February 2010 – Commercial Real Estate News Summary – Toronto

Jim Becker Takes the Helm for Jones Lang LaSalle in Canada – Jones Lang LaSalle

Jones Lang LaSalle has named Jim Becker as the head of its Canada business. In his new role, Becker will lead the expansion of the firm’s client service platform throughout Canada. In addition to this new role, Becker will maintain his oversight of the firm’s Detroit and Cleveland offices. With more than 25 years of real estate experience, Jim opened the Jones Lang LaSalle Detroit corporate office in 1999.

Jones Lang LaSalle News Release Mon Feb 01 2010

Rufrano Named CEO of Cushman & Wakefield – Cushman & Wakefield

Cushman & Wakefield said Tuesday that Glenn Rufrano has been appointed as the firm’s new president and chief executive officer. He succeeds Bruce Mosler, who moved to the role of co-chairman of the board at the beginning of the year. Since 2008, he has been the chief executive officer at international retail real estate giant Centro Properties Group.

CoStar Group Wed Feb 03 2010 – Canada News Wire

One Bloor East in Toronto to be 67 storeys

A curvy 65-storey condominium could be coming to 1 Bloor East, site of a much-hyped hotel-condo project that fell apart when a Kazakhstan-based developer lost financing. The new plan envisions a tower with 687 units atop a two-storey, 104,000-square-foot retail podium, according to a site plan application submitted to the city’s planning department Friday.

Globe and Mail Wed Feb 03 2010

Canadian real estate sentiment index improves significantly

Today, REALpac and FPL Advisory Group were pleased to release the First Quarter 2010 results. While many things can be said about the year to come, perhaps the best is that it’s neither 2008 nor 2009. Both were challenging years, though 2009 saw some positive surprises. Most notable is the fact that the downturn in Canada ended up being milder than expected and far milder than the one experienced in the U.S.

Canada News Wire Thu Feb 04 2010

Brookfield Properties profit tumbles – Brookfield Properties – BPO-T

Brookfield Properties Corp. reported Friday that profit tumbled nearly 60 per cent in the fourth-quarter. The New York-based spinoff of conglomerate Brookfield Asset Management which reports in U.S. dollars, said earnings were $181- million (U.S.), or 35 cents per share, for the quarter ended Dec. 31. Those results were down from $458-million in profit, or $1.16 per share in the comparable period a year ago.

Globe and Mail Fri Feb 05 2010

Brookfield sees improved office market in Canada – Brookfield Properties

Brookfield Properties expects Canada’s office market to pick up this year as the economy starts to recover, but executives say that some cities – particularly oil-and-gas centres like Calgary – could face some challenges. Weak natural gas prices have cast uncertainty over Calgary’s local economy, and they’ve also raised questions about whether Brookfield’s occupancy rates could take a hit.

Globe Investor Mon Feb 08 2010 – Reuters – National Post

Urban Utopia: Toronto’s problem sites

The city of Toronto owns a portfolio of sites that will be developed under the direction of Build Toronto, the municipal government’s newly formed real-estate arm. Five of these sites represent a development challenge and have been variously describes as: orphaned, risky, virgin, under-utilized, strategically located, infrastructurally problematic and amazing opportunities.

National Post Mon Feb 08 2010

Tough year takes toll on RioCan REIT – Riocan REIT – REI.UN-T

It has been a tough environment for Canada’s biggest real estate investment trust. On one hand, some tenants in its malls have had to close their doors, adding to expenses. On the other, financially trouble property owners have been slow to put their assets on the market, hoping to hold on for better pricing. During last year’s rough period, RioCan moved to raise as much capital as it reasonably could to prepare it for better times.

Globe and Mail Wed Feb 10 2010 – Ottawa Business Journal – Market Wire – Financial Post

RioCan earmarks C$500 million for 2010 acquisitions

Retail property developer RioCan REIT which reported lower than expected results on Tuesday, said it aimed to spend at least C$500 million more for the rest of the year on acquisitions, with an eye trained on the U.S. market, which it entered last year. The REIT raised more than C$1 billion of capital through a series of equity, mortgage financing and debenture offerings last year.

Reuters Wed Feb 10 2010

Time for Toronto to privatize assets?

Ontario’s biggest local electric utility. A downtown district heating and cooling system serving some of Toronto’s biggest office towers. A sprawling parking authority. All make money. All are owned by the City of Toronto, and some candidates running for mayor suggest they might be put up for sale.

Toronto Star Wed Feb 10 2010

REALpac develops Green Lease Guide for Commercial Office Tenants – The Real Property Association of Canada

The recently released REALpac Green Lease Guide highlights what tenants in leased spaces ought to look for when selecting a building and what green elements to consider when designing a fitout and managing an office. The Guide was designed to be used in conjunction with the REALpac “Office GREENLEASE(TM) National Standard Lease for Single-Building Projects”, originally released in June 2008.

Canada News Wire Tue Feb 09 2010