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Sunday, 23 January 2005

German Syndicator Buys Stake in Newark, N.J., Offices

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January 24, 2005

Commercial Real Estate Direct Staff Report

Dr. Peters Group, a German syndicator, has paid roughly $42.6 million for an 80 percent interest in 550 Broad St., a 291,000-square-foot office building in Newark, N.J.

The interest was purchased from Heritage Management Co., a Ridgewood, N.J., real estate company. Heritage acquired the property in 2001, when it was only 50 percent leased, for $23.5 million. The building is now 90 percent leased to tenants including SBLI Insurance, American Express, MBL Life Insurance Corp. and Bank of Nova Scotia.

Dr. Peters Group's interest includes a share of a $30.25 million mortgage, with a 10-year term, that Heritage has lined up from Banc of America Securities.

The BofA loan was used to pay off a $27 million loan that Bank of New York provided in 2003.

Heritage will continue to manage the 18-story property, which was constructed in 1965 for First Fidelity Bank. The bank was acquired several years ago by what is now Wachovia Bank.

The property is in the heart of Newark's central business district. It is a block from Route 21, a major thoroughfare in the city, and close to the Gateway office complex, a major commuter rail hub, an arts center and a minor-league baseball stadium.

Heritage said the investment marked the first time a German investment entity had invested in the Newark office market. Dr. Peters Group, a Dortmund, Germany, syndicator, is advised by Oxygen Investments. It has raised more than $2.2 billion of equity from 35,000 investors since its founding in 1960. It has invested more than $4.7 billion since then.

Heritage, which owns some 2 million sf of commercial space throughout the country, was advised on the sale by Trammell Crow Co.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Newark
  • States: New Jersey
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Company: TriNet Corporate Realty Trust
  • Valuation: Between $25 million and $50 million
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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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