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

Cornerstone to Pay $195Mln for Downtown L.A. Office Building

Tuesday, 16 September 2014

Cornerstone Real Estate Advisers has agreed to pay $195 million, or about $425/sf, for the 458,149-square-foot 801 Tower office building in Los Angeles. The pending transaction will result in the defeasance of a $120 million mortgage against the property that's securitized through Citigroup Commercial Mortgage Securities, 2006-C5.

Shorenstein to Sell 2 Boston Office Properties for $287Mln

Tuesday, 16 September 2014

Shorenstein Properties is selling 399 Boylston St. and Seaport Center in Boston in separate deals totaling $287 million. The San Francisco investment manager is selling the properties on behalf of two funds it manages. It bought the properties for a combined $200.8 million.

Largest Office Property in Bethesda, Md., Hits Sales Market

Monday, 15 September 2014

A venture of MRP Realty and Rockpoint Group Inc. is offering for sale Bethesda Crossing, with 700,000 square feet of office space in the Washington, D.C., suburb of Bethesda, Md. The property, the largest office property in Bethesda, is being offered through Cassidy Turley and could sell for $325 million.

JPMorgan Offers $50Mln Loan Against Historic Boston-Area Complex

Monday, 15 September 2014

JPMorgan Asset Management is offering a $50 million mortgage against the Clock Tower Place, a historic 1.1 million-square-foot office complex in the Boston suburb of Maynard, Mass. The loan is performing, but that's not expected to last as one of the property's main tenants is moving out at the end of the year.

Friday, 12 September 2014

A venture of NorthStar Realty Finance and Redico has agreed to pay Koman Cos. $142 million, or about $161/sf, for the CityPlace Campus, an 884,308-square-foot office complex in the St. Louis suburb of Creve Coeur, Mo. The property backs a $112.7 million CMBS loan whose term was extended through next month as part of a loan modification.

Cantor Lends $145Mln Against Manhattan Office Building

Thursday, 11 September 2014

Cantor Commercial Real Estate has provided $145 million of financing against 80-90 Maiden Lane, a 583,746-square-foot office property in lower Manhattan, allowing an $82.6 million CMBS loan to get defeased, or replaced with government securities.

KBS REIT II Lists St. Louis-Area Office Complex for Sale

Thursday, 11 September 2014

 

KBS REIT II is in the market to sell the Pierre LaClede Center, a 581,095-square-foot office complex in Clayton, Mo., that's expected to fetch at least $170/sf, or $100 million. It's tapped HFF to offer the two-building complex, which KBS had purchased in 2010 for $74.25 million.

 

Wednesday, 10 September 2014

KBS REIT II Inc. is offering for sale the National City Tower, a 723,300-square-foot office building in downtown Louisville, Ky. The non-traded REIT had purchased the 40-story building in 2010 for $115 million. It's seen selling for $130 million.

Aegon Seen Striking Deal to Sell Atlanta's Interstate North Office Park

Wednesday, 10 September 2014

Aegon USA Realty Advisors Inc. has struck a deal to sell the 970,368-square-foot Interstate North Office Park in Atlanta to a Chicago investor for roughly $90 million, or $93/sf. It had offered the 11-building property through Cushman & Wakefield. The Chicago investor turned in the second highest offer. Aegon, for unknown reasons, was unable to strike a deal with the top bidder.

First Deal of Conduit Flurry Prices at Solid Levels

Tuesday, 09 September 2014

The first of six scheduled CMBS conduit transactions priced late last week at levels that were substantially tighter than the last conduit, which priced three weeks earlier. That's despite the fact that the transaction's A-J class carried split ratings. Moody's rated it Aa1, while Fitch and Kroll gave it their AAA ratings.

Voya Lends $105Mln Against Brooklyn, N.Y., Retail Property

Monday, 08 September 2014

Voya Investment Management has provided $105 million of financing against the Atlantic Terminal Mall, a 370,000-square-foot retail property in Brooklyn, N.Y. The fixed-rate loan matures in 2024 and replaces financing that was provided in 2005 by TIAA-CREF.

Monday, 08 September 2014

Deutsche Bank won the bidding for a portfolio of $135 million of performing commercial mortgages from Nationwide Life Insurance Co. The bank is said to have paid a price north of par for the portfolio, which included some $25 million of what have been described as subperforming loans. Eastdil Secured advised Nationwide.

Wells Fargo Center in Tampa, Fla., Offered for Sale; Premium Price Seen

Friday, 05 September 2014

A venture of Goldman Sachs Group Inc. and Feldman Equities has hired CBRE to market for sale the Wells Fargo Center, a 387,477-square-foot office building in downtown Tampa, Fla. The 22-story property, at 100 South Ashley Drive, could sell for about $77.5 million, or about $200/sf, a record in the current cycle.

JPMorgan Fund Puts Virginia Apartments on Sales Block

Thursday, 04 September 2014

A fund sponsored by JPMorgan Asset Management has tapped JLL to market for sale the Residences at Springfield Station, a 631-unit apartment property in the Washington, D.C., suburb of Springfield, Va. It could sell for roughly $167 million, or $265,000/unit.

Miami Office Building to Hit Sales Market

Wednesday, 03 September 2014

The Orange County Employees Retirement System is listing for sale the SunTrust Building, a 288,475-square-foot office building at 777 Brickell Ave. in downtown Miami. It's expected to sell for a price that would result in a capitalization rate of roughly 5 percent.

Cornerstone to Pay $195Mln for Downtown L.A. Office Building

Tuesday, 16 September 2014

Cornerstone Real Estate Advisers has agreed to pay $195 million, or about $425/sf, for the 458,149-square-foot 801 Tower office building in Los Angeles. The pending transaction will result in the defeasance of a $120 million mortgage against the property that's securitized through Citigroup Commercial Mortgage Securities, 2006-C5.

Shorenstein to Sell 2 Boston Office Properties for $287Mln

Tuesday, 16 September 2014

Shorenstein Properties is selling 399 Boylston St. and Seaport Center in Boston in separate deals totaling $287 million. The San Francisco investment manager is selling the properties on behalf of two funds it manages. It bought the properties for a combined $200.8 million.

Largest Office Property in Bethesda, Md., Hits Sales Market

Monday, 15 September 2014

A venture of MRP Realty and Rockpoint Group Inc. is offering for sale Bethesda Crossing, with 700,000 square feet of office space in the Washington, D.C., suburb of Bethesda, Md. The property, the largest office property in Bethesda, is being offered through Cassidy Turley and could sell for $325 million.

JPMorgan Offers $50Mln Loan Against Historic Boston-Area Complex

Monday, 15 September 2014

JPMorgan Asset Management is offering a $50 million mortgage against the Clock Tower Place, a historic 1.1 million-square-foot office complex in the Boston suburb of Maynard, Mass. The loan is performing, but that's not expected to last as one of the property's main tenants is moving out at the end of the year.

Cantor Lends $145Mln Against Manhattan Office Building

Thursday, 11 September 2014

Cantor Commercial Real Estate has provided $145 million of financing against 80-90 Maiden Lane, a 583,746-square-foot office property in lower Manhattan, allowing an $82.6 million CMBS loan to get defeased, or replaced with government securities.

KBS REIT II Lists St. Louis-Area Office Complex for Sale

Thursday, 11 September 2014

 

KBS REIT II is in the market to sell the Pierre LaClede Center, a 581,095-square-foot office complex in Clayton, Mo., that's expected to fetch at least $170/sf, or $100 million. It's tapped HFF to offer the two-building complex, which KBS had purchased in 2010 for $74.25 million.

 

Aegon Seen Striking Deal to Sell Atlanta's Interstate North Office Park

Wednesday, 10 September 2014

Aegon USA Realty Advisors Inc. has struck a deal to sell the 970,368-square-foot Interstate North Office Park in Atlanta to a Chicago investor for roughly $90 million, or $93/sf. It had offered the 11-building property through Cushman & Wakefield. The Chicago investor turned in the second highest offer. Aegon, for unknown reasons, was unable to strike a deal with the top bidder.

First Deal of Conduit Flurry Prices at Solid Levels

Tuesday, 09 September 2014

The first of six scheduled CMBS conduit transactions priced late last week at levels that were substantially tighter than the last conduit, which priced three weeks earlier. That's despite the fact that the transaction's A-J class carried split ratings. Moody's rated it Aa1, while Fitch and Kroll gave it their AAA ratings.

Voya Lends $105Mln Against Brooklyn, N.Y., Retail Property

Monday, 08 September 2014

Voya Investment Management has provided $105 million of financing against the Atlantic Terminal Mall, a 370,000-square-foot retail property in Brooklyn, N.Y. The fixed-rate loan matures in 2024 and replaces financing that was provided in 2005 by TIAA-CREF.

Wells Fargo Center in Tampa, Fla., Offered for Sale; Premium Price Seen

Friday, 05 September 2014

A venture of Goldman Sachs Group Inc. and Feldman Equities has hired CBRE to market for sale the Wells Fargo Center, a 387,477-square-foot office building in downtown Tampa, Fla. The 22-story property, at 100 South Ashley Drive, could sell for about $77.5 million, or about $200/sf, a record in the current cycle.

JPMorgan Fund Puts Virginia Apartments on Sales Block

Thursday, 04 September 2014

A fund sponsored by JPMorgan Asset Management has tapped JLL to market for sale the Residences at Springfield Station, a 631-unit apartment property in the Washington, D.C., suburb of Springfield, Va. It could sell for roughly $167 million, or $265,000/unit.

Miami Office Building to Hit Sales Market

Wednesday, 03 September 2014

The Orange County Employees Retirement System is listing for sale the SunTrust Building, a 288,475-square-foot office building at 777 Brickell Ave. in downtown Miami. It's expected to sell for a price that would result in a capitalization rate of roughly 5 percent.

CTL Lends $160Mln Against Manhattan Office Leased to DEA

Tuesday, 02 September 2014

CTL Capital has provided a $160 million loan against the 269,961-square-foot office component of 109 10th Ave. in Manhattan's Chelsea neighborhood. The property is leased through 2031 to the U.S. Drug Enforcement Administration, which pays $22.8 million annually in rent.

Select Income REIT to Buy Cole Corporate Income in $3Bln Deal

Tuesday, 02 September 2014

Select Income REIT has reached an agreement to acquire Cole Corporate Income Trust Inc. in a deal that values the non-traded REIT at $3 billion. It will pay $10.50 for every Cole Corporate share outstanding and assume some $925 million of debt. The acquisition will increase the size of Select Income's portfolio by 45 percent.

AEW Offers Atlanta Office Property for Sale

Wednesday, 27 August 2014

The Boston investment manager is offering for sale 1155 Perimeter Center West, a 376,694-square-foot office property in Atlanta's central perimeter submarket. The 12-story building could sell for $83 million, or about $220/sf.

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - 1H2014
I Bank #Deals Bal $mln MktShr%
Deutsche Bank 16.0 12,761.50 32.4
JPMorgan 6.1 4,856.29 12.4
Wells Fargo 8.1 4,790.00 12.2
Citigroup 4.3 3,750.00 9.5
Goldman Sachs 4.0 3,722.62 9.5

 

 

MOODY'S/RCA CPPI

 

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CMBS 2.0/3.0 SPREADS

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Top Loan Contributors
Private-Label CMBS 1H2014
Lender Vol $mln MktShr%
Deutsche Bank 8,118.01 20.87
JPMorgan 4,486.83 11.53
CCRE 3,064.41 7.88
Citigroup 2,779.70 7.15
Goldman Sachs 2,604.85 6.7

 

 

 

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