January 29, 2010 - A&B Properties Acquires Boulder Property for $30.8M
Alexander & Baldwin (A&B) Properties, based in Honolulu, Hawaii, completed the purchase of the Meadows on the Parkway Shopping Center in Boulder, Colorado this month for $30.8 million according to a CoStar article. The Meadows, totalling 216,400 square feet of space, features seven retail buildings and one office building and is situated one mile away [...]
January 28, 2010 - Deutsche Bank to Build New Core Banking System Based on SAP
Deutsche Bank announced this week that it will be restructuring its core banking system and that the changes will be based on SAP for Banking solutions. The financial details of the software solution change has not been released, but letters of intent have been signed by the bank. SAP, a leading provider of business software, [...]
January 27, 2010 - CoStar Sees Good News For the Office Market and Beyond
CoStar Group has reported a gain in gross leased space from 60 million sq. ft. in the first quarter of 2009 to an estimated 90 million in the fourth quarter across the U.S. Andrew C. Florance, founder and CEO of CoStar is quoted as saying: “This is simply the most important news in the office [...]
January 26, 2010 - FDIC and Bank of England Team Up for Troubled Institutions
The Federal Deposit Insurance Corporation (FDIC) and the Bank of England have announced an agreement to a memorandum of understanding expanding their cooperation as resolution authorities in resolving troubled deposit-taking financial institutions with activities in both countries according to a Bank of England press release.
“The recent financial crisis demonstrates that greater international coordination among resolution [...]
January 25, 2010 - WSJ Asks: Has the CRE Market Hit Bottom?
This hotly debated question has proponents on either side, according to Wall Street Journal. Those who feel it has, such as Green Street Advisors, point toward increasing interest by foreign investors in U.S. properties, HSBC Alternative Investments Ltd., for one and domestic investors becoming more active once again. Those opposed, such as CBRE Econometrics Advisors, [...]
January 22, 2010 - $4.1M Office Purchase in Puget Sound Area
Longwell Company has purchased The Connor Building, a 10,000 sq. ft. office building in downtown Bellevue, Washington. The $4.1 million transaction was between Longwell (represented by Executive Real Estate) and sellers, William and Marilyn Connor (represented by Grubb & Ellis Investment Group).
Longwell CEO, Dr. Stanley Xu has indicated plans to develop an apartment building in [...]
January 21, 2010 - Revision Likely in Major Projected Development
Wall Street Journal reports a trend by major development lenders to seek reformed financing. Citing the joint involvement of Bank of America and CBRE Investors in Atlatnta’s “Streets of Buckhead” project (Ben Carter, developer), who invested a combined $330 million. Mr. Carter is said to be seeking an additional $200 million in funds and a [...]
January 20, 2010 - Foreign Investors Still Focused on US Real Estate
The Association of Foreign Investors in Real Estate (AFIRE) released the findings of its 18th annual foreign investment survey this week confirming the ongoing interest from offshore capital in United States’ markets. The survey, conducted at the end of 2009 and soliciting feedback from the association’s nearly 200 members — whose respondents own more than [...]
January 19, 2010 - HFF Secures $65M Refinancing for Dallas Skyscraper
Holliday Fenoglio Fowler’s Dallas office announced yesterday that it had secured a $65 million refinancing deal for the office tower at 1700 Pacific in downtown Dallas. The property, a 49-story Class A office tower, has over 1.3 million square feet of office space with tenants including Akin Gump Strauss Hauer and Penson Worldwide. The Dallas [...]
January 15, 2010 - Industry Expects CRE Market to Get Worse in NYC
The New York Times published an article titled “Further Slide Seen in Commercial Real Estate” observing that there are currently more than 180 major office space buildings in Manhattan worth $12.5 billion that are in trouble — either with a history of problems making mortgage payments or already facing foreclosure and bankruptcy — and those [...]
