International News

OSI designs the largest growth plan in Central American history In an effort to stimulate regional growth and economic potential in the Province of Limon on Costa Rica's Caribbean coast, OSI Proyectos Costa Rica, S.A. announced plans for an unprecedented development of a port city. The Costa Rica-based development firm has named the 78 sq. kilometer tract of oceanfront land "The Costa Rica Project."

The government of Costa Rica granted OSI permission to develop the project as a full free-trade zone for the next 25 years. The Costa Rica Project "is the most significant business story out of Central America since the Panama Canal," said Dick Halford, finance director of OSI Proyectos.

Golub venture produces office building in Warsaw, Poland Chicago-based Golub & Co. announced the construction of the 33-story Warsaw Financial Center, a new landmark on the Warsaw, Poland, skyline and the standard-setting office building for all of central and eastern Europe. The 750,000 gross sq. ft. building is scheduled to open later this year.

Millennium delves into deal with China Millennium Partners, an international real estate development company, and the government of the People's Republic of China have exchanged deeds to complete a four-year deal believed to be the first major real estate transaction between an American real estate company and China in the United States. The deal was completed only after a series of complex negotiations with the Ministry of Foreign Affairs in Beijing.

Millennium received the deed to the People's Republic of China's former Mission to the United Nations, giving the real estate developer air rights and fee title interest. In reciprocation, Millennium gave the People's Republic of China the deed to a new two-building Chinese Mission to the United Nations. Millennium will redevelop the former mission facility into an expansion of The Phillips Club, Millennium's signature extended stay hotel, located at the Lincoln Square Complex.

Change in Israeli law evokes interest in U. S. real estate market Sparked by the recent end of foreign currency control in Israel, Israeli investors have already begun to make significant real estate purchases in the United States. Accompanying the celebration of the 50th Independence Day of the State of Israel, Prime Minister Benjamin Netanyahu announced a plan which will allow individuals to acquire real estate assets abroad.

Prior to this modification of Israeli law, Israelis were prohibited from purchasing apartments in foreign countries, except time-sharing leisure units. Now they will be able to invest in apartments, buildings and land in any foreign country.

CB Richard Ellis acquires Hillier Parker Los Angelas-based CB Richard Ellis has acquired London-based Hillier Parker May & Rowden, one of the preeminent commercial property services firms operating in the United Kingdom. With this expansion, CB Richard Ellis became the only real estate services company able to deliver integrated real estate services - through one commonly owned, commonly operated company - across the world's major business capitals.

Portman continues developing in China John Portman & Associates is designing a mixed-use, high-rise complex for the Shanghai Sunjoy Real Estate Co. The Sunjoy Tomorrow Square is comprised of a 55-story hotel/office tower and a low-rise galleria and conference center.

John Portman & Associates has been active in China since the early 1980s and has been commissioned for 16 major projects that are either in design, under construction or completed.

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