Crescent Down, San Francisco EOP Assets To Go
November 20, 2009
In the news today is Morgan Stanley’s handing back of the keys on the Crescent Real Estate nightmare they acquired two years ago. The nightmare wasn’t that they were bad assets, the nightmare was the price paid for the portfolio and the subsequent fall in the market.
We were out in front of the Crescent deal. [...]
Round Trip For 17M SF of Property as Morgan Stanley Hands Back The Keys
November 20, 2009
Morgan Stanley has officially handed the keys back on the Crescent portfolio we posted on last month. Including debt, Morgan picked up Crescent Real Estate Equities for $6.5B. The portfolio consists of some 17M SF of commercial and hospitality product. After providing Morgan with a 3-month extension back in August, the calling for the portfolio [...]
Read More >>Bankers Head to Church!
November 4, 2009
Barclays Plc Chief Executive Officer John Varley stood at the wooden lectern in St. Martin-in-the- Fields on London’s Trafalgar Square last night and told the packed pews of the church that “profit is not satanic.”
The 53-year-old head of Britain’s second-biggest bank said banks are the “backbone” of the economy. Rewarding high- performing bankers with more [...]
Morgan Stanley to Take Hit on Crescent
October 14, 2009
Morgan Stanley was one of the most aggressive investors during this last boom cycle. Their activities included the acquisition of the EOP San Francisco portfolio for some $2.5B, and the August 2007 purchase of Crescent Real Estate Equities for $6.5B (if you include the debt), and other smaller deals such as providing the debt on [...]
Read More >>CMBS Delinquency Forecast At 5%+ By End of Year
August 10, 2009
According to Fitch, CMBS delinquencies are increasing at a rate of $2 Billion per month. July delinquencies stood at 3.04%, the highest since 2001 when they began being tracked by Fitch. At the current clip, the delinquency rate could be at 5% by the end of the year, and into the six’s in 2010.
Some analysts, [...]
