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

Friday, 31 August 2018

RMR Launches Fund to Pursue Middle-Market Office Properties

RMR Group, a Boston-area investment manager that serves as the external manager of 10 real estate companies, including seven public REITs, has launched an investment fund that will pursue office properties throughout the country. It and the Portnoy family office are providing its initial equity, but eventually it will raise capital from third parties. It aims to grow to $1 billion of assets within five years.

Commercial Real Estate Direct Staff Report

RMR Group, a Boston-area investment manager that serves as the external manager of 10 real estate companies, including seven public REITs, has launched an investment fund that will pursue office properties throughout the country.

The company was launched by Barry M. Portnoy in 1986 and now is run by his son, Adam Portnoy. Barry Portnoy died earlier this year at the age of 72.

RMR has committed $100 million toward the RMR Office Property Fund, while the Portnoy family office is committing $206.3 million of equity, in the form of 15 office properties with 1.1 million square feet that it's contributing. The property's value is based on an 8.5 percent capitalization rate.

The Portnoy family office owns a 52 percent stake in RMR.

The portfolio that's being contributed is 89 percent occupied by tenants who still have a weighted average 3.5 years left on their leases.

Six of the properties are in Austin, Texas, five are in Chantilly, Va., three are in the Boston suburbs of Framingham, Norwell and Watertown, Mass., and the last...





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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

 

 

 

REITCafe

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