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Manhattan Deal Volume Scarce; Cap Rates In The 7′s

August 18, 2009

Tweet In the first half of the year, there were three sales greater than $30M in Manhattan, representing 10% of what is normally transacted. The so-called capitalization rate, or a property’s net operating income divided by purchase price, may have risen to about 7 percent for stable, prime Manhattan office buildings, CB Richard Ellis said. […]

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Bordeaux Centre Taken By Lender

July 31, 2009

Tweet CBC, California Bavarian Corp, the developer of Bordeaux Centre in Sunnyvale has lost the property to its lender, Wrightwood Capital. The asset had debt on it of approximately $34M, and consists of two (2) 61,921 SF 3-story buildings, and is located at 1376-1380 Bordeaux Drive. The asset was taken back by the lender when […]

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Hines and Sterling American Forfeit 333 Bush

July 29, 2009

Tweet Hines and Sterling American have decided to return 333 Bush Street to the lender. The 550K SF property was acquired at the peak of the market in 2007. The deal fell on its head in September 2008 when the law firm Heller Ehrman, a tenant anchoring 14 floors at the building, voted to dissolve. […]

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Getting Warmer: EOP Drops Redwood Shores Rents Again

May 28, 2009

Tweet We’ve spent some time in the past discussing the Redwood Shores as a sort of case study. We originally discussed the Redwood Shores submarket back in January of 2008 when we indicated that rent hikes in Redwood Shores were nothing more than hype, driven mainly by Equity Office. Let’s look at that market again. […]

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Trouble in San Diego for Jay Paul Company

April 11, 2009

Tweet Calculated Risk had another post up on commercial real estate, and it involves a project in San Diego called The Summit Rancho Bernardo. This is Jay Paul Company’s southern California version of Moffett Towers (or is Moffett Towers Northern California’s version of The Summit Rancho Bernardo?). According to the project’s web site, the Summit […]

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Surprise: San Francisco Office Rents Are Falling

April 8, 2009

Tweet Bloomberg has a hit piece out on San Francisco office landlords, in which it cites Colliers International’s numbers: Q1 2009 office rents in the “city” dropped 24%, year-over-year Class A rents fell from $50.92 to $38.80 psf/year Office vacancy rose to 13.2 percent from 12.6 percent in the previous quarter, and up from 10.2% […]

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Yes, Even Sand Hill Is Not Immune

April 1, 2009

Tweet Sand Hill Road is a unique place. It’s regarded by many as the place where many of the Valley’s top shelf venture capitalists, investors, hedge funds, and other financiers congregate. The membership fee to join this exclusive club is  paid in the form of office rents that are four times the Silicon Valley average. […]

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London Comp Shows 46% 2-Year Decline; Santa Clara Parallel

March 20, 2009

Tweet A WSJ article from a few days ago discussed briefly the resale of an office building in London. New Star UK Property Unit Trust sold its Governors House office building for £70 million to GLL, an asset it acquired two-years ago (July 2007) for £124 million, representing a roughly 46% drop in the asset’s […]

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Symantec Taking Down Whisman Campus

March 17, 2009

Tweet About two weeks ago we noted that Symantec had plans to sell off its Cupertino assets, and relocate to Mountain View. At the time it made a lot of sense to us that Symantec (SYMC: 24.28 0.00%) would make this move, because it could also take advantage and lockup space at the adjacent (former) […]

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EOP Cuts Redwood Shores Office Rents Again

March 6, 2009

Tweet Back in January we had a post about falling rents in Redwood Shores. Less than two months later and Equity Office has cut the rates again. On February 19th, EOP cut rates at its 201-203 Redwood Shores buildings to $3.35 FS from $3.65 (-8%), and today EOP cut its asking rents at 255 & […]

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