Golden State Portfolio Hits The Market

Back in December, CBRE won the pony show to sell off a 7 million square feet portfolio of our property. It’s officially hit the market and just in time for IOU’s.

Transbay Joint Powers Closes on $171M Loan

The Transbay Joint Powers Authority has closed on a $171M federal loan to help it kickstart the massive Transbay Terminal project in San Francisco. This is a good step in the right direction, though additional funding multiples the size of this loan will ultimately be needed.
The entire project will likely end up costing billions. There [...]

Tribeca Forecloses on Lembi Buildings

The saga continues….Lembi subsidiary Trophy Properties has given several more properties back to Tribeca. Trophy Properties has lost a few more properties in the city and the peninsula. Some of the properties foreclosed on today as part of a loan originally made by UBS include:

San Francisco

2642 Gough Street – 6 Units
2011 Sacramento – 6 Units
121 [...]

$30M For Circque De Soleil

The LA Times has an article out discussing the CIM Group and the investments and loans it has attracted. Locally, CIM has been a fairly active player in the region over the past few years. In San Jose it is known best for being part of the team behind Tower 88. This spring CIM Group [...]

WSJ on San Francisco Real Estate

Nothing new here, but WSJ has an article focused in on the San Francisco office market.
It’s a different kind of commercial-property slump from earlier this decade, however. While office rents collapsed after the dot-com bust, rents are holding steadier this time. Asking lease rates peaked at $67.73 a square foot in downtown San Francisco in [...]

More News About Morgan Stanley’s SF Woes

We previously discussed the hand back of the keys by Morgan Stanley on some of their SF assets (here and here), but Bloomberg is now out with an article. Not much new, but now Bloomberg lends some credibility.
The San Francisco transfer would mark the second real estate deal to unravel this year for Morgan Stanley, [...]

Lembi Fallout Hitting Tamalpais Bank Hard

San Francisco magazine is out with a detailed update on the Lembi apartment fiasco in SF, replete with attachments and all.
Tamalpais Bank made most of the Lembi loans between December 2007 and April 2008. In spring 2008, the bank’s parent company announced record earnings and assets, propelled in part by expansion of its commercial real-estate [...]

Morgan Stanley Handing Back 1.2M Square Feet of SF Assets

As we indicated last month, Morgan Stanley is handing back the keys on billions of dollars worth (former worth, that is) of Class A San Francisco property. The properties are going back to the mezzanine lender, AREA Property Partners. The question now is what is AREA going to do with the assets considering that they [...]

San Francisco Magazine Covers The Lembi Fallout

The Lembi story in San Francisco is not a new story. The family, through Trophy Properties, Skyline Realty, and CitiApartments, was at one point was the largest owner of apartment buildings in the city. The group controlled over 8,000 apartment units at the peak, using extremely high amounts of leverage to acquire them.
Notice of defaults, [...]

Tishman Completes 550 Terry Francois Sale to GLL

The Business Journal is reporting that the sale of 550 Terry Francois to GLL is a done deal. We previously reported on the sale in October.
A Tishman fund, traded on the Australian Securities Exchange as Tishman Speyer Office Fund, sold the 283,000-square-foot building for $135.5 million. The sale, which closed Nov. 26, represented a 21 [...]