Rendering by Lessard design Construction has begun on 3350 at Alterra, 283-unit apartment building in Hyattsville developed by Grady Management of Silver Spring. It will include studio, one-, two- and three-bedroom apartments, with a parking garage, pool and fitness center.

With federal leasing stalled by gridlock in Congress, the regional office market is listing and analysts dont expect any short-term swell in demand as the threat of huge budget cuts looms in January, according to the latest quarterly reports.

Because of the threat of federal budget cuts and larger economic challenges, the office market throughout the greater D.C. region remains flat, John Germano, executive managing director of CBREs Washington-Baltimore region, said in a news release. Defense contractors in particular are postponing signing leases until the election is over and defense budget decisions affecting employment and space requirements are made.

Although the Maryland suburbs showed growth in office jobs during the quarter, CBRE reported that has yet to translate into the office real estate market. The vacancy rate held at 15 percent for the third straight quarter.

In one hopeful sign, CBRE noted that 12409 Milestone Center Drive in Germantown was delivered, with 88 percent of the 162,000-square-foot building preleased to DRT/Boeing.

But the company reported that the suburban Maryland office market experienced low levels of overall leasing activity in the third quarter, with nine renewals in the Top 16 leases in excess of 10,000 square feet. Little of the action is coming from the private sector, with the top four deals all signed by federal tenants.

Jones Lang Lasalle painted an overall dismal picture, as net absorption for the suburban Maryland market for the quarter was negative 214,105 square feet, dragging the year further into the red to date at negative 241,188 square feet. There likely is more than that to come with more than 2 million square feet either under construction or renovation.

Do not expect the usual suspects the federal government, contractors and law firms to get the Washington region market out of this slump. Organic growth is going to have to come from another source, JLL managing director Creighton Armstrong warned. This is, and will remain, a tenants market for the time being particularly for tenants seeking under 25,000 square feet. The lack of a long-term federal budget, combined with approaching sequestration and fiscal-cliff, will perpetuate the current malaise, no matter who is in the White House or Congress come November.

Beltsville industrial complex sells for $27M

Industrial property giant Prologis bought a two-building distribution complex in Beltsville for $27 million, according to NAI KLNB, which was the sole broker in the deal.

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Gazette.Net: Marylands suburban office market listing, with no lift in short-term demand

PROVIDENCE, R.I., Oct. 4, 2012 (GLOBE NEWSWIRE) -- Gilbane Building Company today announces the publication of the Fall 2012 edition of Construction Economics -- Market Conditions in Construction. Based on an array of economic data, construction starts, and material cost trends, this free report indicates an increase in construction spending over last year but cautions of an expected downturn again in early 2013. The Architectural Billings Index (ABI), which predicts activity 9-12 months out, indicates increasing spending nearly through the end of the year before another slowdown.

"Jobs continue to be the difficulty in this construction recovery. They are at a near standstill, while spending continues a slow climb," says Ed Zarenski, the report's author and a 40-year veteran of the construction industry. "A nugget of good news, though, is that climb may mean productivity is increasing. Spending is up only 2.5% since the beginning of the year, but up 6% from a year ago. Supported by positive growth trends, contractors may be able to recover a bit of lost margins."

According to the report, the construction industry has seen a small but continued growth in contractor's margins that started a very slow return to positive in 2011. Material price increases and labor cost growth will still contribute to escalation. Contractors' building costs "charged" in 2012 are above labor and material cost increases, signaling a continued movement towards recovery of more normalized margins.

Among the topics covered in this comprehensive report are:

This free report is available for download at http://info.gilbaneco.com/construction-economics.

About Gilbane, Inc.

Gilbane provides a full slate of construction and facilities-related services -- from sustainable building to the latest in construction technology -- for clients across various markets. Founded in 1873 and still a privately held, family-run company, Gilbane has more than 60 office locations around the world. For more information, visit http://www.gilbaneco.com.

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Gilbane Publishes Fall 2012 Construction Industry Economic Report

General News of Thursday, 4 October 2012

Source: The Daily Searchlight

In her haste to win the sympathy of delegates of the National Democratic Congress (NDC) before their parliamentary primaries, the Deputy Minister for Water Resources, Works and Housing, Dr. Hannah Bissiw hurriedly bought a land for the construction of a party office for the Tano South Constituency where she is currently the candidate of the party.

Within a period of less than 6 months, parents' house as at 2008 before her party came to power, managed to put up a magnificent office for the NDC at Bechem, behind the Bechem Police Station. The office has been completed and fully furnished by Dr. Bissiw.

It is arguably the most beautiful edifice being used as a party office at the constituency level in the country.

The building which is painted in cream and covered with red roofing sheets has a big conference room and offices for party executives and herself as the Parliamentary Candidate of the NDC in the constituency.

So far, a series of meetings have been held at the office but some constituency officers and party faithful believe the deputy minister is only toying with them by using the building as a stepping stone to win the favour of the party members.

Some of the party executives who spoke to the Daily Searchlight on anonymity said they suspect she would take full charge of the building after the elections especially if she loses the parliamentary elections in December.

The reason he gave was that the land on which the offices is standing is fully registered in the of Dr. Bissiw and that makes it very easy for her to stamp total authority over the land and property.

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Minister splashes billions for party office

Thursday, October 04, 2012 1:23 AM | Printer friendly version | E-mail to a friend | Comments

By Sarah Campbell

scampbell@salisburypost.com

SALISBURY - Bids for construction of the Rowan-Salisbury School System's downtown central office building came in higher than anticipated.

"I wish I could say that I have perfect news or great news, but I can't," architect Bill Burgin told school board members during a work session Wednesday. "I am optimistic that I can get us to where we need to be."

The lowest bid of about $7.4 million, or $152 per square foot, for the base building came from Matthews Construction. That's $1.4 million higher than the $6 million budget approved by the Rowan County Board of Commissioners.

The base design is a three-story, 48,818 square-foot facility. It does not include space for the exceptional children's department, which will move from rented space at Corporate Square to the Ellis Street administrative office.

"That really represents from my perspective the minimum building that you need. It does allow for about 1,500- or 2,000-square-feet of growth," he said.

Burgin said to get the bids low enough to build the base structure, he needs to strip the infrastructure he included to make future expansions more cost-efficient. That includes ditching additional electrical capacity and about 40 piles that were going to be added to the foundation, which means the columns along the common wall won't be strong enough to attach an addition in the future.

"You can't get to $6 million without making some changes," he said.

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School system central office bids higher than expected

A new office building in a prestige location

MONTREAL, Oct. 4, 2012 /CNW Telbec/ - Ivanho Cambridge today announced it is investing $30million to build a six-storey Class A office building at Centropolis, in the heart of downtown Laval. The building, 3055 Saint-Martin Ouest, is one of the most significant developments in the area over the past five years, and strengthens Centropolis' role as a multipurpose services hub.

"We are very pleased to move ahead with this project, which will help enhance our offering in one of the most dynamic geographic areas in Quebec," said Daniel Fournier, Chairman and Chief Executive Officer, Ivanho Cambridge. "This initiative is perfectly in keeping with our development plan for value-added commercial properties in Quebec."

The advent of 3055 Saint-Martin Ouest is an integral part of the process of developing the Centropolis concept: a prestigious open-air property owned by Ivanho Cambridge: a lifestyle and work destination that re-creates a neighbourhood spirit in an urban-style setting. The start of construction on 3055 Saint-Martin Ouest is scheduled for this fall, with delivery expected in 2014.

"Many businesses in the service sector are choosing Laval to be closer to their client base and also to make their employees' commutes easier, and this is driving demand for quality office properties," explained Jean Larame, Senior Vice-President, Eastern North American Portfolio, Ivanho Cambridge. "3055 Saint-Martin Ouest will increase density at Centropolis as well as enhance the complex's visibility, which is of crucial importance to Laval. Activities in the area, customer flow, and vitality of tenant businesses will all increase as a result."

3055 Saint-Martin Ouest will be built to the highest construction standards in the industry, aiming for LEED Core & Shell Silver certification, making it an attractive choice for companies with elevated corporate social responsibility standards.

Centropolis boasts an outstanding location: the office property will be built on Saint-Martin Boulevard, near the Laval courthouse and within sight of Highway 15. The site is already home to 47 businesses, 23 restaurants and bars as well as 24 offices and service centres, employing some 1,600 people.

About Ivanho Cambridge Ivanho Cambridge is one of the world's 10 largest real estate companies. As at December 31, 2011, its assets totalled more than C$30 billion and could be found in over 20 countries around the world. Ivanho Cambridge is a real estate subsidiary of the Caisse de dpt et placement du Qubec (lacaisse.com), one of Canada's leading institutional fund managers. For more information, visit ivanhoecambridge.com.

Image with caption: "View from Promenade Centropolis of planned six-storey Class A office building at Centropolis announced by Ivanho Cambridge (CNW Group/Ivanho Cambridge)". Image available at: http://photos.newswire.ca/images/download/20121004_C4241_PHOTO_EN_18867.jpg

Image with caption: "View from boulevard Daniel-Johnson of planned six-storey Class A office building at Centropolis announced by Ivanho Cambridge (CNW Group/Ivanho Cambridge)". Image available at: http://photos.newswire.ca/images/download/20121004_C4241_PHOTO_EN_18869.jpg

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Ivanhoé Cambridge continues development of Centropolis in Laval with the start of construction of 3055 Saint-Martin ...

Los Angeles City Controller Wendy Greuel announced Wednesday that she will launch an investigation of billing practices at the citys Department of Building and Safety after an audit by her office found overcharging as well as undercharging.

Greuel, who is running for mayor of Los Angeles, said her offices audit found that the Building and Safety Department arbitrarily charged for permit fees when not required for projects valued under $500 and charged extra fees for projects requiring multiple permits. Business and building owners must often obtain multiple permits before opening their establishments or buildings.

People who do business with the city expect more and deserve better, Greuel said in a statement accompanying the release of the audit. At a time when everyone is struggling to get by, these careless mistakes and overbillings are unacceptable.

The audit also found instances of undercharging. For example, the audit said the department does not always verify estimated construction costs provided by customers in permit applications, thereby allowing customers to understate costs and shortchange the city on its share of permit fees.

Responding to the audit, Building and Safety General Manager Robert Bud Ovrom said he did not believe these billing problems were pervasive.

We collect more than $100 million a year in fees and this audit stated that there were a few instances in which overbilling or underbilling occurred, he said.

Nonetheless, he said he would work with Greuels office to review his departments billing procedures. If there are any defects, we will correct them.

See the article here:
City Controller to Probe Billing Practices

WESTERLY, R.I.--(BUSINESS WIRE)--

Washington Trusts Commercial Real Estate Group recently provided $4,600,000 in commercial mortgage financing to Taurus CD 153 Batterymarch Street Limited Partnership to refinance a six story, 34,521 square foot office building located at 22 Batterymarch Street in Boston, Mass.

The distinctive, historic property is a multi-tenanted office building located in the heart of Bostons Financial District. Built in 1890 by the Episcopal Church of Boston, the building was originally used as a home for sailors. Between 1950 and 1970 the building functioned as the home of the Harvard Club. Taurus Investment Holdings LLCs international office is headquartered at the site.

This is an exceptional property because of its location not only is it situated in Bostons Financial District, but its in close proximity to the State House, Faneuil Hall, Downtown Crossing and the Boston Waterfront, said Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer.

Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Laurel Bowerman, Vice President, Commercial Real Estate Group, 401-654-4847 or 1-800-475-2265 ext. 8247.

Founded in 1800, Washington Trust is one of New Englands premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc. (NASDAQ Global Select, symbol: WASH).

Photos/MultimediaGallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50428093&lang=en

MULTIMEDIA AVAILABLE:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50428093&lang=en

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Washington Trust Finances $4.6 Million Boston Property

A global engineering, planning and construction services firm is bringing 160 jobs to the former D&E building near Schaum's Corner.

Parsons Brinckerhoff is shifting the support-staff jobs from its New York City headquarters to cut costs, the company said.

"One always has to look for efficiencies in operations," said George Pierson, president and chief executive officer.

Parsons Brinckerhoff employees were told Tuesday of the impending change.

Pierson said Parsons Brinckerhoff's presence on Oregon Pike could rise beyond the initial wave of employees.

"We would be actively looking to see if we can create greater efficiencies by growing that operation," Pierson said.

"How quickly or how much is not something we're prepared to estimate right now."

The site certainly has the capacity.

The 80,000-square-foot building, which Parsons Brinckerhoff has agreed to lease for 15 years, has a 400-space parking lot.

And the building's owner, Oak Tree Development, has West Earl Township approval to build a 22,000-square-foot addition.

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N.Y. firm will lease former D&E building in Brownstown

CityCentre, the mixed-use development by Midway Cos. that opened near Beltway 8 and the Katy Freeway in 2009, continues to grow with more office and residential projects.

The CityCentre Three office building, just west of Hotel Sorella, has welcomed its first tenant. Texas A&M University's Mays School of Business has opened in the building, which houses both its Professional and Executive MBA programs. Montco Offshore and LLOG Exploration Co. have also leased space.

Construction of CityCentre Four, another six-story office building that will contain 120,000 square feet, began this summer. Two tenants, ERM and Petrotechnical Data Systems, have signed leases in the building, which is slated for completion next year. The ground floor will have 12,500 square feet of retail and restaurant space. Muoz + Albin, Kirksey and Hoar Construction made up the project team for both office buildings.

On the residential side, Simmons Vedder Partners is developing another multifamily project next to its Domain at CityCentre. It recently broke ground on Icon at CityCentre, a 160-unit project with five stories of rental units above two levels of parking. Steinberg Design Collaborative is the architect, and Kathy Andrews Interiors is providing design services. Opening is planned in 2014.

Recently announced retail and restaurant tenants in CityCentre are: BeHuman Gallery, Charming Charlie, Dryden Kreps men's clothing, ENVI Boutique, Kendra Scott boutique, Muir Fine Art Gallery and Texas de Brazil, a Brazilian steakhouse.

Situated on 37 acres in the Memorial area near the Energy Corridor, CityCentre was planned as an urban-style development in a suburban setting. It combines entertainment, dining, shopping, office, a hotel and conference center and residential components around European-style plazas.

Elsewhere, Midway Cos. recently teamed up with Canyon-Johnson Urban Funds to revitalize the Houston Pavilions office and retail development spanning three blocks downtown.

katherine.feser@chron.com twitter.com/kfeser

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Deal of the Week: Thriving CityCentre adds 2 more projects

THE WOODLANDS The development of Research Forest Lakeside is moving along with Building 4 and a parking garage well under construction on the 77-acre site.

Warmack Investments is developing Research Forest Lakeside, a project that will consist of 11 Class A office buildings situated along the banks of Lake Woodlands for a total of 1.9 million square feet in office space. Also included on the site will be 36,000 square feet of retail space on the corner of Research Forest Drive and Lakeside Boulevard.

Building 4, James Warmack said, will be 12-story Class A office building with 300,000 square feet.

(The interior) is a combination of granite, limestone, glass and wood, he said. It will be very elegant.

The Woodlands-based Talisman Energy, which occupies Building 2, will move into the top six floors of Building 4 when it is complete, Warmack said. As for the rest of the building, he has not inked any leases but has had a great deal of interest in the space. The building is expected to be ready for move-in around May 2013.

Im very happy with the level of interest, he said. I dont think we will have any issues getting these buildings leased out.

The campus already is home to two Aon Hewitt buildings (1 and 3).

According to Warmack, his Colorado Springs, Colo.-based company acquired the property when it bought Hewitts real estate portfolio in 2005.

Construction on Building 5 will begin in March 2013 and will be eight stories with 200,000 square feet of office space. According to Warmack, Repsol USA will occupy the entire building.

Buildings 4, 5 and the seven-story parking garage will all be centered around a halo that will allow people to walk from the garage to the buildings under a covered walkway.

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Research Forest Lakeside taking shape