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Sunday, 21 April 2002

Mid-Atlantic Regional Digest (4/21/02): Philly's Big Aramark Tower Sells for $80.5Mln

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April 22, 2002

Aramark tower in Philly sells after years of litigation
The Philadelphia Business Journal

PHILADELPHIA – The Girard Estate Trust, a unique city-governed agency, has acquired the 600,000-square-foot Ararmark Tower in Center City for $80.5 million, ending a two-year legal battle over rights to the office building. The acquisition represents a big expansion of the estate's East Market Street holdings. It now owns 850,000 sf on the block, which is bounded by Market and Chestnut streets between 11th and 12th streets. The trust oversees and funds the North Philadelphia co-ed preparatory school, which educates underprivileged children with one or no parents. Fully leased, the 32-story office building is considered an attractive and safe investment.


Building on ambition at Human Genome Services
The Washington Post

ROCKVILLE, Md. – On 55 acres of Montgomery County farmland, construction workers are building a sprawling corporate campus with state-of-the-art laboratories and executive suites, a testament to a Rockville-based Human Genome Sciences Inc.'s grand ambitions. It is a remarkable project given that the biotechnology firm has lost $520 million over the past decade, generates little revenue and will not have a product on the market for at least several years.


2 Marriotts, Growing Apart
The Washington Post

BETHESDA, Md. – Though they formally split up nine years ago, Marriott International Inc. and Host Marriott Corp. have continued to embrace each other in a marriage of economic convenience. Now, Host Marriott Chairman Richard Marriott is leaving the board of Marriott International and his brother J.W. "Bill" Marriott Jr., chairman and chief executive of Marriott International, is leaving the board of Host Marriott. In the fall, Host is also moving out of space inside Marriott's headquarters. Blame it on simmering problems over how much Marriott is charging its affiliate company to manage 110 of Host's 122 hotels and other problems. Sources say a yearlong Host internal review reveals Marriott has improperly passed some of its corporate costs onto – and failed to share profits deriving from – Host's hotels.


FDIC opens $111Mln expansion contract to short list
The Washington Business Journal

VIRGINIA SQUARE, Va. – The Federal Deposit Insurance Corp. has asked nine firms to bid on the development management contract for its $111 million expansion in Virginia Square. The bids were due April 10 and will be selected in mid-May. The FDIC announced in late March its intention to vacate four leased offices and move 1,100 employees out of the District into the Virginia campus. The planned 422,000-sf office is an expansion of its current 370,000-sf Virginia Square campus and is expected to be finished in 2006.


City errs in seeking bids for site
The Pittsburgh Business Times

PITTSBURGH – The city may or may not have a deal to sell its Public Safety Building to PNC Financial Services Group for $4.2 million. The deal was called into question when the city recently announced the building was up for sale and opened up the bidding. The move surprised many in the local commercial real estate community who received the notice, since PNC and the city had been negotiating on the property intermittently since 1998. The Department of General Services, which oversees the operation of city buildings, sent a request earlier this month for proposals to buy the seven-story structure. The due date for the proposals, the document said, was April 26.


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


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“The Weekly”

“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

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • 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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