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BUSINESS
June 2, 1998
* Mack-Cali Realty Corp. of Cranford, N.J., formed a venture to develop office properties in Southern California and bought a 49.9% stake in San Francisco's Convention Plaza for $58 million, marking its entry into the California real estate market. * Ross Stores Inc. said President and Chief Operating Officer Melvin Wilmore, 52, plans to retire from the Newark-based discount retailer in two years.
BUSINESS
April 12, 2003
* Producer Teri Schwartz has been appointed the first dean of Loyola Marymount University's School of Film and Television. Schwartz's credits include "Sister Act" and "Beaches." The school was spun off from the College of Communication and Fine Arts in June. * Mack-Cali Realty Corp., Highridge Partners and a third investor sold an office building in Anaheim to a unit of Principal Financial Group Inc. for $52.2 million. Stadium Gateway, a 273,194-square-foot office building, was Cranford, N.J.
BUSINESS
March 10, 2000 | Daryl Strickland
New Horizons Worldwide Inc., a major provider of computer training, said Thursday that its main office and training centers will be consolidated next year in a new six-story building under construction in Anaheim. The company said it has signed a 10-year, $20-million lease to occupy 75,000 square feet in Stadium Gateway, one of several office buildings being developed near Edison International Field.
BUSINESS
March 7, 2006 | From Dow Jones/the Associated Press
Private equity firm Blackstone Group has agreed to acquire office property company CarrAmerica Realty Corp. for about $5.6 billion. Shares of CarrAmerica rose $3.45, or 8.4%, to $44.53. The deal values CarrAmerica shares at $44.75 each in cash, an 18.4% premium on the stock's close Feb. 16, just before published reports about a potential acquisition, Washington, D.C.-based CarrAmerica said. The acquisition is expected to close in the second quarter.
BUSINESS
September 23, 2000 | From Bloomberg News
Mack-Cali Realty Corp. ended an agreement to buy rival commercial property developer Prentiss Properties Trust for $900 million, caving to shareholder opposition. The purchase would have created the fourth-largest real estate investment trust, increasing Mack-Cali's real estate holdings by 68% to 47.7 million square feet of mostly suburban space from coast to coast.
BUSINESS
December 5, 2006 | From the Associated Press
Billionaire financier Carl Icahn outlined a new, $4.3-billion bid for Reckson Associates Realty Corp. on Monday, this time on his own after two partners withdrew over the weekend. Icahn said in a letter that he would submit a formal proposal to Reckson by today. On Wednesday, shareholders are scheduled to complete a vote on a rival bid from SL Green Realty Corp. Reckson's board has recommended accepting the SL Green proposal. The vote had been postponed, to Nov. 28 from Nov.
BUSINESS
September 23, 1998 | Times Staff, Bloomberg News
Are real estate investment trust stocks in full-recovery mode? The shares continued their torrid run Tuesday, surging about 4% after the group was raised to "buy" from "hold" by Donaldson, Lufkin & Jenrette Inc. analyst Larry Raiman, the second analyst in two days to raise his ratings. The Morgan Stanley REIT index jumped 3.9%, notching its biggest gain since its launch in 1995. It was led by Equity Residential Properties Trust, up $3.31 to $43.50; Glendale-based Public Storage Inc., up $2.
BUSINESS
July 11, 2001 | BRAD BERTON, SPECIAL TO THE TIMES
Metropolitan Life Insurance Co. has purchased the 2-year-old Continental Grand Plaza II office building in El Segundo for $67.2 million, a move that suggests some institutional investors remain bullish about Southern California despite the recent decline in tenant demand. At more than $280 a square foot, the price is one of the highest paid for an El Segundo office property. The New York-based insurance giant bought the six-story, 240,000-square-foot building at 400 Continental Ave.
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