Property Types Office
Despite Office Market Slump, 1M-SF Connecticut Office Campus Trades in $72M Deal
June 09, 2009
It's an office trade of such a size that has not been seen in Connecticut, no less challenged by job losses and economic malaise than most other markets, in quite a while. Matrix Connecticut L.L.C. has just taken over ownership of the 1 million-square-foot Danbury Corporate Center in Danbury, Conn., from GERA Danbury L.L.C. in a $72.4 million merger transaction. The deal is a coup for Connecticut, as well as its neighbors, as it marks the largest multi-tenant office transaction in the suburban New York Tri-State area so far this year.
Henderson Eyes London Office Opportunities with $330M Fund
June 03, 2009
With industry players speculating that Central London's office market will soon hit bottom, the timing appears to be just right to snap up assets in the revered locale, and London-based Henderson Global Investors is positioning itself to do just that, while taking others from around the globe along for the ride.
Economic Update - Seismic Shifts in Auto Industry Have CRE Implications
June 02, 2009
Monday was an historic day in Detroit, and arguably for the entire U.S. manufacturing sector, even though GM's formal announcement of bankruptcy, along with President Obama's promise for more than $30 billion for a company in which the U.S. Government will soon own a controlling interest, weren’t surprises. A little more surprising (only a little) was the quick approval by Chrysler's bankruptcy judge of the sale of most of its assets to a group led by Fiat SpA, meaning that the Detroit automaker will continue to exist in one form or another, albeit with Italian bosses. But the fact that both events happened the same day is an unusual coincidence indeed.
As Big Ticket Sales Stall, Mid-Range Deals Still Drawing Interest, Funding
May 27, 2009
The big-ticket office deals are few and far between these days, even in the leading markets, but properties with more palatable price tags, like a 200,000-square-foot office complex in the Los Angeles area, are finding buyers. Real estate and entertainment law firm Greenberg Glusker has snapped up just such a property in El Segundo, Calif., on behalf of a client for $26.6 million, relying on $22 million in financing from Bank of America N.A. to facilitate the acquisition.
The News: Jump Start
May 26, 2009
Unlike its American counterparts, German-based auto company Volkswagen is going strong. But like American carmakers, its U.S. division, until recently, was headquartered in Detroit, a city beleaguered by the changes in consumer driving habits and the economic downturn.
The Expert: Can Optimism Alone Cure Our Ails?
May 26, 2009
The past month has been remarkable. Words like meltdown, Armageddon and implosion have now been replaced by green shoots, upturn and recovery, with economists and pundits from all corners of the country claiming that the worst is behind us and echoing promises of expansion and growth as early as the next quarter. For office landlords and investors alike, this is a seductive argument and calls into question many of the bearish forecasts made just a few months ago.
As Vancouver Fundamentals Remain Solid, German Firm Makes $263M Office Play
May 22, 2009
It’s certainly no secret that the global investment market has been severely hampered by the economic downturn. In markets across the world, both sales velocity and pricing are way down from the halcyon days of just a couple of years ago. All of this makes the $263 million sale of a Vancouver office tower all the more noteworthy.
As Investment Market Continues to Offer Attractive Pricing, JV Makes $41M Portfolio Buy
May 21, 2009
As the investment market remains in flux, those buyers with money to spend are continuing to eye high-value deals. In the latest such move, a joint venture between CB Richard Ellis Realty Trust and Duke Realty Corp. shelled out $41 million to acquire a pair of fully-leased office buildings in Houston and Orlando, along with a warehouse facility in Tampa.
Houston Marks a Green Milestone
May 20, 2009
As green development continues to thrive across the country, Houston’s First City Tower has earned LEED Gold certification for an existing building from the U.S. Green Building Council, marking a milestone for sustainable development in the market.
Pocketing $387M, SL Green Becomes Latest REIT to Raise Equity Via Public Offering
May 19, 2009
SL Green Realty Corp. has jumped on the bandwagon of REITs that, facing credit markets that are frozen like a block of ice, have opted to raise funds through public offerings. The company, which is still New York City's largest office landlord, just walked away with net proceeds of approximately $387.4 million after selling 19.55 million shares of common stock.
Location Key for Planned New Jersey Office Redevelopment
May 15, 2009
Banking on an advantageous location to attract tenants in a shaky economy, The Hampshire Cos. purchased a 98,400-square-foot, four-story office building on a little more than 19 acres in Iselin, N.J. Hampshire Global Partners, an entity controlled by The Hampshire Cos., plans to re-develop and upgrade the office building and develop the rest of the site.
Strong D.C. Fundamentals Help Attract $104M Office Financing
May 14, 2009
Washington, D.C., is feeling the effects of the economic slump, but the area office market remains attractive enough to help reel in lenders willing to part with the big bucks. Perseus Realty L.L.C., with the assistance of affiliate Perseus Realty Capital L.L.C., has obtained $103.5 million in financing for its 309,500-square-foot Class A office property at 1110 Vermont Ave. N.W. in D.C.'s Central Business District.
Sizable Manhattan Office Lease May Indicate Impending Uptick
May 13, 2009
The New York City office market has taken its hits with the tanking of the economy, but accounting firm Marcum & Kliegman L.L.P.'s new lease agreement for nearly 67,200 square feet at 750 Third Ave., the largest tenant relocation lease in Midtown Manhattan this year, is sparking hope that the worst will be over sooner rather than later.
The News: New Buildings, Arts Venues Aid Dallas Vacancy
May 12, 2009
The continuing recession has translated to growing office vacancy in central business districts across the country. Dallas, though, has been exception, as vacancy fell from 27.6 percent to 27.2 percent at the end of the first quarter, according to a Cushman & Wakefield Inc. report Not a huge decrease, to be sure, but Randy Cooper, executive director in the company’s Dallas office, believes that these numbers are more proof that office tenants are favoring locations in the CBD, which encompasses the Uptown and Downtown submarkets.
The Expert: A Bet on Occupancy
May 12, 2009
Recently, I made a $10 bet with a Grubb & Ellis broker who thinks that only half the nation’s office space will be occupied within five years—a 50 percent vacancy rate! It’s not due to “The Great Depression Ahead” (if you are a fan of Harry Dent). The broker thinks that half of us will be working from our homes with the assistance of high-speed Internet connections and other communications technology, saving big bucks on office occupancy costs for our employers.
Bloomberg Arranges Meeting to Address Conflict Between WTC Developer, Port Authority
May 12, 2009
The Port Authority of New York and New Jersey is considering downsizing the World Trade Center redevelopment, but project developer Silverstein Properties wants to stick to the plan--and so does New York City Mayor Michael Bloomberg, who is orchestrating a meeting between the two parties at Gracie Mansion this week in an attempt to keep the multi-billion project on track.
Economic Update - AIG Unloads Choice Tokyo Property for $1.2B
May 12, 2009
American International Group is finally in the news for something other than being a multibillion-dollar black hole for the U.S. Treasury; namely, a property sale. The beleaguered insurer has inked a deal to sell the AIG Otemachi Building and a one-acre site in Tokyo to Nippon Life Insurance Co. AIG will receive about $1.2 billion in cash for the property--a drop in the vast AIG bucket, perhaps, but still a tidy sum.
Government-Related Niche Keeps Active as Brandywine Gets Funding for IRS Projects in Philly
May 12, 2009
Brandywine Realty Trust is the latest firm to take advantage of the relatively stable government-related development market. Despite the continuing credit crunch and still-foundering economy that has laid low commercial property deals across the globe, Brandywine has received funding commitments of $209.3 million and $46.7 million, respectively, for a Philadelphia office rehabilitation and nearby parking garage project, both of which will be occupied by the Internal Revenue Service.
Government-Sustained D.C. Office Market Attracts Bevy of Bidders for Fully Leased Building
April 30, 2009
The Washington, D.C., office market, has taken its blows like every other city, but with the federal government's consistent need to house employees, office buildings that are fully leased by the feds are hot property. With solid demographics in play, a slew of hopeful buyers came out to look at the 228,000-square-foot One Choke Cherry office property in Rockville, Md., and The JBG Cos. came through with the winning bid of $43.5 million.
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