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Tishman Completes 550 Terry Francois Sale to GLL

December 7, 2009

Tweet The Business Journal is reporting that the sale of 550 Terry Francois to GLL is a done deal. 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 percent drop from the $173 million […]

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Property Tax Appeals: The Impact on Government, Landlord, and Tenants

November 22, 2009

Tweet Over 1,000 San Francisco property owners have filed petitions with the City of San Francisco to have their property taxes reduced. The same is for virtually every other city as property prices have fell dramatically. Jose Guevara is property manager for Crocker Galleria, which has requested a 62 percent reduction in its assessed value, […]

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Crescent Down, San Francisco EOP Assets To Go

November 20, 2009

Tweet In the news today is Morgan Stanley’s handing back of the keys on the Crescent Real Estate nightmare they acquired two years ago. The nightmare wasn’t that they were bad assets, the nightmare was the price paid for the portfolio and the subsequent fall in the market. We were out in front of the […]

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Weakness In Apartments; San Jose Rent Falls Most

November 10, 2009

Tweet With unemployment at record numbers, it is no mystery that rents and vacancy rates would weaken in apartments. Especially hit hard are high priced areas such as San Jose, New York, and San Francisco, places where tenants typically leave if they remain jobless. What is also fueling the decline in vacancy rates is the home […]

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Next Wave of Stress Tests To Focus on CRE

October 26, 2009

Tweet Many of the nation’s community and regional banks turned to commercial real estate lending during the last run up to boost profits through higher yields. Now, many of these same banks are saddled with commercial real estate debt on their books, and some banks such as Sterling Financial have 50% of their loan exposure […]

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FBI Requirement Off

October 19, 2009

Tweet For a while now, the FBI has been the “big fish” running around in the northern Peninsula and San Francisco. Their requirement called for some 200,000 square feet of specialized space, with multiple ingress/egress requirements, setbacks, and the such. Developers such as Shorenstein, Hines, etc. had responded to their RFP with sites they had. […]

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Morgan Stanley to Take Hit on Crescent

October 14, 2009

Tweet Morgan Stanley was one of the most aggressive investors during this last boom cycle. Their activities included the acquisition of the EOP San Francisco portfolio for some $2.5B, and the August 2007 purchase of Crescent Real Estate Equities for $6.5B (if you include the debt), and other smaller deals such as providing the debt […]

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US Office Vacancy At 5-Year High; Rents Plummet

October 7, 2009

Tweet REIS is out with data on the US vacancy rate, and it continues to hike down the hill. Vacancy is now at 16.5%, a five-year high. Meanwhile, office space rents are falling at the fastest pace in a decade. Negative absorption in the third quarter proved to continue at a greater level than it […]

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California Unemployment Up To 12.2%

September 18, 2009

Tweet Unemployment numbers are out for California from the Bureau of Labor Statistics, and they are not looking good. California’s unemployment rate is up to 12.2% (August), a brutal number and a record level. The rate is up 30 basis points from July. Year-over-year, the rate is up 460 basis points. Nevada also reached a […]

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Manhattan Deal Volume Scarce; Cap Rates In The 7′s

August 18, 2009

Tweet In the first half of the year, there were three sales greater than $30M in Manhattan, representing 10% of what is normally transacted. The so-called capitalization rate, or a property’s net operating income divided by purchase price, may have risen to about 7 percent for stable, prime Manhattan office buildings, CB Richard Ellis said. […]

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