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Sunday, 05 November 2000

Mid-Atlantic Regional Digest (11/6/00): Shareholders file lawsuit against Prime Retail

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November 6, 2000

Investors suing Prime Retail
Baltimore Business Journal, November 6

BALTIMORE – Cauley & Geller LLP, of Boca Raton, Fla., has filed a class-action lawsuit against Prime Retail Inc., claiming the REIT violated Securities and Exchange Commission rules by misleading investors and artificially inflating the company's stock price. The suit is being filed on behalf of purchasers of the stock between May 28 1999, and Jan. 19. In that period, Prime Retail stock fell from $8.93 to $2.43. The stock has lost nearly all of its value since January and was trading at 44 cents on the New York Stock Exchange midday Nov. 2. C. Alan Schroeder, general counsel for Prime Retail, said it has become common practice in the current stock market climate for shareholders to file class-action lawsuits against public companies when their business suffers and the stock price drops. "We think that the allegations that we defrauded our shareholders are without merit, and we'll defend the cases vigorously," Schroeder said.


Industry news: Bloomberg breaks rental ceiling on New York Ave.
Washington Business Journal, November 6

WASHINGTON – Bloomberg News is leasing the top two floors at 1399 New York Ave. NW for $62/sf, according to sources. Construction of the 11-story, 122,930-square-foot building being developed by DRI will be finished by January. Grubb & Ellis is leasing the building.


Rubenstein nears Wyeth Ayerst purchase
Philadelphia Business Journal, November 6

PHILADELPHIA – The Rubenstein Co. is expected to close on its deal to buy the 1.5 million sf Wyeth Ayerst portfolio on Radnor by the end of the year. Rubenstein is said to have sent word to a few select brokers to help it lease up part of the 250,000-sf former Chilton building. About 164,000 sf of the building is vacant. Wyeth occupies two of the building's floors and it is speculated that the company will remain there until the last leg of the move to the former Rhone-Poulenc Rorer facility in Collegeville during the next few years. Rents in the old Chilton building and the other Wyeth properties – once they are ready to be leased – are expected to be in line with Rubenstein's Radnor Corporate Center. Those offices go for about $33/sf with roughly $1 a sf in annual increases. Rubenstein has also started marketing the 215,0000-sf research facility and its three accompanying office buildings that total 176,000 sf at 145 King of Prussia Road. The company has made brokers aware that it wants to sell the lab.


Industry news: Lerner starts flex building at Dulles Town Center
Washington Business Journal, November 6

WASHINGTON – Lerner Enterprises has started development of the first flex building at the Corporate Office Park at Dulles Town Center. The 95,000-sf building at the corner of Nokes and City Center boulevards already has one tenant: Adelphia Cable communications will take 27,258 sf. The $14.4 million project is scheduled for completion in February.


What will Philadelphia do for Cigna?
Philadelphia Business Journal, November 6

PHILADELPHIA – The city is faced with possibly losing more of its corporate core and it is digging into its funds to retain the major employers. For example, Cigna Corp., which houses a majority of its operation in about 635,000 sf in Two Liberty Place, has already started considering what its next move might be once the lease expires in early 2006. The company also has offices in 50,000 sf in One Liberty Place. Philadelphia's commerce director was scheduled to meet with Cigna officials on Nov. 3 to discuss what the city can do to keep the company in town. Aside from the universities, it ranks as one of the biggest tenants in Center City along with others including First Union Corp., SmithKline Beecham, Independence Blue Cross, Verizon Communications Inc. and Mellon Bank.


Towers Perrin plans to build a second Greenbrier office building
The Virginian-Pilot, November 6

CHESAPEAKE, Va. – Towers Perrin will begin construction on a second office building in the Greenbrier area on Nov. 13. Construction on the 111,000-sf building is expected to be completed by June 1. Towers Perrin develops and manages benefits packages for about 10,000 clients, including some of the world's largest companies.


Partnership considers acquiring Main Street Tower in Norfolk
The Virginian-Pilot, November 6

NORFOLK, Va. – NAI Harvey Lindsay Commercial Real Estate Services is under contract to buy the 14-story Main Street Tower building from NeVa Properties Ltd.
This is the second time the building has been placed under contract, the previous sale fell through for undisclosed reasons. The tower, which sits between Bank and Atlantic streets, is about 95 percent leased. Though terms of the deal were not disclosed, NeVa was asking about $18 million for the 186,260-sf building.


Sun International agrees to sell resorts casino hotel
PR Newswire, October 31

ATLANTIC CITY, N.J. – Sun International Hotels Ltd. has agreed to sell its Resorts Casino Hotel to an affiliate of Colony Capital LLC for $140 million. The purchase price, revealed in Sun's third quarter earnings, will accrue interest at an annual rate of 6 percent until closing. Under terms of the pending deal, Colony has a two-year option to acquire the undeveloped real estate adjacent to the Resorts Casino Hotel for $40 million, an option that can be extended for an additional two years. The deal is expected to close early next year.


Commercial Real Estate Direct provides links to full stories where available.


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