April 30, 2009 - JBG Buys DC Metro Office Building for $43.5M
The JBG Companies have purchased a 228,020-square-foot Class A office building located in Rockville, Maryland from Morgan Stanley for nearly $12 million less than what the financial services firm paid for the property three years ago. JBG is paying $43.5 million for the property known as One Choke Cherry, a 228,020 square foot property off [...]
April 29, 2009 - HRPT Enters $250 Million Secured Credit Facility
HRPT Properties Trust has entered into a new $250 million secured credit facility with a group of commercial banks according to a CPN article. The facility is non-recourse to HRP and is secured by certain properties located throughout the United States.
The maturity date of this new facility is April 24, 2012, and the borrower has [...]
April 28, 2009 - NYC Office Landlords Build Smaller Spaces
The New York Times published an article today titled “New York Office Landlords Go Small“, commenting on the choice some office spaces are making to turn large vacant blocks of real estate into smaller, pre-built offices as the commercial real estate market continues to see vacancies on the rise. “In the past, landlords would have [...]
April 27, 2009 - Silveron Office Center for Sale
The Silveron Office Center, a 64,267 square foot multi-tenant office building in Flower Mound, Texas, has been put on the market for sale according to a crefeed.com report. The Dallas-suburb office property at 601. Silveron Blvd. was built in 2006 and is currently 95% leased, with recent rates of $22.50/square foot. The two-story structure boasts [...]
April 23, 2009 - LightsOutHouston - CRE Buildings Go Smart
Just in time for Earth Week 2009, Houston, TX is marking its second year of the LightsOutHouston initiative, a commitment to become the “Energy Conservation Capital” by turning off the lights. Top property owners and their tenants, in conjunction with the Greater Houston Partnership, the City of Houston, Central Houston, Inc. and CenterPoint Energy, have [...]
April 22, 2009 - Dividend Capital Acquires DC Office Building for $63.6M
Dividend Capital Total Realty Trust, Inc., a Denver-based diversified REIT, has acquired a Class-A office building in Washington, DC, according to a crefeed.com article. The property, located at 1300 Connecticut Ave. NW, is a 126,000 square foot building and is currently leased to 12 tenants, including IAM National Pension Fund, Visa USA and PFC Energy. [...]
April 21, 2009 - General Growth Properties Files for Bankruptcy Protection
General Growth Properties, the second largest mall operator in the world’s largest economy, has filed for Chapter 11 Bankruptcy Protection, collapsing under nearly $27.3 billion in debt and stirring new concerns about the coming tide for the commercial real estate market. “General Growth has been crippled now for a year and a half,” said [...]
April 20, 2009 - Midway Airport Deal Falls Through in Chicago
The City of Chicago has announced that its lease with Midway Investments and Development Company — a joint venture between Citigroup Inc., John Hancock Life Insurance Co. and Vancouver Airport Services — to privatize Midway International Airport will not move forward. As the president & CEO of Vancouver Airport Service was quoted as saying in [...]
April 17, 2009 - CRE Sales Plunge in Q1
Real Capital Analytics has released a report showing a 70% decrease in commercial real estate sales around the world in the first quarter of 2009, with just over 1,000 buildings sold valued at $47 billion. Another worrisome sign, reports the San Jose Business Journal, is the rise in the number of distressed properties. Real Capital [...]
April 16, 2009 - New Beige Book: CRE Conditions Continue to Deteriorate
The latest Federal Reserve Beige Book has been released, observing the continued strain in the commercial real estate market. The report said that the economy continued to worsen across the country in March and early April, even as a few small indicators hinted that the pace of the decline was lessening in some regions. [...]
