July 31, 2009 - Expectations for Recovery in ‘09 Drop
LoopNet conducted a Pulse Poll of its members, a community of commercial real estate and investment professionals, which showed that only 10% of the respondents believe an economic recovery will come in 2009, a noticeable decline from the 33% of last quarter. According to the Birmingham Business Journal, more than 30% believe recovery will come [...]
July 30, 2009 - AZ State May Unload Buildings with Sale-Leasback Deals
Arizona legislators are entertaining the idea of selling government owned buildings through a sale-leaseback arrangement according to a GlobeSt report. While the state has rarely entered into sale-leaseback deals in the past, this strategy would be the first time they’ve sold properties with the intent of using the revenue to fund operations instead of particular [...]
July 29, 2009 - Equity in US commercial property may evaporate
“By the end of 2010 you’ll have begun to see terrible, terrible capital structure disintegration,” said Philip Blumberg, chairman and chief executive of Blumberg Capital Partners. “The first thing to go is the equity.” About $165 billion of commercial mortgages this year will mature and need to be refinanced or sold.
July 28, 2009 - Fitch Ratings Puts 238 CMBS Bonds on Rating Watch Negative
With 54% of delinquent loans in Fitch-rated transactions moving from 30 days to 60 days in the last month, Fitch Ratings has placed 238 commercial mortgage backed security (CMBS) bonds — valued at $9 billion — on Rating Watch Negative (RWN) as part of its ongoing review of the CMBS portfolio according to a CPN [...]
July 27, 2009 - Still early to buy U.S. commercial real estate
“It’s still early to be buying American commercial real estate.” In an interview with Veritas, Philip Blumberg, CEO of Blumberg Capital Partners, expressed his view that the U.S. commercial real estate market still has a way to go before bottoming out.
July 22, 2009 - HN Gorin Secures $25M Refinance Loan
H. N. Gorin, Inc. has secured $25 million in financing for 101 Merrimac St. in the Bullfinch Triangle of Boston according to a GlobeSt article. The Boston office of Holliday Fenoglio Fowler LP worked on behalf of Gorin to secure the loan, which will be used to refinance an existing first mortgage on the [...]
July 21, 2009 - REIT Secures 16-Property Portfolio in $162M Cash Deal
Grubb & Ellis Healthcare REIT (to be renamed Healthcare Trust of America) has purchased a 16 building portfolio from Greenville Hospital System (GHS) in a $162M cash deal, or approximately $189 per square foot. All 16 properties are within the Greenville, South Carolina metropolitan area and total over 855,000 square feet of medical office [...]
July 20, 2009 - CDC Moves Forward with $93M Office Complex
The Centers for Disease Control and Prevention have selected Turner Construction Company to help expand its current headquarters with a new $93 million office complex. The project, “Building 24″, is expected to be completed in 2012 and will sit adjacent to the CDC headquarters in Atlanta, adding 311,000 square feet of space. Building 24 is [...]
July 17, 2009 - Sale of LA’s One California Plaza in Negotiations
Metropolitan Real Estate Investors LLC has put forth an offer reportedly in the range of $200 to $240 million dollars for the landmark One California Plaza building, according to Loopnet.com. The 52 story office tower in Los Angeles’s Bunker Hill area was purchased for $255 million in 2003 by Maguire Properties. However, LA based DowntownNews.com [...]
July 16, 2009 - FDIC to Move Into Empire State Building
Facing the expiration of its lease in 2010, the Federal Deposit Insurance Corporation is moving its New York City regional office. The government corporation that guarantees the safety of deposits will be moving from their current location at 20 Exchange Place in Lower Manhattan to the iconic Empire State Building during next year’s first quarter. [...]
