If New York is a Leading Indicator…

December 10, 2008

Tweet New York is, if nothing else, a psychological benchmark and leading indicator for a lot of people when it comes to analyzing the state of the real estate market. TRD is reporting that prices are being slashed for trophy assets, and there is still trouble in finding buyers. According to the article in TRD, […]


Thelen Reid & Priest Chooses to Dissolve; Landlords Wondering Who’s Next?

October 28, 2008

Tweet 84-year old law firm Thelen Reid & Priest’s partnership voted this morning to dissolve the firm by as early as late November. The firm has succumbed to market, staffing, and economic forces. As previously mentioned, the firm occupies roughly 175,000 square feet of Class A office space locally, space which will very likely be […]


Broadway Partners Runs Into Trouble – San Francisco Holdings On The Table?

October 11, 2008

Tweet During 2006 and 2007, New York’s Broadway partners went on a tear, acquiring billions of dollars worth of real estate, with Lehman Partners providing the financing for a good chunk of it. That put Broadway Partners on the map as the third largest acquirer of New York City office buildings after Macklowe and Tishman […]


Banks To Continue Dumping Office Space

August 28, 2008

Tweet USBanker Magazine is featuring an article in its September issue discussing the impact of the current financial turmoil on office space vacancy rates. According to the article, New York’s Independent Budget Office is forecasting roughly 60,000 total job losses stemming from the credit crunch. The CEO of New York’s GVA office has estimated that […]


Manhattan Office Vacancy Up; Investment Sales Down

July 2, 2008

Tweet Cushman & Wakefield released its mid-year report on the Manhattan market. Vacancy now sits at 7.1%, up about 180 basis points from this time last year. Rents continued to edge up slightly, but concessions and tenant improvement allowances also crept up, effectively keeping rents flat to slightly down over last quarter. Investment sales fell […]


Boston Properties, Goldman Sachs Acquire GM Building; Macklowe Son To Take Over

May 28, 2008

Tweet Over the weekend, the fate of the GM Building at 767 Fifth Avenue became known. Boston Properties and Goldman Sachs led an investment group that acquired the trophy asset along with other buildings from Macklowe Properties for $4B, $2.5B of which was assumption of debt. It’s rumored that middle eastern investors and sovereign investment funds […]


Sale of Macklowe’s GM Building Looking Likely

May 20, 2008

Tweet After many months of speculation and the fact that Macklowe went into default on the short term loans he took to acquire a seven building portfolio from Blackstone (some details here), Macklowe seems to have lined up some buyers for his landmark GM building (which is also home of the Apple “Glass Cube” Store), along […]


Macklowe Likely To Forfeit His 7-Property New York City Portfolio

February 6, 2008

Tweet After taking control of a $7B portfolio of properties from Equity Office last year, Harry Macklowe’s financing situation is rumored to have led to a deal to relinquish control of his properties to his lender, Deutsche Bank. His financing package, when he acquired the buildings, only required him to put $50M worth of equity […]

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