Commercial real estate.Climate: With a strong economy, the office and industrial leasing markets tightened to range between 3 percent and 9 percent, pushing up rents and encouraging a continued interest in property acquisitions in the area. But as the year came to an end, acquisition activity slowed considerably, putting into question whether property values would hold in 2007. Biggest News: Merger mania. In the largest deal, Equity Office Properties Trust Equity Office Properties Trust, headquartered in Chicago, Illinois, is the largest owner of office buildings in the United States. It was formed in 1976 by Samuel Zell [1] and in February 2007, was acquired by the Blackstone Group for $23 billion plus the assumption of was acquired by Blackstone Group for about $19 billion. Elsewhere, Arden Realty was acquired by a joint venture of General Electric Co. and Trizec Properties Inc. Trizec, in turn, was acquired in short order by a venture of Brookfield Properties Corp. and Blackstone Group. CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. acquired Trammell Crow Co. in a transaction valued at about $2.2 billion. Companies in the News: John Laing Homes, a company with roots dating back to 1848, was acquired by Emaar Properties in Dubai. Hines International made a stunning entry into the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. marketplace when it acquired LNR Warner Center for $385 a foot. People in the News: Isaac Larian, the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of MGA Entertainment, makers of Bratz dolls, beat out a number of the area's most prominent developers to acquire the Los Angeles Times Los Angeles Times Morning daily newspaper. Established in 1881, it was purchased and incorporated in 1884 by Harrison Gray Otis (1837–1917) under The Times-Mirror Co. (the hyphen was later dropped from the name). property in Canoga Park. |
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