RECENT NEWS
Investors Consider Refinancing, Not Selling, Rockefeller Center
December 19, 2000NEW YORK – A group led by Goldman Sachs' Whitehall Fund is still uncertain that it can sell the Rockefeller Center at the target price of more than $1.8 billion and has begun to explore other...
CalSTRS Buys Third Ave. Building for More Than $200 Mln
December 19, 2000NEW YORK – The California State Teachers Retirement System, a client of Clarion Partners, has purchased 685 Third Ave. for more than $200 million, according to the New York Post.The 31-story building is at the northeast...
Tishman Teams With Starwood on Westin River North Buy
December 18, 2000 Commercial Real Estate Direct Staff ReportTishman Hotel Corp. is buying the Westin River North Hotel in Chicago with Starwood Hotels & Resorts.As previously reported, Tishman is buying the 441-unit property from Lend Lease Real Estate...
Sonnenblick-Goldman Arranges $48.3 Mln Refi for Silicon Valley Shopping Center
December 18, 2000Continental Wingate has provided $48.3 million of mortgage financing to Brothers International Holding Co. for a large outdoor shopping center in San Jose, Calif.Almaden Plaza is a 14-building specialty community shopping center with 550,000 square feet...
Fitch Downgrades Taubman Centers’ Preferred Stock Rating
December 18, 2000 NEW YORK – Fitch has downgraded its rating for $200 million cumulative preferred stock issued by Taubman Centers Inc. (NYSE:TCO) from double-B-plus to double-B. The outlook is stable.Fitch's downgrade is based in part on a...
WAMU Forming Fund to Invest in CMBS, CMOs, REITs
December 18, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterWashington Mutual of Seattle is putting together a closed-end fund that will invest largely in commercial mortgage securities and REITs.According to a recent filing with the...
Fitch Upgrades Lehman Brothers 1992-M1
December 18, 2000 NEW YORK – Fitch has upgraded three classes of LB Multifamily Mortgage Trust's 1992-M1 and affirmed the other classes that it rates in the series.The rating agency lifted the interest-only class AX to triple-A from...
Post Properties Sells $185 Mln of Senior Notes
December 18, 2000 ATLANTA – The operating partnership affiliate of Post Properties Inc. (NYSE:PPS) has sold $185 million of senior notes through underwriters Merrill Lynch & Co., First Union Securities Inc. and Wachovia Securities.The notes mature in 10...
Fitch Places Dynex Transaction on Rating Watch Negative
December 18, 2000 NEW YORK – Fitch has placed one class of Commercial Capital Access One Inc.'s commercial mortgage bonds, series 3, on rating watch negative and affirmed the other classes that it rates in the series.The rating...
More AIMCO Shares Registered for Sale
December 18, 2000 A group of Apartment Investment & Management Co. shareholders has filed to sell an additional 473,040 shares of class A stock.With a maximum offering price of no higher than $48.31/share, these shares could fetch up...
Southeast Regional Digest (12/18/00): Bromley may begin $189 Mln Tampa Bay 1
December 18, 2000 Bromley may begin $189 Mln Tampa Bay 1The Business Journal of Tampa Bay, December 18TAMPA BAY, Fla. – Bromley Development Co. may be beginning the $189 million revitalization project for Tampa Bay 1. Starwood Hotels...
Raiser Pays $48.7 Mln for San Francisco Offices
December 18, 2000 The Raiser Organization has purchased three office buildings with 150,000 square feet in San Francisco from Hines. According to the San Francisco Business Times, brokers put the price tag of the purchase at about $48.7...
FINAL PRICING: $713.1 Mln GE Capital Commercial Mortgage Corp., Series 2000-1
December 18, 2000 GE Capital Commercial Mortgage Corp., Series 2000-1ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePriceTalk(BP)Priced(BP)BenchMarkA-1112.523.5AAAAaa5.7+28-30+30SwapsA-243323.5AAAAaa9.79+40-42+42SwapsB28.519.5AAAa29.9+55-59+58SwapsC3215AA29.9+70-76+75SwapsD8.913.75A-A39.9+80-86+86SwapsE23.110.5BBBBaa29.9+125 area+130SwapsX*713.1NAAAAAaaNA+370 area**NATreas.*Interest only, notional amount.**At 100 percent CPY.
Suburban Chicago Office Complex Fetches $130/sf
December 18, 2000 Koll Bren Schreiber Realty Advisors has sold a 263,000-square-foot office park in suburban Chicago for nearly $34 million, or about $129/sf.UBS Brinson bought the Woodlake Corporate Park, an office park with seven single-story buildings, in...
LaSalle Fund Buys Industrial Portfolio Outside Chicago for $50 Mln
December 18, 2000LaSalle Investment Management Inc. has paid the Alter Group about $50 million for 28 industrial buildings, totaling roughly 1 million square feet, in a suburb west of Chicago.LaSalle's Income & Growth Fund II, a $400 million...
KWI Property Fund I Purchases 3 Buildings in Los Angeles
December 15, 2000 LOS ANGELES – KWI Property Fund I LP, a $250 million fund formed by Kennedy-Wilson International (Nasdaq:KWIC) earlier this year, has purchased three office properties totaling 576,092 square feet. The properties are: the 11-story, 162,150-sf...
UBS Warburg Upgrades General Growth, Simon Property
December 15, 2000 (NewsTraders.com) – UBS Warburg analyst Jeff Olson lifted his opinion today on real estate investment trusts General Growth Properties (NYSE:GGP) and Simon Property Group (NYSE:SPG) to strong buy from buy.Olson said he made the move...
Canadian apartment REIT Buys Luxury Mississauga Apartment Building
December 15, 2000 TORONTO – Canadian Apartment Properties REIT has purchased a 14-story luxury apartment building in Mississauga for C$19.6 million (US$12.9 million).The 199-suite building, located at 1355 Silver Spear Road, is adjacent to a property it currently...
PD Hotel Associates Buys Rosemont Suites at O’Hare in Illinois
December 15, 2000 SEATTLE – PD Hotel Associates, a joint venture between Dow Hotel Company and Prudential Real Estate Investors purchased the 296-suite Rosemont Suites at O'Hare in Rosemont, Ill., for an undisclosed amount.The hotel is located at...
Pilevsky Buys Assets From His REIT
December 15, 2000 Commercial Real Estate Direct Staff ReportPhilip Pilevsky, the New York investor who took his real estate holdings public in 1997 through Philips International (NYSE:PHR), is buying back some of the REIT's holdings.Philips International is in...
SL Green Hikes Dividend to $0.3875/shr
December 15, 2000 NEW YORK – The board of SL Green Realty Corp. (NYSE:SLG) has increased the REIT's common stock dividend to 38.75 cents/share, from 36.25 cents/share.The dividend represents a 10 cents/share increase on an annualized basis. It...
JLL to Market Citigroup Center in Manhattan
December 15, 2000 Dai-Ichi Life Investment Properties Inc. has retained Jones Lang LaSalle to market the Citigroup Center at 153 E. 53rd St. Early news reports suggested that after Dai-Ichi worked out a deal with co-owner Citigroup to...
TIAA Sells Seagram Building to RFR Holdings
December 15, 2000NEW YORK – RFR Holdings LLC has closed on the sale of the 770,000-square-foot Seagram building in midtown Manhattan.As reported in October,Teachers Insurance Investment fund had agreed to sell the 38-story building located at 375 Park...
Architect Buys Prime Development Parcel in Chicago
December 15, 2000 TENG & Associates, a Chicago-based architectural and urban planning firm, has paid $10 million for a prime development site in Chicago's Central Loop.The 24,088-square-foot parcel at 111 West Wacker Drive is located within a B6-7...
DaimlerChrysler Provides $25.5 Mln in Financing for 2 Pa. Offices
December 15, 2000 DaimlerChrysler Capital Services has provided $25.5 million in acquisition financing for two Class-B office properties, totaling 220,000 square feet, in Newtown and Paoli, Pa. Terms of the transaction were not disclosed.First Evergreen Group of Roseland,...
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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.
