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

Wednesday, 06 February 2019

Saban Paying $170Mln for D.C.'s One Independence Square

Saban Capital Group has agreed to pay $170 million, or $509/sf, for One Independence Square, a 333,815-square-foot office building at 250 E St. SW in Washington, D.C. The Los Angeles company is buying the property from Piedmont Office Realty Trust Inc., an Atlanta REIT.

Commercial Real Estate Direct Staff Report

Saban Capital Group has agreed to pay $170 million, or $509/sf, for One Independence Square, a 333,815-square-foot office building at 250 E St. SW in Washington, D.C.

The Los Angeles company is buying the property from Piedmont Office Realty Trust Inc., an Atlanta REIT. The deal is expected to close by the end of next month.

Piedmont, the former Wells REIT, bought One Independence and the neighboring Two Independence Square buildings in 2002 for $345 million from Boston Properties Inc. It sold the 605,897-sf Two Independence, at 300 E St. SW, in 2017 for $359.6 million to Hana Asset Management Co., a South Korean investment manager.

One Independence is 94 percent leased to various government agencies, including the U.S. Social Security Administration and the Department of Disability Services of Washington, D.C. The nine-story building was constructed in 1991 and renovated in 2013. It includes a café, fitness center and rooftop deck.

Saban is led by Haim Saban, an entertainment industry executive who holds the rights to the Power...





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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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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
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