- Posted at 10:42, December 09, 2013
- By Russ Bleemer
Finishing off Monday:
- A new report by CBRE Group Inc. says that U.S. office vacancy rates will decrease to 14.3% of inventory next year, from 15.1% in 2013's third quarter. Scarcity will push the rate to 13.5% by the end of 2015, the report says. Bloomberg Finance has the details.
Crain’s New York Business has the details on 1290 Avenue of the Americas, where it reports Microsoft has left for Times Square, leaving a space to be filled by owner-manager Vornado Realty Trust. The announcement today: Hachette Book Group will move from 237 Park Avenue. The building has had a lot of comings and goings, and the article details them, and how Vornado has filled up its empty Sixth Avenue spaces.
More activity on Avenue of the Americas: ACC Construction has recently completed the lobby renovation at Durst Organization-owned 1133 Sixth Ave., and the new New York Real Estate Journal has a story on it with pictures, HERE.
- Real Estate Weekly today posted “Checking in on New York’s hotel market,” by Andrew Posil of Massey Knakal Realty Services.
- A six-story office building at 246 Fifth Ave. sold for $19 million last week by HH Realty Equities. Not bad at all, but the really interesting part was the location of the sale—not a stuffy boardroom, but online at Auction.com. Details on Bloomberg Personal Finance.