Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 04 July 2000

West Regional Digest (7/5/00): IndyMac moving mortgage unit to new Pasadena site

Written by 
Rate this item
(0 votes)
July 5, 2000

IndyMac moving mortgage unit to new Pasadena site
The Los Angeles Times, July 5

PASADENA, Calif. – IndyMac Bancorp Inc. plans to relocate its Web-based mortgage banking operations early next year from IndyMac headquarters on North Lake Avenue to a three-story building at 300 N. Halstead St. near Foothill Boulevard. IndyMac signed a 10-year lease valued at $38 million for a 141,800-square-foot building that Kearny Real Estate Co. is renovating in its eight-acre complex known as Pasadena Corporate Park. The move, which keeps the unit in Pasadena, is a result of the company's reorganization tied to its just-completed acquisition of SGV Bancorp Inc.

Old buildings are new demand in downtown
The Los Angeles Times, July 5

LOS ANGELES – A leasing frenzy by telecommunications and Internet-related firms has sent rents for Class-B and -C buildings soaring over the past year. In fact, the formerly out-of-fashion properties have outpaced their Class-A skyscrapers in rent increases. Rents for Class-A buildings in the first quarter of this year rose 11.6 percent from the same period in 1999. In contrast, Class-B rents soared more than 30 percent, according to a survey by Grubb & Ellis.

L.A. Times lists area deals
The Los Angeles Times, July 5

LOS ANGELES – Unisource Worldwide Inc. has purchased an industrial building in La Palma from G.I.P.-CA for $17.3 million. Georgia-based Unisource will consolidate three existing Los Angeles facilities into the 420,000-sf facility, which will be used for warehousing and distributing paper products. Steve Sprenger and Rick Hill of Grubb & Ellis and David O'Neill of Colliers represented the seller. Laird Perkins and Jeff Morgan of CB Richard Ellis represented the buyer.

Las Vegas office project falls through
The Wall Street Journal, July 5

LAS VEGAS, Nev. – A venture between Trammell Crow and a union pension fund has backed out of a deal to build an eight-story speculative project, which would have kicked off a huge mixed-use master plan for a 240-acre Union Pacific Railroad site that was approved last year. Union Pacific is asking close to $20/sf for the site – a price that some sources is restrictively high. A developer would have to get more than $26/sf a year in rent to make a reasonable profit.

Booming Seattle tracks Microsoft tribulations
The Wall Street Journal, July 5

SEATTLE – Brokers are anxiously awaiting to see how the Microsoft verdict will affect the local commercial real estate industry. There is speculation that part of the software giant will strike camp at a 3 million-sf campus under construction in Issaquah, Wash., east of Seattle, if the company is ever ordered to break up. Whatever the outcome of the antitrust case, Microsoft can jolt the area's commercial real estate market just by shifting employees around. The Redmond-based company has seven million sf of offices for its 20,000 Seattle-area employees, and hundreds of thousands more square feet under construction. Local developers fear that the company could take up British Columbia's offer of "asylum" in Canada – allowing the company to dump its vast campus on the market, a possibility that company officials laugh off. But if the company eventually moves employees to Issaquah, opening up space at Redmond, the company might give up some of the 2 million sf it currently leases in Seattle, Bellevue and elsewhere.

Scaled back project gets approval in Happy Canyon, Colo.
The Wall Street Journal, July 5

DENVER – Douglas County has given two Denver real-estate families approval for a 5,500-acre housing and golf course development in Happy Canyon, about 10 miles south of Denver. After more than 10 years of fights with Colorado community groups, the venture scaled back its original plan to 2,501 homes from 12,000 homes, and a prime site on the land that originally was slated to become an office park is going to be a nature preserve instead.

Southland office rents on sharp upswing
The Los Angeles Times, July 5

LOS ANGELES – Average asking rent for office space has increased nearly 47 percent to $2.04/sf per month in Orange County since 1995, according to a Grubb & Ellis survey. It is the highest price the company has ever recorded for the county, and is causing many companies to leave the area for more affordable space elsewhere. In Los Angeles County, the average asking rent has increased more than 46 percent to $2.06/sf per month, according to the Grubb & Ellis study.

Brookfield takes over Catellus' lots
The Los Angeles Times, July 5

LOS ANGELES – Brookfield Homes of California Inc. is acquiring the home-building operations of Catellus Development Corp. for $147.5 million in cash. Brookfield, the Costa Mesa subsidiary of Toronto-based Brookfield Properties Corp., will manage a new limited-liability company that will own 900 Catellus lots in 16 projects, primarily in Orange County.

Denver's commercial real estate deals top $500 Mln
The Denver Rocky Mountain News, July 5

DENVER – Investors paid more than $500 million for commercial real estate properties in the first half of the year, a 79 percent jump from the $280.6 million paid during the same period in 1999, according to by Brad Neiman, senior managing director of Mile High Properties. Neiman has been tracking sales of large office, retail and industrial buildings in the Denver area for the past 16 years. His report does not include apartments or land sales. Dominating the 56 sales of properties that sold for $1 million or more were downtown Denver office buildings.

Seattle brokers: Good luck finding office space
The Seattle Times, July 5

SEATTLE – Both downtown Seattle and Bellevue have almost no more available commercial space, according to two respected commercial real-estate companies. Colliers International pegged downtown office-space vacancies at 0.62 percent in the second quarter. CB Richard Ellis was slightly higher at 1.01 percent but said Bellevue's downtown vacancy rate was 0.69 percent.

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


“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: West Regional Digest (WDIG)
Read 753 times

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





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds