Commercial Real Estate Direct Staff reportA venture led by Tishman Speyer Properties is selling 885 Third Ave., a 587,000-square-foot office building in midtown Manhattan, for $647 million. SL Green Realty Corp. and Gramercy Capital Corp., both of New...

Moody's Investors Service has downgraded four classes of Credit Suisse First Boston Mortgage Securities Corp., 2005-CND1, because sales efforts by the owners of two properties backing troubled loans have so far been unsuccessful.The rating agency last March had...

P. Sheridan "Shecky" Schechner, one of the pioneers of the CMBS industry, is joining Lehman Brothers as managing editor in its real estate investment banking unit, effective in October. Schechner is joining Lehman from JPMorgan Chase, where he...

The 278-key Marriott Suites in Las Vegas is being purchased for $87.2 million.An investor group, MRC I Funding Corp., is buying the hotel from Apple Hospitality Five Inc., a Richmond, Va., REIT led by Glade Knight. The hotel...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-150.0030.004.00AAAAAAAaa+18swapsA-1A648.0130.007.97AAAAAAAaaNAswapsA-2484.0030.004.66AAAAAAAaa+31swapsA-2FL150.0030.004.66AAAAAAAaa+17LiborA-3133.0030.006.84AAAAAAAaa+42swapsA-AB78.9430.007.87AAAAAAAaa+37swapsA-41,017.0030.009.65AAAAAAAaa+35.5swapsA-M251.5720.009.80AAAAAAAaa+40swapsA-M2100.0020.009.80AAAAAAAaaNALiborA-MFL135.0020.009.80AAAAAAAaa+28LiborA-J241.7013.1259.87AAAAAAAaa+48swapsB35.1612.1259.87AA+AA+Aa1+54swapsC48.3410.7509.87AAAAAa2+60swapsD26.3710.009.87AA-AA-Aa3+67swapsE26.379.259.87A+A+A1+75swapsF35.168.259.87AAA2+85swapsG30.767.3759.87A-A-A3+94swapsH48.346.009.90BBB+BBB+Baa1NAswapsJ35.165.0010.10BBBBBBBaa2NAswapsK43.953.7510.21BBB-BBB-Baa3+290swapsL26.373.0010.21BB+BB+NRNATreasM4.402.87510.21BBBBNRNATreasN17.582.37510.21BB-BB-NRNATreasO4.402.2510.21B+B+NRNATreasP8.792.0010.21BBNRNATreasQ13.181.62510.21B-B-NRNATreasS57.130.0012.58NRNRNRNATreasXW3,515.65*NANAAAAAAAAaaNATreas*Notional amount, interest onlyCollateral balance: $3,515.65Bookrunner(s): Banc of America SecuritiesLead Managers: Banc of America SecuritiesCo-managers: Commerzbank, Hypo Capital Markets, SunTrust Robinson Humphrey, Citigroup, Credit SuisseB-piece Buyer: Anthracite CapitalMaster Servicer: Bank of AmericaSpecial Servicer: Midland Loan...

By John Covaleski, Commercial Real Estate Direct Staff WriterJeffrey H. Fisher, the former chief executive of Innkeepers USA Trust, has launched another hotel investment company.The new company, Fisher Property Group of Palm Beach, Fla., will build and buy...

An affiliate of Monmouth Real Estate Investment Corp. has paid $17 million for the Liberty Techne Center, a 193,371-square-foot industrial building in Orion, Mich.The Freehold, N.J., firm purchased the property from Jones Orion LLC, a Missouri investment group....

Louis Dreyfus Property has paid $111.5 million for 2001 Pennsylvania Ave., NW, a 157,666-square-foot office building in Washington, D.C.The firm acquired the 11-story building from Prudential Real Estate Investors, which owned it on behalf of a German institutional...

Steve McCarthy has been named executive vice president of Buchanan Street Partners.McCarthy, a 23-year industry veteran and co-founder of WestWind Capital Partners, will lead a new Atlanta office for Buchanan, a Newport Beach, Calif., investment manager and developer....

Commercial Real Estate Direct Staff Report Wayne County, Mich., has agreed to pay $31 million for two office buildings totaling 1 million square feet, along with a 1,400-space parking garage, in downtown Detroit.The county is buying the properties...

P. Sheridan "Shecky" Schechner, one of the pioneers of the CMBS industry, is joining Lehman Brothers as managing editor in its real estate investment banking unit, effective in October. Schechner is joining Lehman from JPMorgan Chase, where he...

The 278-key Marriott Suites in Las Vegas is being purchased for $87.2 million.An investor group, MRC I Funding Corp., is buying the hotel from Apple Hospitality Five Inc., a Richmond, Va., REIT led by Glade Knight. The hotel...

JPMorgan Mortgage Capital has provided $73.4 million of permanent financing for a pair of hotels that were acquired recently by Crescent Hotels & Resorts.The 10-year financing was arranged by HFF Inc. It consists of a $39.8 million mortgage...

Commercial Real Estate Direct Staff Report The U.S. Fund for UNICEF has acquired 70,000 square feet of office condominium space at 125 Maiden Lane in downtown Manhattan.The nonprofit plans to relocate its headquarters to the space from 333...

Commercial Real Estate Direct Staff ReportBroadway Real Estate Partners has sold two Seattle properties for $300 million to Kennedy Wilson and an investment fund it manages.The Beverly Hills, Calif., firm and its KW Fund I acquired 901 Fifth...

Standard & Poor's has downgraded the $32.8 million class K of Wachovia Bank Commercial Mortgage Trust, 2005-WHALE 6 to BB from BBB- because of issues impacting two of the deal's four remaining collateral loans.The two loans are: a...

Wachovia Bank has provided $82.65 million of financing for the San Francisco Giftcenter and Jewelrymart, a 388,234-square-foot shopping center in downtown San Francisco. HFF Inc.'s Portland, Ore., office arranged the three-year loan.The two-building property, at 850 and 888...

JPMorgan Mortgage Capital has provided $73.4 million of permanent financing for a pair of hotels that were acquired recently by Crescent Hotels & Resorts.The 10-year financing was arranged by HFF Inc. It consists of a $39.8 million mortgage...

Commercial Real Estate Direct Staff Report The U.S. Fund for UNICEF has acquired 70,000 square feet of office condominium space at 125 Maiden Lane in downtown Manhattan.The nonprofit plans to relocate its headquarters to the space from 333...

Wachovia Bank has provided $82.65 million of financing for the San Francisco Giftcenter and Jewelrymart, a 388,234-square-foot shopping center in downtown San Francisco. HFF Inc.'s Portland, Ore., office arranged the three-year loan.The two-building property, at 850 and 888...

Commercial Real Estate Direct Staff ReportBroadway Real Estate Partners has sold two Seattle properties for $300 million to Kennedy Wilson and an investment fund it manages.The Beverly Hills, Calif., firm and its KW Fund I acquired 901 Fifth...

Standard & Poor's has downgraded the $32.8 million class K of Wachovia Bank Commercial Mortgage Trust, 2005-WHALE 6 to BB from BBB- because of issues impacting two of the deal's four remaining collateral loans.The two loans are: a...

GE Real Estate has provided $51.5 million of financing for Paradise Village, a 269,188-square-foot office property in the Phoenix area.The 20-year-old property was acquired earlier this year by a venture between Sterling American Property Inc. and Lincoln Property...

Moody's Investors Service last week upgraded a total of 100 classes in 51 CMBS transactions, the latest batch of mass upgrades resulting from its regular quantitative analysis of conduit deals.The rating agency last year adopted what it termed...

Post Investment Group has paid $23.5 million for Paradise Bay Apartments, a 783-unit complex in Corpus Christi, Texas.The Los Angeles affiliate of Post Properties, which financed the acquisition with $21.5 million of mortgage financing, said it would invest...