Two Specialists in Marcus & Millichap's Seattle Office Ranked Among Company's Top 30 Nationwide

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2008.

Two agents of the Tax Credit Group of Marcus & Millichap in the firm’s Seattle office ranked in the Top 30 out of more than 1,300 investment specialists nationwide.

The agents are Robert Sheppard (2) (top right photo) and Armand Tiberio (23). (top left photo)

Robert Sheppard is also the firm’s No. 1 multi-family investment specialist nationwide.

“We are proud to recognize Robert Sheppard and Armand Tiberio as top-ranking investment specialists,” says Harvey E. Green, (bottom right photo) president and chief executive officer of Marcus & Millichap. “Their accomplishments and track record reflect their superior transaction expertise and commitment to client service.”

Sheppard is a senior vice president of investments specializing in low-income housing tax-credit multi-family sales. He joined Marcus & Millichap in December 1993 and was promoted to senior vice president investments in January 2008.

Sheppard also serves as a senior director of the firm’s National Multi Housing Group. In 2001, he formed the Tax Credit Group of Marcus & Millichap, which is the leading specialty group dedicated exclusively to the disposition of Section 42 Low-Income Housing Tax Credit (LIHTC) apartments throughout the United States.

Tiberio, a vice president investments, has been a member of the Tax Credit Group since its inception and is a senior director of Marcus & Millichap’s National Multi Housing Group. Tiberio joined Marcus & Millichap in July of 2000 and was promoted to vice president investments in July 2008.

The Tax Credit Group of Marcus & Millichap consists of 19 professionals lead by three principal agents, Sheppard, Tiberio and Spencer Hurst. In 2008, the group closed transactions valued in excess of $272.83 million. The transactions included a $24.2 million multi-family community in Birch Pointe, Ore., a $20.1 million multi-family community in Orlando, Fla., and a $15.5 million LIHTC community in Olympia, Wash.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Lists Single-Tenant Industrial Property in Houston, TX for $13.84M

HOUSTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Aker Solutions, (top left photo) a 94,800-square foot industrial facility in Houston.

The listing price of $13.84 million represents $146 per square foot.

Daniel Danielak, a senior associate in the firm’s Detroit office is representing the seller.

“The facility includes operational support for the company’s three main activities on the property: drilling intervention, technology and subsea systems,” says Danielak.

“Aker Solutions ASA, an $8.3 billion company, is committed to being the industry leader in oil field operations and has chosen Houston and this facility to invest in their company’s operations.”
Located at 2201 North Sam Houston Parkway West, the site features two built-in water pits for engineering and laboratory testing and four overhead crane systems. The seller controls adjacent land that gives the tenant the availability to expand the existing facility.

The built-to-suit asset was constructed in 2007. The current triple-net lease has eight years remaining, one five-year renewal option and 2.75 percent rent increase every two years.

“Low-rate financing through Mark One Capital, Inc. is available that would give a solid first-year return on a single-tenant asset such as Aker Solutions,” adds Danielak.

“The Aker Solutions guarantee, the long-term triple-net lease, and the superior quality of this facility makes this industrial investment opportunity a best-of-class trophy asset acquisition opportunity.”

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Post Properties Completes the Refinancing of its 2009 Scheduled Debt Maturities

ATLANTA, GA, Mar. 28, 2009--(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced the closing of a mortgage loan with PNC ARCS, LLC, pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program, secured by a mortgage on its Post Luminaria™ community (top right photo) located in New York City.

Post Luminaria™ is held in a joint venture entity in which the Company holds a 68% interest.

The mortgage loan has a principal amount of $34.8 million, requires fixed interest-only payments for the first two years and then principal and interest payments for the remaining term of the loan based on a 30-year amortization schedule.

The loan bears interest at a fixed rate of 5.61% and matures in ten years on April 1, 2019. Proceeds from the financing were used to repay in full an existing loan secured by a mortgage on the same property.

Earlier in March, the Company also redeemed in full its approximately $92.3 million of weekly remarketed variable rate taxable mortgage bonds and settled a related interest rate swap agreement, using available cash equivalents and proceeds drawn on its lines of credit.

Said Christopher Papa, (bottom left photo) Post’s EVP and CFO, “Through the transactions announced today, we have completed the refinancing of all our scheduled 2009 debt maturities, taking advantage of attractively priced agency debt capital.”

Post Properties, founded more than 37 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States.

Post Properties owns 21,189 apartment homes in 58 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up.

The Company is also developing and selling 361 for-sale condominium homes in three communities (including 129 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.

Contacts: Post Properties, Inc., Christopher Papa, 404-846-5000

HFF named as listing broker for sale of New Mexico shopping centers

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale De Vargas Center (top right photo) in Santa Fe and The Plaza at Cottonwood (top left photo) in Albuquerque, New Mexico, two shopping centers totaling 333,993 square feet.

HFF senior managing directors Doug Hazelbaker (middle right photo) and Jim Batjer (middle left photo) and managing director Ryan Shore will lead the investment sales team exclusively on behalf of the seller, Weingarten Realty Investors.

The properties are offered for sale individually or as a portfolio without a formal sales price. Both properties are free and clear of debt.

De Vargas Center has 249,671 square feet of retail space that is 95% leased to tenants including Sunflower Farmers Market, Office Depot, Ross Dress for Less, Hastings and CVS Pharmacy.

Located along Highway 84/St. Francis Street, the property is less than one mile northwest of downtown Santa Fe as well as the Santa Fe Plaza.

De Vargas Center serves a regional trade population of more than 221,000 people and is the dominant retail center in the affluent northern side of Santa Fe,” said Hazelbaker.

“The center boasts some of the top national chains, such as Santa Fe’s first Sunflower Farmers Market, as well as very successful local shops.”

The Plaza at Cottonwood is located across from the Cottonwood Mall along Coors Boulevard Bypass and Seven Bar Loop Road in the “West Mesa” area of Albuquerque.

Completed in 1999, the property has 84,322 square feet that is fully occupied by tenants including Staples, PetSmart, Party City, Avenue and Men’s Warehouse.

“The Plaza at Cottonwood is exposed to more than 60,000 commuters daily and is located in the most rapidly expanding section of Albuquerque that features high-end neighborhoods with average household incomes of $91,244,” added Batjer.

As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty (NYSE:WRI) is celebrating its 60th anniversary as a commercial real estate owner, manager and developer, formed in 1948.

Focused on delivering solid returns to shareholders, Weingarten is actively developing, acquiring, and intensively managing properties in 23 states that span the United States from coast-to-coast.

The company’s portfolio of 409 properties includes 329 neighborhood and community shopping centers and 80 industrial properties. Including tenant-owned square footage, the company’s portfolio currently totals approximately 74 million square feet under management.

Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,400 tenants comprising less than 3% of its rental revenues. To learn more about the company’s operations and growth strategies, please visit http://www.weingarten.com/.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.

Contacts:

Doug Hazelbaker, HFF Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com

Jim Batjer, Senior Managing Director, (214) 265-0880, jbatjer@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

Industry Veteran Andy Besing Joins Grubb & Ellis Company’s San Antonio, TX Office

SAN ANTONIO, TX– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Andy Besing (top right photo) has joined the company’s San Antonio office as a senior associate specializing in retail leasing and investment transactions.

Besing comes to Grubb & Ellis from Cambridge Realty, where he served as a senior associate. He brings with him more than 10 years of commercial real estate experience in the acquisition and disposition of retail and investment properties throughout Texas and nationally.

Besing has also participated in pre-development and leasing efforts for more than 2,000,000 square feet of shopping center space.

“Andy’s experiences on both the developmental and transactional side of commercial real estate provide him with a great perspective on the business,” said Ernest Brown, (bottom left photo) CCIM, managing director of Grubb & Ellis’ Central Texas operations. “We are excited to have him on the team as we continue to position ourselves for future successes.”

Besing holds a bachelor’s degree from the University of North Texas. He is a Texas Real Estate Commission licensed salesperson and is a member of the International Council of Shopping Centers.

Contact: Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Grubb & Ellis Releases First Logistic Market Trends Report

Report Shows Increase in Vacancy Rates, Steady Rental Rates

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that recent trends show that while vacancy rates for logistic properties have risen, asking rental rates have decreased very little, according to the company’s inaugural logistics research report, Logistic Market Trends, Qtr 4 2008.

The report states that at year-end 2008, the national average asking rental rates for logistic properties was $4.16 per square-foot per year triple net, 3 percent less than the cyclical peak of $4.29 in fourth quarter 2007.

Gaining 260 basis points, the vacancy rate ended 2008 at 11.7 percent.

“Although market conditions are expected to soften over the next few quarters, when the economy slows, the demand for logistic space still tends to hold up well,” said Bob Bach, (top right photo) senior vice president and chief economist, Grubb & Ellis.

“Manufacturers need to store excess inventories while their sales slow, in turn boosting demand for warehouse space.”

On a long-term basis, businesses look at logistics space as a productivity enhancer, an integral part of their supply chain strategies, the report states.

Construction pipeline for logistics space is emptying rapidly, compared to the 98 million square feet of logistics space delivered to the market in 2008.

One of the country’s largest consumer markets, Southern California is a critical link in the supply chain. The area’s ports handle more than 40 percent of all U.S. container imports, and 14 million consumers can be reached within a two-hour truck trip from the twin ports of Los Angeles and Long Beach.

The report also identifies the nation’s top 10 logistics markets:

Chicago; Inland Empire, Calif.; Atlanta; Dallas/Fort Worth; Los Angeles; north and central New Jersey; east and central Pennsylvania; Houston; Columbus, Ohio; and Indianapolis.

For a complete copy of the report, please contact:

Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Marcus & Millichap Hires Two Investment Specialists in NY and NJ

Patrick Bisceglia and Jeffrey Oram Leave CB Richard Ellis for Marcus & Millichap

NEW YORK, NY-- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired two leading investment specialists in Manhattan and New Jersey, according to Bernard J. Haddigan, (middle right photo) group managing director of the firm’s Manhattan and New Jersey offices.

The agents are Patrick J. Bisceglia (top right photo) and Jeffrey J. Oram. (top left photo) Bisceglia joins the Manhattan office as an associate vice president investments, while Oram comes to the New Jersey office as a senior associate.

Bisceglia will arrange the sale of investment properties in the Tri-State Area, with a focus on multi-family and office properties in his new position, according to Edward Jordan, (bottom left photo) regional manager of the Marcus & Millichap’s Manhattan office.

A 20-year industry veteran, Bisceglia most recently served as a first vice president at CB Richard Ellis in Stamford, Conn. Bisceglia has been involved in more than $4.5 billion in investment real estate transactions.

He was also an investment sales broker at Rockwood Realty Associates LLC for more than six years and was responsible for the execution of investment sales and advisory assignments on behalf of institutional clients on a national basis.

Bisceglia received his bachelor’s degree in economics from St. Lawrence University and his master’s degree in real estate development and investment from New York University.

“We are pleased to welcome Bisceglia to the firm,” says Jordan. “His superb skills as an investment broker, knowledge of the local institutional market and dedication to providing his clients with the finest advisory services will further enhance our ability to serve the New York City Metro Area’s real estate investment community.”

In the New Jersey office, Oram joins Marcus & Millichap as a senior associate under the leadership of regional manager Michael J. Fasano. As such, Oram will arrange the sale of all property types, with a focus on office and industrial assets in suburban New Jersey, New York City and throughout the country. He is also a director of the firm’s National Office and Industrial Properties Group (NOIPG).

Most recently, Oram served as a first vice president of CB Richard Ellis’ New York Institutional Group based in Saddle Brook, N.J. Throughout his career, Oram has arranged the sale of more than $1 billion in investment properties, including office, multi-family, retail and industrial assets, primarily in suburban New Jersey.

“Jeff is one of the Tri-State Area’s leading investment sales brokers, who provides superior brokerage and advisory services to some of the region’s most prominent institutional clients,” explains Fasano.

“Jeff joined Marcus & Millichap to gain greater access to a pool of private investor clients nationwide. He was also attracted to the firm’s entrepreneurial spirit, which provides its investment specialists with the most comprehensive marketing platform in the industry.”

Oram earned his bachelor’s degree from Princeton University.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Liberty Property Trust Honors 17 Professionals

JACKSONVILLE, FL - Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.5 million square feet of office and industrial properties in Jacksonville, honored 17 of the region’s top commercial real estate brokers at its 13th Annual ‘Tribute to Excellence’ Broker Dinner, March 19 in Jacksonville.

“Liberty has enjoyed the commercial brokerage community’s support during our 35 years in Jacksonville and it has been very satisfying to watch this event thrive over the past thirteen years,” said Mike Heise, (top right photo) vice president and city manager, Liberty Property Trust.

Heise and Dan Santinga, senior leasing representative at Liberty, hosted this year’s event at Ruth’s Chris Steakhouse in Jacksonville. Each broker received an award honoring them as one of the “Platinum 17” brokers who brought new deals to Liberty in 2008.

Professionals attending from the broker community (alphabetical order by firm) include:

Jeffrey Nelson (CB Richard Ellis); Peter Ramsey (CB Richard Ellis); Ryan Landers (Colliers Dickinson); John Saoud (Colliers Dickinson); Mark Scott (Cushman & Wakefield of Florida, Inc.);
Ed Washington (Gate Corporation); Sid Jones (Guardian Commercial Realty, Inc.);

Dan Stover (Grubb & Ellis/Phoenix Realty Group); Mark Stratman (Jones Lang LaSalle Americas, Inc.); Scott Pamplin (Jones Lang LaSalle Americas, Inc.);

Joe Russell (King Industrial Realty/CORFAC International); Monte Merritt (Merritt & Company); Scot Harrison (NAI Commercial Jacksonville); and Tad McDonough (USI Real Estate Brokerage Services, Inc.).

Contact: Margo Hunt Winans, a.s.a.p.r. public relations & marketing, 757/404-8653. margo@asapr.com

Marcus & Millichap Arranges $69.5M in Metro Chicago Transactions

Sales continue to close despite softening market conditions

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announced that its Chicago regional offices recently closed $69.5 million in major commercial real estate transactions, even as sales velocity continues to slow nationwide, according to John Kerin, (top right photo) group managing director of the firm’s Chicago regional offices.

“Despite widespread softening of national economic fundamentals and easing sales velocity, Marcus & Millichap continues to execute transactions in the Chicago MSA.” says Gregory LaBerge, (top left photo) regional manager of Marcus & Millichap’s Chicago office.

“These transactions demonstrate our unique ability to add value for Midwestern and national investors under any market conditions.”

In what has been one of the largest sales of a vintage apartment building in Chicago in the past 12 months, Eric Bell, senior vice president investments and senior director of the firm’s National Multi Housing Group in Chicago, negotiated the sale of 1337 West Fargo.

The 86-unit, 12-story apartment building sold for $8.05 million, representing an approximate price per square foot of $115.

The firm also sold 3 Oxford Road, a 326,868-square foot affordable housing apartment community in Carpentersville, Ill. The property’s sales price of $23.05 million represented $71 per square foot.

Scott Harris, senior vice president investments, and Kyle Shoemaker, a multi-family investment specialist, both in Marcus & Millichap’s Oak Brook office, represented the seller.

Also representing the seller were Paul Davis, first vice president investments, and Andrew Daitch, (middle right photo)vice president investments, both located in the firm’s Detroit office. Marcus & Millichap also represented the buyer.

Another significant sale was 1146 Yew Court, a 271,810-square foot apartment complex in Elgin, Ill. The $16.1 million sales price represented $59 per square foot. Harris arranged the sale on behalf of the seller.

The buyer was represented by Harris and L. Matthew Hare, a senior associate in Marcus & Millichap’s Indianapolis office. The city of Elgin and Cook County assisted in the transaction by providing a portion of the financing for the property.

Marcus & Millichap also arranged the sales of 1601 North Lincoln Ave. and 1321 Lincoln Ave. in Urbana, Ill. Peter Katz, (bottom left photo) senior vice president investments and senior director of the firm’s National Multi Housing Group in Phoenix, negotiated the sale, in conjunction with the firm’s Chicago office.

By providing investors with real-time market information and unparalleled access to a nationwide pool of investment capital, Marcus & Millichap will continue to arrange transactions on behalf of private and institutional investors through every market cycle.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Sells $15M FedEx Distribution Center in Rhode Island

JOHNSTON, R.I. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 144,187-square foot distribution center leased to FedEx in Johnston.

The sales price of $15 million represents $104 per square foot.

Glen Kunofsky, (top left photo) senior vice president investments and a senior director of the firm’s Net Leased Properties Group in Manhattan, and Judson Kauffman, (bottom right photo) a net-leased properties specialist also in Manhattan, represented both the buyer and seller.

Steve Witten, (bottom left photo) a first vice president investments at Marcus & Millichap, assisted in this transaction locally.

“This transaction shows that quality assets with quality tenants are still demanding premium pricing in this market,” says Kunofsky.

“The buyer was extremely happy with the property, the overall return and the financing terms,” adds Kauffman.

The property is located at the Lakeside Commerce Center, which is directly off Interstate 295 and seven miles from the airport in central Rhode Island. Built-to-suit in 2008 for FedEx Ground, the 22-plus acre site was developed with room for a 27,720-square foot expansion.

The distribution center’s initial double-net lease commenced June 1, 2008 and has a 10-year term that expires in May 2018. FedEx has the option to extend the lease with two five-year renewal options.

The closing cap rate was 7.5 percent.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Sells $13.7M Medical Office Building in San Antonio, TX

SAN ANTONIO, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 57,211-square foot medical center in San Antonio.

The sales price of $13.7 million represents $239 per square foot.

Alex Zylberglait, (middle left photo) an associate vice president investments and associate director of Marcus & Millichap’s National Office and Industrial Properties Group, and Ryan Shaw, an office investments specialist, both in the firm’s Miami office, represented the seller, a locally based medical group, and the buyer, a New York based group.

The Dallas office of Marcus & Millichap provided local representation on this transaction.

“The newly constructed Stoneterra Medical Plaza (top right photo) is situated in an area of San Antonio that has several medical office buildings and is in high demand by local, regional and national investors,” states Zylberglait. “The property has a 100-percent occupancy rate with the majority of the leases in place until 2017. All the tenants have options to renew their triple-net leases.”

“Stoneterra Medical Plaza just received the Medical Office Building of the Year award by the Building Owners and Managers Association (BOMA) for the San Antonio market, and will be competing for regional recognition in Houston.

“This was an excellent opportunity for our buyer to acquire a newly constructed medical office building and benefit from the ease of management,” adds Zylberglait. “We received very strong nationwide interest from all types of investors for this asset.”

Located at 150 E. Stoneterra Blvd., the property is situated near Stone Oak Parkway near North Central Baptist Hospital, Baptist Regional Children’s Center, Methodist Ambulatory Surgery Center, Laurel Ridge Treatment Center, North Central Urgent Care and the Spine Hospital of South Texas.

Stoneterra Medical Plaza is a three-story concrete block building that was developed in 2006.

The building’s major tenant, San Antonio Orthopaedic Group, was established in 1947 for the purpose of providing the highest quality of orthopedic, medical and surgical care to the San Antonio community.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

National Economic Slowdown Fuels Alternative Finance Solutions Demand

AIC Ventures Acquires $37 Million in Real Estate Assets and Prepares for More Nationwide

AUSTIN, Texas--(BUSINESS WIRE)--Austin, Texas-based AIC Ventures, L.P., an investment fund manager providing alternative finance solutions to middle-market companies nationwide, has completed three commercial real estate sale-leaseback transactions, representing 1.3 million square feet of commercial real estate and totaling $37.2 million in value.

“We’re seeing an increase in demand for sale-leasebacks as a strategic capital solution for middle-market companies,” said David Steinwedell, (top right photo) managing partner, AIC Ventures. “This year we’re investing $350 million and actively pursuing the acquisition of real estate assets nationwide.”

In recent weeks, AIC Ventures has acquired real estate assets, and entered into long-term, triple net leases, with three companies in different regions of the country:

Hollywood, Florida-based St. Ives, a print and design firm; Charlotte, North Carolina-based Otto Industries, a leader in the solid waste container industry; and Chicago-based The Great Escape, an indoor/outdoor recreational and leisure product retailer.

In 2008, AIC Ventures nearly doubled its transactions to $250 million with its seventh fund. In each transaction, the company acquired the facility and property according to the original terms outlined.

The capital infusion is used by companies to strengthen their corporate balance sheet fundamentals, fund growth initiatives or acquisitions and/or support other strategic investments. With fewer restrictions and requirements in comparison to more traditional financing options, sale-leasebacks offer sellers flexible capital that can be redeployed at the company’s discretion.

“With the credit markets still tight, our sale-leaseback solutions offer companies a strategic resource to further their growth and pursue market opportunities,” said Peter Carlsen, (top left photo) managing partner and president, AIC Ventures.

Founded in 1990, AIC Ventures has acquired and entered into long-term leases with over 100 commercial real estate assets owned by middle-market companies. The firm’s total transaction value is nearly $900 million.

AIC Ventures is a leading provider of capital to middle-market companies. With nearly $900 million in completed transactions, AIC Ventures structures innovative corporate finance solutions for companies facing limited, short-term or expensive alternatives for capital.

The company has closed more than 100 transactions in 28 states. Whether sellers need to close quickly, have private equity interests, environmental or other challenges, AIC Ventures can help.

For more information, visit http://www.aicventures.com/.

Contact: Melissa Anthony, 512-329-2766 Melissa@anthonyBarnum.com

Starwood Hotels & Resorts to Relocate Its Luxury and Design-Led Brands to New Headquarters in SoHo

Hotel Giant to Create Design, Branding and Retail Think Tank
Merging with the Bliss and Remède Spa Headquarters

NEW YORK, NY, Mar. 25, 2009--(BUSINESS WIRE)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced plans to relocate its Manhattan-based luxury and design-led brands from Chelsea to a new headquarters space downtown on Varick Street, where SoHo (top right photo) and Tribeca meet.

Global marketing, brand management and design teams for W Hotels, Le Méridien, St. Regis and The Luxury Collection will join Starwood’s Bliss and Remède Spa teams in a redesigned space meant to inspire creativity and innovation and serve as a design, branding and retail think tank.

“This move is illustrative of Starwood’s commitment to design, innovation and brand building,” said Phil McAveety, Chief Brand Officer, Starwood Hotels & Resorts.

“As we continue to attract and inspire the best and the brightest creative talent, we look forward to being part of a vibrant community that appreciates, cultivates and inspires our brands’ passion points including fashion, entertainment, art and design.”

VM Design Studio, a New York-based collective of renowned architects and designers, will lead the renovation of Bliss and Remède Spa’s existing 20,000 square foot office space located at 75 Varick Street.

When the redesign is completed in September, 2009, Starwood will unveil a modern office space for 150 associates, which will also serve as showcase space to immerse owners, developers, designers and creative agencies in Starwood’s signature luxury and lifestyle brands, which continue to meaningfully grow around the world.

VM Design Studio’s design portfolio includes work on the world headquarters of Pixar Animation Studios in California and the West Elm corporate headquarters in New York, in addition to several St. Regis properties, including four new St. Regis hotels currently under construction in Hawaii, The Bahamas, Puerto Rico and Deer Valley, Utah.

“In addition to establishing a creative hub, we are excited to merge space with our Bliss and Remède Spa brands which work closely with our brands to develop signature spas and bath amenities in our hotels around the globe,” said McAveety.

“We are, of course, sensitive to the current economic environment. By consolidating the two offices we will drive efficiencies which will offset the investment needed to create this new brand and design space.”

While the space is under construction, the design, marketing and brand management teams for these brands will temporarily move from their current space in West Chelsea’s Starrett-Lehigh Building to Starwood’s global corporate headquarters in White Plains, NY.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 940 properties in approximately 97 countries and 145,000 employees at its owned and managed properties.

Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element SM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.

Contact:
K.C. Kavanagh, Starwood Hotels & Resorts Worldwide, 914-640-8339
http://www.starwood.com/

Interstate Hotels & Resorts’ CEO Thomas F. Hewitt Named Chairman

ARLINGTON, VA—Interstate Hotels & Resorts (OTC: IHRI), a leading hotel real estate investor and the nation’s largest independent management company, today announced that Thomas F. Hewitt, (top right photo) chief executive officer, has been named chairman of the board.

He will succeed Paul W. Whetsell, (bottom left photo) who will step down as chairman and as a member of the board of directors, effective March 31.

“This transition is part of our regular succession planning that we’ve been working on for some time,” Whetsell said. “Tom has a long and distinguished career with Interstate and is the natural choice to continue to lead the company as chairman and chief executive officer. As CEO, he has compiled an impressive record over the past four years as we have grown and diversified the company.”

“As a founder of CapStar Hotel Company, one of our predecessor companies, Paul’s vision and entrepreneurial spirit were instrumental in the formation and growth of our company,” Hewitt noted. “He remains a strong supporter and significant shareholder of Interstate.”

Interstate Hotels & Resorts has ownership interests in 57 hotels and resorts, including seven wholly owned assets.

Together with these properties, the company and its affiliates manage a total of 225 hospitality properties with more than 46,000 rooms in 37 states, the District of Columbia, Russia, Mexico, Belgium, Canada and Ireland.

Interstate Hotels & Resorts also has contracts to manage 16 to be built hospitality properties with approximately 4,000 rooms.

For more information about Interstate Hotels & Resorts, visit the company’s Web site: http://www.ihrco.com/.

Contact: Bruce Riggins, Chief Financial Officer, (703) 387-3344

Marcus & Millichap Sells Goodnoe's Corner Development in Newtown, PA for $14.87M

NEWTON, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Goodnoe’s Corner, (top right photo) a Class A, 35,653-square foot retail and apartment development in Newtown.

The selling price of $14.87 million represents $417 per square foot.

Jeffrey W. Marquis Sr., Thomas Gorman, and Matthew Gorman in Marcus & Millichap’s Philadelphia office represented the seller, a local developer, and also represented the Philadelphia-based buyer.

“We have worked closely with the developer of Goodnoe’s Corner for more than two years,” says Marquis. “Marcus & Millichap became involved during the center’s development and we remained integral right up to the ultimate closing.

"The timeline of this development project and the marketing of the asset forced us to work through an extremely challenging retail market.

"Construction delays caused challenges as the market continued to deteriorate, but we ultimately negotiated a price per square foot well above the market average in this region.”

Located at 290 North Sycamore St., the two-story Goodnoe’s Corner development consists of six well-positioned buildings at the signaled intersection of Highway 532 and Highway 332.

On-site parking is complemented by off-street parking and new bricked walkways, which encourage foot traffic and to drive-in customers.

The main tenants include Rite Aid, Firstrust Bank and the Green Parrot Inn, an Irish pub. The remaining seven inline retail tenants are a mix of national, regional and local retailers. Four luxury apartments are located on the second floor.

Goodnoe’s Corner is situated in the heart of Newtown in a densely populated area with more than 104,000 people within a five-mile radius. The median household income in the area exceeds $102,000.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716