Law firm adds partner to real estate practice: Manuel “Manny” Fishman has joined the law firm Cooley Godward Kronish as a partner in its real estate practice group. His practice focuses on office and industrial leasing, secured lending, the acquisition and sale of commercial properties and the intersection of land-line and wireless telecommunications and Internet-based services with commercial real estate. He joins from the San Francisco office of Stoel Rives where he was a partner. Fishman earned his law degree from Santa Clara University School of Law in 1982.

Interest rates present added risk for region The past month has not been kind to Richmond.

Wachovia Securities is moving its headquarters, and its 1,000-plus downtown jobs could leave a gaping hole in the office and housing sector.

At best, high-paying jobs will be moved to St. Louis and replaced with back-office jobs here. At worst, all the jobs go to St. Louis.

On top of the downtown jobs that are sure to be lost, the suburbs took a few hits as well. Between layoffs at Circuit City and Capitol One last month, some 460 jobs are gone, and Wachovia Securities has about 2,000 employees spread among several locations in Henrico as well.

Apartment Market in Aspen Sizzles
The Aspen, CO apartment market posted a vacancy rate of less than 1%, according to a Q1 2007 report by the Colorado Division of Housing. Aspen’s overall vacancy rate is 0.7%, while Summit County, CO posted a healthy 2.8% vacancy rate in the same quarter. In addition, Grand Junction, CO reported its lowest apartment vacancy rate in more than a decade at 1.5%.

Housing Slump Forces Project Switch
An investment venture is changing a proposed $83 million luxury condominium development in Baltimore into an apartment project. Struever Bros. Eccles & Rouse blames the weakened housing market for switching gears on the Olmstead in the city’s Charles Village area. The project was originally planned for 107 condominiums to be sold for as much as $700,000/unit. The revised plan calls for a higher number of smaller units that will be rented at market rates.

March 30, 2007 - April 05, 2007
Provided by Commercial Real Estate DirectChicago Loop Retail Market Remains Strong
The Chicago Loop’s retail market is expected to stay strong as vacancies continue to fall and rents rise, according to a report from Stone Real Estate Corporation, a Chicago real estate firm. The Loop’s retail vacancy rate dropped to 14.6% last year from 16.7% in 2005 and Stone predicts the numbers will continue to fall in 2007 as retailers demand more Loop space.