General News

Investcorp has acquired a 96 percent interest in a portfolio of nine full-service hotels with 2,828 rooms from Procaccianti Group, in a deal valuing the properties at $450 million.Investcorp, whose parent is based in Bahrain and is capitalized largely by...

David M. Jacobstein, who earlier this month stepped down as president and chief operating officer of Developers Diversified Realty Corp., has joined Deloitte & Touche USA as senior adviser to the consulting firm's real estate group.At Deloitte, Jacobstein will advise...

Bank of America provided $483 million of financing to a venture between Blackacre Institutional Capital Management and Murray Hill Properties for its $550 million purchase of the 924,501-square-foot office building at One Park Ave. in midtown Manhattan.The five-year financing is comprised...

A venture between Griffith Properties and Urdang Capital Management has paid $45 million for HarborSouth Tower, a 200,000-square-foot office building in Quincy, Mass.The venture purchased the property from an undisclosed local investor, who marketed the 10-story building through CB Richard...

Equastone has purchased the Equitable Building, a 624,642-square-foot office building in downtown Atlanta. A purchase price was not disclosed, but a source familiar with the property said it traded for about $55 million.The La Jolla, Calif., firm purchased the 32-story...

Commercial Real Estate Direct Staff ReportMid-America Apartment Communities Inc. has established a value-add investment fund slated to acquire $500 million of multifamily properties.The Mid-America Multifamily Fund I LLC, which was capitalized by the REIT and institutional investors, is seeking properties...

Commercial Real Estate Direct Staff ReportMid-America Apartment Communities Inc. has established a value-add investment fund slated to acquire $500 million of multifamily properties.The Mid-America Multifamily Fund I LLC, which was capitalized by the REIT and institutional investors, is seeking properties...

An investor group comprised of Chetrit Group and Arbor Realty Trust Inc. has agreed to sell a 98 percent stake in 450 West 33rd St. in midtown Manhattan to Broadway Partners for $664 million.Besides keeping a 2 percent stake in...

An investor group comprised of Chetrit Group and Arbor Realty Trust Inc. has agreed to sell a 98 percent stake in 450 West 33rd St. in midtown Manhattan to Broadway Partners for $664 million.Besides keeping a 2 percent stake in...

Commercial Real Estate Direct Staff Report  Tenants at Manhattan's Stuyvesant Town and Peter Cooper Village have filed a $320 million lawsuit against Tishman Speyer Properties and MetLife. The class-action suit alleges that MetLife illegally charged market rate rents at many...