CRE Dominoes: FDIC Takes Over Three California Banks
October 30, 2009
The FDIC has shut down three California banks: Pacific National Bank, California National Bank, and San Diego National Bank. The three banks all were invested heavily in commercial real estate. Pacific National, as it was mentioned in The Registry article as being a lender on Moffett Towers (phase 2), was also involved in other development [...]
Read More >>New Owners Squeeze Market
August 27, 2009
A reader sent me a Globe St. article on a deal in Las Vegas. Panattoni has acquired a 40% finished project at a low price, and has now turned around and began marketing (and selling) buildings which were previously listed for $205 psf for $100. I am posting this because it goes back to what [...]
Read More >>Trouble in North San Jose For Tishman Speyer
June 29, 2009
Tishman Speyer has defaulted on the loan it used to finance the purchase a 40 acre site from BEA Systems in 2007. Tishman paid about $60 psf ($108M) for the site in March of 2007, which BEA Systems then parlayed into the purchase of the office tower at 488 Almaden from Sobrato. Tishman had intended [...]
Read More >>Bill Halford of Bixby Land Company: Wait
January 8, 2009
There was a business journal article the other day discussing how tenants and buyers stand to gain from the slowdown in commercial real estate. The full article is here (although the article doesn’t really tell us anything interesting or new but I suppose it is something to write about in the absence of other commercial [...]
Read More >>Sobrato-Oracle Building at 488 Almaden To Go Full Circle?
September 26, 2008
Since Legacy Partners dropped its plans to acquire the 388,000 square foot Oracle Tower in San Jose, Oracle has had a bit of difficulty in rounding up another buyer. In fact, last week at the CoreNet/ULI event in Foster City, Randy Smith, the VP of facilities and global real estate for Oracle confessed that the building [...]
Read More >>Moffett Towers Might Finally Be Getting a Tenant
September 22, 2008
Things haven’t gone as planned for the Moffett Towers project in Sunnyvale. Since being substantially completed in late 2007, the 1.8 million square foot (when all completed) project has sat empty waiting for a tenant. The landlord reduced rental rates from $3.25 NNN to $2.95 NNN some time ago, and still has no big deals to announce. That [...]
Read More >>Legacy Partners Drops Sobrato-Oracle-BEA Tower Deal
August 19, 2008
Rumor is that Legacy couldn’t secure the financing it needed to acquire the Sobrato/Oracle/BEA Tower in downtown San Jose and has dropped its acquisition plans for the 388,000 square foot tower located at 488 Almaden Blvd in Downtown San Jose. DivcoWest which was rumored to be in the running for the building previously is again being [...]
Read More >>Legacy Partners Buying Oracle/BEA/Sobrato Tower at 488 Almaden?
July 25, 2008
The Business Journal is reporting this morning that according to their sources, Legacy Partners is in fact that buyer of the Oracle/BEA/Sobrato tower located at 488 Almaden Blvd in San Jose which Oracle (ORCL: 22.48 -0.62%) acquired as part of the BEA acquisition. The Business Journal is reporting the sale at “nearly” $100M at about $275 [...]
Read More >>Possibly Brilliant Timing for Buyer of Oracle/Sobrato Tower; PWC Possibly on the Hunt
July 24, 2008
Rumor is that there is a Big Four firm on the troll to take down 150-200K SF of Class A office space in Downtown San Jose. The likely suspects consist of Deloitte, KPMG, PWC, and Ernst and Young. “Friends” inside E&Y indicate it is not them, KPMG is not a likely candidate, and Deloitte’s lease [...]
Read More >>Who is the Buyer of the Sobrato-BEA-Oracle Building at 488 Almaden Blvd?
June 18, 2008
Word is a buyer has been picked by Oracle Corporation (NASDAQ:ORCL). BEA paid about about $335 psf ($130M) in 2007 for the 388,000 square foot tower. You can read more about the story of the tower in a previous post. If I had to guess, I’d say the building will trade for significantly less than what BEA [...]
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