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News Feed
CoStar's People of Note (Jan. 29-Feb. 4)
02/02/12
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
02/02/12
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
EXCLUSIVE: C-III Capital's Robert Lieber On NAI Global Acquisition and Growth Plans
02/01/12
Real estate investment firm C-III Capital Partners LLC last week completed its acquisition of Princeton, NJ-based NAI Global. The long-awaited closing came seven months after the transaction was announced in June, leading some to wonder if the deal had fallen by the wayside. But C-III was hardly idle during that time, acquiring three other companies and making a major play for cash-strapped CRE services firm Grubb & Ellis Co.
As reported by CoStar...
Latest Potential Investor In Grubb & Ellis Emerges From Talks Without Agreement
02/01/12
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...
Warehouse Occupancy Rising, Market Remains Stable and Positive, Still Not at Point for Higher Rents, New Construction
02/01/12
With the gradual return of economic growth, including higher levels of manufacturing and consumer spending, the vacancy rate for U.S. warehouses continued to decline at the end of 2011 as the property sector was buoyed by its strongest quarter for net absorption since late 2008.
The vacancy rate tracked across 210 markets by Property and Portfolio Research (PPR), CoStar?s analytics and forecasting division, declined to 9.6% in the fourth quarter...
No More Fear and Loathing of CRE Lending for Banks
02/01/12
As economic headwinds subside, the commercial real estate lending business for U.S. banks has hit an inflection point. For the first time in five years, a majority of banks are finally talking about their ability to grow their loan portfolios.
While the sentiment among banks is neither unanimous, nor the projected lending growth strong, bank executives in analyst earnings calls over the past couple of weeks were clearly signaling they believe they...
Back in Business: CRE Sales Volumes Make Strong Comeback
02/01/12
The dollar volume of commercial real estate sales vaulted back to longterm historical levels in 2011. CoStar Group has confirmed $291.6 billion in CRE sales in 2011, a 32% increase over the sales volume in 2010.
Last year's volume bested the 12-year average volume of $254.2 billion. However, the 2011 dollar volume is still overshadowed by credit-bubble level of $560.5 billion in 2007.
Sales of office property led all other types in dollar volume...
Bank Watch: First Billion-Dollar Bank of the Year Fails
02/01/12
Regulators took over four banks in the past week, including the $1.2 billion-sized Tennessee Commerce Bank of Franklin, TN, one other Tennessee bank and one each in Florida and Minnesota.
Republic Bank & Trust Co. (RB&T) in Louisville, KY, acquired Tennessee Commerce Bank from the Federal Deposit Insurance Corporation ("FDIC").
In addition to assuming approximately $1 billion of the deposits of TCB (both insured and uninsured), RB&T purchased...
Real Money: Goldman Sachs Hits the Street with $1.15 Bil. CMBS Deal
02/01/12
Goldman Sachs is the putting out the first new CMBS offering of 2012.
GS Mortgage Securities Trust 2012-GC6 is a pool of 80 fixed-rate loans totaling $1.15 billion and backed by 127 properties.
The loans were originated by Goldman Sachs Mortgage Company (45.8%), Citigroup Global Markets Realty Corp. (45.1%), and Archetype Mortgage Funding ILLC (9.1%).
According to Moody's Investors Service, the concentration of multifamily and manufacturing...
In The Pipeline: CoStar Development & Construction News for Jan. 29 - Feb. 4
01/30/12
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...
LyondellBasell Renews 358,138 SF in Houston
01/27/12
LyondellBasell renewed 358,138 square feet at 1 Houston Center in Houston. The plastics, chemical and refining company signed a long-term extension deal to maintain its global operations at the central business district office tower.
The 1.06 million-square-foot property at 1221 McKinney St. was built in 1996. The lease also included naming rights; the 46-story office building will now be known as LyondellBasell Tower.
Charles Gordon, Craig...
CoStar's People of Note (Jan. 22-28)
01/26/12
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
Miami Herald Finalizes 158,000-SF Lease in Doral
01/26/12
The Miami Herald Media Company has agreed to terms to relocate to a 158,265-square-foot office building in Doral, FL. The building, at 3511 NW 91st Ave. in Miami, will be renamed One Herald Plaza at Westpointe Business Park. The company has also acquired an adjacent six-acre pad site to house its 119,000-square-foot production building.
CoStar first brought you coverage of the sale of Miami Herald's former waterfront office location to Genting...
Landlords Poised to Regain Upper Hand In Recovering Office Market
01/25/12
Office space absorption doubled during 2011 as the office-using job base expanded and vacancies declined across nearly two-thirds of U.S. submarkets, CoStar Group reported this week in its Year-End 2011 Office Review & Outlook. The report presented to CoStar clients found that positive momentum in office fundamentals and the continued absence of new construction is expected to result in higher rents for building owners over the next few years.
Office...
Renew or Relocate? Incumbent Landlords Willing To Sweeten the Pot
01/25/12
While perhaps not a nationally significant or unusual deal by itself, U.S. Cellular's renewal this past month of an office lease in Madison, WI, succinctly depicts the current state of leasing.
U.S. Cellular agreed to extend its lease with affiliates of Wells Real Estate at the U.S. Cellular Building, a four-story, 102,000-rentable-square-foot office building. The Chicago-based carrier leases 73% of the building and owns a 45% equity interest in...
C-III Capital, CEO Farkas Close NAI Global Purchase
01/25/12
Real estate investment firm C-III Capital Partners LLC completed its acquisition of NAI Global, just 10 days after negotiations between C-III and partner Colony Capital LLC to acquire Santa Ana, CA-based Grubb & Ellis Co. expired without an agreement. Financial terms of the transaction were not disclosed.
At the time the NAI Global transaction was announced in June 2011, C-III Capital and its veteran CEO Andrew L. Farkas expected it to close...
CHECKING IN: Despite Volatility, Hotel Performance, Outlook Improving
01/25/12
Lodging demand trends continue on a solid recovery trajectory, despite heightened global macroeconomic risk stemming from European sovereign debt concerns and a slowdown in China, according to a bevy of reports that hit the market this week.
While the ongoing hotel recovery is expected to be uneven, it is a recovery nonetheless, observers say, and one clearly reflected in recent investment activity. The pace of hotel real estate investment in the...
Romney Tax Returns Help Revive Effort to Overhaul Carried Interest Tax
01/26/12
The tax rate on carried-interest investment income earned by real estate partnerships, private equity investors and hedge fund operators has once again become an issue for national debate -- this time, all the way to the 2012 presidential campaign.
Two prominent Michigan lawmakers announced that they are reviving efforts to reclassify the tax treatment for carried-interest income after Republican presidential hopeful Mitt Romney released tax records...
Four U.S. Cities Classified as Having 'World Class' Recoveries
01/25/12
Amid a slowing, uneven economic recovery in 2011, the world's 200 largest metro economies continued to drive global growth, according to The Brookings Institution in its Global MetroMonitor. But here's the rub for the U.S.: The study reveals that emerging-market metro areas in Asia, Latin America and Eastern Europe were the fastest growing last year, while most American and Western European metros struggled to rebound from the Great Recession.
Meanwhile...
Ravens Crest Apts Sells for $95M
01/25/12
Heitman LLC has acquired the Ravens Crest Apartments at 3217 Ravens Crest Dr. in Plainsboro, NJ for $95 million, or about $135,000 per unit, from Equity Residential. Occupancy at time of sale was more than 95 percent.
The 704-unit, two-story, 586,520-square-foot multifamily building was built on 29 acres in the Princeton North submarket of Middlesex County. It is an even mix of one- and two-bedroom units that rent for $865 to $1,570 per month...
Excel Trust Closes on Promenade Corp Ctr
01/24/12
Excel Trust, a publicly traded real estate investment trust based in San Diego, CA, has acquired Promenade Corporate Center for $56 million, or about $222 per square foot, from Pacific Companies.
The transaction is the second, and final, part of the larger acquisition of Scottsdale Promenade in Scottsdale, AZ for a total consideration of $166 million. The initial sale took place in July 2011 when Excel took the retail portion for $110 million...
Wells Pays $65M for Class A Office in MD
01/25/12
Wells Real Estate Funds, a Georgia-based REIT, acquired the seven-story Franklin Center in Columbia, MD, from Principal Financial Group Inc. for $65 million, or about $324 per square foot.
The Class A office building delivered in 2008 at 6841 Benjamin Franklin Drive in the Columbia South submarket. It totals 200,573 square feet and is fully occupied by SAIC Inc., according to CoStar information.
Paul Collins, William Collins, Jud Ryan, Jonathan...
Apt. Developer Sells Denver Multifamily for $54M
01/25/12
Apartment developer RedPeak Properties LLC sold a 324-unit multifamily community at 650 S. Dahlia Circle in Denver, CO, to CBRE Investors for $54.3 million or $167,593 per unit.
The Heritage Creek Apartments complex is a 308,700-square-foot property with 19 buildings. The property, located in the Glendale submarket, was delivered in 1996.
David Martin of Moran & Co. represented the seller.
Please refer to COMPS #2229375 for more information...
AFI Sells Clock Tower Bldg to Marriott Int'l for $165M
01/24/12
Africa Israel USA has sold the Clock Tower Building at 5 Madison Ave. in New York City to hotel chain Marriott International, Inc. for $165 million, or almost $618 per square foot.
The 41-story, 267,000-square-foot office tower was built in 1909 in the Gramercy Park submarket near Madison Square Park. One of Manhattan's earliest skyscrapers, the landmark building was originally constructed and occupied by Metropolitan Life Insurance, and is still...
In The Pipeline: CoStar Development & Construction News for Jan. 22-28
01/23/12
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.
Follow me on Twitter for live news updates.
CA Firm Named Hudson...
CA Firm Named As Hudson Yards Development Contractor
01/24/12
Related Companies and Oxford Properties Group have retained Sylmar, CA-based Tutor Perini Corp. for the 26-acre, $4 billion Hudson Yards development in Midtown Manhattan.
The civil and building construction company said it has also been retained for the construction of a residential tower just south of the Hudson Yards on 30th Street and 10th Avenue.
Tutor Perini will book the work into its backlog as the developers release various phases of...
Privet Capital Sells Park & Coast Multifamily Portfolio for $123M
01/23/12
Rizaro Management has paid $123 million for Privet Capital's Park & Coast bulk portfolio of 11 multifamily communities located in Brooklyn, NY. The properties total 820 rental units, for an average price of $150,000 per key.
The properties are all located near the water in Sheepshead Bay, Crown Heights, Brighton Beach or Prospect Park. The buildings total 871,833 square feet, and were built in the 1920s and 1930s in the North and South Brooklyn...
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