March 31, 2009 - Hancock Tower Sells at Auction for $661M
Normandy Real Estate Partners and Five Mile Capital Partners won the auction for Boston’s John Hancock Tower, grabbing the property for $661 million, about half of the price paid by Broadway Partners less than three years ago. The companies agreed to pay $20.1 million for the mezzanine debt on the 60-story building and assume the [...]
March 30, 2009 - $61.6M Lease Renewal in Los Angeles
The Century City-based lawfirm of Greenberg Glusker Fields Claman & Machtinger LLP, just signed a $61.6-million lease extension for its headquarters on Avenue of the Stars, according to a CoStar Group article. The full service law practice renewed it’s lease for 61,806 square feet of office space at 1900 Avenue of the Stars in Los [...]
March 26, 2009 - First Lease Signed for One World Trade Center
Vantone Industrial Co. has signed a lease at One World Trade Center, also known as the Freedom Tower, which will create the China Center, a 190,800-square-foot business and cultural facility, according to a CoStar Group article. The Port Authority of New York and New Jersey and Vantone signed the 20 year and nine month lease, [...]
March 25, 2009 - Commercial Property Loan Crisis
The delinquency rate on about $700 billion in securitized loans backed by office buildings, hotels, stores and other investment property has more than doubled since September to 1.8% this month, according to data provided to The Wall Street Journal by Deutsche Bank AG. Increased loan delinquencies threatening to cause tens of billions of dollars in [...]
March 24, 2009 - Interstate Realty Sells NJ Office Building
R.N. Foster Associates, LLC. has purched an office building at 20 Bushes Lane in Elmwood Park, NJ from Interstate Realty for an undisclosed price, according to a crefeed.com report. NAI James E. Hanson represented the buyer in the transaction while SBWE represented the seller.
The building is a 16,000 square foot free-standing single story building that [...]
March 23, 2009 - Report Predicts Office Rents Will Remain Flat in 2009
Conley Associates, a commercial real estate brokerage in Albany, New York, has released a market report suggesting that Class A office space can expect rents to mostly remain flat this year, according to a Business Review article. The report, drawing on results from surveys of New York’s Capital District landlords and commercial brokers, indicates that [...]
March 20, 2009 - CMBS Loan Delinquencies Show Increased Retail Hit
Fitch Ratings said its commercial mortgage-backed securities loan delinquencies index rose to 1.28% last month from 1.15% in January, driven by declining retail performance for the sixth time in the last seven months. The rate of increase is consistent with Fitch’s expectations that loan defaults will increase to at least 3% by the end of [...]
March 19, 2009 - Capmark Originates Two $64M Loans Through Freddie Mac
Capmark Finance Inc. has originated a total of approximately $63.9 million in permanent debt through its Freddie Mac program for two properties in Philadelphia and Pembroke Pines, Florida. Acting on behalf of BR Penn Realty Owner L.P., Capmark secured $33 million for the refinancing of the 265-unit apartment community at 640 N. Broad St. [...]
March 18, 2009 - AIG To Sell NYC Headquarters
AIG is reportedly putting its 66-story Art Deco headquarters in New York up for sale, according to a Commercial Property News article. AIG has owned the building since the 1970s, and is one of the more famous structures in New York City. Completed in 1932, 70 Pine St. is the fifth tallest building in New [...]
March 17, 2009 - Larrabee Complex in Maine Transfers Hands
The Larrabee Complex in Westbrook, Maine, a 101,250 square foot multi-tenant retail and office complex, was sold by Miele Properties, LLC to WE 100 Larrabee Road LLC, according to a crefeed.com report. Miele was represented by Craig Young, CCIM and CBRE partner, while WE 100, an affiliate of Winstanley Enterprises LLC, was represented by Gregory [...]
