GS Whitehall Funds Down to Last $30M … From $1.8B!
April 16, 2010
Tweet And you thought that Morgan Stanley Real Estate Funds were the only players in town who had an expertise in losing massive amounts of money. The Financial Times is reporting that Whitehall Street International, GS’s international REF has essentially been wiped out. The fund is down to its last $30m, from about $1.8bn, a [...]
Read More >>Sobrato Nabs McAfee for 240K SF and What It Means For The Market
April 2, 2010
Tweet Sobrato has managed to bag McAfee for ~240K square feet – and potentially more – at its Santa Clara campus. The Registry has some info on the deal as well. The deal is a great one for Sobrato, which has Yahoo! on lease until the end of July. The buildings are located at 2811 [...]
Read More >>Tishman Walks on Stuy Town
January 25, 2010
Tweet Tishman Speyer and company has decided to throw in the towel on Stuyvesant Town. This comes as little surprise as they were so far under water on the deal that it would be rather meaningless for lenders to keep them in the deal. Tishman originally paid $5.4B for the asset back in 2006 and [...]
Read More >>Stuyvestant Town’s $3B Loan Goes to Special Servicing
November 7, 2009
Tweet Not really news as the previous income and debt-coverage numbers revealed this asset is in a world of hurt, not to mention the hit it will take as a result of all the legal wrangling going on about rent controls. This is one big capital stack. Fitch has already reduced CMBS ratings on a [...]
Read More >>Juniper Networks Renews 425K SF Headquarters Lease
November 4, 2009
Tweet Juniper Networks (JNPR: 19.225 +0.50%) has renewed its lease for the three buildings it occupies as its headquarters in Sunnyvale. The buildings are located at 1184, 1194, and 1220 N. Mathilda Avenue and were constructed between 2000 and 2002. Average floor plates are 35,400 (comparable to Moffett Towers interestingly enough – doubt it was [...]
Read More >>Tishman Loses Stuyvesant Town Ruling
October 22, 2009
Tweet A court of appeals today ruled that Tishman unlawfully raised rents at Stuyvesant Town and could be forced to pay back millions. The massive Stuyvesant Town/Peter Cooper Village project is a huge project that we previously posted about. This project was originally acquired for some $5.4B. Estimates at the time of our post were [...]
Read More >>63% Off In Santa Ana – Tishman Unloads Office Building
October 15, 2009
Tweet Tishman Speyer has sold off 3 MacArthur Place (aka 3 Imperial Promenade) in Santa Ana, California. The buyer is Highridge Partners. The building is a 12-story Class A building totaling about 247,000 rentable square feet. The building sits on about 3 acres and was completed in 1991. Current occupancy is about 78%. Pricing came [...]
Read More >>CRE Dominoes: Stuyvesant Town About To Go
October 14, 2009
Tweet Tishman and Blackstone teamed up to acquire Stuyvesant Town in New York back in 2006 for a whopping $5.4B. The project encompasses some 11,000 apartments across 54-buildings. The acquisition strategy included efforts to convert rent-controlled units to market-rate units, but a lawsuit has put the ice on that (sounds like Page Mill Properties and [...]
Read More >>Applied Puts Up For Sale 30-Acre Santa Clara Site
September 14, 2009
Tweet Applied Materials (AMAT: 15.83 -0.88%) has quietly put up for sale a 30-acre site in Santa Clara. The property is being offered unpriced. It’s an odd time to put the property up for sale considering the fact that they’ve carried it for a long time, including the last boom cycle where the land would [...]
Read More >>Chinese Sovereign Wealth Funds Look to US
September 9, 2009
Tweet The WSJ is reporting that China’s SWF, China Investment Corporation, is seeking to place bets on the US Real Estate market. To that end, they’ve held discussions with managers BlackRock, Invesco, and others. The estimates in the article peg allocation in the range of $4-20B, but that is just a drop in the bucket [...]
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