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Hancock Tower Fetches $660M At Auction; Normandy and Five Mile Winners

March 31, 2009

Tweet The foreclosure sale of Hancock Tower took place today. According to the Boston Globe,┬áNormandy 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 […]

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John Hancock Tower To Be Sold Tomorrow At Auction

March 30, 2009

Tweet 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 […]

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Canary Wharf Owner’s Teetering on Default

March 26, 2009

Tweet Bloomberg is reporting that Songbird, the company created in 2004 to acquire London’s Canary Wharf, is getting close to violating its debt covenants. Songbird owns about half of Canary Wharf, the 97 acre area along the Thames River that is home to many financial institutions in London. According to the article, Songbird is currently […]

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Year End Forecast: 27.5% Vacancy, Rents Down by 23.5%

March 23, 2009

Tweet According to numbers released by ForesightAnalytics, the year-end vacancy forecast for the San Jose market is 27.5%. The report, titled “U.S. Office Market Outlook – This Downturn is Different” assesses the office market in light of the steep job losses. The 27.5% figure reflects a forecasted 10.3% change in vacancy for 2009. More on […]

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Banks Bracing For CRE Defaults

March 23, 2009

Tweet An article in Bloomberg this morning provides some additional detail on bank exposure to commercial real estate. Most of the banks seem ready to take on the losses, but they don’t seem too worried, which is quite reminiscent of the early days of the crisis in the residential sector. According to the article: The […]

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