Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 09 August 2018

CalPERS, CommonWealth Venture is Buyer of D.C. Office

A venture of CommonWealth Partners and the California Public Employees' Retirement System is paying $220 million for 2099 Pennsylvania Ave. NW, a 208,776-square-foot office building in Washington, D.C. Paramount Group Inc. is selling the property, in a deal that's expected to close by the end of September.

Commercial Real Estate Direct Staff Report

The 208,776-square-foot office building at 2099 Pennsylvania Ave. NW in Washington, D.C., is being purchased by CommonWealth Partners and its long-time investment partner, the California Public Employees' Retirement System.

As reported, the property is being purchased for $220 million, or nearly $1,094/sf, from Paramount Group Inc., which expects the deal to close by the end of next month.

Paramount had purchased the property in 2012, when it was 31.6 percent occupied, for $154.6 million. It's now 98.5 percent occupied by tenants that include Avison Young and law firms Ropes & Gray and Sheppard Mullin. Tenants pay an average rent of $78.51/sf.

The building's sale would be among the biggest deals in Washington so far this year. Only two other office properties have sold for...





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  • Breaking mortgage, CMBS, and REIT news

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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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