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1. BizJournals - Banking & Finance
2. BizJournals - Commercial Real Estate
3. Costar - Boston Market
4. GlobeSt. - Northeast
5. Commercial Property News - Northeast
6. Commercial Property News - Finance
7. Wall Street Journal - Commercial Real Estate |
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Commercial Banking News - Commercial Banking News Headlines | Bizjournals.com
Banking & Financial Services news
Former LPS subsidiary indicted on 136 mortgage counts in Missouri
A grand jury in Missouri has indicted a former Lender Processing Services Inc. subsidiary on 136 counts of forgery and making a false declaration related to mortgage documents, the Missouri State Attorney General?s Office said in a news release.
The indictments against DocX LLC and its founder and former president, Lorraine Brown, claim that the person whose name appears on 68 notarized deeds of release on behalf of the lender is not the person who actually signed the paperwork. The documents were then submitted to the Boone County Recorder of Deeds in Missouri as though they were genuine...
First Trust Bank returns to 4Q profit
First Trust Bank returned to profitability in the fourth quarter of 2011, posting $823,000 in net income, or 17 cents per diluted share. The bank lost $2.3 million in the fourth quarter of 2010.
For the full year in 2011, First Trust reports net income of $2.4 million, 50 cents per share, compared to a net loss of $3.9 million in 2010.
The improved results can be attributed to improving loan quality and a reserve release. First Trust only reserved $7.2 million for future loan losses in the final three months of 2011, compared to $10...
JPMorgan Chase could pay $110M in overdraft settlement
JPMorgan Chase & Co. filed a motion for a preliminary agreement to settle an overdraft fee class action lawsuit brought in Miami federal court for $110 million.
The agreement still must be approved by U.S. District Judge James Lawrence King. He is reviewed a consolidated complaint involving dozens of banks that were accused to processing the largest transactions first, instead of recording them in chronological order, to maximum overdraft fees to depositors.
JPMorgan Chase (NYSE: JPM), the thirty-ninth-largest bank in Northeast Florida, changed its debt card transaction process in March 2010 to work on chronological order...
Tango Health gets $4M in funding
Software maker Tango Health Inc. has completed $4 million in Series B funding led by an Austin-based early-stage venture capital firm and an angel investor.
The Austin-based startup received the financing from S3 Ventures and Mike Turner, founder and CEO of Austin-based Waveset Technologies Inc., which was acquired by Sun Microsystems Inc. in 2003.
Funding will be used to increase marketing and sales and expand product development in other markets, Tango officials said Tuesday.
Last year, the company said it has a 99 percent participation rate among HSA-eligible employees who open an account...
DST Systems shakes up board; longtime directors will leave
DST Systems Inc. said a pair of longtime Kansas City-area businessmen ? including its former COO ? will not stand for re-election to its board of directors. The move comes as the company works to increase the number of independent members on its board.
The Kansas City-based data processing company (NYSE: DST) said Tuesday that it had nominated as board members Lowell Bryan, founder of consulting firm LL Bryan Advisory LLC, and Samuel Liss, a principal at WhiteGate Partners LLC.
The two nominees would take the spots held by Thomas McCullough and William Nelson...
Bank of America could sell all of its office property
Bank of America Corp. may sell all its offices as part of the company's effort to cut costs, sparing only its headquarters in North Carolina and New York, Bloomberg reports.
"We are currently reviewing all of our properties across our portfolio, with the exception of Bank of America Corporate Center in Charlotte and Bank of America Tower at One Bryant Park" in Manhattan, Kelli Raulerson, a spokeswoman, said. The bank owned or leased about 120 million square feet in 26,910 locations at the end of 2010, mostly in the U...
Banks embracing short sales
Banks are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe, Bloomberg News reports.
Lenders have routinely blocked such transactions, known as short sales, in which they accept less from a buyer than the seller?s outstanding loan. But now banks have decided the deals are faster and less costly than foreclosures, according to Bloomberg.
Synovus swapping subordinated notes in debt offering
Synovus Financial Corp. is in the market with $250 million in senior notes to pay off subordinated debt due next year.
The second-largest Georgia-based financial institution is paying off the remaining $207 million in subordinated notes, which are ranked lower in priority than senior notes when the notes must be repaid, such as in an event of default.
Synovus (NYSE: SNV) took out those notes at 4.875 percent. The notes must be cashed in by Feb. 21.
Terms on the new senior notes were not fully disclosed, but the deal, run by JPMorgan Securities LLC will extend the due date on Synovus' debt to 2019.
Orrick settles unpaid rent case with Huntsman campaign
Orrick Herrington & Sutcliffe LLP, which in December sued the Jon Huntsman campaign over an alleged $42,000 in unpaid rent, has reached a settlement with the campaign, The Washington Post reports.
The complaint said the Huntsman campaign signed a one-year lease in May to rent space in the law firm?s Washington office at 15th and M streets NW, but had stopped paying the $8,356-per-month rent by August. The campaign had vacated the space by mid-September, according to the complaint, and the suit sought to recover $41,784 in rent accumulated between August and December, according to the Post.
U.S. commercial property prices to climb 6%
Based on recent trading in real estate investment trusts and fixed-income yields, Green Street Advisors Inc. says commercial property values in the U.S. will probably climb about 6 percent in the next six months, Bloomberg Businessweek reports.
Property values were little changed during the past several months after a two-year rally that brought them to within 10 percent of record highs reached in 2007, Green Street said in a Jan. 6 report on its Commercial Property Price Index.
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Commercial Real Estate Industry News Headlines | Bizjournals.com
Commercial Real Estate news
Bill would change Hawaii's state building code
Hawaii lawmakers are considering a bill that would relax some sections of the state building code by giving counties more flexibility to define their own codes and would change the makeup of the state building code council.
West Hawaii Today reports the that Rep. Bob Herkes, D-Puna-N. Kona, who sponsored House Bill 2358, said he was concerned that the strict requirements outlined in the current building code would make home ownership unattainable for Big Island residents.
The newspaper reports that the bill, which would create term limits for council members and eliminate voting status for county building officials, has passed the House Committee on Water, Land & Ocean Resources and is awaiting a hearing before two other committees...
Carrollton Bancorp swings to fourth-quarter profit
Carrollton Bancorp swung to a profit in the fourth quarter, as the parent company of Columbia?s Carrollton Bank added deposits and set aside less money to cover potential loan losses.
Carrollton (NASDAQ: CRRB) posted net income of $569,000 for the quarter. That compares with a loss of $1.2 million in fourth quarter 2010.
Holders of Carrollton?s common stock saw net income of $431,000, or 17 cents a share, for the quarte. That?s after accounting for preferred stock dividends paid to the U...
Generac plans up to $10M for HQ; will add 200 jobs
Generac Holdings Inc. plans to invest as much as $10 million to remodel and expand its corporate headquarters in the town of Genesee in Waukesha County, create a technical center and add more than 200 jobs.
The generator manufacturer plans to commit $5 million to $6 million to expand the headquarters at S45 W29290 Hwy. 59 and $3 million to $4 million to create a technical center at the site.
?The expansion of our headquarters isn?t just a major investment in our community, it?s a major step in meeting the power generation and equipment demands of our customers,? Generac CEO Aaron Jagdfeld said...
Southeastern Aluminum property sold in sale-leaseback deal
An Austin, Texas, investment group has bought Southeastern Aluminum Products Inc.?s Jacksonville building and leased it back to the company.
AIC Ventures paid $9 million for the 197,000-square-foot industrial building at 4925 Bulls Bay Highway, according to public records.
Southeastern Aluminum Products, which manufactures bath and shower doors, entered a long-term lease on the building with AIC after the transaction closed, AIC said in a news release.
Terms of the lease were not disclosed.
Florida Coastal School of Law completed a similar sale-leaseback transaction in February 2010, when it sold its Jacksonville land and building to a New York investment firm for $27 million and entered a 20-year lease...
Liberty Property Trust FFO down slightly in 4Q
Office building landlord Liberty Property Trust is sayings its crucial funds from operations number fell 3 percent in the fourth quarter.
The Malvern company?s stock (NYSE:LRY) was down less than that, by 0.65 percent, in morning trading today. Its FFO of 63 cents per share matched the average estimate of analysts polled by Thomson Reuters.
Read Liberty's news release on its quarter and full-year 2011 here.
Cassidy Turley sees slow but steady growth
Cassidy Turley is forecasting continued growth for the Washington-area economy in 2012, although the commercial real estate company believes office leasing activity and employment gains will be subdued because of uncertainty about the federal government's deficit reduction efforts and the presidential election in November.
Wisconsin Avenue Giant will close in March
The Giant grocery store at 3336 Wisconsin Ave. NW will close in March in preparation for the construction of the $125 million Cathedral Commons project, DCmud reports.
A raze permit for the building as well as other parts of the 3300 block were approved Jan. 30th by the Historic Preservation Office.
Bank of America could sell all of its office property
Bank of America Corp. may sell all its offices as part of the company's effort to cut costs, sparing only its headquarters in North Carolina and New York, Bloomberg reports.
"We are currently reviewing all of our properties across our portfolio, with the exception of Bank of America Corporate Center in Charlotte and Bank of America Tower at One Bryant Park" in Manhattan, Kelli Raulerson, a spokeswoman, said. The bank owned or leased about 120 million square feet in 26,910 locations at the end of 2010, mostly in the U...
Cassidy Turley sees slow but steady growth
Cassidy Turley is forecasting continued growth for the Washington-area economy in 2012, though the commercial real estate services company says the growth will be slow and led by private sector expansion.
It believes employment gains and office leasing activity will be subdued because of continued uncertainty about the federal government's deficit reduction efforts and the presidential election in November.
Cassidy Turley estimates that net absorption in Washington-area office space will total 2...
Earnings: Louisiana-Pacific posts $170.7M loss for 2011
Nashville-based Louisiana-Pacific (NYSE: LPX) continued to see its losses grow in the fourth quarter of 2011.
The company reported losses of $46.6 million, or 34 cents per diluted share, for the quarter on revenue of $312.2 million. Analysts, on average, had anticipated a loss of 20 cents per share on revenue of $319.6 million.
During the same period in 2010, the company posted a $6.8 million loss on revenue of $316.3 million.
For the year, the company reported losses of $170.7 million. In 2010, it reported losses of $39 million...
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Boston Commercial Real Estate News From CoStar Group
CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of commercial real estate information and commercial property listings available in its markets.
In The Pipeline: CoStar Development & Construction News for Feb. 5-11
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
ACC Begins Student Housing Project at Drexel University
American...
CoStar's People of Note (Jan. 29-Feb. 4)
This week's People of Note includes the following markets: Chicago, Dallas/Fort Worth, Los Angeles, Milwaukee/Madison, New York City, Philadelphia, Pittsburgh, South Florida, Washington, DC.
LOS ANGELES
Cockrum Joins Lowe Enterprises Investors as SVP
By Laurie Forbes
Lowe Enterprises Investors hired William M. Cockrum IV as senior vice president to head the company?s marketing and capital raising efforts. He will be based in th
GREEN LEAD | Green Building News from CoStar
GREEN LEAD is a column on environmental and sustainable design and construction, best practices for green building maintenance and operations, economic impact on developers and owners, new LEED and Energy Star building certifications, and trends in the Green Building movement.
Send in your Green News Leads to news@costar.com
Latest Research on Green Real Estate Now Available
Latest Potential Investor In Grubb & Ellis Emerges From Talks Without Agreement
A two-week period of exclusive negotiations between Grubb & Ellis Co. and New York-based financial brokerage BGC Partners expired Tuesday without an agreement, according to a document filed with the U.S. Securities and Exchange Commission.
Under the previous agreement, Grubb & Ellis provided an exclusive right to negotiate for BGC Partners, headed by chief executive Howard Ludnick, to pursue a debt or equity financing agreement or acquisition of...
C-III Asset Mgmt. Sells Canton Industrial Property
C-III Asset Management LLC sold the Canton Commerce Center building in Canton, MA, to Harbor LLC for $2.55 million, or about $31 per square foot.
Harbor plans to occupy the 83,546-square-foot building under Harbor Foods, according to CoStar information.
Catherine Minnerly and Ovar Osvold of NAI Hunneman Commercial Co. represented the seller, while Taryn Wilson of Grubb & Ellis represented the buyer.
Please see CoStar COMPS #2240927 for more...
Newbury Street Portfolio Sells for $8.8 Million
The Mount Vernon Co. sold the properties at 225 and 227 Newbury St. in Boston to The Copley Group. The two retail buildings sold for $8.8 million or $732 per square foot.
The four-story, 4,540 square foot, class B building at 225 Newbury was built in 1899 and is on 0.06 acres. The four-story, 7,480-square-foot, Class B building at 227 Newbury was also built in 1899 and is on 0.06 acres. The properties are in the Back Bay submarket.
Jason Weissman...
Hyperion Catalysis Renews 63,500 SF in Cambridge
Hyperion Catalysis International signed a 63,500-square-foot lease renewal at 40 Smith Place in Cambridge, MA.
The company was founded in 1982 and discovered the carbon nanotubes in 1983. Hyperion Catalysis expects to develop a range of applications for these carbon nanotubes.
The two-story, 63,500-square-foot, Class B office building was built in 1992 in Middlesex County.
The team of Adam Subber and Dan Sullivan of Cresa represented Hyperion...
In The Pipeline: CoStar Development & Construction News for Jan. 29 - Feb. 4
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
Trammell Crow, Principal Launch $1B Development Program
Principal...
CoStar's People of Note (Jan. 22-28)
This week's People of Note includes the following markets: Dallas, Denver, National, New York City, Orange County, San Francisco and Washington, DC.
DALLAS, NATIONAL
Behringer Harvard Appoints New President, CEO of REITs
By Laurie Forbes
Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place
LAST CALL! Deadline Is Next Week for CoStar Power Broker Awards
This is it! Don't miss out on this opportunity to have your 2011 professional accomplishments recognized by making sure you get credit for the leases and sales you closed in 2011 and you may qualify for the CoStar Power Broker Awards!
The deadline to submit your transactions is next Wednesday, February 1, 2012. As the leading industry award recognizing the "best of the best" in commercial real estate brokerage, the CoStar Power Broker Awards...
MIT Federal Leases 16,573 SF in Cambridge
MIT Federal Credit Union renewed a lease for about 16,573 square feet in the building at 700 Technology Square in Cambridge, MA.
The five-story building totals 48,930 square feet in the Technology Square office park. Beacon Capital Partners LLC developed the property in 2001.
NAI Hunneman Executive Steve James and Greg Larsen represented MIT Federal Credit Union. Juliette Reiter, David Townsend and Mark Winters of Cushman & Wakefield represented...
Ten X Club Expands to Dedham
Ten X Club signed an 18,000-sqaure-foot lease at 450-456 Providence Highway in Dedham, MA. The multi-purpose fitness, spa and salon club currently has four successful locations throughout the state. Ten X Club moved into its latest property this month and plans to be there for 10 years.
The two-story, 70.000-sqaure-foot, Class C retail building was built in 1975 and is in the Route 1 South submarket.
Kenneth Fries of R.K Associates represented...
Lumber Distributor Inks 74,000-SF Deal
Hood Industries Inc., a national lumber distributor and manufacturer, signed a 10-year lease deal to occupy 74,240 square feet at 91 Fitchburg Road in Ayer MA.
The 74,240-square-foot, single-story industrial building was constructed in 2002 and is on 8 acres. Its features consist of eight loading docks, one drive-in bay, 24-foot to 32-foot ceilings and rail line services.
David Stubblebine, James Stubblebine, Micah Stubblebine and Alan Ringuette...
Behringer Harvard Appoints New President, CEO of REITs
Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place of Robert S. (Bob) Aisner who was tapped as vice chairman of the REITs.
O'Hanlon has more than three decades of industry experience with a background in asset management, corporate and loan restructuring and capital markets. He formerly served on the board of BH REIT II...
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Boston
Boston
BioMed To Take on Cambridge Place for $119M
CAMBRIDGE, MA-In the tight Boston office market, this acquisition gives BioMed Realty Trust opportunities, Matthew G. McDevitt tells GlobeSt.com's Miriam Lamey.
Former Fraser Automotive Property Sells at Auction
SALISBURY, MA-An environmental services company has purchased the former Fraser Automotive site in Salisbury.
Boston Herald's South End HQ to Become Apartment Complex
BOSTON-The Boston Herald's South End headquarters will be converted into an apartment complex.
Clarion Partners Acquires Two Office Buildings in Back Bay
BOSTON-Clarion Partners LLC has purchased a pair of office buildings in Back Bay, Boston.
Clarion Partners Buys 535-545 Boylston St. for $87M
BOSTON-The real estate investment manager bought the two adjoining Back Bay offices for $87.1 million. Together the properties, bought on behalf of a separate account client, total 184,222 square feet.
Synergy Pays $25M for Summer Street Office Building
BOSTON-Summer LLC, a private equity group based in New York, has sold an office building in the Fort Point neighborhood of Boston.
Final Plans Approved for South Gate Plaza Expansion
SEABROOK, NH-As reported by the Daily News of Newburyport, the Seabrook Planning Board has approved final plans for the expansion of the South Gate Plaza situated on Route 1 in Seabrook.
Beal Partners with Street-Works on Quincy Center
QUINCY, MA-The town of Quincy in Massachusetts is moving forward with a historic redevelopment.
Marriott Completes Renovation of Boston Marriott Long Wharf
BOSTON-Marriott Hotels & Resorts has completed renovation of the 412-room Boston Marriott Long Wharf hotel.
MassDevelopment, Boston Private Bank Provide $7M to Brownstone
BOSTON-A 75-unit apartment complex will be purchased and renovated using bond proceeds.
Boston Conservatory Acquires Warehouse at 32 Ipswich Street
BOSTON-The Boston Conservatory has bought a single-story warehouse property at 32 Ipswich St. for $5.1 million.
Millennium Partners Sells 179 Lincoln St. for $75M
BOSTON-Invesco Real Estate's institutional client has paid $75 million for 179 Lincoln St. in Boston.
Neena's Lighting Owner Buys Two Properties in Boston
BOSTON-Raj Dhanda, owner of Neena's Lighting, has bought two Back Bay properties for over $12 million.
NorthMarq Acquires New England Realty Resources
BOSTON-NERR, a 30-year-old mortgage firm specializing in the origination and servicing of commercial mortgage investments, will be integrated into NorthMarq's existing Boston office, GlobeSt.com has learned.
Neena's Lighting Owner Buys Two Properties in Boston
BOSTON-Raj Dhanda, owner of Neena's Lighting, has bought two Back Bay properties for over $12 million.
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Northeast RSS
$135M Financing Secured for 1MSF Yonkers Shopping Center
It's almost like the good old days of 2007 when loans over $100 million
for commercial real estate practically rained from the sky. Undeniably,
those times have not returned, but news that Brooks Shopping Center
L.L.C., owner of the 1 million square-foot Cross County Shopping Center
in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage
to finance the property's redevelopment certainly brings back good
memories.
Economy Watch - Homebuyer Tax Credit Sees Some Cheating
In testimony reminiscent of dogs getting credit-card applications
approved back during the mid-2000s credit bubble, a Treasury Department
inspector told Congress that kids as young as four years old have been
able to receive $8,000 first-time homebuyer tax credits. “Some key
controls were missing to prevent an individual from erroneously or
fraudulently claiming the credit,” J. Russell George told the House
Ways and Means Committee’s oversight panel on Thursday.
Manhattan Retail Hit Hard in '09, But Turnaround on Tap
It's been a rough year for retail, even in tony Manhattan. The
crumbling of Wall Street in the fourth-quarter of 2008 spurred the
downward spiral of the market and the recession just added salt to the
wound, according to a third quarter report by Marcus & Millichap
Real Estate Investment Services.
The Graying of America: Age and Opportunity
The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn’t been impressive—from 21.06 percent to 24.17 percent—growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it’s time investors consider the opportunities this megatrend offers.
Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office L...
New York's loss is New Jersey's gain, as the Depository Trust &
Clearing Corporation reveals plans to relocate 1,600 members of its
2,300-member staff to 415,000 square feet of space at the Newport
Office Center in Jersey City. It's not a total defeat for New York,
however; DTCC will keep its headquarters and its remaining 700
employees in Lower Manhattan.
Economy Watch - Mortgage Reforms From Out West
California Gov. Arnold Schwarzenegger signed green legislation over the weekend, as covered by CPE
on Monday, but also nestled in the raft of bills that he signed were
major overhauls of the rules governing residential mortgages. The
thrust of the reforms was to help prevent some of the mortgage
origination abuses that were rampant in the mid-2000s, and which did
their part to inflate the housing bubble.
To Shore Up Balance Sheets, REITs Like Brandywine Look to Divest Non-Core Assets
With loans still hard to come by, Brandywine Realty Trust is shoring up
its balance sheet, reducing leverage and preparing for investment
opportunities with the disposition of non-core assets, including two
properties in Trenton, N.J. The REIT just completed the sale of the
office buildings at 33 W. State St. and 50 E. State St., totaling
474,000 square feet, to a private investment group.
$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market
With the commercial real estate market still hindered by a chilly
credit market and declining property values, sale-leaseback activity
has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank
USA N.A. still sees some advantages in such deals. The financial
services company has signed a $330 million cash sale-leaseback
agreement with a subsidiary of Israel-based IDB Group for its
865,000-square-foot New York City headquarters.
CREW Keynote: Lingering Unemployment No Surprise; All Recoveries are Jobless
The economic crisis started with a credit crunch, has undergone the
containment stage with the government providing bailout packages and
stimulus money, and is now in the resolution stage, said Marci Rossell,
former chief economist for CNBC, who was a keynote speaker at the CREW
Network’s convention in Boston last week.
CREW Awards 20 Women Under 40
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.
Manhattan Office Market Stabilizing
The Manhattan office market, which was hard hit by the recent economic
and financial upheaval, is showing some signs of getting back on track,
and is expected to become increasingly more stable and fundamentally
sound in the coming months.
NJ Office Owner Lands $25M Refi
The New Jersey office of Holliday Fenoglio Fowler L.P. has arranged a
$25 million refinancing for Glenpointe Centre West, a
333,600-square-foot, Class A office building in Teaneck, N.J.
Savills Adds Monahan to NYC Office
David Monahan has joined U.K-based international real estate advisor
Savills as a senior vice president in the firm’s New York City office.
Russian Equity Partner Comes Aboard on $4B Atlantic Yards Project
The $4 billion Atlantic Yards mixed-use development--the centerpiece of
which will be the Barclays Center sports and entertainment arena,
future home base of the NBA's Nets team--has new financial backing.
Developer Forest City Ratner Cos. Inc. and Nets Sports and
Entertainment have just signed a letter of intent to form a strategic
partnership with an affiliate of Moscow-based international private
investment fund Onexim Group for the development of the 22-acre
project. The multi-faceted deal calls for Onexim to invest $200 million.
RBJ Negotiates 343,000SF Boston-Area Warehouse Lease
Real estate advisory firm Richards Barry Joyce & Partners has
negotiated a nearly 343,000-square-foot industrial lease renewal and
expansion in Northborough, Mass., one of the Boston-area’s largest
deals of the year.
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Finance News RSS
CREW Awards 20 Women Under 40
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.
Free Fallin'?
Pull out the old VCR and rewind the tape. Some common wisdom holds that the commercial real estate market is destined for, if not already in the midst of, a replay of its early 1990s crash, around the time Dana Carvey was parodying the first President Bush on Saturday Night Live, Sinead O’Connor topped the charts, and the brand-new Mirage Hotel was the glitziest palace on the Las Vegas Strip.
Economy Watch: J.P. Morgan Wants to Sell; Will Buyers Want to Buy?
Are there any buyers out there for office properties--office properties that aren't distressed, that is? J.P. Morgan Chase might well find out in the coming months.
Economic Update: No New Stimulus--For Now
Time for another round at the federal stimulus bar? Both President Obama and U.S. Treasury Secretary Timothy Geithner say no. In his weekly radio address on Saturday (recorded, since he was in Ghana), the president said that the initial plan "was not designed to work in four months," Obama said. "It was designed to work over two years."
Time to Reduce Leverage
Industry players believe real estate companies need to reduce their leverage levels, according to a June fast poll on cpnonline.com.
Economic Update - Tesco Completes Sale-Leaseback, CMBS Deals
British retailer Tesco Plc. inked a sale-leaseback of 14 properties. The sale-leaseback followed on the heels of the company's successful
completion of the sale of commercial mortgage-backed securities. The offering by Tesco may mark the glimmering beginnings of a new, simpler CMBS market.
Economic Update - CRE Defaults Head for High Ground
A new report by Real Estate Econometrics, based on FDIC data, puts thecommercial real estate loan default rate at its highest level in morethan a decade and a half, at least those loans held by regulateddeposit-taking institutions—banks and thrifts, for the most part. Thedefault rate soared from 1.62 percent in the last quarter of 2008 to2.25 percent in the first quarter of 2009. That rate doesn’t includedefaults on loans associated with multi-family rental properties, whichReal Estate Econometrics put at 2.45 percent in the first quarter of2009, up 68 basis points from the previous quarter.
ProLogis Announces Full Occupancy at 531,000-SF Houston Distrib Park
ProLogis announced today full occupancy at ProLogis NorthPark, a recently developed, four-building, 531,000- square-foot distribution park located in Houston.
Economic Update - Mortgage Rate Worries Weigh on Housing Market
General Motors was in the news over the weekend before the largest bankruptcy in U.S. history (that is, its own), but more worrying for many policymakers, economists and ordinary borrowers is last week's sudden spike in mortgage interest rates.
Economic Update - CRE Buyers Looking for Deals
Turns out that the recession is still on, at least if the latest
numbers from payroll firm ADP accurately reflect the state of hiring
and firing in the nation. According to ADP on Wednesday, U.S. companies
cut an estimated 532,000 employees from their payrolls last month, with
goods producers laying off 267,000 workers, and service providers
shedding 265,000 positions.
American Realty Plans $30M Houston Industrial Buy
American Realty Capital Trust Inc. plans to acquire a newly constructed
freight facility entirely net leased to FedEx Freight in the coming
weeks.
M-F Mortgage Delinquencies Increase in Q1, Says MBA
The weakening economy and continued credit crunch led to increases incommercial/multifamily mortgage delinquencies during the first quarter of 2009, according to the latest Commercial/Multifamily DelinquencyReport, released by the Mortgage Bankers Association.
Moody's: Outlook for M-F REITs Stable for Now
During the fourth quarter of 2008 and first quarter of 2009, the fundamentals of the apartment industry steadily eroded, and the forecast for rental demand remains uncertain. Still, the overall outlook for the multi-family REIT sector is stable, according to a report by Moody's.
Financing Keeps Rolling in for Colonial
Despite the fact that widespread job losses have begun to take a toll
on the multi-family market, owners of this asset type are still able to
secure financing in what remains a frigid lending environment. Just
three months after having wrapped up a $350 million secured credit
facility, Colonial Properties Trust has landed another major financing
deal with the closing of a new $156.4 million secured credit facility.
Capital Markets' Distress Mingles with Hints of Improvement
Signs of growth in distressed properties are mixing with evidence that the U.S. and global real estate markets are starting to stabilize, according to a recent analysis by Jones Lang LaSalle Inc.
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WSJ.com: Commercial Real Estate
Commercial Real Estate
Less Building Now, Higher Office Rents Later
Office-building construction is in the midst of a severe drought. This means higher rents may be on the horizon in some cities, if history is any guide.
Blackstone Spies Retail Recovery
Blackstone Group's $11 billion bet on retail property is showing signs of paying off.
Plots & Ploys: Touchdown Before Kickoff
Regardless of whether the New York Giants or the New England Patriots win Super Bowl XLVI on Sunday, a prohibitive favorite has emerged: Indianapolis-area hotels.
Two Office REITs Post Higher Earnings
Boston Properties Inc. and SL Green Realty Corp. reported stronger-than-expected quarterly earnings, a sign that the nation's largest office landlords have been able to boost revenue despite tepid job growth.
Home Shortage in London to Worsen
London looks likely to experience a drought of new housing over the next few years, as construction of homes amid fears of renewed recession and a dearth of mortgage finance, a report from property consultant suggests.
Cost of Trade Center Tower Rises
The price tag for One World Trade Center, the signature skyscraper under construction at Ground Zero in New York, has risen to more than $3.8 billion, making it by far the world's most expensive new office tower.
Developer Makes a Fresh Start
The family behind Opus, once one of the largest private developers in the country, is making a comeback after settling battles with creditors and former employees.
Marriott Delivers Late Editions
Marriott has been trying?and failing?for more than four years to build a brand of hip hotels. Now, it finally may be breathing some life into the Edition brand, its competitor to the stylish W chain.
Lehman's Estate Gets Montana Resort
The estate of Lehman Brothers Holdings Inc. is now the owner of a Montana ski and golf resort, after assuming control of the assets of Moonlight Basin Ranch LP.
Lehman to Block Zell's Archstone Deal
The estate of Lehman Brothers Holdings Inc. is planning this week to use $1.33 billion in cash to buy a 26.5% stake in apartment giant Archstone.
Brookfield Cancels Deal for Atlantis Resort
Brookfield Asset Management canceled a deal to take control of the huge Atlantis resort in the Bahamas and two other resorts from Kerzner after other creditors obtained a court ruling delaying the deal.
Calpers Downsizes Housing Portfolio
Calpers, the giant California pension fund, is dumping one of its last major housing investments at a big loss.
Hope Puts Spring in Home Builders' Stocks
The stocks of home builders, shunned by investors for most of the past year, are suddenly in vogue again.
Casino Debtholders Fight On
A fight has broken out over a deeply discounted planned sale of $150 million in debt backed by a Las Vegas area resort and casino.
Goldman to Fight Over Hancock
A Goldman Sachs Group Inc. real-estate fund that has walked away from a number of struggling investments is taking a different approach with a Chicago skyscraper, deciding to fight its creditors rather than surrender ownership of the building.
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