September 30, 2009 - CPE Analyzes CRE Buying Opportunities
Commercial Property Executive published an Economy Watch article looking at REIT IPOs and opportunities in commercial real estate finance, observing a market cool-down in the sector as companies reduce their IPOs and the Federal Reserve slows its purchases of mortgage securities. Apollo Commercial Real Estate Finance Inc. and Colony Financial Inc. both cut their IPOs [...]
September 29, 2009 - Credit Suisse Buys Independence Wharf Building for $106M
Credit Suisse Asset Management purchased the Independence Wharf building in the financial district of Boston from GE Capital Real Estate for $106.25 million according to a CoStar report. The 14-story, 330,000 square foot building on the waterfront drew 22 bids before selling to the investment bank, its second deal in less than a week after [...]
September 28, 2009 - U.S. Bancorp Increases Presence in Hearst Tower
U.S. Bancorp, the Minneapolis-based bank, is expanding its North Carolina presence, taking another 10,000 square feet in Hearst Tower according to the Charlotte Business Journal. Bancorp’s new, high-grade fixed-income group led by Jim Kelligrew, a former Wachovia Corp. banker, will be building a trading floor in the new space on the 26th floor, adding to [...]
September 25, 2009 - New Rules for Securitized Loan Modification
The Internal Revenue Service introduced a new Revenue Procedure (2009-45) earlier this month that would make it easier for real estate mortgage investment conduits (REMIC) to modify securitized loans that are not yet in default but are likely to do so prior to maturity. The modification allows REMIC’s to alter their commercial loans without jeapoardizing [...]
September 24, 2009 - FDIC Auctions Corus Bank Properties, $5B in Bids Expected
Corus Bank, N.A., Chicago, IL was closed in September by the Office of the Comptroller or the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of June 30, 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion. By this Friday, about 10 investors are [...]
September 23, 2009 - Forest City and Onexim Partner for NBA Nets and Brooklyn Project
Forest City Enterprises’ New York-bases subsidiary, Forest City Ratner Companies, Inc. (FCRC) and Nets Sports and Entertainment have signed a letter of intent with Russia’s Onexim Group for the development of Atlantic Yards according to a CPE article. The partnership will ensure the successful completion of a world-class entertainment venue in Brooklyn, the relocation of [...]
September 22, 2009 - Black & Veatch Picks Up HQ for $60M
Black and Veatch Corp., an engineering and construction firm, closed on a deal with Sam Zell’s private investment firm to buy its worldwide headquarters building in Overland Park, Kansas for $60 million according to a Wall Street Journal article. Mr. Zell originally offered to sell the property to Black and Veatch, who has occupied the [...]
September 21, 2009 - Ragnar Benson Delivers $8.7M One Bell Valley Commons
One Bell Valley Commons, the first building to rise in the 40-acre Bell Valley Commons subdivision, was delivered this month in Cherry Valley, Illinois. Ragnar Benson designed and built the three-story Class A office building which includes the office build-out for accounting firm McGladrey.
The construction of One Bell Valley Commons was completed [...]
September 18, 2009 - Fish & Richardson Secure New Boston Headquarters
Fish & Richardson, a leading global law firm, has signed a lease at One Marina Park Drive in Boston as the first tenant to occupy a new 500,000-square-foot building built by The Fallon Co. on Fan Pier. Fish & Richardson had previously signed a non-binding lease to move their headquarters to the property but the [...]
September 17, 2009 - America’s Capital Partners Sells Portfolio for $1.1 Billion
Eola Capital, an Orlando, Florida-based real estate investment company, has acquired the general partnership interests of over 7.6 million square feet of commercial office space in a portfolio of properties valued at $1.1 billion from America’s Capital Partners. The acquisition nearly doubles Eola’s company in size and extends their presence to include Philadelphia and the [...]
