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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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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.

L'Oreal, SAP Come to Hudson Yards


11 Apr 2013, New York City, United States

Beauty company L'Oreal USA and German software company SAP will become the latest companies to secure space in the South Tower of Hudson Yards. L'Oreal has leased an initial 402,000 square feet (37,347 square meters) for its US corporate headquarters, and SAP has leased 115,000 square feet (10,683 square meters) on the top four floors of the building. Read more.

Gold Coast to Scrap "View Tax"


10 Apr 2013, Gold Coast, Australia

The Gold Coast City Council has decided to remove its "view tax," which charges extra taxes to people living in high-rises. The council plans to abolish size and height premiums it charges unit owners living on levels above the fifth floor, a move which may leave an AU$1.38 million hole in the city's budget. Read more.

'Superman,' Rhode Island's Tallest, Is in Trouble


09 Apr 2013, Providence, United States

Rhode Island's tallest building will soon be the most visible symbol of the US state's long economic decline, according to the Associated Press (AP). This month the 26-story Art-Deco 111 Westminster skyscraper is losing its sole tenant, the Bank of America, which occupied 20 percent of the building. Read more.

Detroit Mogul Collects Skyscrapers as a Hobby


28 Mar 2013, Detroit, United States

Quicken Loans founder Dan Gilbert has added a pair of Detroit skyscrapers to his rapidly expanding property portfolio in the city. Mr. Gilbert has acquired the towers as part of his super-secret "Woodward Corridor Place-making and Retail Strategy." Read more.

Units in 432 Park Ave Officially Available


27 Mar 2013, New York City, United States

The Rafael Viñoly-designed skyscraper at 432 Park Avenue, which claims to be the tallest residential building in the western hemisphere upon completion, officially launched unit sales last week. One-third of the apartments have already sold at early-bird prices ranging from $20 million to $92.5 million. Read more.

Boston Properties Takes Transbay Terminal

Transbay Tower_100.jpg

21 Mar 2013, San Francisco, United States

Boston Properties has replaced Hines as the main developer of Transbay Tower, slated to be San Francisco’s tallest building. Hines reduced its ownership interest in the joint venture with Boston Properties from 50 to 5 percent, making Boston Properties the 95 percent owner of the site. Read more.

Seoul “Dream Hub” At Risk of Nightmarish Default


20 Mar 2013, Seoul, South Korea

The Yongsan International Business District is on thin ice, as developers have defaulted on a major loan repayment in the midst of a real-estate slump. The project includes work by 18 global architects and is valued at $28 billion. Read more.

Lenders Seek Buyers for Site of Failed Spire


15 Mar 2013, Chicago, United States

The site of the unrealized Santiago Calatrava-designed Chicago Spire, as well as the accompanying $93 million debt, has been put up for sale. The 2.2-acre property is currently occupied by a foundation pit, the only part of the 610-meter tower ever brought to reality. Read more.

Indonesian Investors Buy Half-empty US Bank Tower


12 Mar 2013, Los Angeles, United States

Los Angeles's US Bank Tower, the tallest building west of the Mississippi, has sold for $367.5 million to Singapore-based hotel and property group Overseas Union Enterprise (OUE). The 72-story I.M. Pei-designed tower, previously owned by MPG Office Trust, is 56 percent occupied. Read more.

Malaysian Residential Market Showing Signs of Recovery


12 Mar 2013, Kuala Lumpur, Malaysia

Prices of luxury high-rise residences in Kuala Lumpur's Klang Valley will experience an increase this year, the Malaysian Institute of Estate Agents (MIEA) says. Prices, though on the rise, are still not expected to reach the high levels achieved before the global financial crisis of 2008. Read more.

Honolulu's First Affordable Skyscraper Sale Draws Long Lines


11 Mar 2013, Honolulu, United States

On Saturday, March 9, hundreds of applicants entered the lottery to purchase units in the 801 South Street condominium tower, which will be built in downtown Honolulu. The 46-story tower is Hawaii's first "workforce housing" high-rise project, featuring affordable, family-sized apartment units. Read more.

Two Liberty Place Hopes to Acquire Hotel Tenant


11 Mar 2013, Philadelphia, United States

IStar Financial has decided to sell its portion of Philadelphia's 58-story Two Liberty Place for development as a high-end hotel, according to the Philadelphia Business Journal. Jones Lang LaSalle is marketing the sale of IStar's floors in the city's third tallest building. Read more.

Iconic Williams Tower Sells for Record Price


06 Mar 2013, Houston, United States

The Hines Real Estate Investment Trust has closed the sale of the iconic 64-story Williams Tower of Houston to a fund managed by Invesco Real Estate. The tower, which has been on sale since August 2012, sold for $412 million, making it one of the largest deals in Houston real estate. Read more.

Detroit Art Deco Skyscraper Poses Real Estate Opportunity


05 Mar 2013, Detroit, United States

Florida-based Luke Investments has placed its art deco David Stott Building in downtown Detroit on sale for $10.4 million. The 84-year-old tower, though almost totally empty, poses an opportunity to be transformed into a successful mainly residential building, according to Curbed Detroit. Read more.

Bay-Adelaide Tower Signs Second Major Tenant


05 Mar 2013, Toronto, Canada

The latest leasing deal completed at the Bay Adelaide East tower has taken the project's occupancy rate to 60 percent. The 44-story office tower, which is under construction in Toronto, is the second installment of a three-tower development, joining the previously completed Bay Adelaide West tower. Read more.

Toranomon Hills to Rekindle Business in Tokyo District


04 Mar 2013, Tokyo, Japan

Japanese developer Mori Building Company is planning to attract global companies to its Toranomon Hills tower development, Bloomberg reports. The under construction tall building, which is scheduled to open in 2014, is the company's largest project since the completion of Roppongi Hills in 2003. Read more.

Comcast Buys 30 Rock, the GE Building


14 Feb 2013, New York City, United States

As part of Comcast's $16.7 billion purchase of General Electric's stake in NBCUniversal, the company will buy 30 Rockefeller Plaza for $1.4 billion. GE, which has occupied space in the New York landmark since its completion in 1933, will reportedly maintain corporate offices in the building. Read more.

RXR Buys Lehman Bros' Skyscraper as Part of Buying Spree


13 Feb 2013, New York City, United States

RXR Realty, a real estate and investment company based in New York, has acquired 21-story 237 Park Avenue from Lehman Brothers Holdings Inc. The building reportedly sold for $800 million on Tuesday, and RXR assumed the property's existing loan as part of the transaction. Read more.

Atlanta's Tallest Building is Half Empty


12 Feb 2013, Atlanta, United States

Atlanta's tallest building, Bank of America Plaza, stands half-empty, having lost more than 2,000 workers in recent years. The building was America's tallest foreclosed building last year, and is still seen by many as the symbol of the South's economic troubles, the Covington News reports. Read more.