RECENT NEWS
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...
RREEF Buys San Diego-Area Office-Flex Property
June 21, 2000By Brad Berton, Commercial Real Estate Direct Contributing EditorRREEF Funds has purchased, on behalf of a client, the 320,025-square-foot Carlsbad Spectrum II in northern San Diego County.flex-tech property within the 560-acre Carlsbad Research Center in Carlsbad,...
Prudential Downgrades Pacific Gulf Properties to Accumulate
June 21, 2000 (NewsTraders.com) – Pacific Gulf Properties (NYSE:PAG) ebbed to "accumulate" from "strong buy" in Prudential Securities analyst Lou Taylor's view, after the company agreed to sell its industrial properties to CalWest Properties for $929 million in...
Nationwide Mutual Leases 1.1 Mln sf at Duke-Weeks Property
June 21, 2000 INDIANAPOLIS, Ind. – Nationwide Mutual Insurance Co. has signed leases for 1.1 million square feet of office space at properties owned by Duke-Weeks Realty Corp. (NYSE:DRE)The space is at the Tuttle Crossing business park in...
Blackstone, Hines Team Up to Develop Atlanta Offices
June 20, 2000NEW YORK – Blackstone Real Estate Advisors and Hines are forming a venture to develop a site in Atlanta's Buckhead section. Blackstone had purchased the site in 1998, but held off developing it. It says now...
Southeast Regional Digest (6/20/00): Joint venture to build 500,000-square-foot office tower
June 20, 2000 Major office tower planned for BuckheadThe Atlanta Journal-Constitution, June 20ATLANTA – A partnership between Blackstone Real Estate Advisors of New York and Houston-based Hines will develop a 500,000-square-foot office tower. One City Center will be...
PRICE TALK: $818.4 Mln Prudential Securities CMBS
June 20, 2000 Go To S&P's Presale Report.Go To Moody's Presale Report.Prudential Securities Secured Financing Corp., $818.4 mln. Series 2000-Key 1ClassAmount($mln)Sub. Level(%)RatingS&PRatingMoody'sAvg.LifePricetalk(BP)BnchMarkA-113426AAAAaa5+30 area3-mo. LiborA-2471.626AAAAaa10+41 area3-mo. LiborB34.821.75AAAa210+53-553-mo. LiborC40.916.75AA210+65-673-mo. LiborD10.215.5A-A310+75-773-mo. LiborE10.214.25BBB+Baa110+230-235Treas.F18.412BBBBaa210+240-245Treas.G14.310.25BBB-Baa310+275 areaTreas.X*818.4N/AAAAAaa--+365 area**Treas.* Interest-only class** At 100 percent CPR.
CapitalEngine.com Opens London Office
June 20, 2000NEW YORK – CapitalEngine.com has opened up shop in London and hired John Rowley-Conwy as director of business development to oversee the online real estate firm's growth in Europe.Rowley-Conwy has for the past 10 years structured...
Home Properties Sells $40 Mln of Preferred to AEW, Pacific Life
June 20, 2000 ROCHESTER, N.Y. – Home Properties (NYSE:HME) has sold $20 million of preferred stock to affiliates of AEW Capital Management and Pacific Life Insurance Co.The series C cumulative convertible preferred stock pays a dividend of 8.75...
FINAL PRICING: $886.2 Mln DLJ Conduit
June 20, 2000 Go To Initial Price Guidance.DLJ Commercial Mortgage Corp., Series 2000-CF1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriced(BP)BnchMarkA-1A96.125.25AAAAAA5+30Libor (Treas. +134.6)A-1B566.425.25AAAAAA10+41Libor (Treas. +162.75)A-244.320.25AAAA10+55Libor (Treas. +177.75)A-337.716AA10+73Libor (Treas. +195.75)A-413.314.5A-A-10+82Libor (Treas. +204.75)B-13111BBBBBB10+245Treas.B-211.19.75BBB-BBB-10+275Treas.S*886.2--AAAAAA--+375**Treas.* Notional amount and interest-only** At 100 percent CPR.Classes B-3 through B-8, C and D...
Canada Regional Digest (6/20/00): Starwood Group to develop residential condos on top of hotel
June 20, 2000 Condo-hotel seeks luxurious mixThe Globe and Mail, June 20TORONTO – Starwood Group Inc. will build a 16-story building with one- and two-story residential condominiums on top of a hotel. The hotel will be built on...
Associated Estates Buys Two Luxury Apartment Communities
June 20, 2000 CLEVELAND – Associated Estates Realty Corp. (NYSE: AEC) has purchased a 272-unit luxury apartment community in Riverside, Calif., on behalf of one of its pension fund clients. Associated Estates would not disclose the price or...
Gerald Rohm Tapped as President, COO of eProperty
June 20, 2000 LOS ANGELES – eProperty, an Internet real estate site formed by Kennedy-Wilson Inc. (Nasdaq:KWIC), has named Gerald M. Rohm as president and chief operating officer. Previously, Rohm was managing director & vice president of portfolio...
Brookfield, Gentra Provide Tenants Discounted Buying Through OfficeTempo.com
June 20, 2000 Brookfield Properties Corp. (NYSE: BPO) and Gentra Inc.'s (PSE: GTA) will offer their office tenants discounted buying services via OfficeTempo.com.Tenants will be able to buy a wide range of products and services including computers, software,...
CalPERS Adds $150 Mln to Real Estate
June 20, 2000 SACRAMENTO, Calif. – California Public Employees' Retirement System has earmarked $150 million of fresh capital to two real estate ventures as part of its decision to plow $1.1 billion of capital to four investment vehicles.The...
KPMG Leases Space at Mack-Cali Building
June 20, 2000 CRANFORD, N.J. – KPMG Consulting LLC has signed a lease for 38,000 square feet at Liberty Corner Corporate Center, a newly constructed office building in Bernards Township, N.J.This long-term lease is the first signed at...
Southeast Regional Digest (6/19/00): MSJ Realty to pay $500 Mln for Crocker portfolio
June 19, 2000 MSJ Realty to pay $500 Mln for Crocker portfolioSouth Florida Business Journal, June 19 BOCA RATION, Fla. – MSJ Realty Trust plans to pay $500 million for Crocker Realty Trust's 6.1 million-square-foot office portfolio, which...
Michael Pralle Named President, CEO of GE Capital Real Estate
June 19, 2000 STAMFORD, Conn. – Michael E. Pralle, president and chief executive of the private-equity investment arm of GE Capital, has been named president and chief executive of GE Capital Real Estate.Pralle replaces Ron Pressman, who was...
Hospitality Properties to Buy 10 Marriott Hotels for $145 Mln
June 19, 2000 Hospitality Properties Trust (NYSE: HPT) has agreed to buy 10 hotels from Marriott International Inc. (NYSE: MAR) for $145 million. Eight of the hotels were purchased last week, the remainder are still being developed and...
Heidelberger Buying Piece of Kodak Manufacturing Hub
June 19, 2000 Associated PressROCHESTER, N.Y. – The digital division of German printing giant Heidelberger Druckmaschinen AG, which bought Eastman Kodak Co.'s office-imaging unit last spring, is purchasing a big chunk of Kodak's Elmgrove industrial hub. Heidelberg Digital...
2 Small REITs Review Operations to Ensure No Wrongdoing
June 19, 2000DALLAS – Income Opportunity Realty Investors Inc. (Amex:IOT) and Transcontinental Realty Investors Inc. (NYSE:TCI), two Dallas REITs that are managed by Basic Capital Management Inc., have hired independent counsel to review their operations to ensure that...
Pacific Gateway To be Bought by Mission Orchard Statutory Trust
June 19, 2000 SAN FRANCISCO – Pacific Gateway Properties Inc. (AMEX: PGP) has agreed to be acquired by Mission Orchard Statutory Trust, an affiliate of Integrated Capital Associates Inc.Under the terms of the agreement, Pacific Gateway's shareholders will...
Singapore Puts Washington-Area Complex on Block
June 19, 2000 The government of Singapore has put Metro Park North, a 908,000-sf complex in Rockville, Md., up for sale. According to the Washington Business Journal, the portfolio could sell for up to $120 million. Singapore paid...
Reichmanns Consider Next Move for Montreal Theme Park
June 19, 2000 Montreal Gazette/Associated PressMONTREAL (CP) – Albert Reichmann refused Thursday to give up on a Montreal sports and entertainment complex that would cost 1 billion Canada dollars (US$682 million). "We're studying the situation," Reichmann, the chairman...
Summit/Mack-Cali Break Ground on Anaheim Offices
June 19, 2000 ANAHEIM, Calif. – Summit Commercial Properties and Mack-Cali Realty Corporation (NYSE:CLI) have started construction on a $40 million Class-A office building in Anaheim.The 260,000-square-foot Stadium Gateway is 30 percent pre-leased to New Horizons Worldwide Inc,...
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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.
