Article is here: The reason I am mentioning it is because it is Bloomberg, and Colliers GLA is making news.
Landlords without immediate pressure to repay debt can afford to hold onto assets in hopes of getting higher prices when the market recovers. Blackstone also has been an active seller. The firm or its acquisition targets sold more than $25 billion of assets from 2005 to 2007.
Hilton had occupied the Beverly Hills headquarters, at 9336 and 9346 Civic Center Drive, since 1985 after moving from the Beverly Hilton Hotel. The lodging company, which changed its name to Hilton Worldwide, moved its head office to McLean, Virginia, this year.
Asking rents for the best-located, most desirable space in Beverly Hills fell 10 percent in the third quarter from a year earlier to $48.60 a square foot per year, according to Colliers. Landlords are offering 15 percent less than that in first-year leases to attract tenants, said Michael Soto, research analyst for Colliers International.
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