Gulfstream leases 70,000SF office building

M2 Communications
 
ENP Newswire - 09 January 2013

SAVANNAH, Ga., - Gulfstream Aerospace has entered a 12-year lease with North Point Real Estate for a 70,000-square-foot office building in the Crossroads Business Park.

The building will house Gulfstream's Information Technology Center of Excellence, supporting the company's worldwide business operations. It will house more than 400 professionals, 100 of whom will be new employees hired over the next several years.

Gulfstream has continued to grow its Savannah facilities since the November 2010 announcement of a seven-year, $500-million Savannah expansion. As part of that expansion, Gulfstream committed to hire an additional 1,000 employees over a seven-year period.

'Within the first two years of that seven-year period, Gulfstream has hired more than 1,695 new full-time employees in Savannah alone, nearly 700 more than what we originally estimated,' said Larry Flynn, president, Gulfstream. 'We've also invested more than $175 million toward our $500 million commitment. 

This brings our total employment in Georgia to 8,580 and demonstrates that Gulfstream is a powerful economic engine for both local and state economies.'

Financial details of the North Point transaction were not disclosed. The Savannah Economic Development Authority (SEDA) played a critical role in securing this site, including site selection, acquisition of additional land and lease support consistent with previous agreements between SEDA and Gulfstream.

[Editorial queries for this story should be sent to newswire@enpublishing.co.uk]

Read the full article at Gulfstream Signs Lease for New Office Building



A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga

Another prophetic doom and gloom article: Commercial real estate heading for a deep freeze- Part 1 of 3

I am seeing a flurry of buying activity. Investment groups want income producing properties and they want it now at aggressive pricing. I was sharing this with an Atlanta financial advisor and jokingly said, "I think we're all trying to make a buck [create income streams] before the crap hits the fan and the fan breaks."

Only he completely agreed. His high net worth clients are all running for the hills and taking moves now to protect their assets. He then made a few comments about the coming real estate reality. I hoped he was being pessimistic, but here is an article that extrapolates many things he said. If all you're hearing is a rosy outlook, I invite you to read this article and the two future ones for an alternative perspective.

Key Quotes:

"Investing in property is very far from being a safe, one way bet."

"The "proceed with care" warning that should accompany any property investment applies through all stages of the economic cycle. However, it is especially true today. Healthy commercial and retail property markets require two things, namely a ready supply of debt financing and a robust economic environment. Neither of these conditions pertains at present in any major Western economy."

"Among the biggest negatives has to be the fact that as far as lending on property is concerned, there is now a credit crunch that is getting to be as bad as that which followed the collapse of Lehman Brothers in 2008."

"Property lending carries a substantial capital reserve requirement so it makes eminent sense for banks to pull out of commercial property lending, or to make dramatic cuts in the amount that they are prepared to lend. This is extremely bad news for the property markets since it is the equivalent of putting a "deep freeze" on the market."

The full article Commercial real estate heading for a deep freeze- Part 1 of 3 was written by Anthony Harrington, May 14, 2012.

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga