Giant On The Loose: UBS Seeking 800K SF in New York City

Bloomberg is reporting that UBS is out with a requirement for as much as 800,000 square feet in NYC. This would be a huge deal, though again is most likely not a deal which would be really accretive.
UBS AG , Switzerland’s biggest bank, is searching for as much as 800,000 square feet of New York-area [...]

Tishman Completes 550 Terry Francois Sale to GLL

The Business Journal is reporting that the sale of 550 Terry Francois to GLL is a done deal. We previously reported on the sale in October.
A Tishman fund, traded on the Australian Securities Exchange as Tishman Speyer Office Fund, sold the 283,000-square-foot building for $135.5 million. The sale, which closed Nov. 26, represented a 21 [...]

Top 10 Most Expensive Office Markets

CBRE has put out a report on global office rents. Not surprisingly, rents are falling in almost every major market, with significant cuts in some of the markets that had skyrocketed the most (e.g. Russia). The top 10 most expensive office markets are below. Rents are in USD/SF/Year.

London (West End) – $185 psf
Tokyo (Inner Central) [...]

Damn The Bargains – High End Office Demand Opens Up

The Observer is reporting that the period in time which tenants in NYC were shunning expensive office space is over. They’re signing up again to pay triple-digits. Led by smaller tenants the contagion is spreading…
The luxury momentum is rooted in the revival of the hedge fund leasing market. Following Lehman Brothers’ demise, hedge funds and [...]

CRE Dominoes: 8000 Marina Blvd Defaults

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 [...]

2010 Will Be A “Bloodbath”, But Keep Reading

We’ve heard all sorts of things to describe the fall in CRE. The most recent have been “Bloodletting” (Soros), “Huge Crash” and “Tragedies” (Ross). P&I is out with an article pointing to the recent PwC/ULI report that is being widely reported on. They’ve focused in on the most sensational part of the report:
“2010 looks like [...]

Juniper Networks Renews 425K SF Headquarters Lease

Juniper Networks (JNPR: 30.25 -1.43%) has renewed its lease for the three buildings it occupies as its headquarters in Sunnyvale. The buildings are located at 1184, 1194, and 1220 N. Mathilda Avenue and were constructed between 2000 and 2002. Average floor plates are 35,400 (comparable to Moffett Towers interestingly enough – doubt it was a [...]

Watergate Towers Update

The Watergate office towers complex in Emeryville has been under receivership and The Registry is reporting Divco is possibly nibbling at the asset. The four-building complex was acquired by Hines. Buildings 1-3 (older towers built in 70-80’s) were acquired by a Hines partnership with guess who….CalPERS! These are expected to be foreclosed on next month.
The fourth tower [...]

Q3 2009 Update: Silicon Valley Rents, Vacancy Rate, and Unemployment Numbers

It’s been about two quarters since we last updated our chart for Silicon Valley office rents, vacancy rates, and unemployment. The latest numbers indicate what we anticipated, and that is unemployment numbers would continue to have a significant impact on rents and vacancy rates. What’s more is that the unemployment numbers continue to be at [...]

CalPERS Taking A Walk In Portland

CalPERS is demonstrating why we are still a ways off from seeing the bottom of this “thing”. After joint venturing with Commonwealth Partners LLC to acquire the 355,000 square feet of Class A office space in Portland’s Koin Center building in 2007, the duo have defaulted on the loan and CalPers has made the decision [...]