Developer sues Minnesota contractor after $735K payment disappears

Court documents point to “one or more insiders” who allegedly diverted funds by accessing an executive’s email and doctoring a notary's stamp of approval.

By Matthew Thibault • March 22, 2024

To meet data center demand, Schneider Electric plans manufacturing expansion

The $85 million investment in two Tennessee facilities will start having an impact this year, the company said.

By Joe Burns • March 18, 2024

Ample funding opportunities drive growth, rent hikes for life sciences space

Vacant space has intensified pressure for building owners and operators, while tenants find more options and opportunities.

By Joe Burns • March 12, 2024

GE Vernova, Montana Technologies form dehumidification joint venture

Montana’s AirJoule technology, when paired with GE Vernova’s sorbent materials and coating process, could significantly lower HVAC energy consumption for many applications, the companies say. 

By Nish Amarnath • March 12, 2024

ABB eyes US expansion with purchase of facilities management firm in Ohio

The acquisition will build on an ongoing strategy to broaden electrification services in the U.S. through “significant additional expertise” in maintenance, electrical safety and renewables, ABB says.

By Nish Amarnath • Feb. 29, 2024

Work Dynamics’ robust performance drove Q4 revenue growth, JLL says

Fee revenue for the firm’s leasing business shrank 15% in 2023, with occupiers exercising caution, but CEO Christian Ulbrich anticipates “green shoots” in the commercial real estate market.

By Nish Amarnath • Feb. 28, 2024

Modine to acquire data center, IAQ-focused air handling manufacturer Scott Springfield

The purchase will expand Modine’s portfolio and manufacturing footprint and provide cross-selling opportunities for its existing chiller portfolio.

By Joe Burns • Feb. 27, 2024

Schneider Electric expects to slash scope 2 emissions with tax credit deal

Schneider says the tax credit transfer agreement with Engie, which leverages Inflation Reduction Act provisions, will accelerate scope 3 emissions reductions for its clients.

By Nish Amarnath • Feb. 23, 2024

Cushman & Wakefield’s property and facilities management revenue grows, leasing declines in 2023

Delayed occupier decision-making drove a 12% leasing decline in 2023. CEO Michelle MacKay and CFO Neil Johnston emphasized strategic planning and cost efficiency initiatives to navigate challenging market conditions. 

By Nish Amarnath • Feb. 21, 2024

Schneider Electric sees surge in energy management, system revenue in Q4 2023

AI developments and continued demand across the data center and infrastructure markets drove its fourth-quarter and full-year growth, according to the company’s latest earnings.

By Nish Amarnath • Feb. 16, 2024

CBRE facilities management services boom in Q4

In addition to strong growth from its Global Workplace Solutions segment, CFO Emma Giamartino says the firm expects leasing to grow modestly in 2024. 

By Joe Burns • Feb. 16, 2024

Multiple lawsuits target Johnson Controls across the US

A suit filed filed in a New York City federal court alleges that the company is refusing to pay sales representatives commissions they are due.

By Joe Burns • Feb. 15, 2024

Building workers’ union members approve New York City contract with Realty Advisory Board

More than 99% of bargaining committee members who voted on the package approved the deal, which secures wage hikes, bonuses and improved retirement benefits.

By Nish Amarnath • Feb. 13, 2024

Washington, DC, readies tax abatement program for commercial-to-residential conversions

The incentive provides property owners up to $2.5 million for each fiscal year from 2024 through 2026 through a provision that a local attorney describes as “critical to the lifeblood of the city.”

By Nish Amarnath • Feb. 12, 2024

58% of top office leases were renewals in 2023: CBRE

The firm says the majority of these renewals came in the Mid-Atlantic region, attributing these commitments to lower office utilization-driven resizing.

By Joe Burns • Feb. 9, 2024

How can schools tap tax reimbursements for clean energy projects?

The Inflation Reduction Act’s “direct pay” provision allows tax-exempt entities like schools to receive federal tax-free cash payment for qualifying projects.

By Kara Arundel • Feb. 9, 2024

AWS expands data center footprint to absorb growing customer demand for AI

The hyperscaler is extending the life of its cloud servers to offset a planned increase in data center capital investments.

By Matt Ashare • Feb. 8, 2024

Trane Technologies piles up $6.9 billion backlog

The company’s CEO said a strong pipeline of commercial HVAC projects has led the business to play a larger role in its overarching financials.

By Joe Burns • Feb. 5, 2024

CBRE to buy facilities services firm for up to $1.05B

J&J Worldwide is projected to generate more than $525 million in revenue this year. The deal will help CBRE expand its government client base, the real estate services firm’s CEO says.

By Nish Amarnath • Feb. 5, 2024

Honeywell Building Technologies expands margin growth despite cost inflation

The segment’s overall sales were down 1% year over year despite a 6% growth in building solutions during that time, the company reported.

By Joe Burns • Feb. 2, 2024

Modine data center sales surge 34% in Q3

The company also saw a slight growth in performance technologies and a slight decline in climate solutions, with the latter attributed to lower heat transfer product sales.

By Nish Amarnath • Feb. 1, 2024

Cheesecake Factory, contractors agree to $1M settlement for underpaying 589 janitorial workers

The resolution includes $750,000 from the restaurant chain and $250,000 from the janitorial contractors accused of wage theft, the California Labor Commissioner’s Office says.

By Nish Amarnath • Jan. 30, 2024

How facilities managers will navigate the return-to-office landscape in 2024

While hard data on occupancy can inform office right-sizing, soft data like employee preferences are becoming key to improving workplace occupancy and tenant satisfaction.

By Joe Burns • Jan. 29, 2024

CBRE takes over property management of Brookfield Properties’ US offices

The agreement will leverage CBRE’s growing list of operational technology capabilities, as the firm launches a new investor portfolio management service.

By Joe Burns • Jan. 22, 2024

Eptura leans into accessibility to stand out in crowded workplace management market

As tenants and operators scout for office utilization data, ESG initiatives are increasingly factoring into technology and real estate decisions.

By Joe Burns • Jan. 17, 2024