RECENT NEWS
Union Labor Life Provides $43 Mln of Financing for Phila. Hotel
December 1, 1999 NEW YORK – Union Labor Life Insurance Co. has provided $43 million of construction financing for a Hyatt hotel in downtown Philadelphia.The 350-room Hyatt Regency Penn's Landing Hotel is being developed by Penn's Landing Partners...
Conseco, Trump Offer Interests in GM Building, NYTimes Says
December 1, 1999 Conseco Inc. and Donald Trump have started marketing condominium interests in Manhattan's GM Building, which the two bought last year for $800 million, or $492/sf.According to the New York Times, the investment team could generate...
Peter Marx Named Director of Corporate Services at Cushman & Wakefield
December 1, 1999 NEW YORK – Cushman & Wakefield has named Peter J. Marx director of corporate services for the northeast region.In his new post, Marx is responsible for the delivery of the firm's corporate services to its...
The Macerich Co. Files 8-K
December 1, 1999 The Macerich Co. (NYSE:MAC) has filed a Form 8-K with the SEC.
Metropolis to Retain 1290 Ave. of Americas, But Could Sell it Later
November 30, 1999 Metropolis Realty Trust Inc. is planning to refinance 1290 Avenue of the Americas, a 1.9 million-square-foot office building in Midtown Manhattan, but will likely sell it down the road.The closely-held REIT had originally marketed the...
Investcorp Buys Stake in Midwestern Real Estate Firm
November 30, 1999 Investcorp International has purchased a significant minority interest in Welsh Cos., a Bloomington, Minn., commercial real estate services firm.Welsh manages $1.3 billion of real estate and employs 450 people in 10 offices throughout the Midwest...
Taubman Forms Venture with Ivanhoe, Raises $190 Mln of Financing for Tampa Mall
November 30, 1999 BLOOMFIELD HILLS, Mich. – Taubman Centers Inc. (NYSE:TCO) said it formed a joint venture with Ivanhoe Inc. of Montreal to develop International Plaza, a 1.2 million-square-foot shopping center in Tampa, Fla.In addition, the venture raised...
Washington REIT Buys Maryland Office Building for $118/sf
November 30, 1999 ROCKVILLE, Md. – Washington Real Estate Investment Trust (NYSE:WRE) paid $4.7 million, or $118/sf, for the Parklawn Plaza office building in Rockville, Md.The four-story building contains 40,000 square feet and is fully leased. It is...
AEW Makes Investment in Co-Location Firm
November 30, 1999 BOSTON – AEW Capital Management was one of four investors that together provided $28 million of venture capital financing to CO Space Inc., a Somerville, Mass., company that provides space for communications equipment.The three other...
Taubman Raises $25 Mln from Sale of Preferred Equity
November 30, 1999 BLOOMFIELD HILLS, Mich. – Taubman Centers Inc. (NYSE:TCO) raised $25 million through the private placement of preferred equity in its operating partnership, Taubman Realty Group LP.The preferred equity has a fixed coupon with a 9...
Lend Lease Client Buys One Atlanta Plaza for $100 Mln, Paper Says
November 30, 1999 A pension fund advised by Lend Lease Real Estate Investments has purchased One Atlanta Plaza for more than $100 million, or $162/sf, according to the Atlanta Journal-Constitution.The 34-story, 618,000-square-foot building was purchased from Sumitomo Life...
Southeast Regional Digest
November 30, 1999 Tallest Buckhead building sold for more than $100 MlnAtlanta Journal-Constitution, November 30ATLANTA – A public pension fund has bought the 34-story, 618,000-square-foot One Atlanta Plaza from Sumitomo Life Realty (N.Y.) for more than $100 million....
Canada Digest
November 30, 1999 Bay buys seven Eaton's storesThe National Post, November 30TORONTO – Hudson's Bay Co. has acquired seven former T. Eaton Co. Ltd. locations directly from landlords, and is still in discussions about several other stores. The...
IPG Buys Two Residential Properties in Seattle for $50 Mln
November 30, 1999 CALGARY – International Properties Group has expanded its U.S. presence with the acquisition of two residential properties in the Seattle area for about C$50 million.The properties are Nautica, an 82-unit property in Renton, and Walden...
General Growth Completes $590 Mln of CMBS Financing
November 30, 1999 CHICAGO – General Growth Properties Inc. (NYSE:GGP) has completed the sale of $590 million of commercial mortgage-backed securities, allowing it to finance 10 malls owned by its GGP/Homart affiliate.The notes, which were sold in seven...
Deal to Buy Former Stroh Brewery Collapses
November 30, 1999 Associated PressLONGVIEW, Texas – An effort by local investors to buy a Stroh brewery has failed, according to a representative for the investors. Rusty Norton, a local real estate broker, said Monday that the investors...
Pacific Gulf Pays $8 Mln for Arizona Industrial Property
November 30, 1999 NEWPORT BEACH, Calif. – Pacific Gulf Properties has paid $8 million for Broadwood Business Centre, a 156,200-square-foot business park located on Broadway Road in Mesa, Ariz.The complex is 95 percent leased to a variety of...
Canada Digest
November 29, 1999 Scotia Plaza vacancy rate climbsThe Globe and Mail, November29TORONTO – Despite being one of the most sought-after addresses in Canada, the vacancy rate at Scotia Plaza is rising as tenants seek less expensive space. Eight...
ElderTrust Cuts Dividend to $0.30/shr from $0.365/shr
November 29, 1999 KENNETT SQUARE, Pa. – ElderTrust (NYSE:ETT) has reduced its dividend to 30 cents/share from 36.5/share.The annual dividend rate is projected to be $1.20 share, down from $1.46/share.The reduction "reflects the expected decrease in cash available...
Maguire Puts MGM Plaza Up for Sale, Asks $350 Mln, LA Business Journal Says
November 29, 1999 Maguire Partners has put the MGM Plaza in Los Angeles up for sale. The 1 million-square-foot office building has a price tag of about $350 million, according to the Los Angeles Business Journal.Secured Capital and...
Dynex to Sell Manufactured-Housing Unit to Bingham Financial
November 29, 1999 GLEN ALLEN, Va. – Dynex Capital Inc. (NYSE:DX) has agreed to sell its manufactured housing lending and servicing operations, which are operated through Dynex Financial Inc., to Bingham Financial Services Corp. (NASDAQ:BFSC).Bingham is a specialty...
MeriStar Hires Randy Carroll as SVP of Real Estate, Asset Management
November 29, 1999 WASHINGTON – MeriStar Hospitality Corp. (NYSE:MHX) has named Randall W. Carroll senior vice president of real estate and asset management.Carroll was previously vice president of corporate development and finance for Hilton Hotels. He was also...
Reilly Mortgage Opens Up Shop in NY, Hires Jerry Kray
November 29, 1999 NEW YORK – Reilly Mortgage Group has opened an office in New York that is headed by Jerry Kray, who formerly was senior vice president and head of commercial lending at GFI Realty Services.In addition,...
Starwood Financial Hikes Div to $0.57/shr, Plans Additional Increase
November 29, 1999 NEW YORK – Starwood Financial Inc. (NYSE:SFI) has set a 57 cents/share dividend payable Jan. 28 to holders of record Dec. 11.The dividend represents a 30 percent increase over Starwood's previous dividend and is slightly...
Pittsburgh Technology Center to Add Another Building
November 29, 1999 Associated PressPITTSBURGH – The Pittsburgh Technology Center will soon be full following a decade spent redeveloping the former mill along the Monongahela River. The city's Urban Redevelopment Authority approved a $20-million office building, which will...
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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.
