BGC Partners Inc., a New York brokerage company, started the new year by buying two regional commercial real estate firms, including one in Philadelphia.
Smith Mack, a 28-year-old brokerage with four offices locally, was acquired by BGC, which first got into real estate in October 2011 when it bought Newmark & Co. Real Estate Inc. BGC then scooped up the bankrupt Grubb & Ellis Co. for $47.1 million in April.
On the same day that BGC announced its purchase of Smith Mack, the publicly traded company said it also bought Frederick Ross Co., a commercial brokerage in Denver. BGC did not disclose the financial details of either acquisition.
The law firm of Reed Smith L.L.P. will move its Center City offices for the first time since 1989.
Brandywine Realty Trust said Reed Smith signed a lease for 115,000 square feet of space in Three Logan Square, 1717 Arch St.
The firm, which has more than 150 lawyers in Philadelphia, currently occupies 156,534 110,000 square feet in One Liberty Place, 1650 Market St. (Current square footage amount updated 12/09/11.)
Horsham-based Toll Bros. has acquired CamWest Development, which it says was one of the biggest privately held home builders in the Pacific Northwest.
The amount of cash that traded hands was not disclosed by Toll, the luxury home builder. CamWest houses typically sell from the mid-$300,000s to the $700,000s, according to Toll. The 22-year-old CamWest expects to deliver about 180 homes in the Seattle area in 2011, generating revenues of about $90 million.
Earlier this month, Toll released preliminary results of $1.48 billion in revenues for its fiscal year 2011, which ended Oct. 31. It also delivered 2,611 units. (Final results are due out Dec. 6.)
Ho-hum, Philadelphia’s third-tallest building is changing hands.
Two Liberty Place, built for Cigna Corp. in the late 1980s, is being purchased by the Teacher Retirement System of Texas and Parkway Properties Inc., a real estate investment trust in Jackson, Miss., in a deal struck in April.
Usually, word of a big office-building sale in Center City generates lots of buzz.
LaSalle Hotel Properties jumped into Philadelphia’s Center City hotel market with two purchases Wednesday, while selling its only Atlantic City-area property.
The Bethesda, Md., real estate investment trust bought the Westin Philadelphia from HEI Hotels & Resorts for $145 million. The 294-room Westin at 99 S. 17th St. is part of the two-tower Liberty Place office, retail, and residential complex.
LaSalle also bought the Embassy Suites Philadelphia - Center City hotel from HEI for $79 million. The 288-room Embassy Suites at 1776 Benjamin Franklin Parkway had been built as an apartment house in the 1970s.
Federal Reserve chairman Ben S. Bernanke will travel to Philadelphia Thursday to participate in a conference on reinventing older communities.
The three-day conference, which is being sponsored by the Federal Reserve Bank of Philadelphia, will be a deep dive into all things real estate aimed at policymakers, community development professionals, and bankers.
Lots of sessions carry titles such as “Rethinking Who Should be a Homeowner” and “Reclaiming Distressed Properties.”
Tasty Baking Co. on Tuesday said that it will sell its Nicetown bakery, offices and distribution complex to a retail developer for $6 million.
The buyer is a limited partnership formed by Metro Development Co. , which develops large-scale retail centers.
According to a statement released by Tasty Baking, TMKG Associates L.P. "anticipates developing the site into a retail center to serve the surrounding area."
Even in a lackluster commercial real estate market, some deals are getting done.
American Realty Capital Trust Inc., of Jenkintown, recently bought 15 newly constructed CVS pharmacies in 11 states for about $60 million.
Formed by real estate investor Nicholas Schorsch about two years ago, American Realty has built a portfolio of 119 single-tenant commercial properties containing more than 1.2 million square feet of space.