Tuesday, April 30, 2013

Data Storage Co Inks 165,000-SF Office Lease in San Jose




National Commercial Real Estate News From CoStar Group





Data Storage Co Inks 165,000-SF Office Lease in San Jose



Nimble Storage, a provider of flash-optimized hybrid data storage solutions, signed a lease for 164,608 square feet in the three-building Bixby @ River Oaks office park, located at 211, 251, and 281 River Oaks Pky. in San Jose, CA.

The tenant will occupy the entire campus, where it plans to employ 750 people. It is expanding from two office locations in San Jose that total 55,000 square feet for 400 current employees.

The campus is located...






Home Prices Gain in Best Showing Since 2006




National





Home Prices Gain in Best Showing Since 2006



NEW YORK CITY-Led by Phoenix, 16 of the 20 cities in the S&P/Case-Shiller 20-City Composite index showed month-over-month as well as year-over-year improvement, S&P Dow Jones Indices said Tuesday.











Tech a Core SIOR Focus



INDIANAPOLIS-SIOR Bryan Poynter of Cassidy Turley says to expect a lot of tech breakout sessions this week at the Spring World Conference.








Monday, April 29, 2013

Mack-Cali Sells Bldg IV for $72.3M




National Commercial Real Estate News From CoStar Group





Mack-Cali Sells Bldg IV for $72.3M



A subsidiary of Cole Corporate Income Trust, Inc., an entity managed by Cole Real Estate Investments, has acquired 55 Corporate Dr. in Bridgewater, NJ for $72.3 million, or about $353 per square foot, from Mack-Cali Realty Corporation (NYSE: CLI).

The four-story, 205,439-square-foot, class A office building was developed in 2011 by Mack-Cali as a build-to-suit for Sanofi-Aventis. Building IV sits on 154 acres in the Route 78 East submarket of...






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Student Housing Leaders: Is Field Getting Crowded?




National





Student Housing Leaders:
Is Field Getting Crowded?



NEW YORK CITY—Two weeks out from RealShare Student Housing 2013, here’s a look at the trending topics in the industry.











It's Becoming a Landlord's Market



DALLAS-SIOR's Nora Hogan, who is a tenant rep at Transwestern says the market is shifting, and at least in Dallas, it is becoming more favorable for landlords than tenants.








DLA Piper: Executives Feeling Bullish




National





DLA Piper: Executives Feeling Bullish



CHICAGO- In their latest State of the Market Survey, DLA Piper says confidence has rebounded since the last survey in 2011, primarily due to artificially low interest rates and easier access to capital.











Tapping Silicon Valley Tech Talent



BELMONT, CA-Auction.com's Jake Seid tells GlobeSt.com about how getting into the Silicon Valley's talent pool will bring the firm to the next level.











Cassidy Turley: DC's Challenger Brand



WASHINGTON, DC- Headquartered here, the firm completed transactions valued at $22
billion in 2012, manages 455 million square feet across the US on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations.











Capital Markets 'Resilient' on Retail Front



MIAMI—Kimco CFO Glenn Cohen tells GlobeSt.com's Jennifer LeClaire about his take on the capital markets in 2013 and beyond.








Friday, April 26, 2013

A Strong Industrial Sector




National





A Strong Industrial Sector



CHICAGO-SIOR's Mark Goode tells us about the importance of the organization, and what people will be talking about at next week's show. The Venture One exec is also very candid about the industrial market.











Brookfield Office Starts 2013 with Strong Q1



NEW YORK CITY-The quarter saw development progress on Manhattan West here and Bay Adelaide in Toronto, along with year-over-year gains in FFO and operating income.








Advocate MOB Portfolio for Sale




National





Advocate MOB Portfolio for Sale



CHICAGO-A 408,000-square-foot healthcare real estate portfolio occupied, in part, by the Advocate Health Care System, is on the market.








This Business About Comprehensive Tax Reform




National





This Business About Comprehensive Tax Reform



WASHINGTON, DC-Everybody on Capitol Hill says everything is on the table.











Doing the Deal: Give Buyers, Sellers Their Due



NEW YORK CITY-“I haven’t met a seller that didn’t want to set the Guinness World Record for lowest cap rate,” says Jason Maier at Stan Johnson Co.











How Buyer Attitudes Are Changing in 2013



MIAMI—Kimco CFO Glenn Cohen tells GlobeSt.com's Jennifer LeClaire buyer attitudes and seller strategies have changed over the past 12 months and what he expects next.








Thursday, April 25, 2013

CoStar's People of Note (April 21-28)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (April 21-28)



This week's People of Note includes the following markets: Houston, Inland Empire, Northern New Jersey and Washington, DC.

WASHINGTON, DC
Owen Returns to Full-Service Brokerage With New Position at NGKF
By Laurie Forbes

Newmark Grubb Knight Frank hired top leasing agent Brendan Owen as an executive vice president. He will help expand the firm’s brokerage business in Washington, DC, by managing all asset servic









Brookfield to Buy MPG Office Trust for $180M



Ending a long decline that started during the recession, MPG Office Trust, Inc., until recently the largest office landlord in downtown Los Angeles, has agreed to be acquired by an affiliate of Brookfield Office Properties Inc. (NYSE: BPO).

Under the merger agreement, a newly formed fund controlled by BPO called DTLA Holdings will acquire the firm launched by Los Angeles real estate icon Robert "Rob" Maguire III. The fund will own both BPO’s existing...






More Cautious Optimism. But There's Optimism.




National





More Cautious Optimism. But There's Optimism.



TULSA-Angela West of SIOR talks about how the organization helps her firm and the trends she is seeing in the national market.








Franklin Street To Spend $183M on Denver Office Tower




National Commercial Real Estate News From CoStar Group





Franklin Street To Spend $183M on Denver Office Tower



Franklin Street Properties Corp. agreed to purchase a 43-story tower in the central business district of Denver from Pearlmark Broadreach 1999 LLC for $183 million. The transaction is set to close on July 31, 2013.

A joint venture led by Broadreach Capital Partners and Transwestern acquired the property in November 2005.

The new deal involves the 680,277-square-foot office building at 1999 Broadway and a nine-story, 177,472-square-foot garage...






Behind This Year's NMTC Award Round




National





Behind This Year's NMTC Award Round



WASHINGTON, DC—The Treasury Department announced it would distribute $3.5 billion of New Market Tax Credits to organizations across the country. In this UPDATE we take a closer look at the program and the 85 Community Development Entities that were selected.








SL Green, Vornado Sign Two Tenant Expansions at 280 Park Ave




National Commercial Real Estate News From CoStar Group





SL Green, Vornado Sign Two Tenant Expansions at 280 Park Ave



A joint venture of SL Green Realty Corp (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) has signed two new leases totaling 99,082 square feet at its 43-story, 1.24 million-square-foot, class A office tower located at 280 Park Ave. in New York City.

Blue Mountain Capital, an asset management company focused on credit and equity derivatives markets, signed a 10-year, 49,541-square-foot lease for the entire 12th floor. The tenant is relocating from...






Brookfield Office and MPG Office To Become One




National





Brookfield Office and MPG Office To Become One



LOS ANGELES-Locally based MPG enters into a definitive merger agreement with pursuant to which a newly formed fund controlled by Brookfield Office Properties will acquire the company.








Treasury Announces Recipients of $3.5B in NMTCs




National





Treasury Announces Recipients of $3.5B in NMTCs



WASHINGTON, DC—A total of 85 organizations were chosen out of an applicant pool of 282. They will share $3.5 billion in New Markets Tax Credits.











2013's Best and Worst Retail Markets



MIAMI—Kimco CFO Glenn Cohen tells GlobeSt.com's Jennifer LeClaire what the best and worst retail real estate markets are in 2013.











How Carried Interest, REITs' Tax Exemptions Wound Up on the Chopping Block



WASHINGTON, DC-Congress, even House Republicans, are showing surprising interest in giving up such sacred cows as carried interest and REIT's tax exempt status in the greater interest of comprehensive tax reform.








Wednesday, April 24, 2013

Retail Real Estate Cheers Momentum for Online Sales Tax On Capitol Hill




National Commercial Real Estate News From CoStar Group





Retail Real Estate Cheers Momentum for Online Sales Tax On Capitol Hill



Key players in retail real estate weighed in as the U.S. Senate seemed poised this week to advance the Marketplace Fairness Act of 2013, deeming the measure critical to equalizing the battle between bricks-and-mortar stores and their large Internet commerce rivals.

"Why should online retailers be able to take advantage of a tax-free situation? We've always felt that online and bricks and mortar should be treated equally," Jones Lang LaSalle Retail...






Motorcycles, Mayhem and a Hot Industrial Market




National





Motorcycles, Mayhem and a Hot Industrial Market



NASHVILLE-SIOR president and Colliers International industrial expert Terry Smith talks to GlobeSt.com about next week's conference and how the market is holding up.











Rising Market, Proactivity Drive C&W Growth



NEW YORK CITY-If 2012 was “the year of uncertainty,” 2013 will be “the year of less uncertainty” and more activity, C&W CEO Rufrano tells GlobeSt.com’s Paul Bubny.








Damage Undone: Net Incomes for CMBS Property Rebounding to Pre-Recession Levels




National Commercial Real Estate News From CoStar Group





Damage Undone: Net Incomes for CMBS Property Rebounding to Pre-Recession Levels



Surprisingly, net operating incomes on almost all yearly vintages of CMBS loans are now near or above underwritten financial levels, according to recent CMBS research.

With the April CMBS bondholder remittance reports came the first big wave of full-year, year-end 2012 property financial data, bringing the percentage of loans reporting to around 30% of the fixed-rate conduit universe, according to Marielle Jan de Beur, managing director and head...









'Goofy Pricing' Driving Some Banks Away from CRE Deals



As an indicator of just how much conditions for commercial property sales has improved, some lenders report that they are starting to back away from deals in an increasingly crowded commercial real estate financing arena.

Terms for some in-demand loans have become so competitive that lender profits have narrowed to the point where the banks decided not to compete for the deal. In some case, they say underwriting standards have loosened to the point...









Robust Market for Data Centers Healthy Now, But Investors Worry Over Oversupply



If there was any doubt that data center development, leasing and sales activity remain on a tear in 2013, Facebook erased that doubt this week.

The giant social network announced Tuesday it will build a massive new data center in Altoona, IA, investing at least $299.5 million in what will be its fourth owned and operated data facility and its third in the U.S.

Facebook joins the likes of Microsoft, Google and Amazon, all of whome are scrambling...






Don't Wait for Your Job to Become a Career




National





Don't Wait for Your Job to Become a Career



ATLANTA-Marcy Moneypenny, managing director at CBRE says women–-and others in the commercial real estate industry--should thrive in any position, because no one knows what might happen next.








Williams-Sonoma Leases Additional 751,000 SF at Middlesex Center




National Commercial Real Estate News From CoStar Group





Williams-Sonoma Leases Additional 751,000 SF at Middlesex Center



Williams-Sonoma, the specialty retailer of products for the home including cookware, decor, luxury furniture and the Pottery Barn brand, has signed a 751,450-square-foot industrial lease at Middlesex Center II in South Brunswick, NJ.

The tenant, which already occupies the entire 1.35 million-square-foot Middlesex Center I building, is expanding in the Mid-Atlantic and will use the new space for warehousing, repair, assembly, storage and distribution...






Mixed Profit Forecast For Hotel Property Segments




National





Mixed Profit Forecast For Hotel Property Segments



ATLANTA—While the profit outlook for full-service, resort and convention hotels is bright, PKF Hospitality Research reports the forecast for limited-service hotels is decidedly less sunny.











Why Small Shop Space Is Driving Opportunity



MIAMI—In part two of our series with Kimco CFO Glenn Cohen, GlobeSt.com's Jennifer LeClaire asks about where the opportunities lie in 2013.








Tuesday, April 23, 2013

In The Pipeline: CoStar Development & Construction News for April 22 - 28




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for April 22 - 28



Construction Remains a Non-Starter in U.S. Retail Market
The U.S. logged another historically low quarter for new retail supply to start 2013, with construction having little bearing on what is admittedly a glacial pace of recovery for the national retail market.

Only 460 buildings comprising 7.87 million square feet of total retail space delivered in the first quarter of the year in select markets for which CoStar maintains historical statistics...






Will E-Commerce Kill the Retail Stars?




National





Will E-Commerce Kill the Retail Stars?



MIAMI—Kimco Realty's CFO, Glenn Cohen, tells GlobeSt.com's Jennifer LeClaire what he sees as the biggest challenges for retailers in 2013.











Interview With Cornerstone's Tag Birge, Part 2



INDIANAPOLIS-John Mugford with Health Care Real Estate Insights continues his interview with Cornerstone Cos.' EVP Birge, who discusses MOB sales, monetizing assets and physician tenants.











Net Lease: a $40B Biz in 2013



NEW YORK CITY--Fresh on the heels of our RealShare Net Lease Conference, JLL comes out with impressive growth projections for the sector this year.








Monday, April 22, 2013

Meridian Arranges $130M Financing Deal to Reposition the Paramount Bldg




National Commercial Real Estate News From CoStar Group





Meridian Arranges $130M Financing Deal to Reposition the Paramount Bldg



Meridian Capital Group LLC has negotiated $130 million in new financing for the Paramount Building, located at 1501 Broadway in New York City. Avison Young is advising the building's owner, Paramount Leasehold LP, on a major strategic reinvestment program for the building.

The 10-year, full-term interest only loan features a low 3.16% fixed rate. It was provided by Cantor Commercial Real Estate. Keith Kurland, senior vice president and Aaron...






Starwood Closes on $1B LNR Acquisition




National





Starwood Closes on $1B LNR Acquisition



GREENWICH, CT-When the deal was announced in January, CEO Barry Sternlicht said it would diversify revenue sources, add “significant scale” to the operating platform and “dramatically expand” origination capabilities.








PREI Pays $185M for Sabadell Financial Ctr




National Commercial Real Estate News From CoStar Group





PREI Pays $185M for Sabadell Financial Ctr



Prudential Real Estate Investors, on behalf of investors in Prudential Financial, Inc.'s (NYSE: PRU) flagship fund, has acquired the Sabadell Financial Center at 1111 Brickell Ave. in Miami, FL for $185 million, or about $354 per square foot, from Testa American Real Estate Corporation, an affiliate of Spanish-based Testa Inmuebles en Renta SA.

The 30-story, 522,892-square-foot, class A office tower was built in 2000 on 1.8 acres in the esteemed...









Inland Pays $80M for Residence Inn by Marriott Denver



The Residence Inn by Marriott Denver City Center in Denver, CO, changed hands. Inland American Lodging Group, a subsidiary of Inland American Real Estate Trust, purchased the asset from Chai LLC for $80 million or $350,877 per key.

The 14-story, 228-room hospitality property is at 1725 Champa St. in the central business district. It has 1,740 square feet of meeting space as well as a 448-space parking garage within the building, which was included...






Hot Hotels: Big Boost Ahead for Lodging




National





Hot Hotels: Big Boost Ahead for Lodging



CHICAGO-Investors are fired up over the improving numbers the sector is returning.








Friday, April 19, 2013

Hines Global REIT To Buy Campus at Playa Vista




National Commercial Real Estate News From CoStar Group





Hines Global REIT To Buy Campus at Playa Vista



Hines Global REIT agreed to purchase Campus at Playa Vista, a four-building office complex in West Los Angeles, from PV Campus Parcel 3 LP. The deal is valued at $218 million, or nearly $671 per square foot, and is scheduled to close by the end of next month.

Tishman Speyer broke ground on phase one of the campus in the summer of 2008 and delivered four low-rise structures ranging from 73,489 to 101,000 square feet in 2009. The 64-acre property...






China Construction Co Pays $71M for Morristown Office Bldg




National Commercial Real Estate News From CoStar Group





China Construction Co Pays $71M for Morristown Office Bldg



China Construction America, Inc. has acquired the Advance at Southgate office building located at 445 South St. in Morristown, NJ for $71 million, or about $221 per square foot, from Advance Realty.

The four-story, 320,274-square-foot, class A office building was originally built in 1984 on 32.3 acres in the Morristown Region of Morris County, part of the Southgate Corporate Center - an 800,000-square-foot office park located off I-287 at exit...






CoStar's People of Note (April 14-20)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (April 14-20)



This week's People of Note includes the following markets: Dallas/Fort Worth, Los Angeles, Milwaukee, National and New York City.

NEW YORK CITY, NATIONAL
NEW AT THE TOP: Gilmartin Named Pres., CEO of Forest City Ratner Cos.
By Laurie Forbes

Forest City Ratner Cos. named MaryAnne Gilmartin as president and CEO of the Brooklyn-based real estate firm, effective today. She will succeed Bruce Ratner, the compan






2013 Off to Good Start for MOB Developer




National





2013 Off to Good Start for MOB Developer



INDIANAPOLIS-In this first of a two-part interview, Healthcare Real Estate Insights editor John Mugford chats with Cornerstone Cos.' EVP of development Tag Birge about the company's plans and healthcare real estate.








Blau, Meister Want CWH Board Ousted




National





Blau, Meister Want CWH Board Ousted



NEWTON, MA-In response, locally based CommonWealth REIT’s board says that Related and Corvex are not entitled to seek consent from fellow shareholders.











Vanguard, BlackRock Top REIT Owners



CHARLOTTESVILLE, VA-The Top 25 institutional REIT investors, as measured by SNL, enjoyed an 8.5% year-over-year increase.








Thursday, April 18, 2013

NEW AT THE TOP: Gilmartin Named Pres., CEO of Forest City Ratner Cos.




National Commercial Real Estate News From CoStar Group





NEW AT THE TOP: Gilmartin Named Pres., CEO of Forest City Ratner Cos.



Forest City Ratner Cos. named MaryAnne Gilmartin as president and CEO of the Brooklyn-based real estate firm, effective today. She will succeed Bruce Ratner, the company’s founder, who will stay on as executive chairman.

Gilmartin most recently served as FCRC’s executive vice president in charge of commercial and residential development. Her 19-year tenure at the company includes overseeing the Barclays Center and Atlantic Yards projects, the...









LaSalle Sells Denver World Trade Center Towers



Chicago-based LaSalle Investment Management sold the Denver World Trade Center, a two-building complex in the central business district of Denver, CO, to Rosemont Realty of Santa Fe, NM. The price was not disclosed.

“This acquisition follows a broader strategy by Rosemont of migrating more of its portfolio into commercial business districts where tenant demand is improving and rates have the potential to grow rapidly in the coming years,” said...









Childress Klein Closes $245M Sale of 1 Wells Fargo Center



Childress Klein Properties completed its sale of 1 Wells Fargo Center, a 42-story office building in Charlotte, NC’s central business district, for $245 million or $249 per square foot. An affiliate of Starwood Capital Group partnered with Vision Equities to make the off-market purchase.

CKP has owned the asset since it was delivered in 1998. The seller agreed to manage and lease the structure under a long-term deal with the joint venture....






Avison Tracks Move To Class B Industrials




National





Avison Tracks Move To Class B Industrials



CHICAGO: The firm says the Chicago industrial market has been trending toward recovery and investors have begun moving money into second-tier buildings.











Prop Managers Cross the Tech Threshold



NEW YORK CITY-How does a traditional discipline play nicely with new technology? Experts who deal with it every day explain it all.








Wednesday, April 17, 2013

Sale Leaseback Is Growing While Corporate RE Presents Many Options




National





Sale Leaseback Is Growing While Corporate RE Presents Many Options



NEW YORK CITY-Both areas seem to be on the rise, with many different deal types being seen as viable.








REISA Panel: Retooling Non-Traded REIT Industry On Pace for $40 Billion In Liquidity Returns




National Commercial Real Estate News From CoStar Group





REISA Panel: Retooling Non-Traded REIT Industry On Pace for $40 Billion In Liquidity Returns



Nearly 600 attending this week's Real Estate Investment Securities Assn.'s (REISA) confab in San Diego certainly got the message -- non-traded REITs need to continue to implement best practices to reduce fees, improve transparency and bring more investors to the industry. Job one will be unlocking shareholder by making good on the $39 billion in liquidity events being considered by companies in the non-traded REIT space

That message was delivered...









SIGN OF THE TIMES: Office REIT Accelerates Move Into Multifamily



Mack-Cali Realty Corp. (NYSE:CLI), which paid out about $158 million in common stock dividends last year, announced it intends to reduce its second quarter common stock dividend by one-third from the current 45 cents per common share to 30 cents. The move signals Mack-Cali's view that office properties in its markets don't hold as much potential as multifamily properties in the same markets.

“With the current demand for office space, the dividend...









Private Equity Real Estate Fundraising at Lowest Level Since 2003



Twenty closed-end private real estate funds held final closes in the first quarter, raising an aggregate $5.2 billion, a 79% decrease on the $25 billion raised in the fourth quarter of last year, according to Preqin. The quarterly totaled raised by private equity funds is the lowest quarterly total since the $5 billion raised in the third quarter of 2003.

Preqin provides comprehensive data and research on private equity, real estate, hedge funds...









New Fund Looks To Bring Liquidity to Non-Traded REIT Investors



A new closed-end investment fund has filed registration papers for a unique offering that will exchange its to-be publicly traded shares for non-traded shares in 33 private REITS.

Miami Beach-based REIT Exchange Fund Inc. (RXF) is a newly-organized, non-diversified, closed-end management investment company that intends to invest in a select group of non-traded, Securities and Exchange Commission registered real estate investment trusts.

Share...






The Biggest Challenges Can Create the Biggest Opportunities




National





The Biggest Challenges Can Create the Biggest Opportunities



TULSA-Angela West of CBRE changed her perspective in order to thrive in the industry.











More M&A for Non-Traded REITs



SAN DIEGO-The norm for traded REITs, mergers and acquisitions will become more common for non-traded REITs, predicts ARCP’s Nick Schorsch at a recent REISA Symposium panel here.








GID Acquires Two Luxury Towers in Manhattan




National Commercial Real Estate News From CoStar Group





GID Acquires Two Luxury Towers in Manhattan



Boston-based GID Investment Advisers LLC with equity partner CalPERS has acquired two trophy towers in New York's Upper West Side, The Ashley and The Aldyn, from a joint venture including Carlyle Investment Management LLC, RREEF America, and Extell Development Company.

GID has taken 209 residential units, retail space and a garage at the Ashley, located at 400 W. 63rd St., and 136 residential units and retail space in The Aldyn, at 60 Riverside...






Net Lease Pros Sound Off on REITs, Strategy and the Future




National





Net Lease Pros Sound Off on REITs, Strategy and the Future



NEW YORK CITY-Divergent viewpoints and the input of an industry legend proved the multi-faceted nature of the net lease market.








Tuesday, April 16, 2013

Meet the Pioneers Of Student Housing




National





Meet the Pioneers Of Student Housing



DALLAS—Here’s a look at some of the now-household names that helped to not only establish the sector, but also bring it into the spotlight.








Meet the Pioneers Of Student Housing




National





Meet the Pioneers
Of Student Housing



DALLAS—Here’s a look at some of the now-household names that helped to not only establish the sector, but also bring it into the spotlight.











Greystone Hires CRE Vet Lanigan as EVP



NEW YORK CITY-Lanigan will oversee Greystone’s Portfolio Lending Group while expanding its special situation lending efforts.











Opt2mize Head Breaks Down SIOR LIVE



CHICAGO-Geoffrey Kasselman, one of the people behind the scenes in SIOR LIVE talks about the importance of this year's Spring World Conference.








Vornado Sells The Plant for $203M




National Commercial Real Estate News From CoStar Group





Vornado Sells The Plant for $203M



Vornado Realty Trust (NYSE: VNO) has completed two previously announced sales involving retail centers in California and Pennsylvania for an aggregate price of $263 million.

The Plant, a power center located at Curtner Ave. and Monterey Rd. in San Jose, CA, sold for $203 million. The center totals more than 465,000 square feet of retail and office space on 52 acres in the San Jose Central submarket. The main buildings were constructed between...






In The Pipeline: CoStar Development & Construction News for April 15 - 21




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for April 15 - 21



Cinemark, Whole Foods to Anchor $260M Playa Vista Mixed-Use Center
A development team led by Lincoln Property Co., Phoenix Property Co. and Paragon Commercial Group has begun construction on The Runway, a lifestyle center connecting the first phase of residential development with the Campus at Playa Vista.

The Lincoln Property-led team, helped by a $150 million construction loan through a syndicate of banks led by Bank of America, recently broke...






Monday, April 15, 2013

Closing Schools: Pew Says Cities Struggle To Repurpose Vacant Buildings




National





Closing Schools: Pew Says Cities Struggle To Repurpose Vacant Buildings



CHICAGO- At its national planning conference over the weekend, the American Planning Association and the Pew Charitable Trusts discussed the difficulties Chicago will have reusing its dozens of closed schools.











Starwood Capital Closes $4.2B Oppty. Fund



GREENWICH, CT-The private equity giant has been actively investing the fund domestically and overseas since the end of 2012, with LNR Property among its investments.








Related, Corvex Press Ahead After CWH Rejection




National





Related, Corvex Press Ahead After CWH Rejection



NEWTON, MA-The REIT’s board had nixed the offer from Related and Corvex as part of a plan to seize the company “for their own benefit.”








SIOR Expands Its Reach




National





SIOR Expands Its Reach



LAS VEGAS-Mike Hillis is the incoming president of SIOR. He talks to GlobeSt.com about the direction the organization is headed and what to expect from its Spring World Conference May 1-4, which we are promoting as part of a program called SIOR LIVE.








President's Budget Includes BRAC Item




National





President's Budget Includes BRAC Item



WASHINGTON, DC-Local communities should not worry too much about changes the immediate future – but they should consider long-term strategies as another round of BRAC is highly likely, says JLL's Barry Scribner.











Net Lease Real Estate Icons



NEW YORK CITY—Some of the leaders of the business will also speak at Tuesday''s RealShare Net Lease Conference here.








Friday, April 12, 2013

Retail Experts: Lay of the Land is Different Now




National





Retail Experts: Lay of the Land is Different Now



NEW YORK CITY-The investment sales market looks like 2007 all over again, “except with no product,” Marcus & Millichap’s Kunofsky said at a panel discussion presented by the firm.








Retail Experts: Lay of the Land is Different Now




National





Retail Experts: Lay of the Land is Different Now



NEW YORK CITY-The investment sales market looks like 2007 all over again, “except with no product,” Marcus & Millichap’s Kunofsky said at a panel discussion presented by the firm.








Commercial Property Values Back to '07 Highs




National





Commercial Property Values Back to '07 Highs



NEWPORT BEACH, CA-Property values have fully recovered the ground that was lost during the last downturn, reports Green Street Advisors.








ARCP Withdraws Cole Credit REIT Takeover Bid




National Commercial Real Estate News From CoStar Group





ARCP Withdraws Cole Credit REIT Takeover Bid



American Realty Capital Properties, Inc. (NASDAQ: ARCP) has withdrawn its hostile bid to acquire Cole Credit Property Trust III, Inc. (CCPT III), ending at least for now the boardroom battle between two major players in the triple net lease property market.

ARCP Chairman and CEO Nicholas S. Schorsch said despite the support from stockholders of both companies, research analysts and financial industry leaders, "CCPT III’s actions make it clear that...









CoStar's People of Note (April 7-13)



This week's People of Note includes the following markets: Baltimore, Houston, Long Island, San Diego, San Francisco and Washington, DC.

SAN FRANCISCO
Arce Chooses Cassidy Turley After Sabbatical
By John Walz

James W. Arce joined the San Francisco office of Cassidy Turley as senior managing director, west region.

In his new position, Arce will oversee the firm’s account management and business development efforts as the firm expa






Brooklyn MOB Offering Provides Insight into a Different, High-Priced Market




National





Brooklyn MOB Offering Provides Insight into a Different, High-Priced Market



BROOKLYN-Noyack Medical shops 16 medical office condos within One Hanson Place for an ask just shy of $8 million. According to Noyack, the product is "priced to move."








ARCP Scraps Cole Credit REIT Takeover Bid




National Commercial Real Estate News From CoStar Group





ARCP Scraps Cole Credit REIT Takeover Bid



American Realty Capital Properties, Inc. (NASDAQ: ARCP) has withdrawn its hostile bid to acquire Cole Credit Property Trust III, Inc. (CCPT III), ending at least for now the boardroom battle between two major players in the triple net lease property market.

ARCP Chairman and CEO Nicholas S. Schorsch said despite the support from stockholders of both companies, research analysts and financial industry leaders, "CCPT III’s actions make it clear that...






CCIM Says 2012 Saw Robust Growth




National





CCIM Says 2012 Saw Robust Growth



CHICAGO- The institute says apartments attracted the most investment and will continue on an upward trajectory.








Thursday, April 11, 2013

Carried Interest Rears Its Head. Again




National





Carried Interest Rears Its Head. Again



WASHINGTON, DC-Changing the tax characterization of carried interest is back on the table—again. The difference this time is Congress seems more willing to sacrifice 'sacred cows' if comprehensive tax reform can be achieved.








Cole Pays $142.5M for F5 Networks' Campus




National Commercial Real Estate News From CoStar Group





Cole Pays $142.5M for F5 Networks' Campus



Cole Corporate Income Trust, Inc. has acquired the three-building office portfolio at 351, 401 and 501 Elliott Ave. W in Seattle, WA for $142.5 million, or about $476 per square foot.

The seller, CLPF - Elliott West LLC, acquired the buildings in December 2005 for $117.1 million, or $391 per square foot, according to CoStar data.
See CoStar COMPS #1072559 for more info on this previous sale.

The buildings are fully occupied by application delivery...






ARCP Scraps Plan to Buy Cole Credit III




National





ARCP Scraps Plan to Buy Cole Credit III



NEW YORK CITY-ARCP CEO Schorsch says CCPT III’s directors and management have been “completely unwilling to explore a transaction with us.”











A Chat With Retail Expert Alvin Mansour



CALABASAS, CA-Developers pipelines are slowly growing and some tenants are ramping up expansions, says the SVP of investments at Marcus & Millichap.








Wednesday, April 10, 2013

The More Things Change, The More They Stay the Same




National





The More Things Change, The More They Stay the Same



WASHINGTON, DC—The findings of the 2013 NMHC 50 rankings of apartment owners and managers may have an air of déjà vu to them, but there have also been some notable changes over the past year.








CBRE Global Trades Northcreek Office Park in Buckhead




National Commercial Real Estate News From CoStar Group





CBRE Global Trades Northcreek Office Park in Buckhead



CBRE Global Investors sold Northcreek Office Park, a four-building, 536,000-square-foot office campus in Atlanta's Buckhead/West Paces Ferry corridor, to Atlanta Property Group.

Fosterlane Realty traded the assets to CBRE Global for approximately $59 million or $110 per square foot in 2008.

The Class A property was built between 1971 and 1979 and the eight-story structures range between 133,520 and 134,667 square feet. The portfolio was approximately...






Investcorp Makes $200M Office Play in US




National





Investcorp Makes $200M Office Play in US



TYSONS CORNER, VA-Energy, technology and education are the driving sectors behind the purchase, the fund says.








CRE Liquidity: Too Much, Too Little or Just Right?




National Commercial Real Estate News From CoStar Group





CRE Liquidity: Too Much, Too Little or Just Right?



Morgan Stanley and Bank of America/Merrill Lynch are going to market in the coming days with a CMBS offering that has a kind of scary déjà vu feeling to it for investors.

The loans in the offering (MSBAM 2013-C9) have a 98.8% loan-to-value (LTV) ratio, according to Kroll Bond Rating Agency. That is above the high end of the range of the last 11 CMBS conduits Kroll has rated since September 2012. In addition, there are 29 loans packaged as part...









Sternlicht and Barrack Tapping Capital Markets To Fund Additional Single-Family Acquisitions



Colony Capital and Starwood Capital Group, two of the giants of global real estate investments who also happen to be among the first and biggest bulk buyers of foreclosed single-family homes, are preparing new equity offerings to raise additional money.

Starwood Property Trust, Inc., a commercial real estate REIT that only last year won board approval to invest in foreclosed single-family residential assets and residential loans, now has amassed...






Delving into the WLI




National





Delving into the WLI



NEW YORK CITY-One social-media savvy organization WLI aims to raise the visibility and number of women leaders in this industry. But that’s only just a taste of its goals.








MetLife Leases Pair of Charlotte Buildings for Retail Business HQ




National Commercial Real Estate News From CoStar Group





MetLife Leases Pair of Charlotte Buildings for Retail Business HQ



MetLife will lease 340,000 square feet in Ballantyne Corporate Park in the Gragg and Woodward buildings in Charlotte, NC, where the insurance giant is establishing a headquarters for its U.S. retail business.

The insurer announced plans last month to bring 2,600 jobs to Charlotte and Cary, NC, by the end of 2015.

The MetLife move is part of a national trend among insurance companies targeting fast-growing growing Southern and Southwestern markets...









Airbus Brings First Major Aircraft Assembly Operation to U.S.



Airbus will build the only aircraft assembly site in the Western Hemisphere in Mobile, AL; a $600 milllion project called Brookley Aeroplex expected to create 1,000 jobs.

Officials for the Europe-based manufacturer attended a groundbreaking ceremony for the project in the Gulf Coast community yesterday.

“It represents the real transformation of Airbus into a truly global company,” said Airbus President and CEO Fabrice Brégier in his remarks...









Ivanhoé Cambridge Buys Into $1.5B Apartment Portfolio Transaction



Continuing a series of high-profile acquisitions in the U.S., deep-pocketed Canadian institutional real estate manager and investor Ivanhoé Cambridge has made its largest investment to date in multifamily property, joining a partnership of Goldman, Sachs & Co., Greystar Real Estate Partners and others which acquired an apartment portfolio of more than 8,000 units acquired from Equity Residential (NYSE: EQR).

Equity Residential agreed to sell the...









Investcorp Buys 5 Office Bldgs. for $200 Million



Investcorp purchased more than 1 million square feet of office space in metro Washington, DC, Denver and Houston last quarter for $200 million.

The five buildings have a combined vacancy rate of less than 6 percent and were built between 1982 and 2002.

The assets include:
Tysons Commerce Center, an eight-story, 183,792-square-foot office building in Vienna, VA. TA Associates Realty was the seller.
Westmoor Place, a three-building portfolio...









In The Pipeline: CoStar Development & Construction News for April 8 - 14



In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
Airbus Brings First Major Aircraft Assembly Operation to U.S.

Airbus...









AppNexus Expands to 220,000 SF in Chelsea



AppNexus has renewed and expanded its lease to a total of 220,000 square feet in a long-term deal signed at 28-40 W. 23rd St. in New York City.

The interconnected, 561,271-square-foot office buildings were originally built in 1911 on 1.5 acres in the Chelsea submarket of Manhattan, between Fifth and Sixth Avenues, in the heart of the Flatiron digital and media epicenter. The cast-iron building features 54,000 square feet of retail, and new lobbies...









Equity Residential Closes $322.3M Sale of VA Multifamily



Equity Residential completed its trade of Archstone Crystal Towers in Arlington, VA, to Dweck Properties for $322.25 million or $353,344 per unit.

The transaction broke the record for the largest sale of a single multifamily property in the Washington, DC, region. The second highest was Mack-Cali Realty's $262.5 million purchase of the Crystal House in Arlington last month followed by Home Properties' 2011 acquisition of Newport Village in Alexandria









Simpson Thacher & Bartlett Renews 595,000-SF Lease



International law firm Simpson Thacher & Bartlett LLP has renewed its lease for 595,000 square feet at 425 Lexington Ave. in New York City. The lease, totaling 26 floors in the 31-story office tower, will keep the tenant there until 2033.

The 748,985-square-foot, class A office property was built in 1987 on nine-tenths of an acre in Midtown Manhattan's Grand Central submarket, between 43rd and 44th Streets, across from Grand Central Terminal and...






DTZ Reorganizes Research Team




National





DTZ Reorganizes Research Team



CHICAGO- The firm also says it will make other big changes and concentrate more on forecasts instead of looking backward.











Finding Value In Less Obvious Places



NEW YORK CITY-Exploring ways to unlock this value, either for reinvestment into the business or other uses, could have a highly positive impact on both efficient use of capital and market perception.








MetLife Leases Buildings for Retail Business HQ in Charlotte




National Commercial Real Estate News From CoStar Group





MetLife Leases Buildings for Retail Business HQ in Charlotte



MetLife will lease 340,000 square feet in Ballantyne Corporate Park in the Gragg and Woodward buildings in Charlotte, NC, where the insurance giant is establishing a headquarters for its U.S. Retail Business.

The insurer announced plans last month to bring 2,600 jobs to Charlotte and Cary, NC, by the end of 2015.

The MetLife move is part of a significant national trend of insurance companies expanding or consolidating in fast-growing growing...






Tuesday, April 9, 2013

Airbus Brings First Major Aircraft Assembly Operation to U.S.




National Commercial Real Estate News From CoStar Group





Airbus Brings First Major Aircraft Assembly Operation to U.S.



Airbus will build the only aircraft assembly site in the Western Hemisphere in Mobile, AL; a $600 milllion project called Brookley Aeroplex expected to create 1,000 jobs.

Officials for the Europe-based manufacturer attended a groundbreaking ceremony for the project in the Gulf Coast community yesterday.

“It represents the real transformation of Airbus into a truly global company,” said Airbus President and CEO Fabrice Brégier in his remarks...









In The Pipeline: CoStar Development & Construction News for April 8 - 14



In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
Airbus Brings First Major Aircraft Assembly Operation to U.S.

Airbus...






The Softer Side of HUD Financing




National





The Softer Side of HUD Financing



WASHINGTON, DC-The biggest change introduced at the Department of Housing and Urban Development has been its recently-formalized hospital refi program. But there have been other changes as well, says W&D's Michael Vaughn.











Walker & Dunlop Posts $1.73B in Q1 Loan Originations



BETHESDA, MD-Originations were below the company's first quarter guidance largely due to the delay in the federal budget.











Healthcare REIT Results Top all Other REITs



SCOTTSDALE, AZ-Healthcare Real Estate Insights examines healthcare REITS, including locally based Healthcare Trust of America Inc.











REITs Make Strong Q1 Showing



NEW YORK CITY-Solid returns and more than $720 million in IPOs. All in all, not a bad quarter for REITs, even if they didn’t outperform the broader equity markets.








Monday, April 8, 2013

Equity Residential Closes $322.3M Sale of VA Multifamily




National Commercial Real Estate News From CoStar Group





Equity Residential Closes $322.3M Sale of VA Multifamily



Equity Residential completed its trade of Archstone Crystal Towers in Arlington, VA, to Dweck Properties for $322.25 million or $353,344 per unit.

The transaction broke the record for the largest sale of a single multifamily property in the Washington, DC, region. The second highest was Mack-Cali Realty's $262.5 million purchase of the Crystal House in Arlington last month followed by Home Properties' 2011 acquisition of Newport Village in Alexandria






Simpson Thacher & Bartlett Renews 595,000-SF Lease




National Commercial Real Estate News From CoStar Group





Simpson Thacher & Bartlett Renews 595,000-SF Lease



International law firm Simpson Thacher & Bartlett LLP has renewed its lease for 595,000 square feet at 425 Lexington Ave. in New York City. The lease, totaling 26 floors in the 31-story office tower, will keep the tenant there until 2033.

The 748,985-square-foot, class A office property was built in 1987 on nine-tenths of an acre in Midtown Manhattan's Grand Central submarket, between 43rd and 44th Streets, across from Grand Central Terminal and...






Boulder Says Cap Rates at Historic Lows




National





Boulder Says Cap Rates at Historic Lows



CHICAGO- The firm has released a study showing that a limited supply of properties, especially new construction, has continued to have an effect.











IREM Goes to Washington



WASHINGTON, DC-On Wednesday, more than 250 members of the Institute of Real Estate Management and members of the CCIM Institute will hold some 200 meetings with their Congressperson.











Ackman-Ziff Execs Teach Young Pros Patience, Longevity



Three principals at Ackman-Ziff talk about how they have managed to stay at only one commercial real estate firm for a decade each and offer advice to those starting in CRE how to stay in the game.








Friday, April 5, 2013

RealPage Reports Slower Rent Growth




National





RealPage Reports Slower Rent Growth



CARROLLTON, TX- The apartment market has slowed down a bit from 2011, and high-end apartments have slowed most of all.








Thursday, April 4, 2013

Office Fundamentals Improve, But Space Efficiency Flattens Demand




National





Office Fundamentals Improve, But Space Efficiency Flattens Demand



WASHINGTON, D.C.- Results for the first quarter show that companies have continued to squeeze the amount of space allotted to employees.











JLL Market Report: Some Green Shoots



LOS ANGELES-Jones Lang LaSalle indicates some market softness remains.











Don't Write Off MOB Monetization



MINNETONKA, MN-Experts tell Healthcare Real Estate Insights that monetizations are ramping up once again, though the process isn't as frenzied as what took place during the 1990s and early 2000s.