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Monday, 09 October 2000

Mid-Atlantic Regional Digest (10/10/00): Pa. firm to buy, renovate D.C. building

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October 10, 2000

Pa. firm to buy, renovate D.C. building
Washington Business Journal, October 10

WASHINGTON – Conshohocken, Pa.-based Preferred Real Estate Investments has contracted to buy 1900 Half St. SW for an undisclosed amount from Laszlo N. Tauber by the end of the year. The company will spend more than $10 million renovating the 500,000-sf building. Preferred expects to lease the space for $30/sf; it will market the building to tech firms, government contractors and the General Services Administration.

Webvan delays distribution center project
Baltimore Business Journal, October 10

BALTIMORE –Webvan confirmed that is put its scheduled move into three locations – Glen Burnie, Md., Bronx, N.Y., and North Bergen, N.J. – on the back burner until late 2001. The company had already begun a $30 million renovation on a 340,000-sf Glen Burnie building it is leasing. Company officials say it could be delayed at least six months. The company postponed the distribution centers in the three markets to focus on streamlining its technology with that of HomeGrocer.com, which it acquired Sept. 5.

Industry news: Goldman sells property
Philadelphia Business Journal, October 10

PHILADELPHIA – New York developer Tony Goldman has sold the Holman Building, a 60,000-sf property at 1222-1226 Arch St. to Philadelphia Management for an undisclosed amount. The company plans to convert the vacant, five-story building into 38 apartments with retail component on the ground floor. Binswanger/CBB arranged the transaction.

Clarke says tower will replace pile of rubble
Baltimore Business Journal, October 10

BALTIMORE – J.J. Clarke Enterprises is moving forward with its proposed plan to build a 267-room Embassy Suites hotel and a 385,000-sf office tower on the site at the corner of Light and Redwood streets. Construction is scheduled to start in the second quarter of 2001 and should take about 28 months.

MSA to leave city for West Deer property
Pittsburgh Business Times, October 10

POINT BREEZE, Pa. – Management Science Associates Inc., a provider of analytical software and information-based systems, has decided not to buy Four Allegheny Center. Instead, the technology company is preparing to leave the city for the Rockpointe Business Park in West Deer Township. The company plans to build a computer disaster recovery facility there. The 231,426-sf Four Allegheny Center is owned by U.S. Realty Advisors and is leased back to Allegheny General Hospital's parent, West Penn Allegheny Health System, under a master-lease arrangement. Space in the building, which has 135,000 sf available, rents for $19.50/sf, according to the Business Times 2000 Commercial Real Estate Leasing Guide.

Beach seeks Marriott Renaissance Hotel at Town Center
The Virginian-Pilot, October 10

VIRGINIA BEACH, Va. – City leaders and Armada/Hoffler Holding Co. are negotiating to bring a 209-room Marriott Renaissance Hotel to the proposed Town Center across from Pembroke Mall. A tentative deal is on the table and is contingent on approval from the City Council. If the deal were approved, the city's cost of the first phase of the Town Center project would increase $70 million to $220 million from $150 million. Armada/Hoffler's investment in the first phase would increase to $65 million from $40 million. The first phase of the project is expected to be completed in 2002.

Speculative warehouses head south on Turnpike
The New York Times, October 8

BURLINGTON TOWNSHIP, N.J. – Whitesell Construction Co. plans to start construction this month on two spec warehouses, totaling 540,000 sf, at the Hines Industrial Center. The building will be developed on 700 acres between the Delaware River and Route 130 in Burlington and Florence townships. The planned buildings join two others, totaling 1.13 million sf, developed at the center since it was started last October.

Texas company leases BWI industrial space
Baltimore Business Journal, October 10

BALTIMORE – Eagle Global Logistics Inc., a Houston airfreight company, has leased 109,700 sf of space near the Baltimore/Washington International Airport to house its distribution operations. The five-year lease is worth about $4 million.


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mid-Atlantic Regional Digest (MADIG), Property Acquisitions (ACQ)
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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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