RECENT NEWS
LaSalle Hotel Taps Noble House to Manage Newport, R.I., Hotel
February 27, 2001 BETHESDA, Md. – LaSalle Hotel Properties (NYSE:LHO) has hired Noble House Hotels and Resorts to manage the Hotel Viking, a 237-room historic luxury hotel in Newport, R.I.Noble House replaces Viking Hotel Corp., which was paid...
Washington Transit Agency Taps LCOR to Develop Complex
February 27, 2001 BETHESDA, Md. – The Washington Metropolitan Area Transit Authority has formed a joint venture with LCOR Inc. to develop a 32-acre parcel next to the White Flint Metrorail station in Bethesda, Md.LCOR will develop the...
Zuckerman Trust Buys 1.8 Mln Boston Properties Shares From Pru
February 27, 2001BOSTON – MBZ Charitable Remainder Unitrust has purchased 1.8 million shares of Boston Properties Inc. (NYSE:BXP) stock for $39.90/share, or nearly $72 million.MBZ is a charitable trust of which Mortimer B. Zuckerman, Boston Properties' chairman, is...
PRICE TALK: Credit Suisse First Boston Mortgage Securities Corp., 2001-CK1
February 27, 2001 Class Amount Rating Moody's Rating Fitch Avg. Life Price Talk Benchmark A-1 106 Aaa AAA 4.6 +38-40 Swaps A-2 154 Aaa AAA 7.1 +43-45 Swaps A-3 518.8 Aaa AAA 9.7 +47-49 Swaps B 43.7 Aa2...
Southeast Regional Digest (2/27/01): Fontainebleau & Turnberry to build condo tower in Miami Beach
February 27, 2001Fontainebleau & Turnberry to build condo tower in Miami Beach, Fla.The Miami HeraldMIAMI BEACH, Fla. - Stephen Muss, owner of The Fontainebleau Hilton, signed a joint venture agreement with Turnberry Associates to build a $200 million,...
Moody’s Upgrades Danbury Buildings Acceptance Corp.
February 27, 2001 NEW YORK – Moody's Investors Service has upgraded two tranches, class A-1 and A-2, of Danbury Buildings Acceptance Corp., 1994-1 to A2 from Baa2. The bonds are backed by a long-term triple net lease at...
Pru Originates $20 Mln Loan on Calif. Offices
February 27, 2001 SAN FRANCISCO – Prudential Mortgage Capital Co. has provided $20 million of mortgage financing for an 85,000-square-foot office building in Redwood City, Calif.The building, at 305 Walnut St., is fully leased and serves as the...
Security Capital Unit Taps Russell Platt to Develop Investment Offerings
February 27, 2001 CHICAGO – Russell C. Platt, who most recently served as president of JER Partners' international division, has joined Security Capital Global Capital Management Group as managing director.Platt will oversee product development, global expansion and client...
Cohen Financial to Add Suburban Chicago Office
February 27, 2001 CHICAGO – Cohen Financial is planning to open a satellite office in Chicago's suburbs that will be managed by Steve Roth and Joel Simmons, partners of the Chicago mortgage firm.The office is slated to open...
Jones Lang Named Property Manager for Mass. Mall
February 27, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterTimes Square Real Estate Investors has hired Jones Lang LaSalle to manage Worcester Common Outlets in Worcester, Mass., in yet another attempt to improve performance at the...
Lehman Exec Named COO of SL Green
February 26, 2001 NEW YORK – Michael Reid, a managing director with Lehman Brothers' global real estate department, has joined SL Green Realty Corp. (NYSE:SLG) as chief operating officer, succeeding David J. Nettina, who resigned to pursue other...
Southeast Regional Digest (2/26/01): Crescent wins rezoning for Sam Wilson business park in Charlott
February 26, 2001 Crescent wins rezoning for Sam Wilson business park in Charlotte, N.C.The Business Journal of Charlotte (N.C.)CHARLOTTE, N.C - Crescent Resources Inc. will begin work on the first building in a complex totaling 750,000 square feet...
Burnham Pacific Sells 2 Centers to Pru Venture for $19 Mln
February 26, 2001 SAN DIEGO – Burnham Pacific Properties Inc. (NYSE:BPP) has completed the $19 million sale of two shopping centers to Retail Value Investment Program, a venture of Developers Diversified Realty (NYSE:DDR), Coventry Real Estate Partners and...
Prime Group Realty Trust 4th Qtr FFO $0.09/shr vs $0.43/shr
February 26, 2001 Prime Group Realty Trust ? 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $2.4 $11.1 $44.0 $54.1 FFO/shr (diluted) $0.09 $0.43 $1.64 $2.06 Net Income (Mln) $(4.1) $(4.5) $13.9 $54.8 Net/shr (diluted) $(0.46)...
Japanese Banks Increase Securitization Activity by 30 Percent
February 26, 2001 Japanese banks have increased by 30 percent since last March the amount of property assets that have been securitized, according to a recent report from Nomura Real Estate Development Co. in Tokyo.The combined trust balance...
Scott Rechler to Relinquish Management Posts at Frontline, Focus on Reckson
February 26, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterScott Rechler, president and co-chief executive of Reckson Associates Realty (NYSE:RA), will soon relinquish his titles of president and chief executive of Frontline Capital Group (Nasdaq:FLCG), the...
Developer Gets OK to Proceed With Calif. Industrial Project
February 26, 2001Commercial Real Estate Direct Staff ReportCarson Cos. has secured city approvals for a speculative 1.35 million-square-foot industrial development in Chino, Calif., within the Inland Empire distribution hub, according to the area's weekly Business Press.Carson Cos., based...
Weingarten Realty Buys Orlando, Fla., Retail Property for $54 Mln
February 26, 2001 ORLANDO, Fla. – Weingarten Realty Investors (NYSE:WRI) has paid Cousins Properties Incorporated (NYSE:CUZ) $54 million for a 480,000-square-foot shopping mall.The Colonial Plaza Marketcenter is located on 45 acres on East Colonial Drive and Bumby Avenue,...
Arbor Commercial Places $17 Mln Mortgage with Deutsche Bank
February 23, 2001 UNIONDALE, N.Y. – Deutsche Bank Mortgage Capital has provided a $17 million 10-year mortgage to finance the purchase of a 300-unit apartment complex in Columbus, Ohio.The loan, which amortizes over 30 years and carries a...
CSFB Initiates Realty Income, Capital Auto at Buy
February 23, 2001 (NewsTraders.com) – Credit Suisse First Boston analyst Matt Dembski has issued buy ratings to Realty Income Corp. (NYSE:O) and Capital Automotive (Nasdaq:CARS).Realty Income – a triple-net-lease REIT that owns a diversified portfolio of freestanding, single-tenant,...
Fitch Assigns Triple-B-minus Rating to Shurgard Preferred
February 23, 2001 NEW YORK – Fitch has assigned a triple-B-minus rating to Shurgard Storage Centers Inc.'s (NYSE:SHU) recent offering of $75 million 8.75 percent series D cumulative preferred stock.Proceeds of the offering as well as cash remaining...
Security Capital Prices Archstone Stock for Sale
February 23, 2001 CHICAGO – Security Capital Group Inc. (NYSE:SCZ) expects to raise $626 million, after expenses, from the sale of up to 31.7 million shares of Archstone Communities Trust (NYSE:ASN).Security Capital has agreed to sell 25.6 million...
FINAL PRICING: $404.8 Mln G-Force CDO
February 23, 2001 G-Force CDO 2001-1 Ltd. & G-Force CDO 2001-1 Corp.ClassAmount($mln)Sub. Level(%)RatingS&PRatingMoody'sAvg.LifePriceTalk(BP)Priced(BP)BenchMarkA137.884AAAAaa6.8+60 area+60LiborB34.480AAAa28.6+85 area+85LiborC86.170AA28.9+145 area+155LiborD51.764BBBBaa27.6+325 area+325Treas.E94.753BBB-Baa37.6+450 area+465Treas.
Report: Investment Could Follow Rent Increases in Portland, Ore.’s Multifamily Sector
February 23, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterThe Portland, Ore., multifamily market has pulled off a fairly dramatic turnaround and could see investment activity accelerate as rents continue to rise, according to an analysis...
Fitch Affirms Equity Office Ratings, Puts Spieker on Watch, Positive
February 23, 2001 NEW YORK – Fitch said it has affirmed the triple-B-plus rating for $5.8 billion of senior unsecured notes issued by Equity Office Properties' (NYSE:EOP) operating unit.The action comes on the heels of Equity Office's agreement...
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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.
