Vornado Realty Trust and affiliates of Lawrence Ruben Co. received a six-month extension for a key deadline on plans for a 1.3 million-square-foot office tower that would rise above the Port Authority Bus Terminal in Midtown Manhattan.
OMERS Realty Corp. acquired a 50% stake in the TD Canada Trust Tower in Toronto from Brookfield Properties Corp. for about $420 million. The building has 1.1 million square feet and is part of the 2.6 million-square-foot Brookfield Place office and retail complex.
Local investors are helping fuel a revival of downtown El Paso, Texas. The effort to overhaul hotels and office towers has delivered results already and follows years of failed government-backed attempts. Property values have jumped 40% to almost $446 million in the past two years.
Asian private-equity firms that focus on real estate have raised 32% more cash this year and have possibly helped fight off a property slump in the region. By comparison, private-equity funds as a whole in Asia saw the amount of funds raised fall by 21.5% during the first six months of 2008.
ING Real Estate unveiled a set of sustainability guidelines for future acquisitions. The company, which is the latest firm to announce a set of guidelines, based the rules partially on the U.S. Green Building Council's Leadership in Energy and Environmental Design program.