Notable Deals
Cornish & Carey Merging with Newmark Knight Frank
August 4, 2010
Newmark Knight Frank and Cornish & Carey have announced that they are merging their Bay Area operations. Given the change in the brokerage landscape which has taken place over the past few years, it’s not surprising that Cornish finally decided to align itself with a name which can provide a larger national and international presence. [...]
Read More >>AOL Puts Up 130K For Sublease
July 27, 2010
That was quick. AOL takes down 225K, puts up 130K for sublease. Asking $2.95 NNN. Flyer below.
Read More >>Let The Feeding Frenzy Begin: Parkmerced In Default
May 26, 2010
Multifamily investors have been and continue to run around like addicts looking for their next fix. So surely there will be a frenzy to get a chomp at the bit of Parkmerced, the 116-acre San Francisco apartment community which has apparently gone to special servicing. Parkmerced is essentially the StuyTown of San Francisco. [via SF [...]
Read More >>MSREF VI Shows Us How To Lose $5.4B
April 13, 2010
Morgan Stanley Real Estate Fund VI has disclosed to investors that they are facing losses of nearly two-thirds of their investment. That translates to roughly $5.4B of losses on the massive $8.8B fund. The article in the WSJ runs through most of the juicy tidbits. The losses are so staggering that the entire premise of [...]
Read More >>Sobrato Nabs McAfee for 240K SF and What It Means For The Market
April 2, 2010
Sobrato has managed to bag McAfee for ~240K square feet – and potentially more – at its Santa Clara campus. The Registry has some info on the deal as well. The deal is a great one for Sobrato, which has Yahoo! on lease until the end of July. The buildings are located at 2811 and [...]
Read More >>Golden State Portfolio Hits The Market
March 2, 2010
Back in December, CBRE won the pony show to sell off a 7 million square feet portfolio of our property. It’s officially hit the market and just in time for IOU’s.
Read More >>Premier Retail Location in Default
February 16, 2010
Remember the Premier Retail Location by Santana Row we blogged about back in October? Well not surprisingly, the asset is now in default. On the one hand, only big rents can save this thing, but on the other what is the point of marketing it at a ridiculous rent and simply spinning your wheels? Looking from [...]
Read More >>Prudential Takes Back Torre Plaza
February 16, 2010
It was imminent, but Prudential has taken back Torre Plaza from RREEF/Snell in a non-judicial foreclosure action. The building was taken back on a credit bid of about $17.6M or $187 psf, which it is not worth. We first wrote up a post about the default back in October. This ended up being a raw [...]
Read More >>Simon Property Group Going After General Growth
February 16, 2010
Simon Property Group (SPG: 95.36 +1.92%) has bid $10B for General Growth [GGWPQ.PK]. This comes as little surprise as there has been plenty of talk about Simon seeking to swallow the troubled owner of malls. The bidding likely will go higher as General Growth also seeks alternative financing from other groups as a way to [...]
Read More >>Sheraton in Pleasanton Sold for $12.3M
February 11, 2010
About a year ago we reported on the default of the Sheraton in Pleasanton. The hotel has now changed hands to a group of investors for $12.3M, or $72K per key (170 rooms). The buyers, a partnership of Sethi Enterprises and Kapoor Enterprises expects to dump an additional $2m into the asset to upgrade lobbies [...]
Read More >>