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Skanska Property Hungary has started construction work on its seventh office building in Budapest, dubbed Nordic Light, on inner Vci t, the main office corridor of Budapest. Phase I is scheduled for completion in the first quarter of 2016.
The complex will consist of approximately 26,200 sqm of leasable area and be built in two phases. The project has already been LEED pre-certified with a Gold rating thanks to its innovative solutions minimizing the buildings impact on the natural environment, Skanska says. During the design process, green and sustainable solutions received special attention, which not only minimizes the buildings environmental impact, but also reduces operating costs, which translate into lower bills for water and electricity, the company says.
Nordic Light is situated in a most vibrant office location, on the Vci corridor and offers great visibility to our tenants, said Zoltn Linczmayer Managing Director of Skanska Property Hungary. The state-of-art technologies of our building represent our commitment to the energy-efficient, environmentally friendly and healthy office spaces Skanska is famous for. With the design of the building, our aim was to create a workplace where people will love to spend their time.
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Skanska launches Nordic Light office project in Budapest
Photo from Chard Gonzales
MANILA, Philippines Fire investigators are still probing the cause of fire that struck the unfinished One World Place building in the upscale Bonifacio Global City business district in Taguig City on Thursday morning.
Chief Inspector Junito Maslang, Taguig City Fire marshal, said in a phone interview with INQUIRER.net that they cordoned off the 31-storey establishment as arson investigators look into what caused the fire.
The area has been cordoned off. Fire officers are still collecting debris. Construction work has been suspended, Maslang said.
According to Maslang, the Megawide Construction Corporation said there were 520 construction workers inside the building when the fire broke out.
At least 14 construction workers were rescued by Bureau of Fire Protection officers and other responding units as they were trapped inside the burning building.
They had difficulty breathing so most of them were brought to St. Lukes Medical Center in BGC, Maslang said.
The fire started at basement 3 at around 9:30 a.m. Smoke reached up to the 24th floor.
As of 11:30 a.m., authorities placed the fire on third alarm. At least 20 fire trucks responded to the area.
More than an hour later, firefighters completely put out the fire.
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BGC building catches fire, construction workers rescued
In Singapore, civil-servant bonuses rise and fall with the economys performance, and the latest payout shows the islands growth is cooling.
The government declared a year-end bonus this week equal to 0.8 of a months salary for civil servants, bringing the full-year package to 2.3 months. That compares with 1.1 months at the end of 2013 and 2.5 months for all of last year.
Singapore is bracing for slower global growth with the government predicting Nov. 25 that the islands expansion will slow to about 3 percent this year from 3.9 percent in 2013 and the recovery beyond will be uneven. The nation, which has some of the highest-paid ministers in the world, links civil servants bonuses to how well the $298 billion economy does.
This is in line with the slower pace of growth this year, said Irvin Seah, an economist at DBS Group Holdings Ltd. in Singapore who used to work for the citys trade ministry. Business activity this year is also slow. I would not be surprised that even private-sector bonuses may be trimmed.
Civil servants are typically paid a variable incentive twice a year, on top of a fixed one-month bonus. The mid-year payment was skipped in 2009, when the economy contracted during the global recession.
Singapore may be one of the few countries that explicitly pegs bonuses to growth, said Vishnu Varathan, an economist in Singapore at Mizuho Bank Ltd. That means its got less scope for bouts of populist adjustments, which tend to happen with electoral cycles.
The government said this week the nations 2015 growth outlook remains modest, with a tight labor market domestically restraining construction, retail and food services. It also cited the risk that the euro zone economy will fall into a deflationary spiral, the possibility of an unexpected tightening of U.S. monetary conditions and the threat from geopolitical tensions.
With price pressures easing, scope is growing for the central bank to ease monetary policy at its next decision in April. Core inflation eased to 1.7 percent in October, falling below 2 percent for a second straight month, and the odds of a shift in stance will rise if the gauge slips to 1.5 percent or below, said Chua Hak Bin, an economist at Bank of America Merrill Lynch in Singapore.
The smaller government bonuses this year could also mirror a weakening of pay increases among Singapore companies, said Wai Ho Leong, a Singapore-based economist at Barclays Plc. The property cycle is slower, tourist arrivals are also slower, so that could be why many firms in the services industries may see slower levels of activity and slow wage growth this year, he said.
Fewer than half of the 1,030 financial services professionals surveyed by eFinancialCareers in September and October in Singapore and Hong Kong expect a higher bonus this year, according to the Dice Holdings Inc. companys website.
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Singapore Civil Servants Win or Lose Bonuses on State of Economy
By Gord Bowes, News staff
Construction on a $2-million office and apartment building on Upper Ottawa Street is expected to begin in the spring. The first occupant will be Dr. Julius Losonci, who is moving his Eastmount Family Dentistry office from its current location at 1221 Limeridge Rd. East. The 10,000-square-foot building, located at 788 Upper Ottawa is being developed by Losoncis wife, Zahra Arabkaramy. Its going to be a very high-end building, Arabkaramy said, noting there will be eight luxury residential apartment units. Everything is going to be beautiful. The dental office will be about 3,000 sq. ft. Arabkaramy said she is in talks with another healthcare provider to occupy the other ground floor unit. Construction should begin in March and be completed in the fall. Arabkaramy bought the property in 2011 and received the required zoning change in 2012. A building permit was issued last month. Ward 6 councillor Tom Jackson said while he doesnt always see infill developments as a panacea to housing needs in the city because it doesnt always fit in with character of the neighbourhood, this development seems like a good fit. He said hes been assured there will be an adequate buffer between the development and the homes behind it on Winchester Boulevard behind it. Plus, the owners are occupying the building. I think thats incredibly important, Jackson said.
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$2M office, apartment building planned for Upper Ottawa
Its another round of office-space musical chairs among Amherst office tenants.
Architecture and engineering firm Wendel Companies is expanding and moving its headquarters office to Ciminelli Real Estate Corp.s Centerpoint Corporate Park, gaining more space but leaving behind an empty two-story building on John James Audubon Parkway.
Wendel Companies, with seven offices around the country, will occupy 37,000 square feet on the second floor of 375 Essjay Road, the largest building at the Centerpoint complex, with 75,461 square feet of space on two floors. Thats 10,000 square feet more than what Wendel currently has at 140 John James Audubon, where it shares a long, two-story building with Columbus McKinnon Corp.
Meanwhile, the Essjay building currently houses operations and employees of Independent Health Association, which in turn is vacating the entire building after acquiring another one nearby from Ciminelli. Wendel will take up half of 375 Essjay, while the entire first floor will become available for lease, as of Nov. 1, at $22.50 per square foot, according to a real estate listing on CityFeet.com.
Our focus during this process was on productivity and sustainability, said Stewart Haney, president and CEO of Wendel, in a news release. We decided that keeping an Amherst address would best accommodate the majority of our employees and provide access to transportation to support clients in Western New York and across the U.S.
Wendel, which employs more than 200 people in all, will take occupancy of its new corporate headquarters space in April 2015 under a long-term lease.
The firm now has about 145 employees at the Audubon building but is getting cramped as it grows and adds more staff, prompting the move. Plans also call for moving its architecture group to its downtown Buffalo office at the Electric Tower, which it also plans to maintain and expand.
The biggest driver was growth, our need for additional space to grow into in the next five to 10 years, Haney said in an interview. Our intent is to grow in all our offices if we can.
Additionally, he said, the firm decided it wanted to re-use an existing building, not construct a new one.
We thought it best to find something already in Amhersts inventory, and this building works perfectly, he said. He noted the presence of a Wegmans supermarket, nearby restaurants and other services as appealing.
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Wendel Companies moving in an Amherst game of office-space musical chairs
By James Borden, Raleigh Public Record
Following the demolition of an old office building and a former church, permits were issued Nov. 12 for the construction of The Gramercy, an apartment building with ground-floor retail.
Situated on the corner of Glenwood Avenue and West North Street, the six-story project will contain 203 residential units and 6,900 square feet of retail space. According to a site plan filed in 2011, the entire building will come in at around 319,000 square feet.
The initial plans, drawn up by JDavis Architects, list the same number of residential units but included about 4,000 more square feet of retail, so it's likely the final size will be close to the original.
The property, which will also include a 260-space parking deck, will be built by Choate Construction, a multistate firm that has worked on a variety of similar projects, including downtown's 52-unit Dawson on Morgan, a condominium with ground-floor retail.
As construction begins on the Gramercy, work is wrapping up on another multifamily project. Permits were recently issued for the final building at the Fairview Row at Five Points development.
The project consists of three 3-story buildings containing a total of 12 condominium units. The Colonial and Federal style structures were designed by local firm Carter Skinner, and are being constructed by Williams Realty and Building.
To read this entire article, go to Raleigh Public Record.
WRAL.com has a content sharing partnership with Raleigh Public Record, a nonprofit online news organization focused on coverage of Raleigh and local government.
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Construction begins on apartments in Raleigh's Glenwood South
A museum to honor the regions steel heritage is planned as part of U.S. Steels new headquarters that will be constructed on the site of the former Civic Arena in the Hill District, officials announced today.
The steelmaker has reached an agreement with the Pittsburgh Penguins to build a five-story, 268,000-square-footbuildingon the 28-acre site.About250,000 square feet will be used as headquarter offices and the rest will be dedicated to retail and to the museum.
U.S. Steel said the new headquarters will house 800 employees.
Construction is expected to begin in August or September of 2015 and the projects expected to be completed by October 2017.
U.S. Steel belongs in Pittsburgh and it feels really, really good to say that thats the future, Pittsburgh Mayor Bill Peduto said at a morning news conference announcing the deal.
U.S. Steel did not release cost estimates for the project.
The company is receiving new market tax credits and LERTA (Local Economic Revitalization Tax Assistance)tax abatements. Nonetheless, U.S. Steel has agreed to pay half of the property taxes -- estimated at roughly $3 million -- all of whichwill help fund development in other portions of the Hill District, according to the company.
Hill District leaders and Pittsburgh-area politicians, including the mayor, reached an agreement with the Penguins in September regarding levels of affordable housing, minority and women business participation, and other matters in regard to the sites $440 million overall redevelopment.
The citys planning commission is expected to vote next week on the Penguins preliminary land development plan for the site.
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U.S. Steel plans to build headquarters on former Civic Arena site in Hill District
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=Among the major office-oriented facilities to open during the third quarter was the $100 million Wexford Health & Wellness Pavillion, a 174,000-square-foot complex that offers a variety of medical services including diagnostic imaging labs, oncology services, physical therapy rooms, a caf, and covered parking. Also known as the Wexford Medical Mall, it is located on Wallace Road Extension in Pine and is owned by Highmark Health.
= Doughboy Square Apartments, a 45-unit building at 3431 Butler St., Lawrenceville, recently opened. It is a 90,000-square-foot building with 16,000 square feet of retail space on the first level containing Senti Italian Restaurant, Pinot's Palate and Paul Michael Jewelry, tenants obtained by Jared Imperatore of Grant Street Associates Inc., Cushman & Wakefield. The three- and four-story building is a development by Michael Polite and Ralph Falbo of Ralph A. Falbo Inc., architect Chip Desmone, principal of Desmone & Associates; and Bob Mistick of Mistick Construction, the general contractor.
= Pittsburgh's retail market remained basically unchanged at the end of the third quarter from the second as the vacancy rate declined to 3.8 percent from 3.9 percent. The quoted rent rate increased to $12/27 per square foot per year, according to CoStar's Third Quarter 2014 Market Report.
=Among the major office-oriented facilities to open during the third quarter was the $100 million Wexford Health & Wellness Pavillion, a 174,000-square-foot complex that offers a variety of medical services including diagnostic imaging labs, oncology services, physical therapy rooms, a caf, and covered parking. Also known as the Wexford Medical Mall, it is located on Wallace Road Extension in Pine and is owned by Highmark Health.
= Doughboy Square Apartments, a 45-unit building at 3431 Butler St., Lawrenceville, recently opened. It is a 90,000-square-foot building with 16,000 square feet of retail space on the first level containing Senti Italian Restaurant, Pinot's Palate and Paul Michael Jewelry, tenants obtained by Jared Imperatore of Grant Street Associates Inc., Cushman & Wakefield. The three- and four-story building is a development by Michael Polite and Ralph Falbo of Ralph A. Falbo Inc., architect Chip Desmone, principal of Desmone & Associates; and Bob Mistick of Mistick Construction, the general contractor.
= Pittsburgh's retail market remained basically unchanged at the end of the third quarter from the second as the vacancy rate declined to 3.8 percent from 3.9 percent. The quoted rent rate increased to $12/27 per square foot per year, according to CoStar's Third Quarter 2014 Market Report.
- Sharpsburg will install 10 rain barrels at public spaces throughout the borough next spring, following receiving funds from Heinz Endownments Youth Philanthropy Program. The Sharpsburg Neighborhood Organization, which received the initial grant, will work with Volunteers of America, the borough and Allegheny River Towns Enterprise Zone. The Neighborhood Organization will work with children of Volunteers of America's All of Us Care afterschool program on setting up the barrels.
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Real estate notes: New spec office building going up Downtown
Boyle Sees Opportunity in East Memphis -
November 21, 2014 by
Mr HomeBuilder
VOL. 129 | NO. 228 | Friday, November 21, 2014
Inked
Amos Maki
Memphis-based Boyle Investment Co. hopes to break ground next year on a new office building at its Ridgeway Center complex near Poplar Avenue and Shady Grove Road, according to company officials.
Were talking to prospects now, said Mark Halperin, executive vice president and chief operating officer at Boyle. Weve had a couple of close calls, and we hope well be able to start it in a reasonable period of time.
Halperins comments come as the availability of Class A office space in East Memphis shrinks. The vacancy rate for Class A space in East Memphis ended the third quarter at 2.9 percent, according to CB Richard Ellis Memphis.
Basically, all the Class A space is occupied, said Halperin. The true Class A buildings are very tight, so its a simple supply-and-demand issue.
Boyle has a 7-acre site at Shady Grove Road and Briarcrest Avenue that is cleared and ready for development. Halperin said plans call for a 175,000-square-foot office building there.
Helena Chemical headquarters at Schilling Farms
(Boyle Investment Co.)
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Boyle Sees Opportunity in East Memphis
RLC completes green office tower -
November 20, 2014 by
Mr HomeBuilder
Gokongwei-led Robinsons Land Corp. on Thursday topped off the 20-storey green office building Tera Tower near the Ortigas Avenue and C-5 intersection in Quezon City, bringing to the property market its 11th office tower.
Tera Tower will have 34,500 square meters of gross leasable area (GLA) which will be turned over to tenants by the third quarter of 2015. Office space is now being contracted out by RLC to future tenants at a starting price of P650 per sqm a month, RLC general manager for office building division Faraday Go told reporters at the topping off ceremony on Thursday.
Topping off is a traditional rite held when the last beam is placed on a building to mark the completion of the main structure. After this, the developer will have to work on the interior finishing and the mechanical, electrical, and plumbing systems.
Go said this new office buildingthe first among the seven office buildings to rise at RLCs eight-hectare master-planned developmentwould mostly target the business process outsourcing, call center and knowledge process outsourcing locators as well as host some office headquarters.
To date, RLC has about 280,000 sqms of GLA in its office portfolio spread across 10 buildings. The office segment contributes 9 percent to overall revenues of RLC. Occupancy rate is close to 100 percent for the mature office buildings.
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RLC completes green office tower
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