Tishman Walks on Stuy Town
January 25, 2010
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 without [...]
Read More >>Stuyvestant Town’s $3B Loan Goes to Special Servicing
November 7, 2009
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 number [...]
Read More >>Juniper Networks Renews 425K SF Headquarters Lease
November 4, 2009
Juniper Networks (JNPR: 29.94 -1.71%) 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 a [...]
Read More >>Tishman Loses Stuyvesant Town Ruling
October 22, 2009
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 about [...]
Read More >>Tishman in Contract to Sell 550 Terry Francois
October 15, 2009
We previously reported on Tishman’s putting up 550 Terry Francois for sale back in May. It now appears that they are in contract to sell the 282,773 square foot building that is fully leased to GAP through 2017.
The fund (referring to Tishman’s Australian Fund) has a contract to sell the so-called Gap Building at 550 [...]
63% Off In Santa Ana – Tishman Unloads Office Building
October 15, 2009
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 in at [...]
CRE Dominoes: Stuyvesant Town About To Go
October 14, 2009
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 East [...]
Read More >>Applied Puts Up For Sale 30-Acre Santa Clara Site
September 14, 2009
Applied Materials (AMAT: 12.36 -0.40%) 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 have [...]
Read More >>Chinese Sovereign Wealth Funds Look to US
September 9, 2009
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 of the [...]
New Owners Squeeze Market
August 27, 2009
A reader sent me a Globe St. article on a deal in Las Vegas. Panattoni has acquired a 40% finished project at a low price, and has now turned around and began marketing (and selling) buildings which were previously listed for $205 psf for $100.
I am posting this because it goes back to what I’ve [...]
