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RI Manhattan Realty- NYC retail space for lease,office,stores rental |

BOSTON--(BUSINESS WIRE)--

Boston Properties, Inc. (BXP), a real estate investment trust, reported results today for the third quarter ended September 30, 2012.

Funds from Operations (FFO) for the quarter ended September 30, 2012 were $176.1 million, or $1.17 per share basic and $1.16 per share diluted. This compares to FFO for the quarter ended September 30, 2011 of $190.3 million, or $1.29 per share basic and $1.28 per share diluted. The results for the quarter ended September 30, 2012 compared to 2011 were impacted by $0.03 per share of losses on early extinguishments of debt and additional interest expense of $0.06 per share. The weighted average number of basic and diluted shares outstanding totaled 150,801,425 and 153,309,978, respectively, for the quarter ended September 30, 2012 and 147,006,295 and 149,082,924, respectively, for the quarter ended September 30, 2011.

The Companys reported FFO of $1.16 per share diluted exceeded the guidance previously provided of $1.13-$1.15 per share. The Companys reported FFO included the following items, among others, that were not reflected in the guidance: $0.02 per share of improvements in portfolio operations and $0.01 per share less than expected of general and administrative expenses, offset by($0.01) per share of acquisition-related expenditures.

Net income available to common shareholders was $57.8 million for the quarter ended September 30, 2012, compared to $70.5 million for the quarter ended September 30, 2011. Net income available to common shareholders per share (EPS) for the quarter ended September 30, 2012 was $0.38 basic and $0.38 on a diluted basis. This compares to EPS for the third quarter of 2011 of $0.48 basic and $0.48 on a diluted basis.

The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the quarter ended September 30, 2012. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

As of September 30, 2012, the Companys portfolio consisted of 152 properties, comprised primarily of Class A office space, one hotel, three residential properties and three retail properties, aggregating approximately 43.4 million square feet, including eight properties under construction totaling 2.7 million square feet. In addition, the Company has structured parking for vehicles containing approximately 15.2 million square feet. The overall percentage of leased space for the 141 properties in service (excluding the two in-service residential properties and the hotel) as of September 30, 2012 was 91.6%.

Significant events during the third quarter included:

Transactions completed subsequent to September 30, 2012:

EPS and FFO per Share Guidance:

Originally posted here:

Boston Properties Announces Third Quarter 2012 Results

The University will begin construction this summer on its most expensive residence hall a massive $130 million building that will merge three halls in the center of campus.

The 850-bed mega-hall will include common areas, faculty suites, affinity housing and retail space. Upon completion in 2016, the so-called superdorm, will become the second-largest residence hall in Foggy Bottom.

The building, between H and I streets, will house mostly sophomores and juniors after combining the three nearly century-old structures the freshman Crawford Hall and the sophomore halls The West End and The Schenley. It will add 300 beds to the Foggy Bottom Campus.

The project will add another swath of construction to the Foggy Bottom Campus at a time when there are cranes or dirt ditches on nearly every block.

About 45 percent of the rooms will be singles, while 30 percent are reserved for affinity housing and the remaining 25 percent will become two-bedroom suites.

The 64,000 square feet set aside for student space will likely resemble the common rooms in West Hall on the Mount Vernon Campus, and also feature retail shops, similar to those in the basement of Ivory Tower.

University President Steven Knapp said the food venues lining I Street would transform what is currently the entrance to The West End into more of a college town, offering more retail space across the street from The Avenue.

Knapp said the student areas would help build a community in a city that has a tremendous capacity to draw students off campus for jobs and internships. He said the Student Association also highlighted common space as a priority.

About six to eight faculty members will live in suites in the new residence hall, increasing the number of live-in professors from nine to more than 17 part of Provost Steven Lermans goal to integrate classroom and residential experiences.

Lerman, who lived in a residence hall during his time as an administrator at the Massachusetts Institute of Technology, said bridging the gap between classes and campus life would ultimately pay off.

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'Superdorm' to cost $130 million

WALNUT CREEK -- After eight years of wrangling, the City Council on Tuesday voted unanimously to move the BART Transit Village apartment-and-retail project toward its first construction phase.

The major hurdles passed Tuesday were the certification of a final environmental impact report, amendments to the city's general plan and zoning and approval of a tree removal permit, which are all needed to begin construction.

The project has undergone many revisions since it was first brought before the council in 2005. By 2009, its future was in doubt as the bad economy forced developers to put plans on hold.

Walnut Creek Transit Lifestyles Associates, a joint venture of developer Transit Village Associates and BRE Properties, is looking forward to starting Phase I.

"It's been a long road -- we're excited about going forward," said Frank Arthur of Transit Village Associates. "We hope to start construction within a year."

The council still must have a public reading of the zoning amendment, scheduled for Nov. 6 at 5 p.m.

Because the proposed mixed-use development will be built on top of the existing parking lot, Lifestyles Associates will be required to build a new BART parking structure that includes BART Police offices and a bus facility on the ground floor. This will be done during Phase I.

A sticking point of negotiations was whether the developer could be required to provide additional parking spaces, not just replace

Developers plan to build 596 apartments and up to 12,000 square feet of commercial space during Phase II, along with a separate underground parking structure for apartment residents and patrons of the businesses.

In Phase III, estimated to start in 2014, 238 more residential units and 26,700 square feet of mixed residential and commercial space is planned along the eastern side. More underground parking stalls for the two new buildings would be included.

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Walnut Creek BART transit village project moves forward

CORDELE, GA (WALB) -

Abandoned rooms above the "Fancy Stitchin' Building" on 7th Street will soon be turned into loft style apartments.

That's because Cordele was one of several cities in its region chosen to be a part of the state's BoomTown project, an initiative intended to create jobs created through revitalization.

"I think it's a pretty good idea. Anytime you can bring anything to a small town downtown, it can pick it up a little bit and bring traffic to the downtown area," said resident Kyle Davis.

Two buildings in Cordele will be revitalized, one for retail space and the other is being turned into lofts in anticipation of new Darton State College students coming to a planned satellite campus in Cordele.

One nearby business owner says he can't wait to see the project get underway.

"I expect an increase in my business as a result of that, not only with my martial arts, but also with my vitamin sales and kickboxing classes. I expect a lot of growth from that," said GTC Gym owner Arthur Jackson.

With renovations coming to downtown Cordele, so are job opportunities.

"It would mean jobs for carpenters, construction people and things of that nature. Not to mention you have to furnish property, so your local furniture (will benefit)," said Cordele Main Street Director Monica Mitchell.

"It's not really attractive down here right now, but with the college coming to town, I think if you put some lofts downtown that will definitely pick up the area," said Davis.

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Lofts, retail space coming to Downtown Cordele

A development across the street from the proposed waterfront basketball arena could house a 200-room hotel, 125 residential units and 34,000 square feet of retail space, according to information the Warriors provided to The City.

The team wants to build a privately financed 17,500-seat arena and 105,000-square-foot retail complex on city-owned Piers 30-32, a waterfront site just south of the Bay Bridge on The Embarcadero. But the deal includes the teams use of a triangular plot of land across the street from the piers, Seawall Lot 330, where the hotel and other developments would be located.

Warriors officials stressed that the ideas for the seawall lot site, including that it could contain two 150-foot towers to house the residential units and hotel, are preliminary and the focus of the planning so far has been on the piers where the arena would be located.

We are not that defined yet on that side, Warriors President and Chief Operating Officer Rick Welts said. This is all under discussion right now with The City. We havent really put anything formally forward in terms of proposals of exactly what we are going to do.

PJ Johnston, a spokesman for the project, said the team gave The City preliminary numbers based on what is legal and practical for the site in order for fiscal forecasting to be done for the project.

Under city law, San Francisco had to conduct what is known as a fiscal feasibility report for the entire development deal.

That report, which was presented to a citizens advisory committee Tuesday night, contains the broad outlines of the deals business plan, including what could be constructed, what the projects costs and benefits would be, and how it would be financed.

The entire construction cost for the arena and the adjacent parcel would run between $875 million and $975 million, according to the report. Of those costs, an estimated $120 million would be needed for the repair and stabilization of the piers, which date back to the early 1900s.

The deal calls for the team to receive a 66-year lease on the piers and pay for their renovation upfront, but then be reimbursed. To do so, The City would likely issue a bond that would be repaid through future property taxes from the development and not from The Citys general fund, according to Jennifer Matz of the San Francisco Office of Economic and Workforce Development.

Matz said that such a public-private partnership is needed to refurbish the piers since the Port of San Francisco, which owns the land, does not have the ability to independently issue bonds for such an expensive project.

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Warriors development deal, financing taking shape

By Drew Harwell, Times Staff Writer Drew HarwellTampa Bay Times In Print: Wednesday, October 17, 2012

ST. PETERSBURG The Tampa Bay Rays are seeking permission to bat around ideas for a new ballpark, a hopeful sign for developers of a potential stadium in the Carillon Business Park.

But to really take off, the Rays Park at Carillon project will need support from an even bigger team: the office, retail and apartment leaders who would run the businesses beyond the field.

Commercial real estate brokers and lenders said the proposal pitched by developer Darryl LeClair has legs: centered among Tampa Bay's biggest cities, Carillon has a booming office sector and plenty of room to grow.

But some doubt that the striking project, which LeClair's firm CityScape estimated could cost up to $570million, could attract enough business muscle to keep it from falling apart.

"There's a lot of skepticism that people would go there, a lot of skepticism that it would get funded, and a lot of skepticism that it would be successful," said Darron Kattan, a managing director at Tampa commercial real estate firm Franklin Street.

"The Rays do not have a track record of drawing in a big audience, and that's something lenders and developers will look for," Kattan added. "Real estate investors would be very cautious about putting their money out there, simply because it's unproven."

No major league stadium blends nonbaseball construction and the playing field to the same extent as this proposal, where 1.6million square feet of attached buildings and retail space form a large part of the outer walls.

Site plans call for a halo of Mediterranean Revival-style offices, retail space and apartments surrounding the ballpark's outer plaza, with a "premier hotel" on the first-base line and a concert venue beyond center field.

CityScape has promoted Carillon's mid Pinellas location as key to its success, better able to entice Tampa fans than the Rays' downtown St. Petersburg home at Tropicana Field.

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Retail and real estate experts mixed on whether proposed Rays stadium complex in Carillon is viable

By Drew Harwell, Times Staff Writer Drew HarwellTampa Bay Times In Print: Wednesday, October 17, 2012

ST. PETERSBURG The Tampa Bay Rays are seeking permission to bat around ideas for a new ballpark, a hopeful sign for developers of a potential stadium in the Carillon Business Park.

But to really take off, the Rays Park at Carillon project will need support from an even bigger team: the office, retail and apartment leaders who would run the businesses beyond the field.

Commercial real estate brokers and lenders said the proposal pitched by developer Darryl LeClair has legs: centered among Tampa Bay's biggest cities, Carillon has a booming office sector and plenty of room to grow.

But some doubt that the striking project, which LeClair's firm CityScape estimated could cost up to $570million, could attract enough business muscle to keep it from falling apart.

"There's a lot of skepticism that people would go there, a lot of skepticism that it would get funded, and a lot of skepticism that it would be successful," said Darron Kattan, a managing director at Tampa commercial real estate firm Franklin Street.

"The Rays do not have a track record of drawing in a big audience, and that's something lenders and developers will look for," Kattan added. "Real estate investors would be very cautious about putting their money out there, simply because it's unproven."

No major league stadium blends nonbaseball construction and the playing field to the same extent as this proposal, where 1.6million square feet of attached buildings and retail space form a large part of the outer walls.

Site plans call for a halo of Mediterranean Revival-style offices, retail space and apartments surrounding the ballpark's outer plaza, with a "premier hotel" on the first-base line and a concert venue beyond center field.

CityScape has promoted Carillon's mid Pinellas location as key to its success, better able to entice Tampa fans than the Rays' downtown St. Petersburg home at Tropicana Field.

Continued here:
Retail, real estate experts mixed on whether proposed Rays complex in Carillon is viable

For years, the Courtyard development in downtown Chapel Hill has fallen short of plans to transform the property into a hub for retail and dining.

But with construction moving forward on a new concept plan that will bring apartments and new business to the Courtyard by the end of the month, the once-bustling square could soon be revitalized.

The Courtyard, a walled-in brick space on West Franklin Street, has proven to be a disappointment in recent years as plans for redevelopment consistently fell through.

The property was mismanaged over the years, said Ted Kairys, managing partner of Kairys Group and a new manager of the residential development in the Courtyard. At certain points in its history it has thrived, but it definitely fell off a cliff about seven years ago.

He said eight apartments have recently been added to the development. The lease period began in August for the apartments, occupied mostly by graduate students.

An additional 16 units will be ready by August 2013, he said.

Kairys said he attributes the failure partly to permits not being approved by the town.

We wanted to re-do it, bring student housing to the site, bring some new retailers in and make the space nice, Kairys said.

Bruce Knott, who handles retail leasing at the site, said his goal was to bring some vibrancy back to that corner of Franklin Street.

Were trying to keep the feel that the Courtyard has, but supplement it with better restaurants and retail users, Knott said.

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Courtyard construction brings promise of new shops and dining

Home business Empire Tower in Sathorn a showcase of 'trade-retail synergy'

PATCHAREE LUENGUTHAI THE NATION October 17, 2012 1:00 am

A new landmark will appear on Sathorn Road when the property is transformed. A nine-storey building will go up in front of the Empire Tower main office building as a lifestyle centre.

The new building will feature a hybrid of modern and contemporary architecture to facilitate convenient connectivity, business exclusivity, new lifestyles and green landscaping.

The 58-storey Empire Tower, the largest office building in the country, will be renovated to harmonise with the retail centre. The construction and renovation process was commenced early this month and is scheduled for completion in early 2014.

As it is located at the intersection of Sathorn and Narathiwat-Ratchanakarin roads, customers will enjoy easy access, connecting directly from the tower's second level to the Chong Nonsi Skytrain and Sathorn MRT stations.

On ground level, there will be an outdoor walkway canopy at the entrance with sunken court access.

The project will provide a wider and separated drop-off area and concierge, similar to a world-class hotel.

From the conservatorium main lobby, there will be a smooth connection between the business tower and retail space, with access to higher levels through double-storey escalators and a turnstile security system.

With more than 8,500 square metres of space, the retail building will feature a neo-classic, elegant executive lounge. The main intelligence room will accommodate 200 people and there will be six small meeting rooms.

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Empire Tower in Sathorn a showcase of 'trade-retail synergy'