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Thursday, 28 February 2002

West Regional Digest (3/1/02): Level 3 Terminates Lease in Fremont, Calif., with Catellus

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March 1, 2002

Level 3 terminates lease in Fremont, Calif., with Catellus

FREMONT, Calif – Catellus Development Corp. (NYSE:CDX) has agreed to let Level 3 Communications LLC terminate its lease for two industrial buildings at Pacific Commons. Under the terms of the agreement, Catellus will receive a payment equal to about 26 months of current base rent, and Level 3 will be relieved of its rent obligations for the remaining 19 years of the lease term. Catellus also will retain the tenant improvements Level 3 has made to the buildings, which it anticipates re-leasing as warehouse/distribution or research and development facilities.

Revitalization of downtown Colorado Springs closer to reality
The Gazette (Colorado Springs)

COLORADO SPRINGS, Colo. – The Colorado Springs Urban Renewal Authority unanimously agreed to begin six to nine months of negotiations with two separate developers bent on transforming southwest downtown's light industrial area into a district full of apartments, shops, restaurants, offices and art galleries. Of the two proposals, the most ambitious is Palmer Village, a $626 million makeover of 100 acres southwest of Colorado and Cascade avenues that local development heavyweights Classic Cos., Nor'wood Development Group and G.E. Johnson Construction Co. are planning. The other, much smaller project is the $10 million Depot Arts District and Marketplace, including apartments, art galleries, a restaurant and culinary school, proposed north of Conejos Street and Colorado Avenue. Nonprofits Rocky Mountain Community Land Trust and Community Ventures Inc. submitted the plan.

New leases give hope to revitalization of downtown Phoenix
The Arizona Republic

PHOENIX – This week, engineering firm Brown & Caldwell announced it is moving into 33,000 square feet of the new Collier Center at Second and Washington streets. And law firm Lewis and Roca, after checking out the Camelback Corridor, decided to stay put and renewed its 131,000-sf lease at 40 N. Central Ave. The office vacancy along Central, not including the recent moves, has climbed to 18 percent, according to Cushman & Wakefield. Downtown's vacancy is 16 percent.

Group promotes Aloha Tower ferry project in Hawaii
Honolulu Star-Bulletin, February 28

HONOLULU – Rainbow Pier Development, a group planning inter-island passenger and car ferries, is seeking support from the Aloha Tower Development Corp. for its first phase, a takeover of Piers 5 and 6, between the Aloha Tower Marketplace and the Coast Guard station. Its "Rainbow Pier" project would include not only ferry docks but also office and hotel buildings rising as high as 300 feet. There would also be luxury condos and 1,500 new parking stalls in a seven-story parking structure.

Hawaii's hotel occupancy falls for 12th month
Honolulu Star-Bulletin, February 28

HONOLULU – Hawaii hotel occupancy in January fell 14.6 percent from a year earlier, marking the 12th consecutive month of decreases, according to a report issued yesterday by hospitality consulting firm PKF-Hawaii. Last month, 67.4 percent of island hotel rooms were filled, compared with 78.4 percent in January 2001.

Commercial real estate outlook grim in Denver
Denver Rocky Mountain News

DENVER – Commercial real estate experts gave what was possibly the grimmest outlook for their industry to date at a conference Thursday that drew several hundred brokers, developers and industry insiders. Although the University of Colorado Real Estate Council's conference was titled "2002: Finding the Silver Lining," that was hardly the theme. Many speakers forecast more stormy weather on the horizon with rising vacancies, higher unemployment, lower rental rates and falling property values over the next two or three years. Developer John Shaw of Opus Northwest summed up his take on the market: "Stay alive to 2005."

CalPERS' Julie Stewart named president of CREW in Sacramento

SACRAMENTO, Calif. – Julie Stewart, assistant investment officer of real estate at the California Public Employees' Retirement System's, has been elected president of the Sacramento chapter of Commercial Real Estate Women. Stewart oversees and directs the management of CalPERS $1.2 billion timber real estate portfolio. Stewart also oversees and directs the management of the International, Senior Housing and Agricultural portfolios, an additional $400 million in assets.

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


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Additional Info

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  • Subject: West Regional Digest (WDIG)
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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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