Author Archive
Don’t Count the Regional Mall Out: Transwestern
Posted by: | CommentsThe assertion that the regional shopping mall is a dinosaur is just a nasty rumor, according to Transwestern. The real estate firm released a new report, Why Mall Reuse Is Just Beginning, that debunks the myth of the mall’s demise and shines a light on how these properties can find success through new incarnations.
Portfolio Managers Are Holding Record Levels of Corporate Debt
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Stone & McCarthy weekly survey shows allocations at 37%
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Investors cut Treasury allocations ahead of Fed meeting
Combine the enduring search for yield with a renewed bull market in Treasuries and what do you get? Record high U.S. corporate debt holdings.
Stone & McCarthy Research Associates’ weekly survey of fixed-income portfolio managers showed corporate debt allocations at an all-time high of 37 percent, matching levels last seen in August 2016…
Portfolio Managers Are Holding Record Levels of Corporate Debt
Bringing Hospitality to the Office
Posted by: | CommentsBrookfield Acquires $440M Interest in Downtown LA Asset
Posted by: | CommentsA private equity fund of Brookfield, Los Angeles’ biggest landlord, acquired an interest in California Market Center, a 1.8 million-square-foot property located in the Fashion District of downtown Los Angeles, as part of a joint venture with Jamison Properties. Newmark Knight Frank’s Capital Markets President Kevin Shannon and Executive Managing Director Ken White represented both parties in the off-market agreement.
Anbang Says Waldorf Astoria Condo Conversion Proceeding Normally
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Company says chairman no longer able to perform duties
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Insurer bought New York hotel in 2015 for record $1.95 billion
The conversion of New York’s landmark Waldorf Astoria hotel into luxury condominiums is moving forward as planned and no delays are anticipated after the property’s owner, China’s Anbang Insurance Group Co., said its chairman was no longer able to carry out his duties, according to a company spokesman in the U.S…
Anbang Says Waldorf Astoria Condo Conversion Proceeding Normally
CBRE Completes OH Lease for Keller Williams
Posted by: | CommentsCBRE represented Keller Williams Pinnacle Group in the leasing transaction of 11,500 square feet of office space in Mason, Ohio. Chris Carey, associate with CBRE, represented the tenant. The 115 licensed real estate agents part of the KWPG team will move into the new space by the end of September.
Homebuilder ETF Rallies as Treasury Yields Tumble
Posted by: | CommentsThe SPDR S&P Homebuilders ETF, symbol XHB, is headed for a sixth straight daily gain that’s taken it to its highest level in almost two years as the U.S. housing market continues to heat up. Wednesday’s rise is somewhat unusual in that it comes ahead of a Federal Reserve policy decision that’s near certain to deliver increased interest rates. Investors are taking solace in 10-year Treasury note yields that plunged to the lowest level since November…
Homebuilder ETF Rallies as Treasury Yields Tumble
Is Private Equity More Sexist Than Uber?
Posted by: | CommentsJLL to Lease NJ Class A Office Building
Posted by: | CommentsAmerican Equity Partners has selected JLL to oversee the leasing and marketing if its Independence Place, a Class A office building located at 10 Independence Blvd. in Warren, N.J. The leasing team comprises Senior Vice Presidents Craig Eisenhardt and Robert Ryan and Associate Jason Benson, accompanied by American Equity Partners’ David Elkouby.
Home Capital Settles with OSC Over Fraudulent Mortgages
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Canadian mortgage lender also settles class action claims
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Home Capital and executives to pay more than C$30 million
Home Capital Group Inc. and three former executives agreed to pay more than C$30 million ($23 million) to reach settlements with regulators and investors over allegations the Canadian lender misled shareholders about mortgage fraud.
Home Capital and the executives will pay C$12 million and cover C$500,000 in costs to the Ontario Securities Commission, the Toronto-based lender said in a statement after market hours Wednesday. The firm is also making a C$29.5 million payment to settle a class-action lawsuit filed after the shares plunged, which includes C$11 million paid in the proposed OSC deal, according to the statement…
You Can Barely Squeeze a Tesla Into This $500K Apartment
Posted by: | CommentsFancy an apartment the size of a Tesla Model X?
That’s about 161 square feet — and the size of a Hong Kong micro-apartment sold by property giant Henderson Land Development Co. for just less than $500,000. An actual Tesla Model X in Hong Kong starts at around $150,000.
As Hong Kong housing prices reach new highs and keep the city the most unaffordable for housing in the world, developers including billionaire Li Ka-shing’s Cheung Kong Property Holdings Ltd., Kowloon Development Co. and Henderson Land have been offering more and more units of smaller and smaller size. Another developer, Chun Wo Property Development Ltd., plans to build apartments as small as 128 square feet — about the size of a California garden shed…
Viking Hedge Fund to Return $8 Billion to Investors
Posted by: | CommentsViking Global Investors, one of the larger hedge funds, is losing a top money manager and getting smaller in the process.
The hedge fund, led by O. Andreas Halvorsen, a protégé of the famed hedge fund manager Julian Robertson, notified investors on Monday that the firm’s chief investment officer, Daniel Sundheim, was leaving and that the firm would begin returning some $8 billion to investors, a Viking officer said.
Rose Shabet, chief operating officer at Viking, said Mr. Sundheim’s departure from the firm was “amicable.”
Mr. Sundheim, who has been with Viking for about 15 years, is leaving to pursue “entrepreneurial” ventures, the firm said in a letter to investors…
Kraft Heinz Inks 261 KSF Lease in Garland, TX
Posted by: | CommentsThe Kraft Heinz Co. has signed a 261,000-square-foot lease at Logistics Pointe Distribution Center in Garland, Texas. The lease includes 90,000 square feet of cold-storage. The company will use the space within the 1.1 million-square-foot industrial facility for fulfillment and logistics. CBRE represented both the landlord and the tenant. Kevin Kelly negotiated the lease on behalf of Westmount Realty Co., while David Sours acted on behalf of Kraft Heinz…
Czechs Clamp Down on Mortgages, Warning Boom Puts Banks at Risk
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Central bank increases counter-cyclical reserve requirement
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Rusnok says mortgages are main source of risk for Czech banks
The Czech central bank stepped up efforts to cool the mortgage market, warning that rising house prices may spiral out of control and hurt lenders in a country with one of Europe’s lowest levels of housing loans.
Jernigan Capital Invests $10M in Florida Self-Storage Project
Posted by: | CommentsJernigan Capital Inc. has closed a $10.3 million investment for a proposed 811-unit self-storage project in St. Petersburg, Fla. The facility is expected to break ground in the third quarter of 2017 and to be completed in the third quarter of 2018. The developer of the project is Tampa-based Phillips Development & Realty…
Jernigan Capital Invests $10M in Florida Self-Storage Project
Digital Realty, DuPont Fabros to Merge
Posted by: | CommentsDigital Realty Trust Inc. has entered into a definitive agreement with data center provider DuPont Fabros Technology Inc. to merge in an all-stock transaction valued at approximately $7.6 billion. It’s a move that paves the way for Digital Realty to become the second-largest data center REIT in the country…
Madonna House Hunting in Lisbon Adds Fuel to Hot Property Market
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‘Queen of pop’ is latest celebrity to show interest in Lisbon
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Lisbon home prices rose 35% from 2012 to 2016, worrying locals
Rock star Madonna is house hunting in Lisbon, and that has some in Portugal excited. For others, the city’s allure spells unaffordable property prices.
The U.S. singer, the latest celebrity to consider a home in Lisbon, last month visited a hilltop palace that belonged to Antonio Champalimaud, who was Portugal’s richest man when he died in 2004, according to Gustavo Soares, the head of Sotheby’s International Realty in the country. Madonna also visited a few estates in the lush-green hills of Sintra, near Lisbon, he said…
Baltimore-Area Office Asset Completes First Sale
Posted by: | CommentsReal estate investment trust Corporate Office Properties Trust announced the disposition of 1334 Ashton Road in Hanover, Md., located within the Commons Corporate Center business park. The sale of the 38,000-square-foot office building closed for $2.3 million. The buyer was a partnership of Feldman Bergin Development and Kenwood Management Co. Newmark Knight Frank Executive Managing Director Cristopher Abramson acted on behalf of the seller…
Amazon Brings 855 KSF Fulfillment Center to CT
Posted by: | CommentsAmazon is bringing a new 855,000-square-foot fulfillment center to North Haven, Conn., upping its total to three sites in the state, joining those in Wallingford and Windsor…
Morgan Stanley Says Bitcoin Needs Regulation to Keep Rising
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Cryptocurrency has more than tripled in value this year
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Autonomous nature of virtual currencies an initial attraction
While Morgan Stanley is high on the blockchain technology that underpins bitcoin, analysts at the investment bank are a bit more cautious when it comes to the surge in the price of the virtual currency.
“The rapid appreciation of cryptocurrencies has elicited many inbound phone calls to both our banks and tech teams,” the firm wrote in a report titled ‘Blockchain: Unchained?’ that was released Tuesday. “Possible explanations include investors in search of uncorrelated risk assets and technologists looking for incremental security. But governmental acceptance would be required for this to further accelerate, the price of which is regulation.”…
CBRE Secures Financing for Cupertino Office Building
Posted by: | CommentsNYC Towers to Undergo Ambitious Upgrades
Posted by: | CommentsThe two office towers at 500-512 Seventh Ave. in Manhattan will undergo a “major capital improvements program,” it was announced by Cushman & Wakefield, which will be ownership’s exclusive agent for the buildings. The towers total 1.1 million square feet and sit not far from the massive Hudson Yards development.
Cushman’s Bruce Mosler, Ethan Silverstein, Mitchell Arkin, Haley Fisher and Whitney Anderson will lead the property’s leasing and marketing efforts. Cushman & Wakefield Asset Services personnel Joseph Manasseri, Sal Ariganello, Sheila Mahaney, Alan Cohen, Teresa Ginyard and Alice Chen will handle property management, lease administration and client accounting services…
Wall Street Says Bank Regulatory Plans Are Better Than Expected
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New rules seen freeing up to $2 trillion of lending capacity
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KBW Bank Index up nearly one percent following announcement
The U.S. Treasury Department’s banking regulatory proposals could be even better for finance firms than they initially hoped.
Late Monday, the Trump administration laid out its highly anticipated plan for overhauling bank rules, and Wall Street likes what it sees. The proposals call for easing many of the regulations that were imposed on the industry after the financial crisis, which bankers have frequently complained about in the seven years since the passage of the Dodd-Frank Act…
David Bonderman Resigns From Uber Board After Sexist Remark
Posted by: | CommentsSAN FRANCISCO — David Bonderman, an Uber board member and partner at private equity firm TPG, is resigning from the board of the ride-hailing company after he made a disparaging remark about women at an Uber meeting on Tuesday.
At an Uber staff meeting earlier in the day, Arianna Huffington, another Uber board member, said one woman on a board often leads to more women joining a board. Mr. Bonderman responded “that it’s much more likely to be more talking.”
Attendees were aghast at the exchange, and Mr. Bonderman later apologized…
David Bonderman Resigns From Uber Board After Sexist Remark
Morgans Hotel NYC Fetches $41M
Posted by: | CommentsReal estate investment firms The Kash Group and Shel Capital acquired the Morgans Hotel, located at 237 Madison Ave., in Manhattan’s Murray Hill neighborhood. The 71,000-square-foot iconic building traded for $41 million. The seller was real estate investment trust FelCor Lodging Trust. The Kash Group President Shlomo Bakhash and Shel Capital Co-founders Rony Kravel and Jonathan Bakhash made the announcement. The asset changed hands last year, upon SBE’s acquisition of Morgans Hotel Group…
Bank of Canada Rate Hike Signal Sends Loonie Higher
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Reasons to be encouraged by recent Canadian performance
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Wilkins says 2015 rate cuts faciliated oil price adjustment
The Bank of Canada offered its strongest signal yet that it’s ready to raise interest rates as the economy gathers steam, in surprise comments that sent the Canadian dollar and bond yields soaring.
In a speech Monday, Senior Deputy Governor Carolyn Wilkins highlighted how the nation’s recovery is broadening across regions and sectors, giving policy makers “reason to be encouraged.” She downplayed worries about Toronto’s housing market and said policy makers need to keep their eye on the future evolution of growth, not only current economic conditions…
Buy a $26 Million Jewel of a Mansion Nestled Among German Palaces
Posted by: | CommentsBuilt just outside of Berlin in 1923, the villa sat squarely in the demarcation zone.
During the sliver of time between world wars, when Germany wasn’t suffering from hyperinflation or teetering on the knife’s edge of civil war, a flour tycoon named Kurt Kampffmeyer built a 15,000-square-foot villa on a lake in Potsdam, about 12 miles southwest of Berlin…
Buy a $26 Million Jewel of a Mansion Nestled Among German Palaces
Overbuilding in Richmond?
Posted by: | CommentsFollowing several years of strong supply, Richmond’s multifamily market is shifting down a gear. Rents rose 1.6 percent year-over-year through April, continuing to trail the national average. With almost 20,000 units in the pipeline—more than a third of which are under construction—the metro is at risk of overbuilding…
Asia Central Banks Rebuild $6 Trillion Defense as Fed Hike Looms
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Foreign-exchange reserves are rising across the region
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Buffers offer central banks a key defence against volatility
Asia’s central banks are stacking the sandbags.
Foreign-exchange reserves are being rebuilt as monetary authorities brace for the Federal Reserve’s third rate hike in six months. While the expected move has been well telegraphed, prolonged periods of Fed tightening can cause jitters for emerging markets. Asia was slammed in 2013 when then-Fed Chairman Ben Bernanke’s hint of an end to quantitative easing sparked the “taper tantrum.”
Copaken Secures Full Price for Kansas Flex Building
Posted by: | CommentsPhilly-Area Office Trades, Lands $45M Financing
Posted by: | CommentsValley Creek Corporate Center, a 259,200-square-foot office complex in Exton, Pa., has come under new ownership in a transaction valued at $45.3 million. HFF marketed the Philadelphia-area property on behalf of the seller, a real estate investment management and advisory company, and orchestrated financing for the buyer, a joint venture of Pembroke IV and Ten Capital Management.
A Major Asset Manager Put a Price on Goldman’s Infamous ‘Hunger Bonds’
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‘Hunger bonds’ from Venezuela’s PDVSA marked at 33 cents
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Valuation level suggests a small profit for SEI’s fund
Goldman Sachs Group Inc.’s investment arm has $2.8 billion of bonds from Venezuela’s state oil company that don’t trade. Brokers have prodded investors on what they’d pay if the debt goes on sale. But so far there’s no clarity on price.
Until now.
One bondholder — SEI Investments Co., an Oaks, Pennsylvania-based asset manager — reported in a filing that the securities are worth 33 cents on the dollar at the end of last month. SEI came to hold $8.9 million of the bonds because Goldman Sachs Asset Management serves as a sub-adviser on a portion of its assets…
Atlanta-Area Office Campus Trades for $19M
Posted by: | CommentsAvison Young completed the sale of 3100 Breckinridge Blvd., a Class A, 253,000-square-foot office park in Duluth, Ga. TerraCap Management LLC acquired the property in a $19 million deal.
Principals Matt Tritschler and Steve Morgan of Avison Young’s capital markets group led efforts on the sale, alongside Senior Vice President Stephanie Marino. The seller was HQ Capital Real Estate LP of New York on behalf of TRIUVA. According to public records, the transaction benefitted from an undisclosed acquisition financing originated by CopperPoint Mutual Insurance Co…
Viking to Return $8 Billion to Investors
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Ben Jacobs and Ning Jin to become co-CIOs, firm says in letter
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Sundheim to pursue own entrepreneurial interests, firm says
Viking Global Investors, the hedge fund firm founded by Andreas Halvorsen, is returning about $8 billion to investors as Chief Investment Officer Daniel Sundheim departs to pursue his own business interests.
Sundheim, 40, who joined Viking as an analyst and rose through the ranks in his 15 years there, is leaving at the end of the month, according to a letter Viking sent to investors on Monday. Ben Jacobs and Ning Jin, two long-time portfolio managers, will take over the central portfolio as co-CIOs, the firm said…
In Detroit, Anyone Can Be a Real Estate Developer
Posted by: | CommentsIs flipping homes and collecting rent the key to helping more Detroiters benefit from the city’s revival?
An urban revival has to start somewhere, and in the case of Detroit, that place has been downtown.
Coming out of the Great Recession, a handful of real estate developers invested heavily in a bid to lure corporate employers—and, more recently, business travelers and condo buyers—back to the center of the city. That theme has met with occasional criticism that most efforts are intended to make Detroit more appealing to outsiders, without doing much for people who suffered through the city’s infamous decline…
BlueVolt Relocates Portland HQ
Posted by: | CommentsBlueVolt has relocated its corporate headquarters to the Marquam Building in Portland, Ore. The e-learning solutions company leased more than 9,000 square feet on the top floor of the Class B office building. According to Area Development Online, company officials said the new suite will afford BlueVolt enough space to double its current staff.
Opening of Waukegan Amazon Distribution Center on Track
Posted by: | CommentsThe new 626,848-square-foot Amazon distribution center in Waukegan, Ill. is expected to open its doors by the end of July, 2017. The company has been working on setting up its operations since late 2016, when Bridge Development Partners finalized the construction.
The Lake County Workforce Development Department started the interviewing and training process for the approximately 400 jobs created at the new distribution center. This figure represents four times more jobs than Amazon initially announced…
Mortgages, Traders and Fiduciaries
Posted by: | CommentsAlso Gary Cohn, IEX, volatility and Uber.
Mortgage brokers.
Here’s a quiz: In what year did a 25-year-old Calvin Klein salesman turned mortgage broker say this about how he got into the subprime mortgage business?
“I knew a mortgage was a loan for a house,” said Mr. Boyd, who was recruited by his boss, Jon Maddux, after selling him a Calvin Klein suit at a local outdoor mall. “I came in just a blank slate.”
If your guess was “2006, that is the most 2006 thing that anyone could ever say,” I see your point, but nope, it was now, it’s happening now:
These Cities Have Too Many Stores, and They’re Still Building
Posted by: | CommentsCleveland, Memphis, and Chicago lead the way among metro areas where retail development has outpaced growth in demand.
What were they thinking in Cleveland?
Real estate developers built more than 21 million square feet of new store space in the Northeast Ohio metropolitan area from 2000 through the first three months of this year, increasing its retail footprint by 21 percent.
But while the new stores were moving in, the shoppers were moving out. The metro area’s population declined by more than 90,000 over a similar period, and it became a stomping ground for students of the dying American mall…
Vince Camuto Moves to Shorenstein’s 1407 Broadway
Posted by: | CommentsCBRE to Buy Majority Stake in Caledon
Posted by: | CommentsCBRE Group Inc. has entered into an agreement to acquire a majority interest in Caledon Capital Management Inc., of Toronto, an investment manager specializing in private infrastructure and private equity investments.
Once the transaction is closed, Caledon will be renamed CBRE Caledon Capital Management Inc. and operate as a separate business unit under CBRE’s independently operated investment management subsidiary, CBRE Global Investors…
Bearish Bets on Home Capital Have Dropped to 20%
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Some 20% of lender’s free float shorted, least in two years
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Shares up seventh straight day, longest streak in six months
Short sellers are easing pressure on Home Capital Group Inc. as speculation builds that Canada’s embattled alternative mortgage lender may be closer to a takeover of the company or refinancing its costly rescue loan.
Short positions on the shares dropped to 20 percent, the least since July 2015, according to Markit data on Monday. The stock has also more than doubled from its low hit last month after Ontario’s securities regulator accused the company of misleading investors about mortgage fraud. It was trading up about 2 percent to C$11.97 as of 10:03 a.m. in Toronto on Monday, the seventh straight day of gains and the longest advance this year…
Facebook Nears Deal for First Office Space in San Francisco
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Social-media company has letter of intent at 181 Fremont
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Tower would house fewer than 100 Instagram employees
Facebook Inc. is planning to open its first San Francisco office — albeit a small one.
The social-media company has a letter of intent for space at 181 Fremont, a new skyscraper in the South of Market district, according to a person familiar with the matter. The building would be a test for fewer than 100 Instagram employees, said the person, who asked not to be named because the details aren’t finalized.
Facebook hasn’t signed a lease and it’s still looking at other properties, the person said…
C&W to Lease, Manage Atlanta Trophy Office Tower
Posted by: | CommentsLionstone Investments selected Cushman & Wakefield to lease and manage 271 17th St., a Class A, 541,870-square-foot office tower in Atlanta’s Midtown submarket. Also known as BB&T Tower and completed in 2009, the 25-story asset is the newest office building constructed at Atlantic Station.
Full Steam Ahead For Vancouver Waterfront Project
Posted by: | CommentsGramor Development Inc. has secured a $42.5 million construction loan to build the next phase of the $1.5 billion Waterfront Vancouver development on the Columbia River in Vancouver, Wash.
Mexico Said to Take First Steps in Annual Oil Hedging Program
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Mexico said to ask banks for options quotes to fix 2018 prices
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Mexico annual sovereign hedge is Wall Street largest oil deal
Mexico has taken the first step in its annual oil hedging program, asking Wall Street banks for price quotes on the put options it buys to lock in prices for the following year, according to people familiar with the matter.
Mexico usually buys put options from a small group of investment banks, starting as early as May but sometimes as late as July, in what’s considered Wall Street’s largest — and most secretive — annual oil deal…
$30M Dignity Health MOB Underway in Sacramento
Posted by: | CommentsHyatt Advances Global Growth Spurt
Posted by: | CommentsHyatt Hotels Corp. has big expansion plans for its Hyatt Place and Hyatt House brands, and just halfway through 2017, the global hospitality company has already debuted 19 hotels under the two flags. The new properties have added a total of 2,686 guestrooms and suites in key markets around the world.
The Cost of Lunch With Warren Buffett: $2.68 Million
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Event raises money for Glide to aid homeless in San Francisco
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Winner gets to dine with billionaire at New York steakhouse
A bidder pledged $2.68 million to a San Francisco charity in exchange for a lunch date with billionaire investor Warren Buffett.
The winner of the online auction that concluded Friday on eBay Inc.’s website chose to remain anonymous. The final price fell short of last year’s $3.46 million winning pledge, which tied the previous record.
Lee & Associates Arranges Sale of Van Nuys Film Studio
Posted by: | CommentsA New Setback for London Property Market
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Homebuilders focused on high-end homes in U.K. capital fall
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Election result probably rules out more property taxes: KF
The U.K. election result will create more uncertainty for the London property market, affecting values and sales volumes, real estate brokers say.
London homebuilders that develop high-end homes dropped after the hung parliament. Crest Nicholson Holdings Plc fell 6.7 percent, the most in 11 months, and was down 5 percent at 580 pence at 1:16 p.m., making it the biggest faller in the FTSE 350 Index. Berkeley Group Holdings Plc, the U.K. capital’s biggest homebuilder, was down 3.4 percent…
Hedge Fund Delivers 19% Return by Betting Only on Safest Bonds
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Asgard fund buys mainly AAA rated debt, takes no credit risk
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Leverage is now about 11 times, goes long risk premiums
The best returns are not in the riskiest stocks but in the least risky bonds. But you can’t get them without leverage.
That philosophy helped Asgard Fixed Income Fund deliver a 19 percent return in the past year.
“That’s the core of our strategy,” Morten Mathiesen, 45, chief investment adviser at Copenhagen-based Moma Advisors A/S, said in a phone interview on Thursday. “The best risk-adjusted returns are actually the low vol trades.”
River City Chosen for Spec Office Development
Posted by: | CommentsU.K. House Prices Climb to Record Even as Sales Slow in London
Posted by: | CommentsU.K. house prices climbed to a record last month as a slowdown in London sales was offset by a stronger market in the north of the country, according to a report by Acadataand LSL Property Services Plc.
Prices in England and Wales rose 0.3 percent from April to an average of 303,200 pounds ($386,000), despite the uncertainties of the general election campaign, the groups said in a report published Monday. Prices were up 4.8 percent on an annual basis, the biggest jump since January…
U.K. House Prices Climb to Record Even as Sales Slow in London
Qatar Assets Add Up Losses as Tension With Arab States Grows
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Main stock index had its worst weekly performance since 2014
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Yields jump on most liquid dollar bonds as S&P cuts rating
Investors in Qatari stocks, bonds and currency forwards were saddled with losses since the country was thrust into the epicenter of an unprecedented spat with its neighbors.
The country’s stock market shrank by about $11 billion in value on Tuesday, the most since 2010, after Middle Eastern countries including Saudi Arabia and the United Arab Emirates cut ties with the Gulf nation. The country’s most liquid bonds tumbled last week as its sovereign rating was cut and bets against its currency surged. Contracts to protect against a potential default are now at a higher level than those of Peru and Slovenia…
Manhattan’s GM Building Lands $2.3B Refi
Posted by: | CommentsBoston Properties, which owns 60 percent of the General Motors Building at 767 Fifth Ave. in Manhattan, said its consolidated joint venture entity has completed a $2.3 billion refinancing of the 50-story, 2 million-square-foot trophy tower that replaces $1.6 billion in debt that was maturing in October.
The REIT did not identify the sources of the refinancing, only describing it as a group of lenders during the firm’s late April first-quarter 2017 earnings call with analysts. At that time, CFO Michael LaBelle called it “the most significant financing that we plan to complete this year.”…
Wall Street Is Starting to Get Nervous About Venezuela’s ‘Hunger Bonds’
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Opposition trying to scare off financing for embattled Maduro
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National Assembly says it won’t honor any illegal debts
The Venezuelan debt that Goldman Sachs Group Inc. bought last month may be known as “hunger bonds” to many in the international community, but they’re earning a different moniker on Wall Street: repudiation bonds.
In the days since that controversial transaction, numerous investors have been approached by brokers putting out initial feelers to gauge their interest in the notes, and almost without exception, they say they’re leery about securities that Venezuela’s opposition calls illegitimate and says won’t be repaid if it takes control of the government…
Inside a Vacation Home for the Richest Family in the World
Posted by: | CommentsThe Villa Astor, perched on a cliff in Sorrento, Italy, has finally opened its doors.
When William Waldorf Astor bought a villa on the cliffs of Sorrento in 1905, he was one of the wealthiest people on the planet. His great-grandfather had made a fortune parlaying a fur monopoly into a real estate empire, and subsequent Astor generations had managed to expand their portfolio to newspapers, import/export concerns, and real estate developments that included the Waldorf Astoria Hotel in New York…
Las Colinas Industrial Asset Changes Hands
Posted by: | CommentsGretzinger Investment Group LLC has acquired a two-building, 103,000-square-foot asset in Las Colinas, Texas, in an off-market transaction. The property consists of a 22,154-square-foot office building and an 80,900-square-foot warehouse. Las Colinas Distribution Center 4 and 5 were previously owned by a North Texas family trust…
York Breaks Ground on $100M Bronx Studio
Posted by: | CommentsNew York’s film industry is in growth mode and York Studios is expanding right along with it. The company, owner of a production studio in Queens, just broke ground on the $100 million Michaelangelo Campus, a 350,000-square-foot, cutting-edge film and television production complex in the Bronx.