August 31, 2009 - MI Developments Sells Iowa Property to GRS
MI Developments secured the sale of its 196,000 square foot building at 2700 N. Broadway in Red Oak, Iowa to Greenbrier Rail Services, one of the largest railcar service networks in North America. Greenbrier will be relocating its American Hydraulics business unit to the new property to accomodate company growth. Binswanger represented MI Developments in [...]
August 27, 2009 - USPS Cuts Expenses, Auctions Chicago Office for $40M
International Property Developers North America Inc. placed the winning $40 million bid for Chicago’s former Main Post Office Building, relieving the United States Postal Service of a property that cost about $2 million a year to maintain according to a report by the General Accountability Office. USPS reported a net loss of $2.4 billion in [...]
August 26, 2009 - Carillon Point Lands $65M Loan
Newmark Realty Capital, Inc. has arranged financing in the amount of $64,700,000 for Carillon Point, a 26 acre mixed-use property located in Kirkland, Washington, according to a Commercial Property Executive article. Michael Taylor of Newmark secured the financing for the owners with John Hancock Life Insurance Company. The loan has a fixed rate, a 20 [...]
August 25, 2009 - What a “Jobless” Economic Recovery Means for Real Estate
As many experts start to see a diminishing threat to our economy due to a large-scale recession or depression, the commercial real estate sector is sorting through the ashes and starting to look down the road for signs of life. According to the National Real Estate Investor Online, one indicator that should give us a [...]
August 24, 2009 - Tishman Speyer Seeks Debt Restructuring for DC Portfolio
Tishman Speyer, owner of landmark office towers like Chicago’s Chrysler Building and New York’s Rockefeller Center, announced it will negotiate the terms of about $570 million in loans for various Washington, DC properties. GlobeSt.com reported a partnership led by Tishman Speyer would seek to purchase back some of the debt on the 21 office portfolio that [...]
August 21, 2009 - Blumberg to Market $1 Billion Fund
Blumberg Capital Partners is scheduled to kick off a roadshow next month aimed at raising $1 billion of equity for a fund that would invest in distressed assets. Market players said that company founder Philip Blumberg will open talks with sovereign wealth funds and other foreign investors after Labor Day.
- Silicon Valley Office Vacancies Highest Since 2003
California’s Silicon Valley took its lumps after the tech bubble burst. Now, according to the Mercury News, the high-tech hub is feeling the force of the nation’s recession and, like in most areas, its sagging commercial real estate market is proof recovery is not yet in hand. CB Richard Ellis recently issued a report stating [...]
August 20, 2009 - 2 New Tenants for Chicago-area Bolingbrook Corporate Center II
Chicago-based Bridge Development Partners LLC announced two recent leases at its Chicago suburbs office park dubbed Bolingbrook Corporate Center II, according to GlobeSt.com. Jacobson Co., a firm specializing in 3rd party logistics, will be occupying 96,000 square feet, with 5,000 square feet devoted to office space. Anthony Pricco, a spokesperson for Bridge, told GlobeSt.com: [...]
August 19, 2009 - NAR Observes Slowed Decline in Commercial Real Estate
The commercial real estate decline, driven by falling production, fewer jobs, and negative return on investment, appears to be slowing, according to a new report from the National Association of Realtors. Lawrence Yun, NAR chief economist, noted the pace of decline moderated, but the leading indicator has fallen sharply and quickly from the peak, [...]
August 18, 2009 - Fed and Treasury Approve TALF Extension
The Federal Reserve Board and the Treasury Department have approved an extension to the Term Asset-Backed Securities Loan Facility (TALF) and have indicated that they do not anticipate any further additions to the types of collateral that are eligible for the facility. To promote the flow of credit to businesses and facilitate the financing of [...]
