RECENT NEWS
FINAL PRICING: $818.4 Mln KeyBank/Prudential Conduit
June 26, 2000 Note: During marketing of the following commercial mortgage-backed securities offering, the official name of the transaction was changed from "Prudential Securities Secured Financing Corp., Series 2000-Key 1" to "KeyBK 2000-C1." The change was made to...
Developer Trying to Jump-Start Hollywood Project
June 26, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorLos Angeles developer J. Allen Radford has engaged Grubb & Ellis Co. brokers to seek tenants interested in the retail and entertainment portion of Radford's controversial and...
PRICE TALK: $785.3 Mln COMM 2000-FL 2
June 26, 2000 Go To S&P's Presale Report.Go To Fitch Presale Report.Go To Moody's Presale Report.The following table shows price guidance on the top eight tranches of a 32-tranche floating-rate deal, assembled in a variant of the "A-B"...
Investor Pays $231.50/sf for Downtown Manhattan Offices
June 23, 2000 NEW YORK – An entity controlled by Yitzhak Tessler, a New York investor, has paid $46.3 million, or $231.50/sf, for 150 Nassau Street in downtown Manhattan.Tessler purchased the 200,000-square-foot building from a group led by...
FINAL PRICING: $738.7 Mln Chase/GE CMBS Deal
June 23, 2000 Go To Initial Price Talk.Chase Commercial Mortgage Securities Corp., Series 2000-2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePricetalk(BP)BnchMarkA-111924AAAAaa5+293-mo. LiborA-2442.524AAAAaa10+383-mo. LiborB26.820.375AAAa210+543-mo. LiborC34.215.75AA210+693-mo. LiborD1214.125A-A310+793-mo. LiborE2311BBBBaa210+245Treas.X*738.7NAAAAAaaNA+365**Treas.* Interest-only strip.** At 100 percent CPR.
Olympus Buys Stake in Historic Vermont Resort
June 23, 2000 DALLAS – Olympus Real Estate Corp. has acquired the historic Equinox, a 183-room resort that includes the Gleneagles golf course and clubhouse in Manchester Village, Vt., Terms of the acquisition – the latest in a...
Trammell Crow Leases San Diego Property
June 23, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThrough a pair of transactions valued at $22 million, Trammell Crow Co. has leased the entire 285,713-square-foot Cabrillo Technology Center, a property it is developing in San...
Southeast Regional Digest (6/23/00): Centennial Hill to build a $127 Mln mixed-use project in Atlant
June 23, 2000 Construction starts next month on downtown mixed-use projectThe Atlanta Journal-Constitution, June 23ATLANTA – Centennial Hill Development Partners will start construction the week of July 24 on its Centennial Hill project at Techwood Drive and Baker...
Former DreamWorks Exec Named President of Hillwood’s Strategic Services
FORT WORTH, Texas – Hillwood has appointed Albert J. Grazioli Jr. as senior vice president of development for Hillwood Strategic Services. In this role, he will direct global development projects.Previously, he served as team leader of real estate...
Chase, Fleet Lead $800 Mln Facility for Mack-Cali
June 23, 2000CRANFORD, N.J. – A syndicate led by Chase Manhattan and FleetBoston has provided an $800 million credit facility for Mack-Cali Realty Corp. (NYSE:CLI)The facility, which was provided by a group of 24 lenders, is expandable to...
TrizecHahn Unit to Revamp Minneapolis Hotel
June 22, 2000 MINNEAPOLIS – TrizecHahn Office Properties will renovate its Crown Plaza Northstar Hotel, at 618 Second Ave. South.The $13 million project includes a new street-level lobby entrance that would be linked to the adjacent Northstar retail...
FINAL PRICING: Columbia Center Trust, Series 2000-CCT ($195 Mln)
June 22, 2000 Columbia Center Trust, Series 2000-CCTClassAmount($mln)RatingS&PRatingMoody'sAvg.LifePriced(BP)BnchMarkA114.6AAAAaa4.5+27LiborB22.9AAAa24.5+37LiborC20.4A+A14.5+60LiborD17A-A34.5+76LiborE20.2BBBBaa24.5+150LiborX1195AAArAaa--N/ALibor
Retail Owners List Space for Lease on Website
June 22, 2000 BETHESDA, Md. – Six retail property owners have agreed to list available space for lease on Storetrax.com. The arrangement with the Website is exclusive, meaning the property owners are restricted from listing their space on...
Southeast Regional Digest (6/22/00): Quaker Oats will lease new 496,000-square-foot facility
June 22, 2000 Quaker Oats picks south Fulton site for shipping centerThe Atlanta Journal-Constitution, June 22ATLANTA – The Quaker Oats Co. has signed a long-term lease for a 496,000-square-foot distribution center at WestLake Industrial Park. The facility, to...
National Realty, American Realty Postpone Planned Merger
June 22, 2000 National Realty LP (Amex:NLP) and American Realty Trust Inc. (NYSE:ARB) have postponed their planned merger, which was slated to be completed at the end of the month. There's no word yet on when, or whether...
State Street Global Launches Apartment Development Fund
June 22, 2000 PURCHASE, N.Y. – State Street Global Advisors, a money manager, has launched an investment fund that will fund the development and eventual sale of apartment properties.The fund, Development Program II is overseen by The Tuckerman...
Fleet Closes $240 Mln Financing to Shorenstein
June 22, 2000 BOSTON – FleetBoston Financial has closed a $240 million financing for Shorenstein Investment Partners' purchase of Chicago's Prudential Plaza. Shorenstein is said to have paid about $380 million for the 2.1 million-square-foot property. The twin-tower...
Essex Hooks Up Units to Broadband Service
June 22, 2000 SEATTLE – Essex Property Trust Inc. (NYSE:ESS) has signed a deal with ReFlex Communications Inc. to provide broadband Internet access and service to apartment units owned by the REIT on the west coast.Essex owns 72...
Developer Buys Property for Boston ‘Carrier Hotel’
June 22, 2000 Developer Infomart has purchased a 400,000-square-foot property at 555 Pleasant Street in the Boston suburb of Watertown, Mass.The Dallas-based telecommunications facilities developer plans to retrofit the property, rename it "Infomart Boston," and lease it to...
Developer Pre-Leases Space at Baltimore Property
June 22, 2000 BALTIMORE – H&S Properties Development Corp. has preleased 56,000 sf at its six-story office building to Fidelity & Guaranty Life Insurance Co. The lease runs for 10 years.The insurance company will move its headquarters to...
Southeast Regional Digest (6/21/00): Charlotte to get new office tower in place of convention center
June 21, 2000 Headed uptown: Holton SquareThe Charlotte Observer, June 21CHARLOTTE, N.C. – Berwyn, Pa.-based LCOR plans to demolish the convention center at Trade, College and Fourth streets and replace it with Holton Square. The $214 million project...
Mike Cochran Named Principal of Secured Capital
June 21, 2000 LOS ANGELES – Secured Capital Corp has named Michael D. Cochran a principal of the firmCochran is senior managing director and head of the real estate investment banking boutique's New York office. He becomes one...
Beverly Hills Investor in $16 Sale-Leaseback in Orange County, Calif.
June 21, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorBlack Equities, a Beverly Hills, Calif., real estate investment group, has acquired the Astech Manufacturing complex in Santa Ana, Calif., for $16 million, or $47/sf.Astech will continue...
Lehman Providing $110 Mln of Financing to Prime Retail
June 21, 2000 BALTIMORE – Prime Retail Inc. (NYSE:PRT) is raising $110 million of financing from Lehman Brothers, which was also hired as financial adviser.The financing is in the form of a $90 million mezzanine loan that is...
AirTouch Renews Big Lease At Walnut Creek
June 21, 2000 AirTouch Support Services LLC has extended its lease term for an additional 36 months at Pacific Gateway Properties' (AMEX:PGP) Walnut Creek office park in San Francisco.AirTouch's lease covers four buildings totaling 128,800 sf. The extension...
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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.
