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Thursday, 23 September 2010

Helmsley Trust Looks to Sell Properties Worth Billions

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A charitable trust that holds the assets of the late Harry B. and Leona M. Helmsley is looking to sell properties that may have a combined value of several billions of dollars, according to separate news reports.

Executives of the trust are in talks with a group that includes Goldman Sachs and Bank of America regarding a sale of the trust's stakes in some of the nine office properties, including Manhattan's Empire State Building, it owns in a partnership with the Malkin family, according to Crain's New York Business.

Anthony Malkin has also been taking part in the discussions, which are believed to include possibly rolling the office buildings into a REIT. In addition to the 2.6 million-square-foot Empire State Building, the portfolio has other properties in Manhattan, as well as Texas and Massachusetts.

Separately, the New York Post reported that the trust has retained CB Richard Ellis to market the 788-room New York Helmsley Hotel. The midtown Manhattan property is expected to fetch more than $300 million.

The trust previously retained CB to market for sale two other Manhattan hotels: the 161-room Helmsley Carlton House, which a venture of Angelo, Gordon & Co. and Extell Development agreed to acquire for about $170 million in March, and the Helmsley Park Lane Hotel, which has not found a buyer.

Selling the stakes in the office buildings is expected to be complicated because each building has separate ownership entities with many different partners, according to the Crain's report.

A buzz about the assets hitting the market began in 2007 when Leona Helmsley died. Her husband, Harry, died 10 years earlier.

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



Copyright © 2010 Commercial Real Estate Direct www.crenews.com

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Property Offerings (OFF)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
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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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