Align Technology Inks 129K SF Lease
February 4, 2010
Align Technology (ALGN: 17.26 +1.83%) has signed a 7-year lease with Equity Office for two buildings on Orchard Parkway. The 129,000 square foot lease is for 86-months, and consists of two (2) 64,500 SF buildings located at 2560 Orchard Parkway and 2570 Orchard Parkway. The terms of the lease are: 86 Months First 2 Months [...]
Read More >>Macklowe’s Back as CMBS Delinquencies Continue To Rise
January 6, 2010
After suffering some pretty big losses over the past two years, Harry Macklowe is back. This time he has teamed up with CIM Group to take control again of the development site on Park Avenue in New York. The partnership between Macklowe and CIM will pay off about $510M of debt on the site, which [...]
Read More >>AIA Projects 13% Fall in Commercial Construction
January 6, 2010
The American Institute of Architects (AIA) is forecasting that office, retail and hotel development may fall 13% this year. In July, they were forecasting 12%. ndustrial construction spending is likely to slump the most this year, 24 percent, and an additional 7.8 percent in 2011, the institute said. The group expects hotel building to also fall about [...]
Read More >>Round Trip For 17M SF of Property as Morgan Stanley Hands Back The Keys
November 20, 2009
Morgan Stanley has officially handed the keys back on the Crescent portfolio we posted on last month. Including debt, Morgan picked up Crescent Real Estate Equities for $6.5B. The portfolio consists of some 17M SF of commercial and hospitality product. After providing Morgan with a 3-month extension back in August, the calling for the portfolio [...]
Read More >>CPS 3rd Quarter Update and Thoughts on Leasing Activity
November 13, 2009
CPS emailed us their 3rd quarter Silicon Valley update. It’s a pretty good report that is a bit different than the typical quarterly report which just puts up vacancy and rental rates for each sub-market in that it stratifies the supply in the market, and also goes a bit beyond just a table of rents [...]
Read More >>Tishman Speyer Office Fund Values Off 33.5% YoY; Renegotiates Debt
August 25, 2009
Tishman Speyer has reached an agreement with at least 51% of the debt backing an 18-office building portfolio to revise the loan terms to keep it from breaching covenants contained within the loans. Still, the revised terms leave little breathing room in a market where values are falling on a monthly basis. Layer on rents [...]
Read More >>August 2009 RREEF Property Cycle Monitor
August 24, 2009
RREEF has put out its August update of its Property Cycle Monitor. Full file embedded below, but key takeaways: Slower production and spending in the greater economy is negatively affecting the commercial real estate market. The institutional property market continues to correct and values are falling as fundamentals continue to deteriorate. Fundamentals are projected to worsen through [...]
Read More >>Keys Being Handed Back to Lenders on Southern California Portfolio
August 12, 2009
In an effort to eliminate drag, Maguire Properties has decided to walk away from seven Southern California properties. The debt on the properties total some $1 Billion. Four of the properties were acquired from Equity Office in 2007, which is not surprising since the properties were acquired at the peak of the market. In what [...]
Read More >>RREEF Portfolio Under Distress
July 28, 2009
RREEF was an aggressive acquirer of Silicon Valley real estate over the past several years. The acquisition spree began in earnest when RREEF acquired a large tract of R&D buildings in Silicon Valley from Equity Office. Following up that was the massive acquisition of the Peery/Arrillaga portfolio in 2006. The portfolio consisted of some 5M [...]
Read More >>Spear Street Picks Up Murphy Ranch Tech Park
June 10, 2009
Spear Street Capital closed escrow on May 27 on Murphy Ranch Technology Park in Milpitas. The 363,000 SF business park is fully leased and home to the headquarters of Phoenix Technologies and Intersil, as well as Avaya. The buildings are two-story steel frame. Late last year, Avaya decided to shed the ~140,000 SF it occupies [...]
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