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

Friday, 04 April 2014

DivcoWest Pays About $141.8Mln for Oakland, Calif., Office

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DivcoWest Properties has paid about $141.8 million, or $265/sf, for Lake Merritt Plaza in Oakland, Calif., an office complex with 535,000 square feet.

The property, which is 80 percent leased, was purchased from Beacon Capital Partners. It consists of a 490,000-sf building at 1999 Harrison St., along with a neighboring 45,000-sf building at 1956 Webster St. It includes 33,000 sf of retail space as well as a parking garage with 408 spaces.

Beacon, a Boston investment manager, had acquired the complex in 2005 for about $160 million, or $299/sf, and made renovations to it that included energy-efficiency upgrades that helped the property earn a LEED certification from the U.S. Green Building Council.

Beacon purchased the property on behalf of its Beacon Capital Strategic Partners IV LP investment fund, which completed its marketing for equity in 2006 and has been selling assets for several years.

DivcoWest, a Los Angeles investment manager, plans to upgrade the property's lobby and common-area spaces.

Eastdil Secured handled the property's most recent sale. The price was first reported by Real Estate BisNow.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Oakland
  • States: California
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $100 million and $150 million
  • Private: No
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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

 

 

 

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