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Sunday, 02 July 2000

West Regional Digest (7/03/00): C&W set for management changes

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July 3, 2000

Industry news: C&W set for management changes
The San Francisco Business Times, July 3

SAN FRANCISCO – The word is that Cushman & Wakefield Western Inc. is readying for some major management changes. According to a restructuring plan, code-named "C&W 21," the company's worldwide board and executive committees will be dissolved. The new plan, which will be implemented in January, is the result of several surveys conducted over the past two years. Recommendations from consultants were approved by the firm's board in New York on June 22, and a brief outline was emailed to all 9,500 employees the same day.

Prentiss to buy Oakland tower
The San Francisco Business Times, July 3

OAKLAND, Calif. – Prentiss Properties Trust is reportedly set to pay $70 million for both Lake Merritt Tower I and the 2.5-acre site next door on Grand Avenue and Harrison Street. The developer bid about $250/sf for the office building and less than $18 million for the parcel of land, says a source. An investment arm of CB Richard Ellis Inc. is selling the building and site, which can accommodate 700,000 square feet of commercial space.

Benaroya block fetches $21.5 Mln in sale
The Eastside Business Journal (Seattle), July 3

SEATTLE – Paccar has bought Bellevue Plaza for $21.53 million. The $160.94/sf price is a 90 percent increase over the $81/sf price that Benaroya Capital Corp. paid for the 3.1-acre site in 1996. The truck manufacturer wanted the half-block site that stretches along the west side of 106th Avenue Northeast between Fourth and Sixth streets because it is separated from Paccar's corporate headquarters only by the Northeast Sixth Street Pedestrian Corridor.

Colliers land U.S. Bancorp Tower lease listing
The Business Journal of Portland, July 3

PORTLAND, Ore. – Unico Properties Inc., the new owner of the U.S. Bancorp Tower, has chosen Colliers International's Portland office to list the 42-story tower's 1 million sf of Class-A office space. U.S. Bank plans to retain roughly 40 percent of the space in the high-rise, which stands at 111 S.W. Fifth Ave.

Cisco Systems doubles order for real estate
The Business Journal of San Jose, July 3

SAN JOSE, Calif. – Cisco Systems is doubling the amount it has requested at the McCarthy Center in Milpitas by taking all 1 million sf in 19 buildings. The giant computer network equipment maker made plans this spring that it would occupy the 10-building, 572,000-sf first phase of the park. It now has signed leases for the remaining nine buildings, which total about 480,000 sf. The 68-acre campus is located just north of San Jose along Interstate 880, north of Route 237.

Fashion district: Wholesalers sue over 'key money'
The Los Angeles Times, July 3

LOS ANGELES – Garment wholesalers don't only have to deal with skyrocketing rents and fierce competition for space in the city's Fashion District. Many landlords are also charging "key money" to secure a prime spot. A tenant must now often pay tens of thousands of dollars in upfront fees. Wholesaler Dan Seong, who leases a 700-sf space on 11th Street, was just presented with new terms for a lease renewal. According to the new terms, Seong must pay nearly 40 percent more each month in rent plus $50,000 upfront. The Korean Apparel Manufacturers Association estimates that 80 percent of its 700 members are paying key money amounting to more than $20 million a year in the 20-block area. Now tenants like Seong are banding together to fight landlords in court over what they view as an illegal practice.

Davis sets back bid for UC Chula Vista
The San Diego Union-Tribune, July 3

SAN DIEGO – When Gov. Gray Davis signed the state budget last week, he vetoed a budget item that offered the University of California a 30-year option on several hundred acres that Chula Vista has earmarked for a campus. Davis said the state could not accept the offer because the area has not demonstrated the need for a university and the California Postsecondary Education Commission has not approved a new campus. The city has wanted to make about 1,100 acres on the east side of Otay Ranch available to the UC system for a campus.

Industry news: Willows Run Building fetches $7.6 Mln
The Eastside Business Journal (Seattle), July 3

SEATTLE – E. Kent Halvorson has sold his Willows Run Building at 9802 Willows Road in Redmond, Wash., for $7.6 million, or about $169/sf. Fairways Northwest II Inc., the owners of the Willows Run Golf Course, bought the 45,000-sf building, which was built in 1996 and is now fully leased.

Pacific Commons gets final nod
The East Bay Business Times (San Francisco), July 3

FREMONT, Calif. – The city has given Catellus Development Corp. the final go-ahead to build an 8 million-sf development on an 800-acre site at the edge of San Francisco Bay. Pacific Commons, a project that has been four years in the making, calls for construction of six- and 12-story buildings will cover 325 acres of the parcel.

Industry news: Redback to occupy a third building at Technology Centre
The Business Journal of San Jose, July 3

SAN JOSE – Redback Networks Inc. has agreed to take all of a 76,000-sf building under construction at the Corporate Technology Centre in San Jose. The company had already committed to more than 200,000 sf at the park at Zanker Road and Highway 237. It already occupies one 100,000-sf building and will occupy all of a second 100,000-sf office under construction.

Industry news: KeyBank sells Tacoma tower, moves next door
The Puget Sound Business Journal (Seattle), July 3

SEATTLE – After selling its downtown Tacoma office tower last week, KeyBank is now set to spend $2 million to turn its next-door building into the bank's Southern Puget Sound headquarters. Developers Herb Simon and Ted Johnson paid more than $5.9 million for the 16-story Key Tower at 1119 Pacific Ave., when the bank decided it wanted a different location at the four-story Key Plaza, at the corner of Pacific Avenue and 11th Street.


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Additional Info

  • Syndicate to Realpoint: No
  • 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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