Search


 

DURING THE SECOND QUARTER, MEPT SOLD 303 SECOND STREET IN SAN FRANCISCO FOR GROSS PROCEEDS OF $237 MILLION
The two-tower, Class A, 732,000 square-foot office property located in San Francisco’s South Financial District was acquired by MEPT in 2005. Since purchasing the asset, MEPT worked diligently to market space in the building, leasing over 550,000 square feet over the last five years and achieving a 94 percent occupancy rate at the time of sale.

IN JUNE, DAVID KETO JOINED NEWTOWER TRUST COMPANY AS CHIEF OPERATING OFFICER
In his new role, Mr. Keto will work closely with NewTower’s President and CEO, Patrick Mayberry, in the general management of the bank, including business and operations management, organizational and human resource development, investment management, and external relations.

IN MAY, MEPT SOLD TWO OFFICE ASSETS, COLUMBIA CENTER I AND II, IN DETROIT FOR TOTAL GROSS PROCEEDS OF $59 MILLION.
MEPT purchased Columbia Center I and an adjacent parcel of land in 1998. In 2000, MEPT completed construction of Columbia Center II, creating over 616,000 job hours in the local community.


Patriots Plaza signs new government tenant
The government continues to flock to Patriots Plaza in Southwest, having just signed a new 58,143-square-foot lease at the site this week. The 321,502-square-foot building, completed in October, is part of a three-phase, 1 million-square-foot office complex developed and leased by Trammell Crow Co. of D.C…The owner of Patriots Plaza, Multi-Employer Property Trust, has seen gradual leasing success at the complex since its first building, Patriots Plaza I, was completed in 2005…

Columbia deal may be hopeful sign. Sale price highest since 2007; financing rare
The majority owner of the Columbia Center towers in Troy has sold its stake in the complex ...Troy-based Kirco Development Corp., developer of both towers and formerly a minority investor, bought out the majority investor…

San Francisco Office Values Begin to Crystalize
One of the upcoming sales is 303 Second St. (left), a 732,000 square-foot property 90 percent leased through the end of March. This transaction will give the San Francisco office market a benchmark for both building values and capitalization rates… There was plenty of buyer interest in the property, too; it attracted nearly 20 bids. The top seven or eight of the offers were north of $300 a square foot…

 

Union Labor Requirement

MEPT uses 100% union labor for all new construction, renovation or rehabilitation, and tenant improvements. Specifically, MEPT's contractor policy is as follows:

i. As has been the policy since MEPT's inception in 1982, all on-site construction work controlled by, and/or paid for, by MEPT shall be performed by contractors a) that are a party to, or bound by, a collective bargaining agreement applicable to the geographic area in which the project is located, applicable to the trade or trades in which the work under the contract is to be performed, and entered with one or more labor organizations affiliated with the Building and Construction Trade Department of the AFL-CIO, or with an independent, nationally recognized labor organization, or one of its affiliated locals; b) that solely employ members of such labor organizations to perform work within their respective jurisdictions; and, c) that require each subcontractor of every tier who performs any work on the project to comply with a) and b).

ii. All office building custodial work controlled by, and/or paid for, by MEPT shall continue to be performed by cleaning contractors that are a party to a collective bargaining agreement. In markets where there are no such contractors, MEPT shall use cleaning contractors that provide the prevailing standard in wages and benefits, and that demonstrate a respect for labor, local, and national laws.

iii. MEPT will continue to make available to union leaders the names of its construction, third-party building systems maintenance service contractors, and custodial contractors, when their engagement is controlled by, and/or paid for, by MEPT.

iv. It is MEPT's policy to utilize Union stationary engineers on MEPT properties, or to mandate that a card check program be encouraged, at the very least.

v. MEPT will continue to make its Contractor Policy known to its development and property management providers.


    Back to Home        Sitemap