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Washington REIT is purchasing Watergate 600 -- a 309,000-square-foot office building in the famous Watergate complex in Washington, D.C. -- for $135 million. The deal, which is being structured as an OP unit deal, is a value-add play for the REIT as 90,000 square feet will be vacated by a tenant next year.
Skanska USA plans to build a 35-story office tower in Houston, and the company has moved a tower crane to the site. "The mobilization of equipment at the Capitol Tower site signals our optimism that the marketplace will present new opportunities for the project as we move through 2017," said Beth Miller, a company spokeswoman.
Suburban offices are gaining currency as owners use creative tech and other strategies to reposition these properties to be more attractive to millennial workers accustomed to urban amenities. Another factor is that Millennials are moving to the suburbs themselves as they start families.
Reusable beverage bottle company S'well Bottle has moved into a 25,000-square-foot office space in the Flatiron District of Manhattan, N.Y. The company's expansion forced it to relocate sooner than expected.
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French oil and gas company Total plans to contribute to a $1.7 billion investment in the polyethylene market as part of a partnership with Canadian firm Nova Chemical and Austrian company Borealis. The initiative will result in the construction of a steam cracker in Port Arthur, Texas, capable of producing up to about 1 million tons of ethane per year, with another, smaller steam cracker for polyethylene production being considered for nearby Bayport.
Electric car startup Faraday Future has ended talks to build a factory on a former Navy shipyard near Vallejo, Calif., and will focus its attention on its planned $1 billion factory in North Las Vegas, Nev., instead. Faraday is seeking bids from construction firms on its North Las Vegas project, though it's facing questions about funding.
New Jersey Gov. Chris Christie approved a bill that will pour $400 million in state funds into transportation projects. Of that, $260 million will be spent on roads and bridges, while the rest will go toward transit projects.
Site selection has been delayed again for the new headquarters for the Federal Bureau of Investigation. This month the General Services Administration was to have chosen one of three sites -- two in Maryland and one in Virginia -- but instead said no additional work would be done unless $1.4 billion in federal funds could be acquired.