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Notable Deals

Boston’s John Hancock Tower To Be Auctioned Off March 31

February 10, 2009

Tweet Last month it became known that Broadway Partners, the once high-flying PE firm who acquired $8B worth of office properties in a 6 month period in late 2006/early 2007, defaulted on its mortgage for the 1.75M square feet John Hancock Tower. The firm Green Loan Services has now announced that the property will be […]

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Boston Properties Halts Construction on $1B NYC Tower

February 6, 2009

Tweet Boston Properties (BXP: 133.71 -0.29%) has halted construction on the $980M, 1-Million SF office tower on W 55th St after a 500,000 SF law firm tenant pulled out of the deal. This is the second project that Boston Properties has pulled the plug on in the last two week.

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Cupertino Square Bankruptcy Update

February 3, 2009

Tweet Cupertino Square, which filed for bankruptcy on September 2, 2008, recently filed a joint plan for reorganization with the bankruptcy court. According to NetDockets, the terms of the reorganization which are being proposed by the mall’s owners, Cupertino Square LLC and Vallco International Shopping Center LLC are that a newly-formed entity would acquire the center […]

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Cupertino Approves Main Street Project

February 2, 2009

Tweet Sand Hill Property Company has secured city council approval for its Main Street project in Cupertino. Sand Hill went into contract on the vacant 17.4 acre property in 2007 for $65M ($85 psf) from Hewlett Packard, and closed the transaction in early 2008 through a debt and equity package provided by Principal Real Estate […]

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San Francisco’s Largest Apartment Owner Loses 51 Buildings To Lender

February 1, 2009

Tweet The Lembi Group is San Francisco’s largest owner of apartment buildings. The Lembi Group, which operates Skyline Realty, Trophy Properties, and CitiApartments amassed a portfolio of 8,000 apartments across 307 buildings, and made significant acquisitions over the past several years, and over $400M in 2007 alone.  The Wall Street Journal has a detailed piece […]

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Tesla Deal Dead, For Now

January 30, 2009

Tweet Tesla Motor’s plans to build an electric car factory in North San Jose seem to have been dashed (at least for now) by its inability to raise venture funding to finance the construction of the factory. Instead, the company intends on seeking money from the federal government to help it convert a brownfield site […]

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Gilead Completes Purchase of Foster City Buildings and Land

January 30, 2009

Tweet Gilead Sciences (GILD: 108.45 +2.76%) has completed the purchase of 301 Velocity Way and 30 acres of land from Electronics For Imaging (EFII: 44.24 -0.63%). The deal was first announced on October 24, 2008, and after exteding escrow once, the deal was finally closed. It’s unclear whether Gilead will still start construction this year, […]

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Infighting Amongst Hancock Tower Debt Holders

January 21, 2009

Tweet The WSJ had an article about the default of Hancock Tower and the disagreement between debt holders about foreclosure. The senior debt holders want foreclosure and the more junior note holders obviously want an extension out of fear they will be wiped out. The most senior debt piece is reportedly held by the John […]

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Larkspur Landing Shopping Center Sold for $65M

January 16, 2009

Tweet Larkspur Landing Shopping Center in Larkspur has been sold to J.S. Rosenfiield Company for roughly $375 psf. The thirty year old center is about 70% leased, and includes Bed Bath & Beyond and 24-hour fitness. The property was sold by Inland Real Estate who acquired the asset about 7 years ago for $60 Million. […]

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First Signs of Cracking: Broadway Partners Defaults on Hancock Tower

January 9, 2009

Tweet New York’s Broadway Partners has apparently defaulted on their loan on an acquisition they made back in 2006, according to a report in the Boston Herald. The acquisition of Hancock Tower in 2006 for $1.3 Billion was a landmark deal at the top of the market. Hancock Tower is a 60-Story, 1,755,398 square feet, Class-A […]

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