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

Monday, 10 February 2020

Suburban Boston Office Property Sold for $165Mln; $90Mln Loan Lined Up

LCN Capital Partners has paid $165 million, or $243/sf, for a 680,173-square-foot office property in the Boston suburb of Framingham, Mass. The New York investment manager lined up a $90 million loan for its purchase of the property, which serves as the headquarters of Staples Inc.

Commercial Real Estate Direct Staff Report

LCN Capital Partners has paid $165 million, or $243/sf, for the 680,173-square-foot office property at 500 Staples Drive in the Boston suburb of Framingham, Mass.

The New York investment manager bought the property from Sycamore Partners, a New York private-equity firm.

Deutsche Bank provided a $90 million loan to help fund LCN's acquisition.

The property serves as the headquarters of Staples Inc., an office-supply retail company that Sycamore acquired in 2017 in a $6.9 billion deal.

Staples will continue to fully occupy it through January 2045. The company's lease also contains three 10-year renewal options.

The 500 Staples complex sits on a 48-acre site off the Massachusetts Turnpike, about 27 miles west of downtown Boston. It includes 3,510 parking spaces.

This is the second deal in the past two years between LCN and Staples....





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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

 

 

 

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