Commercial Real Estate Direct Staff Report Starbucks Corp, which was founded in 1971 in Seattle’s famed Pike Place Market, is expanding its office footprint—but not in its hometown Instead, the coffeehouse chain is looking for about 250,000...
Commercial Real Estate Direct Staff Report The continued weak performance of One State St in Lower Manhattan has prompted S&P Global Ratings to downgrade the five classes of a CMBS deal that holds a $945 million piece of a $360 million loan...
Bloomberg Bank of America has agreed to take occupancy of all 236 million square feet at the One Bryant Park office building in Midtown Manhattan The 51-story property was constructed in 2008 catercorner to Bryant Park on 42nd Street It is owned by...
Commercial Real Estate Direct Staff Report The $133 million CMBS loan against the 780,648-square-foot Panorama Corporate Center office property in the Denver suburb of Centennial, Colo, wasn’t paid off at its maturity last month As a result,...
The Chattanooga, Tenn, REIT, which filed for bankruptcy in 2021 and was able to eliminate $17 billion of debt and preferred equity through its restructuring, has stopped making payments against the three properties' mortgages, which have a total...
Commercial Real Estate Direct Staff Report The Simon Property Group venture that owns the Penn Square Mall in Oklahoma City has negotiated a two-year extension of the property’s $310 million CMBS loan through January 2028 The loan, scattered...
The CBL & Associates Properties Inc venture that owns the Coastal Grand Mall in Myrtle Beach, SC, has negotiated a four-year term extension, through August 2028, of the property's CMBS loan It has paid down principal and is now paying a higher...
Commercial Real Estate Direct Staff Report The owner of the 278 million-square-foot Aon Center office property in downtown Chicago has indicated it won’t be able to retire the property’s $536 million loan at its maturity this summer As a...
CMBS special servicers received 50 loans with a balance of $266 billion last month, marking the most active month since last June, when $291 billion of loans transferred However, they resolved, or otherwise worked out, $325 billion of other loans,...
Commercial Real Estate Direct Staff Report An increase in the expected losses from the resolution of the $368 million loan against the 176 million-square-foot Centre Square office property in Philadelphia has prompted Moody’s Ratings to...
Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
