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GS Whitehall Funds Down to Last $30M … From $1.8B!

April 16, 2010

Tweet And you thought that Morgan Stanley Real Estate Funds were the only players in town who had an expertise in losing massive amounts of money. The Financial Times is reporting that Whitehall Street International, GS’s international REF has essentially been wiped out. The fund is down to its last $30m, from about $1.8bn, a […]

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DDR Issue Signals Slow Return of CMBS Market

November 16, 2009

Tweet Developers Diversified Realty is issuing about $400M in commercial backed mortgage securities (CMBS) in a sale that is reportedly three times oversubscribed. The highest quality tranche is reported to go at about 4%, which is about 280 bps above the 1-year LIBOR, which is pretty good. Of course, part of what is driving the […]

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CRE Dominoes: 8000 Marina Blvd Defaults

November 12, 2009

Tweet 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. […]

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Bankers Head to Church!

November 4, 2009

Tweet 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 […]

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CRE Dominoes: Capmark Hitting The Fan

October 24, 2009

Tweet Well the reports are that Capmark is finally ready to file BK. This was something that has been on the radar for quite some time, but seems things are nearing the end with reports that a filing could come as soon as this weekend. Capmark is/was a large commercial lender, though what this deal […]

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Government Sachs Exec To SEC Enforcement Post

October 18, 2009

Tweet The Securities and Exchange Commission tapped Goldman Sachs Group Inc. executive Adam Storch on Friday to serve as the agency’s first-ever chief operating officer of the enforcement division. Well, we can all surely rest easy now. Goldman seems to have now moved an executive over to their US Government desk, the SEC. This move […]

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Friday Tidbits: Goldman, AIG, Private Equity

October 9, 2009

Tweet AIG Headquarters Going Residential The buyer of AIG’s headquarters building, Young Woo, has plans to flip out the top portion of the building as condos. The building was bought for around $100 psf in June. Various estimates peg the price the condos could fetch at $1,000 – 2,000 psf. [via WSJ] Goldman Working on […]

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Goldman Revises CRE Loss Estimates

September 30, 2009

Tweet Goldman Sachs has revised its expectations for CRE losses, and is concerned about exposure of banks and insurers with lots of CRE assets on their books. The Bank of Americas, Wells Fargos, and JP Morgans of the world are generally considered to be “too big to fail”, but community and regional banks holding a […]

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Goldman Sachs Is The Devil

June 29, 2009

Tweet That’s Matt Taibbi’s theory at least. Check out this article in Rolling Stone about how GS has been behind every major bubble, and how there is a commodity bubble brewing (with GS being the chief architect). On a side note, I’ve heard from clients that there are brokers at a certain CRE brokerage firm […]

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Bank of America Announces Job Cuts; 35,000 Over Next 3 Years

December 11, 2008

Tweet Bank of America (BAC: 15.34 -1.54%) announced today that it will be eliminating approximately 35,000 jobs over the next three years. Bank of America, with its acquisition of Merrill Lynch complete early next year will have a combined workforce of some 308,000 employees, meaning that they are trimming more than 10%. This is just […]

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