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30% of iStar Financial’s Loans are Non-Performing

February 28, 2009

Tweet iStar Financial (SFI: 0.00 N/A), a commercial mortgage REIT that had been an active player of the past few years, is in dire straits with an some 23-30% of its loan portfolio not performing. The company acquired the assets of Fremont Investment & Loan, a notorious lender on highly speculative condo and housing projects. […]

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Cisco Begins “Layoffs” At San Jose Campus

February 28, 2009

Tweet Cisco cut 250 from its San Jose campus as it begins the layoffs it announced a few weeks ago. The cuts were referred to as a “realignment”, but they are clearly layoffs. What’s more is that Cisco in the past down cycle made progressive amounts of cuts as its revenue declined. With GDP during […]

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Z Gallerie Closing Third of Stores

February 25, 2009

Tweet Z Gallerie announced that it will be closing 25 stores, representing roughly a third of its 77 stores. We’re not sure if any of the Bay Area locations are on the list, but the chain’s local stores occupy prime real estate. Z Gallerie’s Bay Area locations are: 340 University Avenue, Palo Alto, CA 1628 […]

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Oakland A’s Drop Fremont

February 25, 2009

Tweet According to the Mercury News, the Oakland A’s have notified the City of Fremont that they are no longer considering the city as a site for a new ballpark. The team had originally looked at the Pacific Commons area of the city, and then after running into opposition began considering a site closer to […]

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Shake-Up at Grubb & Ellis San Jose

February 18, 2009

Tweet The Business Journal is reporting on more movement at Grubb & Ellis locally. Bill Hvidt, who was managing director at Grubb & Ellis since 2004 is returning to full-time brokerage and Mark Geisreiter is coming on board as Managing Director of the SF, SJ, Redwood City, and Walnut Creek offices. Geisreiter is an outsider […]

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4 More Bay Area Dealerships Close

February 12, 2009

Tweet Four more dealerships have abruptly closed amidst the current economic downturn. The mercury news is reporting that Pontiac Buick GMC dealerships in San Jose, Dublin, Newark, and Colma have closed their doors. The four dealerships were owned by the dealership group led by Ken Okenquist.

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MadisonMarquette’s Distressed Retail Real Estate Index

February 5, 2009

Tweet TrafficCourt points us to a mini-study put out by MadisonMarquette’s Places Magazine  analyzing 63 metropolitan markets for signs of distress in the retail real estate sector. They put together a nice little analysis/index on the various markets to try to guage the markets which will likely produce the most distress. San Francisco and San Jose were […]

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Cisco Systems “Realigns” 2000-3000 Employees

February 5, 2009

Tweet Cisco Systems (CSCO: 27.425 +0.53%) announced that it is eliminating 1500-2000 jobs on its earnings call, but they weren’t referred to as being “layoffs”, but instead a realignment. Call it what you will, but those are jobs which will be eliminated in the coming months. These are in addition to 1,000 positions already eliminated. […]

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BRE Properties Drops San Jose Apartment Site and More

February 4, 2009

Tweet BRE Properties, an apartment REIT released their earnings today, and on their earnings call there were a few good tidbits. Picked up from CalculatedRisk were these items: With jobs, we expect the first quarter to rival the fourth quarter with respect to job losses. We then expect to see a deceleration in the layoff momentum […]

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NEC, Hitachi Announce Layoffs

January 30, 2009

Tweet NEC and Hitachi have announced cuts in their global workforce totaling 27,000 jobs, with NEC accounting for 20,000 and Hitachi the remaining 7,000. It is unclear how many, if any, of those job cuts will occur at NEC or Hitachi’s Silicon Valley offices, but both have a fairly decent footprint in Silicon Valley. NEC […]

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