Macy’s Inc. plans to close 36 stores and cut about 3,000 jobs in an effort to save $400 million in annual costs, according to MarketWatch. The 36 stores, along with four other locations that were closed in 2015, account for … Continue reading →
The Washington Post moved to One Franklin Square (1301 K Street NW) over the weekend. The newspaper, owned by Amazon.com Inc. founder Jeff Bezos, leased about 300,000sf at the 627,511sf Class A office building owned by Hines. The Washington Post’s former … Continue reading →
Cambridge Property Group, LLC recently purchased the 128,571sf mixed-use property at 1250 23rd Street NW on behalf of its affiliate Galaxy, LLC, in partnership with Westport Capital Partners. Built in 1989 and renovated in 2010, the Class B building sold for … Continue reading →
New York based Citigroup Inc. will close its remaining 17 branches and pull out of the Massachusetts retail banking market in January, according to the Boston Globe. At its peak, Citigroup had more than 30 branches in the Boston area. … Continue reading →
Orlando has experienced a 4.6 percent growth in employment in the last year, according to a midyear retail report by Jones Lang LaSalle. Tourism increased 3.9 percent year-over-year with over 64 million visitors. You should at least one day gap … Continue reading →
Rental income from franchisees represents a growing part of McDonald’s business and accounted for more than 20 percent of its $27.4 billion in total revenue last year, according to The Wall Street Journal. Rent payments from franchisees have Best thing … Continue reading →
Chevy Chase-based real estate services firm, Polinger Shannon Luchs Co. has acquired the 2,138sf retail storefront building at 4339 Connecticut Ave. NW from Ed Sands, the owner of Calvert Woodley Wines & Spirits for $6.75 million,
Continue reading →As of January 31, Macy’s Inc. (owner of Macy’s, Bloomingdale’s and Bluemercury) had a real estate portfolio made up of 823 Macy’s and Bloomingdale’s stores, according to Fortune. The company owned 447 of these stores outright, owned another 109 stores … Continue reading →
Eleven million square of office space in Montgomery County, MD was vacant as of Q2-2015, according to a report by Partners for Economic Solutions. In mid-2014, the county’s office inventory included 11 buildings that were either completely or almost completely … Continue reading →
The DC Metro area has a 184 million square foot industrial market, according to Commercial Property Executive (citing a report from Avison Young). This sector’s vacancy rate was 9.4 percent in Q1 2015, one percent lower than Q1 2014 and the most … Continue reading →