In Brief
• To promote its mutual interests of
engineering, building operations
and management, the Building
Owners and Managers
Association International and the
American Society of Heating,
Refrigerating and Air
Conditioning Engineers have
signed a memorandum of understanding. The organizations have
agreed to collaborate on efforts,
such as product development and
conference presentations, with
hopes of fostering enhanced building performance.
• Growing anxieties over a potential
recession are causing companies to
cut back on expansion plans, suggested findings from the American
Institute of Architects. The
Washington, DC-based organization’s Architecture Billings Index
shows an approximate nine- to 12-
month delay between architecture
billings and construction spending.
For the most recently recorded
month of January, the ABI rating fell
to 50. 7, down from 55 in December;
any score above 50 indicates an
increase in billings.
• The multi-housing group within CB
Richard Ellis’ capital markets business has become a Fannie Mae
delegated underwriting and servicing lender. The distinction will allow
the group to originate, underwrite,
close and service loans without prior
approval from the government-sponsored agency.
• Dallas-based Koll Development
Co. and Harbert Management
Corp. of Birmingham, AL have
launched a $120-million, national
industrial development program.
Construction is scheduled to commence next month on the partnership’s first project, an approximately
$50-million industrial complex in
Houston. Phase I of the development will feature three buildings
totaling 500,000 sf, while the sec-
ond phase, scheduled to begin in
2010, will produce two structures
with an aggregate 320,000 sf. The
JV is evaluating opportunities in the
Southeast and Southwest and
anticipates groundbreakings for four
additional industrial projects this
year.
• For its first foray into the US lodging
sector, Dubai-based Zabeel
Investments has acquired a 50%
stake in the Light Group. The Las
Vegas-based hospitality development and management company
has a portfolio of several food and
beverage properties within the
Bellagio Resort & Casino, the
Mirage Hotel & Casino, Monte Carlo
Resort & Casino and Treasure
Island Hotel & Casino. The Light
Group is also charged with managing and operating the Harmon
Hotel, Spa & Residences, a luxury
offering slated to debut in late 2009
at CityCenter, a joint venture of
MGM Mirage and Dubai World.
