CRE Dominoes: 8000 Marina Blvd Defaults
November 12, 2009
8000 Marina Blvd, the 193,519 square feet Class A office project in Brisbane has gone into default. The building was acquired by Broadway Partners in 2006 for approximately $54M ($280 psf). Broadway, on its website is reporting that it disposed of the asset in August of 2007 though we’re not quite sure to who. The [...]
Read More >>Hancock Tower Fetches $660M At Auction; Normandy and Five Mile Winners
March 31, 2009
The foreclosure sale of Hancock Tower took place today. According to the Boston Globe, Normandy Real Estate and Five Mile Capital Partners acquired the building for $660.6M ($376 psf) in an auction that lasted less than 10 minutes. In fact, the duo were the only bidders at the auction. The building is about 1.755 million square [...]
Read More >>John Hancock Tower To Be Sold Tomorrow At Auction
March 30, 2009
John Hancock Tower in Boston, is set to go on the auction block tomorrow in New York State. The tower, which was acquired by Broadway Partners for $1.3B, is anticipated to go for about half of that price. According to Bloomberg, Normandy Real Estate holds about $472M worth of loans on the tower, and is [...]
Read More >>Tenant Concerns About Landlords Sweeping The Market
March 13, 2009
About a week ago we wrote a post on tenant’s increasingly becoming concerned with the financial condition of their landlords. The SF Business Times today featured an article covering that very same topic. The article touched on non-disturbance agreements, as well as tenants seeking to have landlords put Tenant Improvmenet money in escrow accounts to [...]
Read More >>Government Moving Towards Bailout of Commercial Real Estate
March 9, 2009
But office vacancy rates are heading toward record levels, according to one estimate, and banks are exposed, with $1.72 trillion in commercial real estate loans outstanding as of Feb. 18.
The Christian Science Monitor has a pretty high-level article on the state of the commercial lending market. For almost a year now, many of us have [...]
Boston’s John Hancock Tower To Be Auctioned Off March 31
February 10, 2009
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 auctioned [...]
Read More >>Infighting Amongst Hancock Tower Debt Holders
January 21, 2009
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 Buck [...]
Read More >>First Signs of Cracking: Broadway Partners Defaults on Hancock Tower
January 9, 2009
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 office [...]
Read More >>Broadway Partners Deal to Sell One Sansome to Mirae Falls Apart
October 21, 2008
After having gone into contract with Broadway Partners about two months ago to acquire One Sansome Street, it appears South Korea-based Mirae Asset MAPS Investment Company has backed out of the $365M transaction. The 650,000 square foot building is leased in large part to Citigroup on leases which run for several more years.
We’ve heard that Mirae [...]
Broadway Partners Runs Into Trouble – San Francisco Holdings On The Table?
October 11, 2008
During 2006 and 2007, New York’s Broadway partners went on a tear, acquiring billions of dollars worth of real estate, with Lehman Partners providing the financing for a good chunk of it. That put Broadway Partners on the map as the third largest acquirer of New York City office buildings after Macklowe and Tishman Speyer.
It [...]
