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

Tuesday, 20 October 2015

CBRE Pays $48.5Mln for Norwalk, Conn., Office Building

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CBRE Strategic Partners U.S. Value 7 has paid $48.5 million, or about $118/sf, for RiverPark, a 412,231-square-foot office building in Norwalk, Conn.

The fund, which raised $1.3 billion of equity commitments earlier this year, bought the five-story building from Metropolitan Life Insurance Co. in a deal arranged by CBRE.

MetLife had assumed the building, at 800 Connecticut Ave., in 2012 by foreclosing against a mortgage it had provided against it.

The property previously was owned by Strategic Real Estate Advisors, a London investment manager that had been buying properties in the United States just before the capital markets collapsed in 2008. It had purchased RiverPark, as well as the Fifth Street Towers in Minneapolis, in 2007 from CBRE Strategic Partners III, which had bought it in 2005 for $73 million. When StratReal bought it, the 31-year-old property was 97 percent occupied.

It's now 68 percent leased and serves as the headquarters for Priceline Group. Other tenants include advertising company Octagon and Media Partnership Corp. The property includes a four-story atrium, 120-seat cafeteria and fitness center.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.


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Additional Info

  • Syndicate to Realpoint: No
  • States: Connecticut
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Company: Center Trust Retail Properties
  • Valuation: Between $25 million and $50 million
  • Private: No
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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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





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