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Notable Deals

Cupertino Square Trouble Continues as Gramercy Capital Pursues Foreclosure

August 21, 2008

Fighting between Cupertino Square Mall and Gramery Capital has culminated with a notice of default and sale being issued by the lender with a tentative auction date set for September 10th. The lender, Gramercy Warehouse Funding I LLC and United Commercial Bank, claim that Cupertino Square LLC is in default of its loan for the center.
The [...]

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Lehman To Dump $40B Worth of Real Estate Assets

August 19, 2008

We wrote a piece the other day about Lehman looking to shed $14B of its $40B in real estate assets. The financial times is now reporting that Lehman is now looking to dump $40B stake. It is expected to take a loss somewhere in the range of $1.5-3B. Buyers who are circling the assets (which [...]

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Legacy Partners Drops Sobrato-Oracle-BEA Tower Deal

August 19, 2008

Rumor is that Legacy couldn’t secure the financing it needed to acquire the Sobrato/Oracle/BEA Tower in downtown San Jose and has dropped its acquisition plans for the 388,000 square foot tower located at 488 N Almaden Blvd in Downtown San Jose.
DivcoWest which was rumored to be in the running for the building previously is again being [...]

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Facebook Moving to Stanford Research Park Office Space

August 18, 2008

Facebook is reported to be moving into Stanford Research Park early next year. The company will be moving to a 137,000 square foot building located at 1601 California Avenue previously occupied by Hewlett Packard (HPQ: 36.33 0.00%). The company will likely continue to occupy some of the space it occupies across its dozen or so downtown sites.
Facebook [...]

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Valley Fair Expansion To Begin in January

August 15, 2008

Westfield Valley Fair, the 1.5 million square feet mall on the border of Santa Clara and San Jose will break ground on a 500,000 square foot expansion in January. At $809 per square foot excluding anchors, the mall is one of the best performing shopping centers in the United States ringing up sales almost twice [...]

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Lehman Brothers Looking To Shed $14B in Commercial Real Estate

August 15, 2008

Lehman Brothers (LEH: 0.00 N/A), in a move to raise capital and reduce its real estate exposure, is said to be in talks to liquidate about $14B in commercial real estate assets. Lehman is said to be in talks with BlackRock for the assets. Lehamn currently owns about $10B worth of real estate, and an [...]

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SFO Logistics Center Sells To Centrum

August 13, 2008

Centrum Properties and Angelo, Gordon, & Co. purchased SFO Logistics Center from the GSA for roughly $72M. The price also included an adjacent 5 acre parcel which the buyers will use to improve accessibility to the warehouse, in addition to building an additional 50K SF of industrial space on.
The logistic center/warehouse is approximately 571K SF [...]

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