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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: headlines from the week of March 8, 2010
BofA ending debit-card overdraft fees
Bank of America Corp. will stop charging fees when customers overdraw their accounts in a debit-card transaction. In a change that starts this summer, customers will be able to make debit-card purchases only if they have enough money in their account. (BAC)
UC students, workers protest at Blum Capital meeting
University of California students and workers protested Tuesday at Blum Capital Partners? investors meeting in Sausalito to voice concern over what they view as conflicts of interest between Dick Blum?s role as a UC regent and his firm?s investment in for-profit education. (CECO)
Public workers target Citibank over cities? rate-swap costs
About 100 people, including public workers and their union, protested the fees cities are paying to Wall Street banks by rallying Tuesday at Oakland City Hall and marching into a nearby Citibank branch. (GS) (C)
Cowlitz Bancorporation gets another NASDAQ warning
Cowlitz Bancorporation, which enacted a one-for-10 reverse stock split earlier this month in an effort to boost its shares about the NASDAQ stock exchange?s $1-per-share minimum price, now has been warned by the exchange that it doesn?t have enough publicly traded shares to remain on the exchange. (CWLZ)
Former Colonial Bank execs acquire Professional Bank
A group of former executives from Colonial Bank?s Texas operations has signed a deal to acquire Professional Bank, N.A., a Dallas-based community bank.
PNC Financial to spend $50M on area growth
PNC Financial Services plans to spend $50 million on new branches and offices over the next two to three years in the Milwaukee area with the goal of becoming the area?s third-largest bank. (PNC) (PNC)
TIB Financial loss swells as Bank of Venice deal loses luster
TIB Financial Corp. sunk deeper into the red in 2009 after writing off all the goodwill associated with its acquisition of The Bank of Venice and the operations of a failed bank. (TIBB)
Shareholders approve Denbury, Encore merger
Shareholders of oil and gas companies Denbury Resources Inc. and Encore Acquisition Co. both approved Denbury's planned acquisition of Encore on Tuesday. (ENP)
Credit union hits $1B milestone
Raleigh-based Local Government Federal Credit Union paused for a moment Tuesday to announce it had reached $1 billion in total assets, a ?major business milestone? for the 27-year-old financial institution.
Van Keppel, Mitchell to head new R.J. O'Brien Houston office
R.J. O?Brien & Associates has hired two brokers to head its new energy brokerage business and Houston office.
Human Capital: People on the move, Mar. 9
A daily roundup of senior-level executive hires and board appointments: Tuesday, March 9
Morgan Keegan pays out $3.6 million in February
Two former investors in bond funds once managed by Morgan Keegan & Co. Inc. have won arbitration hearings and been awarded more than $3.6 million. (RF)
Dana-Farber rises on revenue, investment gains
The Dana-Farber Cancer Institute said positive gains within its investment portfolio and the reclassification of some $39 million in restricted net assets helped propel it into the black in the quarter ended Dec. 31.
Brothers involved in St. Paul shooting were boutique stockbrokers
Two brothers involved in an fatal shooting Saturday in St. Paul were executives at a former boutique investment firm based in St. Paul.
Medicine Shoppe, Medicap franchisees sue Cardinal Health
When Cardinal Health Inc. renegotiated franchise agreements with pharmacies under its Medicine Shoppe and Medicap brand last year, the company said it gave franchisees breathing room to decide what?s best for them. (CAH)
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Commercial Real Estate Industry News Headlines | Bizjournals.com
Commercial Real Estate: headlines from the week of March 8, 2010
University of Kansas Hospital plans $12M addition to medical office building
The University of Kansas Hospital has added 26,000 square feet to the medical office building under construction at its Kansas City, Kan., facility. The cost of the addition is estimated at $12 million.
Shrewsbury Wal-Mart plan gets hearing
The city of Shrewsbury is holding a public hearing Tuesday night on a redevelopment plan for Kenrick Plaza, which could bring a Wal-Mart to the site.
ZipRealty loss shrinks as revenue grows 15%
Online real estate brokerage ZipRealty Inc.?s revenue rose close to 15 percent during 2009, but the company?s efforts did not prove profitable.
Equity One to issue 4.2M shares of common stock
Equity One, an owner, developer, and operator of shopping centers, said it is issuing and selling 4.2 million shares of its common stock in a public offering. (EQY)
Christus begins construction of Westover Hills office building
Christus Santa Rosa Health Care and the Trammell Crow Co. will begin construction this week on its second free-standing medical office building in the Westover Hills area of San Antonio.
Panera Bread seeks tax abatement for new headquarters
Panera Bread is requesting tax abatement from St. Louis County as part of an incentive package for the restaurant chain?s new headquarters in Sunset Hills.
Stimulus supports thousands of Kansas construction jobs, report finds
The 50 ongoing or completed stimulus-financed highway construction projects in Kansas have supported 5,681 jobs that wouldn?t exist otherwise, a new report shows.
Baynes buys downtown landmark
The former home of the Buffalo Corn Exchange has been acquired by a prominent civic leader.
General Growth lands bids for $3.9 billion in capital
General Growth Properties Inc. has received offers for an additional $3.9 billion from two separate investment firms. (GGP) (SPG)
CapStone makes move into Cary
CapStone Bank, a Raleigh-based business lender, is opening a loan production office in Cary.
Glimcher alters credit facility
Glimcher Realty Trust has wrapped a deal to cut borrowings on a nearly half-billion-dollar credit facility and extend its maturity date out nearly three years.
Construction supplier opens store near GlobalFoundries site
Construction workers building the massive $4.2 billion GlobalFoundries chip fab in Malta, N.Y., won?t have to travel far if they forget their hard hat or safety glasses at home.
State health department shifts offices from Boston to Quincy
A group of state health agencies is moving to Quincy from Boston under a lease made public Tuesday.
$3.9B investment offered for General Growth Properties
General Growth Properties Inc., the owner and operator of several North Texas malls, said its biggest debt and equity holders have offered to invest $3.93 billion in the company, further fending off a competing offer from megamall owner Simon Property Group Inc.
Johns Hopkins issues first renderings of Belward campus
Johns Hopkins University has unveiled its vision for its planned Belward Research Campus in Rockville, a key anchor for Montgomery County?s massive Science City vision and one that the university said takes into account concerns from nearby residents about over-development in the area.
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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.
CoStar's Deals of Note for Tuesday
CHICAGO
UBS Renews, Consolidates in Chicago
By Andrew Deichler
UBS is extending its stay at One North Wacker Drive in Chicago, also known as the UBS Tower. The Swiss financial services firm has renewed for 400,000 square feet in the office tower...
Former Trammell Crow Exec Joins Goedecke & Co.
Goedecke & Co. LLC, an independent commercial mortgage banking company, appointed Paul J. Barry Jr. as senior vice president in the company?s Boston office. As senior vice president, Barry will be responsible for the origination of debt, equity and structured...
In The Pipeline: CoStar Development and Construction News for March 7-13
In this week's edition of In The Pipeline, Forest City's Atlantic Yards mixed-use project is scheduled to finally break ground this week. Meanwhile, another long delayed development project, the Guasti Historic District in Ontario, CA,has begun with...
CoStar's Retail News Roundup: Mar. 7 - 13, 2010
This week in the Retail Roundup, CoStar reports on expansions or new concepts at TJX Companies and Kohl's; closings, cutbacks, bankruptcy, default, receivership or foreclosure news at Swoozie's and the Northgate Mall; acquisition, merger, loan, sale...
CBRE Names CFO; Turns Over Reins of Private Client Group
Gil Borok was promoted to chief financial officer of CB Richard Ellis Group Inc. He takes over from Bob Sulentic who will continue as CBRE?s president running day-to-day operations and principal business activities worldwide. Both will report to CEO Brett...
CoStar's People of Note (Feb. 28-March 6)
This week's People of Note includes the following markets: Atlanta, Boston, Chicago, Dallas/Fort Worth, Houston, Los Angeles, National, Northern New Jersey, Phoenix, St. Louis and Tampa/St. Petersburg.
NATIONAL
CBRE Names CFO; Turns Over Reins of...
Finch Group Sells North Falmouth Hotel Complex
The Finch Group sold the Sea Crest Resort & Conference Center in North Falmouth, MA, to the partnership of ING Clarion Development Ventures III and Scout Real Estate Capital for nearly $20.33 million, or about $76,410 per room.
The 190,000-square-foot...
Cassidy Turley Adds Vast Experience
Cassidy Turley has named Peter Ruggiero and Lisa Birrittieri as managing director and vice president of U.S. Capital Markets, respectively. They join the newly formed Cassidy Turley after experiencing success as part of Colliers Investment Services Group...
CVS Pharmacy in Kingston Sells for $2.8M
Kingston Summer LP sold the CVS Pharmacy property at 189 Summer St. in Kingston, MA, to Frank Sullivan for $2.77 million, or nearly $274 per square foot.
The one-story, 10,125-square-foot retail building was built in 1997 and is on 1 acre. CVS has...
43-Store Swoozie's Chain Files Bankruptcy
Atlanta-based Swoozie's Inc. filed bankruptcy on March 2, 2010. The luxury personalized gift and paper products retail chain operates 43 stores in 15 states and employs 350 people. According to the filing, the retailer has less than $10 million in assets...
Pharmaceutical Giant Expands in Cambridge
Ironwood Pharmaceuticals Inc. expanded its lab space by 60,000 square feet at 301 Binney St. in Cambridge, MA, and now occupies space on the first, second and third floors for a total of 164,000 square feet in the building.
The property is a five-story...
Updated: Sears & Kmart Closing 21 Stores; Creating Nearly 2M SF of Vacancy
Sears Holdings Corp. said Monday that it intends to close a total of 21 underperforming stores nationwide. The shutdowns equate to approximately 1,000 job cuts.
The department store owner is closing 13 Kmart stores and eight Sears locations, on or...
Lodgian Loses Control of 6 Hotels
The U.S. District Court for the Southern District of Texas approved the transfer of a portfolio of six hotels owned by Lodgian Inc. The portfolio, known as the Merrill Lynch Fixed Rate Pool #3 was handed over to receiver Michael George of Crescent Hotels...
Lease Up/Lease Down (Feb. 28 - Mar. 6): Hummer: Stalling Out for Good?
CoStar compiles news of corporate expansions, relocations, extensions, closures, layoffs, lease cancellations and mergers in the weekly Lease Up/Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial...
Lease Up/Lease Down (Feb. 21-27): Largest U.S. Office Lease in Two Years
CoStar compiles news of corporate expansions, relocations, extensions, closures, layoffs, lease cancellations and mergers in the weekly Lease Up/Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial...
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GlobeSt. Topics - Boston
Consolidation Leases 114,451 SF
QUINCY, MA-The Executive Office of Health and Human Services is consolidating numerous locations across the state into HarborSouth.
DebtX Selling $410M of Loans
BOSTON-DebtX is selling a $105.5-million loan portfolio and its joint venture with KEMA Advisors--KDX Ventures--is selling a $306-million HUD portfolio.
Forest City Forms $668M JV
CAMBRIDGE, MA-Health Care REIT is acquiring 49% interest in seven University Park life sciences buildings.
Harvard Shopping $5B Portfolio
CAMBRIDGE, MA-The university is looking to sell and partner with buyers to free up some $5 billion from it's current $26 billion portfolio, says the Wall Street Journal.
Wychmere Harbor Club Sells
HARWICH PORT, MA-The Cape Cod Times is reporting that an unnamed Boston-based investor is taking over the mixed-use resort.
Columbus Center In Trouble
BOSTON-The proposed $800-million complex is in more trouble, reports Boston Globe after it defaulted on its 99-year lease.
Karma Nominee Trust Buys Sheraton
BRAINTREE, MA-The Patriot Ledger is reporting that the group of private investors is purchasing the hotel for $9.1 million.
Sheraton Braintree Shutters Doors
BRAINTREE, MA-The Starwood-owned hotel is closing up, according to Boston Business Journal, and may switch operators.
Mixed REIT Results Show Market Flux
BOSTON-Publicly held office REITs here and elsewhere in the US report a combination of earnings, losses, positive FFO and negative FFO.
PetEdge Moves, Expands Into 217,000-SF W/D
BILLERICA, MA-The pet supply products company is moving its main distribution hub from Woburn.
Retail Center Secures $13M Refi
WORCESTER, MA-Perkins Farm Marketplace is 100% leased and anchored by a Super Stop & Shop.
Airpot Expansion in a Holding Pattern
HYANNIS, MA-The Barnstable Municipal Airport is experiencing delays which will push the project's start into July or later, says the Cape Cod Times.
Government Center Towers on Hold
BOSTON-After some opposition, the towers intended for the site of the Government Center garage will undergo a reimagining and delay, reports the Boston Globe.
Boston Properties’ Linde Dies at 67
BOSTON-The cofounder and CEO of the locally-based REIT died Sunday of complications from pneumonia; Mortimer Zuckerman is stepping in as CEO.
Campanelli Picks Up 300 Crown Colony
QUINCY, MA-Campanelli Companies is picking up the 118,000-square-foot office for $8.9 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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| > Wall Street Journal - Commercial Real Estate |
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WSJ.com: Commercial Real Estate
Commercial Real Estate
BofA Ends Some Overdraft Fees
Bank of America plans to announce that it is eliminating $35 overdraft fees on debit-card purchases as the bank tries to stay ahead of a sweeping round of regulations.
Apollo Signs Citigroup Deal
Apollo's purchase of Citigroup's real-estate investment business would give Joseph Azrack a second tour of duty.
European REIT Rollout at Hand
With European property markets beginning to recover from the market downturn and global recession, there are signs that the REIT revolution could be at hand.
General Growth Lines Up More Capital
Mall owner General Growth Properties has bolstered its case for exiting from bankruptcy protection as a stand-alone company.
General Growth Debt Bet Pays Off
A handful of investors dug to the bottom of the discount bin and snapped up General Growth's convertible bonds at three cents on the dollar. They now trade at 103 cents.
Marriott Expands in Europe
Forty thousand more hotel rooms on the Continent would have Marriott brand names in the next few years under the company's plan.
Farkas Closes Deal to Buy Centerline
The New York real-estate investor will buy one of the nation's largest commercial-mortgage-servicing specialists for $100 million in new equity and assuming $180 million of Centerline's debt.
U.K. REIT Plans IPO
Metric Property Investments hopes to raise £150 million in an IPO on the London Stock Exchange's main market as it seeks to take advantage of the sharp downturn in property values.
Trust Not Enough for Integrity Bank
The FDIC is investigating loan practices at Georgia's Integrity Bank, which was seized in 2008 after loaning all its capital to the owner of Casa Madrona Hotel & Spa in California.
General Growth Wins Plan Extension
A federal judge hearing mall owner's bankruptcy reorganization grants it four more months of exclusive control over its fate, against the objection of some suitors and creditors.
Dubai World Coughs Up Knickerbocker
The former hotel near Times Square has become the latest Dubai World investment to go belly up, and investors are looking to pick up the property at a discount.
Multifamily-Home Builders Inch Back
Operators are betting that limited new supply, combined with an improving economy, will lead to ideal market conditions nationwide starting in 2011 or 2012.
Thai Firm Bets on Strong Market
Land & Houses plans projects that could fetch as much as $942 million this year, though it cautioned about the country's uncertain political climate.
Mall Owner: Antitrust Isn't Issue
Simon Properties' CEO says antitrust issues won't be a problem in its bid for rival mall owner General Growth Properties.
Europe Property Deals Start Strong
Despite the increase in commercial-property transactions this quarter, they remain well below the peak hit in 2007 as concerns persist about the economy.
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