Diego Port Authority Commission has selected a $1.2 billion project proposal to transform 70 acres of downtown San Diego’s waterfront. ThrillCorp Inc. will develop a 480-foot observation tower, to be known as SkySpire, which will anchor the development. ThrillCorp is a partner in a consortium called 1HWY1, which is led by Protea Waterfront Development. In addition to the SkySpire, the $1.2 billion redevelopment proposal includes the 178,500-square-foot OdySea aquarium, bayfront beaches, three hotels totaling 1,077 rooms, marinas, more than 388,000 square feet of retail, 19,100 square feet of offices, dining and other entertainment. The winning proposal was one of 11 submitted for the site. The Port..

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