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CTBUH Global News

The CTBUH Global News Archive is the primary place to get all the latest news on tall buildings, urban development and sustainable construction from around the world. The CTBUH also disseminates this information via our Monthly e-Newsletter, CTBUH Journal, and through books and reports. To view news for a certain category or time period, please use the links on the left side menu.

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432 Park Hits $1 Billion in Sales


18 Jun 2013, New York City, United States

The tower at 432 Park Avenue has almost reached $1 billion in sales, of the projected $2.7 billion in takings, CIM Group and Macklow Properties announced. The Raphael Viñoly-design tower is set to become the tallest residential building in the Western Hemisphere upon completion in 2015. Read more.

Hudson Yards Tower to Ask Above Market Rents


12 Jun 2013, New York City, United States

The Moinian Group has announced plans for 3 Hudson Boulevard, its 1.8 million-square foot mixed-use tower located on 11th Avenue in the growing Hudson Yards development. The 1,000-foot (301-meter) skyscraper, designed by Dan Kaplan of FXFLOWLE, is expected to cost $800 to $900 million to build. Read more.

Wells Fargo Center Sale is Seattle's Largest


12 Jun 2013, Seattle, United States

Ivanhoé Cambridge has acquired the Wells Fargo Center at 999 3rd Ave. in Seattle, WA from Beacon Capital Partners for $390 million, about $396 per square foot. The 47-story office tower was built in 1993 in Seattle's central business district and is 80 percent leased to multiple tenants. Read more.

Fourth Philip Johnson Tower Sold This Year


10 Jun 2013, Dallas, United States

Comerica Bank Tower in downtown Dallas has been sold for an undisclosed sum to a partnership of M-M Properties Inc. and CBRE Global Investors. The deal puts to rest the mortgage problems suffered by the Johnson/Burgee Architects-designed office tower in recent years. Read more.

GM Building Stake Sale Breaks Records


04 Jun 2013, New York City, United States

A pair of foreign real estate developers has acquired a 40 percent stake in the General Motors Building. According to the Wall Street Journal, the stake sold for $1.4 billion, valuing the property at $3.4 billion. The transaction is the highest valuation for a property in the US since the GM Building sold in 2008. Read more.

Manhattan Tower Deal Marks Largest Commercial Sale in Three Years


03 Jun 2013, New York City, United States

The Carlyle Group has agreed to sell its 27-story office and retail tower at 650 Madison Ave. to Crown Acquisitions and Highgate Holdings for $1.3 billion. The purchase of the 600,000-square foot (56,000-square meter) building is the largest commercial property deal of its kind in the US since 2010. Read more.

The Empire State is Going Public


03 Jun 2013, New York City, United States

The owners of the Empire State Building have obtained the go-ahead to take the iconic tower public. Investors of the company that owns the skyscraper have approved a plan to sell shares in the building to the public, a move which could reportedly raise as much as $1 billion. Read more.

Leadenhall Building 50 Percent Let


31 May 2013, London, United States

British Land and Oxford Properties have signed a deal to pre-let their London development, The Leadenhall Building, with London-based insurer Amlin PLC. The firm will occupy about 20 percent of the Leadenhall Building, also called the Cheesegrater, taking up residences on floors 18-24 and 45. Read more.

Canada Square Building Sold to Mysterious Buyer


30 May 2013, London, United Kingdom

This week the Irish National Asset Management Agency (NAMA) brokered the sale of Citi Tower, London's fourth tallest building, for £1 billion. The 45-story building, also called 25 Canada Square, is located in Canary Wharf and is believed to have been sold to a Middle East investment fund. Read more.

Yahoo! Moves to Former NYT Building


23 May 2013, New York City, United States

Yahoo! CEO Marissa Mayer announced at a press event that Yahoo! is taking over four stories of the old New York Times building in Times Square, signing a 10-year lease for 176,000 square feet (16,300 square meters). Yahoo!'s 500 New York employees are currently split across three different locations. Read more.

Penthouse Living Still on the Upswing in NYC


21 May 2013, New York City, United States

The Moinian Group, developer of the W New York Downtown Hotel and Residences, is bringing the building's $40 million penthouse to market. A combination of 12 units in a two-story duplex, the residence would be the most expensive in the financial district if it goes for the listed price. Read more.

Seagram Owners Re-Finance for $1 Billion


21 May 2013, New York City, United States

The owner of the Seagram Building, RFR Holdings, has taken out a $1 billion loan to refinance the landmark tower after failing to sell the building. The refinance will pay off about $400 million of existing debt on the property, according to Crain's New York. Read more.

Qatar Takes Major Stake in Porta Nuova


21 May 2013, Milan, Italy

Qatar Holding has officially bought a 40 percent stake in Milan's real estate project, Porta Nuova, for an undisclosed sum, developer Hines Italia announced. Porta Nuova is one of the most ambitious skyscraper developments in Europe, with a market value in excess of €2 billion (US$2.58 billion).Read more.

Developer Pulls in $750 million with Charles Street Tower


20 May 2013, New York City, United States

Repeating a pattern seen across Manhattan recently,150 Charles Street, a 16-story condominium tower in New York has practically sold out before completion. Only two units are not yet in contract, adding up to about $750 million in sales for developer Witkoff Group, according to The Wall Street Journal. Read more.

The Chicago Spire Site Attracts Developer Attention


16 May 2013, Chicago, United States

The property that was slated to hold the Chicago Spire is seeing renewed interest, with multiple bidders showing interest in the debt note on the stalled development. Ireland's National Asset Management Agency has received at least six initial offers for the $93 million in debt it holds on the property. Read more.

Chinese Life Insurer Buys Lloyd's of London Building


10 May 2013, London, United Kingdom

London's iconic Lloyd's building has been sold to the Chinese life insurance firm Ping An for around £260 million (US$400 million). The tower, commonly referred to as the “Inside-Out Building” because its circulation and ventilation are on the outside, was designed by British architect Richard Rogers. Read more.

Langham Chicago Coming To Mies' Last Tower


09 May 2013, Chicago, United States

The Langham Hotel Chicago is scheduled open in July in the Mies van der Rohe-designed 330 N. Wabash skyscraper in downtown Chicago. The 330-room hotel, located in what was once known as the IBM Building, is still under renovation and will occupy floors two through 13. Read more.

Shutterstock Moves to Empire State


09 May 2013, New York City, United States

Shutterstock Inc., the image web-marketplace, has signed an 11-year lease for a new 85,000-square foot headquarters in the Empire State Building. Shutterstock will move from its current space at 60 Broad Street later this year, according to Real Estate Weekly. Read more.

JP Morgan Buys Manhattan Tower from Hines


08 May 2013, New York City, United States

JP Morgan Asset Management is acquiring the 31-story office tower at 425 Lexington Ave. for around $650 million. The building is one of two midtown skyscrapers being auctioned off by the Houston-based real estate investment and development firm Hines, the other being the I.M. Pei-designed 499 Park Ave. Read more.

Viscous Damping Saves Boston Properties $5 million


07 May 2013, New York City, United States

Boston Properties has completed the structure and envelope of its SOM-designed 250 West 55th Street tower. The company reports that saving $5 million by incorporating an "innovative viscous damping system into the outrigger and belt truss at the crown of the building." Read more.

Shard Secures First Office Tenant


03 May 2013, London, United Kingdom

Financial advisory and investment banking firm Duff & Phelps has signed a contract to lease about 20,000 square feet (1,806 square meters) of office space in the Shard. The firm joins the unopened Shangri-La hotel and the View from the Shard observation deck as the tower's maiden tenants. Read more.

Emaar Launches Sky Collection Apartments


30 Apr 2013, Dubai, United Arab Emirates

Dubai-based real estate developer Emaar Properties recently opened sales for units in The Address Residence Fountain Views. The pair of 60-story towers in downtown Dubai feature luxury Sky Collection apartments that range from 186 to 1,579 square meters (2,000 to 17,000 square feet). Read more.

Brookfield Takeover of LA


30 Apr 2013, Los Angeles, United States

Four of the 10 tallest skyscrapers in Los Angeles will soon be controlled by international real estate company Brookfield Office Properties. The company will become the city's biggest office owner with the purchase of the buildings, including Gas Company Tower, KMPG Tower and Wells Fargo Tower. Read more.

Minneapolis' Tallest Sold for $253 million


29 Apr 2013, Minneapolis, United States

The Philip Johnson-designed IDS Center tower in downtown Minneapolis has been sold. Florida-based Beacon Investment Properties and its Israeli partner companies purchased the 57-story office building, which is the tallest building in the state of Minnesota, for $253 million. Read more.

Kingdom Tower Secures Water Supply


29 Apr 2013, Jeddah, Saudi Arabia

The Jeddah Economic Co. has signed a water supply deal for the Kingdom Tower with Saudi Arabia's national water company, Bloomberg reports. For SAR2.2 billion (US$587 million), the company will supply 156,000 cubic meters (5.5 million cubic feet) of treated water and drinking water every day. Read more.

Prudential Buys Miami Tower


23 Apr 2013, Miami, United States

New Jersey-based Prudential Real Estate Investors (PREI) has acquired the Sabadell Financial Center in Miami, Florida, for $185 million from Testa American Real Estate Corporation. The 30-story office tower, built in 2000, was valued at $354 per square foot ($3,933 per square meter) and is 85 percent leased. Read more.

Tour Odeon May Have World's Most Expensive Penthouse


17 Apr 2013, Monaco, Monaco

The apartment atop the under-construction Tour Odeon in Monaco could be listed for as much as $387 million, making it the world's most expensive penthouse, reports DesignBuildSource. The price tag is pure speculation, based on the size of the space and current prices for apartments in the building, which start at $7,958 per square foot. Read more.

Qatar May Purchase Italy's Entire Porta Nuova


16 Apr 2013, Milan, Italy

Qatar is considering buying some or all of Milan's under-construction Porta Nuova business district as Italy's economic crisis affects its US developer, Reuters reports. The project has been developed by Hines Group and is estimated to have cost over €1.8 billion (US$2.4 billion). Read more.

Dubai Developer Sells Unfinished Tower


12 Apr 2013, Abu Dhabi, United Arab Emirates

Lebanon-based Plus Properties has sold its stalled Abu Dhabi apartment tower project to the Abu Dhabi-based General Housing Company (GHC). The Sky Gardens Tower, designed by Hong Kong firm James Law Cybertecture, began construction on Al Reem Island in 2008, but stalled due to the financial crisis. Read more.

Carlyle Acquires Shanghai Central Plaza


12 Apr 2013, Shanghai, China

Private equity giant the Carlyle Group has announced its acquisition of the Shanghai Central Plaza for US$267 million, Reuters reports. The 19-story office building was bought from Forterra Trust, the Singapore-based real estate fund.Read more.