RECENT NEWS
Equity Office Buys Rest of Denver Office Building for $8.3 Mln
April 20, 2000 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has purchased the 30 percent interest that it did not already own in Metropoint II in Denver for $8.3 million, placing a value of $27.6 million on the...
A.G. Edwards Initiates Essex Property Trust At Accumulate
April 20, 2000 (NewsTraders.com) -- Essex Property Trust (NYSE:ESS) was thrust into the brokerage spotlight on Thursday, as A.G. Edwards & Sons analyst Art Havener initiated coverage of the apartment-focused real estate investment trust with an "accumulate" rating.Havener...
Law Firm Renews, Expands Lease at Philadelphia Tower
April 20, 2000 PHILADELPHIA – The law firm Ballard Spahr Andrews & Ingersoll has renewed and expanded its lease at the Mellon Bank Center, a Class-A building on West Market Street in Philadelphia's central business district.The law firm...
CapitalEngine.com Opens in D.C., Hires Greenwich Exec
April 20, 2000 NEW YORK – CapitalEngine.com has hired Edward J. McGovern, former vice president of Greenwich Group International, to head up a new office in the Washington, D.C., area.McGovern was responsible for both equity and debt financing...
Atlantic Gulf Communities Faces Restructuring, Bankruptcy
April 20, 2000 BOCA RATON, Fla. – Atlantic Gulf Communities Corp. (OTC Bulletin Board:AGLF ) could be forced to file for bankruptcy protection if it is unable to retire some of its debt.The company made the warning today...
Archstone Pays $58.5 Mln for LA Apartments
April 20, 2000 DENVER – Archstone Communities (NYSE:ASN) has paid $58.5 million for Studio Colony, a 450-unit apartment complex in West Los Angeles. The purchase is part of Archstone's plan to purchase apartment properties in urban "in-fill," or...
Crescent Names Dennis Alberts President, COO
April 20, 2000 FORT WORTH, Texas – Dennis Alberts, president and chief executive of Pacific Retail Trust, has been named president and chief operating officer of Crescent Real Estate Equities Co. (NYSE:CEI)As president and COO, Alberts will work...
Canada Regional Digest
April 20, 2000 Downtown office space at a premium, study shows TORONTO – Toronto had the lowest vacancy rate in 13 years, down to 7.7 percent for the first quarter of 2000, according to a new study from...
Pennsylvania REIT Sells Virginia Industrial Property for $8 Mln
April 20, 2000 PHILADELPHIA – Pennsylvania Real Estate Investment Trust (NYSE:PEI) sold a 294,000-square-foot industrial property in Alexandria, Va., for $8 million. But the REIT received an additional $4 million when it terminated a lease on the property.The...
Southeast Regional Digest
April 20, 2000 City still shaping deal with downtown on Blue Cross officesThe Florida Times-Union, April 20JACKSONVILLE, Fla – The city continues to talk with Blue Cross and Blue Shield of Florida about its $36 million downtown offices...
Dubuque Looks for New Waterfront Hotel Partner
April 19, 2000 Associated PressDUBUQUE, Iowa – City officials say they'll look for a different partner to build a hotel and convention facility on Dubuque's riverfront, since they can't reach an agreement with Diamond Jo Casino's new owner....
Philips International Plans Liquidation
April 19, 2000NEW YORK – Philips International Realty Corp. (NYSE:PHR) and its operating partnership, Philips International Realty LP, are implementing a liquidation plan, which is expected to generate cash proceeds of about $18.50 per share of common stock...
Apartment REIT Invests in Two Chicago Properties
April 19, 2000 Charles E. Smith Residential Realty, Inc. (NYSE: SRW), an Arlington, Va.-based urban multifamily REIT, started construction of a new 480-unit high-rise apartment building today in downtown Chicago and confirmed its acquisition of a nearby 185-unit...
Southeast Regional Digest
April 19, 2000 Loan secured for upscale hotel The Sun-Sentinel, April 19FORT LAUDERDALE, Fla. – Developer R. Donahue Peebles has secured a $54.5 million loan to finance construction of a long-delayed 500-room convention center hotel. Peebles has lined...
Salomon Analyst joins Keystone Property Trust as VP, Treasurer
April 19, 2000 WEST CONSHOHOCKEN, Pa. – Stephanie Krewson has joined Keystone Property Trust (AMEX:KTR) as vice president and treasurer.In her new position, Krewson will be responsible for capital planning, lender relations, and financial analysis and will report...
Cisco Signs Lease at BCE Place in Toronto
April 19, 2000 TORONTO – Cisco Systems Canada Co. has signed a lease for 60,000 square feet in the Bay Wellington Tower at the BCE Place office complex in the downtown financial district here.The company plans to relocate...
Koger Equity CEO, CFO Bought 175,000 Shares in March
April 19, 2000 (NewsTraders.com) – Two heavyweights from Koger Equity (NYSE:KE), including chief executive Thomas Crocker, combined to purchase 175,027 shares of the REIT in March, according to Form 4 documents released April 14 by the SEC.Crocker snapped...
Warren Buffett Reports Holding 5.1% Stake In PMC Capital
April 18, 2000 (NewsTraders.com) -- Billionaire investor Warren Buffett filed with the SEC Monday after market close to report holding a 5.1% stake in PMC Capital Inc. (Amex:PMC), a Dallas-based closed-end management investment company.In a Schedule 13G, Buffett...
Reckson Wins Former Psychiatric Facility in Long Island
April 18, 2000 MELVILLE, N.Y. – Reckson Associates Realty Corp. (NYSE: RA) has agreed to pay $33.7 million for a tract of land on Long Island that was formerly part of the Pilgrim State Psychiatric Facility.The state of...
Southeast Regional Digest
April 18, 2000 Atlanta Journal-Constitution lists area dealsThe Atlanta Journal-Constitution, April 18ATLANTA – LNR Property Group and Insignia Commercial Investment Group's Centennial Tower, formerly a government office building, is now 81 percent leased. The two firms have redeveloped...
Aegis Names Alan Hirmes Interim CFO
April 18, 2000 NEW YORK – Aegis Realty Inc. (Amex:AER) has promoted Alan P. Hirmes, a senior vice president and member of the firm's board, to the post of interim chief financial officer, effective May 15.Hirmes is replacing...
Fitch Puts HRPT Properties Debt on RatingAlert Negative
April 18, 2000 NEW YORK – Fitch IBCA has placed the triple-B-plus rating on HRPT Properties Trust's senior unsecured debt and shelf registration on RatingAlert Negative. The action affects about $1.3 billion of debt.The alert is a result...
Chief Operating Officer Leaves Innkeepers USA Trust
April 18, 2000 PALM BEACH, Fla. – Frederic M. Shaw has left his position as chief operating officer of Innkeepers USA Trust (NYSE: KPA), effective today.Jeffrey H. Fisher, the hotel REIT's chief executive officer, will assume the functions...
Germans Buy Jersey City Tower for $245/sf
April 18, 2000 JERSEY CITY, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has closed on the sale of the International Financial Tower here to German investors for $152.5 million, or about $245 per square foot.The buyers consist of a...
Cabot Industrial Trust Commences Joint Venture With Chase Capital Partners
April 18, 2000 BOSTON – Cabot Industrial Trust (NYSE: CTR) has formed a joint venture program, funded mostly by Chase Capital Partners, which will invest in industrial and workspace properties.The investors have committed approximately $44 million in equity...
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