February 27, 2009 - Market Spillover
Philip Blumberg of Blumberg Capital Partners comments on what will happen when the foreclosure epidemic in the residential market spreads to commercial real estate.
February 26, 2009 - Philip Blumberg on CNBC’s Squawk on the Street 2/26
“All you have to do is track job losses because they’re the leading decline in commercial property space. If these job losses continue, you can track the commercial real estate market right against it.”
February 25, 2009 - Chicago’s Mather Building to be Auctioned
According to Costar.com, a 20,000 square-foot building on Chicago’s well-marketed “Magnificent Mile“, also know as N. Michigan Ave, is being sold through a sealed-bid auction. The Mather Building sits at 326 N. Michigan Ave, just two blocks from Millennium Park. Loukas Development currently owns the building and the transaction is being handled by [...]
February 24, 2009 - Talcott Realty Investors Refinances Hartford’s 1 Financial Plaza
One Financial Plaza, a 26 story building in Hartford, CT, has been refinanced by its owner Talcott Realty Investors L.L.C. According to Commercial Property News Online, “The Gold Building” received a $35 million, three-year adjustable rate refinancing from People’s United Bank. The Class A office building is 99% leased and currently houses 28 tenants. Holliday [...]
February 23, 2009 - Gyrodyne Makes First Purchase in Washington, DC Market
CREFeed.com is reporting that a nearly 60,000 sq. foot medical office space in a suburb of Washington is changing hands for a reported $13.2 million. The building, situated at 10721 Main St., Fairfax, VA, has a current occupancy rate of 84% but the buyer, Gyrodyne Company of America, plans an aggressive lease program in order [...]
February 20, 2009 - How Do the Markets Relate?
Philip Blumberg of Blumberg Capital Partners comments on how problems in the residential market can — and do — effect other markets.
February 19, 2009 - CRE Industry Has Cause for Optimism in Obama’s Economic Relief Package
Despite daily reminders of the commercial real estate industry’s bleak state of affairs, experts see glimmers of relief in the current legislation making its way through Washington. According to experts interviewed by the National Real Estate Investor Online, efforts to revive the economy as a whole are expected to extend through to the commercial sector [...]
February 18, 2009 - Brooklyn’s Atlantic Yards Bright Spot in NYC Development
A massive 22 acre development in Brooklyn received a lifeline from a $161.9 million refinance on loans that would have been due this month. According to Commercial Property News Online, partners will continue their efforts for the $4 billion project in Downtown Brooklyn named Atlantic Yards. Locally-based Forest City Ratner Companies originally obtained funding to [...]
February 17, 2009 - 10 Story Tampa Tower Sells for $17.15 Million
A 130,000 square foot office building in the Westshore district of Tampa Bay has a new owner. Eola Capital, a privately held real estate investment company based in Orlando, acquired 500 N. Westshore Boulevard, a 10-story, Class A tower located adjacent to the Westshore Plaza mall. Regional Vice President of Eola Capital, Kyle Burd, announced [...]
February 16, 2009 - RFR Realty Sells Office Back to Sotheby’s for $370M
Sotheby’s of New York has re-acquired its New York headquarters from RFR Realty, six years after RFR first bought the 406,110 square foot office and auction facility from Sotheby’s for $175 million, according to a CoStar report. Sotheby’s will assume RFR’s $235 million mortage, and will pay the remainder with two separate cash payments.
Located in [...]
