GE Capital Real Estate, which is aiming to increase originations this year by 30 percent, has provided $182.5 million of floating-rate financing against 100 High St., a 546,336-square-foot office building in Boston that was recently purchased by CBRE Global Investors for $282.5 million, or roughly $517/sf.
A venture of investment managers LBA Realty and Principal Real Estate Investors is in the market to sell the 566,434-square-foot office building at 550 South Hope St. in downtown Los Angeles. Eastdil Secured has the listing, which is expected to fetch at least $350/sf, or about $195 million.
APF Properties is offering for sale 1601 Market St., a 685,852-square-foot office building in downtown Philadelphia. The New York company has hired Eastdil Secured to market the property, which it purchased for $98 million in 2008 from a venture of Transwestern and Blackstone Group.
Arden Realty Inc. is in the market to sell the 293,348-square-foot office component of downtown San Francisco's Golden Gateway Commons mixed-use complex. The three buildings are expected to fetch a total of about $178 million, or $600/sf. Eastdil Secured has the listing.
The Oak Brook, Ill., lender, a unit of investment manager Inland Real Estate Group, has launched a unit that will focus on providing bridge loans against properties that it classifies as being on the smaller end of the middle market. It's hired two seasoned lending executives to oversee the effort.
A total of roughly $45 billion, or about 30 percent of the conduit loans that have been securitized since the end of 2010 were underwritten on a pro forma basis, according to research by Nomura Securities. Such loans, the investment bank found, often don't perform up to expectations and have a greater probability of ending up on servicer watchlists.
Cornerstone Real Estate Advisers has provided $150 million of mortgage financing against 1370 Avenue of the Americas, a 343,261-square-foot office building in midtown Manhattan. The 10-year-loan replaces a like amount of CMBS debt that was securitized through MSC 2005-HQ5 and GCCFC 2005-GG3.
Broadway Partners is offering for sale 116 Huntington Ave., a 274,218-square-foot office building in the Back Bay section of Boston. The Greenwich, Conn., investment manager has hired HFF to market the property, which could sell for $140 million, or roughly $511/sf. The sales price would result in a capitalization rate of about 4.8 percent.
TIAA-CREF is offering for sale two adjacent office buildings with 706,143 square feet in Atlanta's Buckhead submarket. The buildings are the Pinnacle, with 427,000 sf at 3455 Peachtree Road NE, and Two Live Oak, with 279,143 sf at 3445 Peachtree Road NE. The buildings are being offered through Cushman & Wakefield and should sell for more than $220 million.
Strong August REIT Performance Fueled by a healthy economic outlook, improving real estate market fundamentals, and ongoing low interest rates, REITs experienced strong growth in August. The 3.38 percent monthly gain in the FTSE NAREIT all REIT Index was not as strong as the NASDAQ (4.82 percent) or the S&P 500 (4.00 percent) and only...
REITs Set to Emerge in India in 2015 After more than five years, India is poised to become the latest country to offer REITs. The process that began in 2008, but was derailed by the financial crisis, should reach fruition in 2015. In July, India’s Finance Minister awarded tax pass-through status to REITs, exempting them from federal taxes as...
The Debut of Telecom REITs Telecommunications network assets are the latest specialized REIT category to make industry waves. In late July, Arkansas-based Windstream (WIN) received a private letter ruling from the IRS for its plan to create a REIT that will own its fiber optic and copper cables, as well as other fixed real estate assets...