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Local
Amazon to decide by end of June on Denny Triangle deal
Amazon.com Inc. Amazon.com Inc. Latest from The Business Journals Follow this company said it will decide by the end of June whether it will proceed on buying and developing three blocks in Seattle's Denny Triangle area, where it wants to build three 37-story office towers with a total of 3.3 million square feet.
Bullitt family completes sale of Harbor Properties
The Bullitt family has cashed out of Harbor Properties Harbor Properties Latest from The Business Journals Follow this company , selling its stake in the venerable Seattle real estate developer to Urban Partners LLC, a like-minded real estate firm in Los Angeles, and Area Property Partners, an international investment adviser based in New York.
An early peek at Amazon's proposed office towers
New renderings submitted to the City of Seattle give an early glimpse of what Amazon’s Amazon Latest from The Business Journals Follow this company proposed downtown office towers might look like if the 3-million-square-foot project proceeds.
LA bank opens restaurant lending office in Bellevue
A Los Angeles-based bank has recruited a team of Bellevue bankers to open its first restaurant lending office in the Pacific Northwest
Apartment rents climbing in downtown Seattle, Bellevue
Monthly rents topped $1,500 for the first time in downtown Seattle and Bellevue during the first quarter of this year, according to a new report from Tom Caine of Apartment Insights.
Seattle office could expand after Grubb & Ellis sale
New ownership of the commercial real estate brokerage Grubb & Ellis Grubb & Ellis Latest from The Business Journals Cantor Fitzgerald pumps cash into Ellman's billboardsTop commercial real estate brokers honoredPeople in the News Follow this company could bring rapid expansion of the Santa Ana, Calif.-based firm’s Seattle operations.
Seattle-area apartment vacancy rates fall
The vacancy rate among Puget Sound apartment rentals decreased to 4.7 percent this month, down from 5.3 percent last September, according to a survey of 20-unit and larger apartments published Monday.
The Shops at the Bravern in Bellevue sells for $79M
The Shops at the Bravern, a luxury retail complex in downtown Bellevue anchored by the only Neiman Marcus department store in the Pacific Northwest, has been sold for $79 million to Ashkenazy Acquisition Corp., a private investment firm in New York.
A Nightmare in Seattle
Goldman Sachs Group Inc.'s bet on the Seattle office market is drawing to a close, and it doesn't look like the ending will be a happy one for the firm.
Touchstone Plans for Office/Hotel Complex in Denny Triangle
SEATTLE-Preliminary paperwork has been filed with the city planners for an office and hotel complex in Seattle's Denny Triangle. Touchstone, a Seattle developer, has filed the paperwork for the 13-story complex along Boren Avenue between Howell and Stewart streets.
Venture Builds on Seattle
In the latest twist in the red-hot multifamily market, a venture of a New York real-estate private-equity firm and a Los Angeles developer has made a big push into the Seattle market by taking over a well-known local builder of apartment properties.
32-Story Office Sells in Off-Market Deal for $137M
SEATTLE-Clarion Partners, a leading real estate investment manager, has acquired 1600 Seventh Ave., a 32-story, 598,000-square-foot office property in downtown Seattle for $137 million. The purchase was made on behalf of a separate account client of the firm in an off-market transaction.
With many potential sellers holding off, homes on market stir up flurry of offers
After making like Rip Van Winkle for the past five years, home buyers in certain areas are being jolted awake by a triple shot of low prices, low interest rates and a recovering economy.
Colliers Hires 14 Brokers for Northern Cali Offices
SEATTLE-Colliers International has added 14 veteran brokers to its San Jose, Redwood City and Sacramento offices. All but one of the new hires are joining the firm from Grubb & Ellis, which is being purchased by BGC Partners Inc. after Grubb & Ellis filed for bankruptcy protection.
National
Bucking Trend, Mormons Build Giant Mall
SALT LAKE CITY—In the heart of this western capital's downtown, the Mormon church and mall owner Taubman Centers Inc. are preparing to throw the wraps off a retail anomaly next week: a megamall with eye-popping extras such as a man-made creek, retractable roofs and a fountain that erupts in choreographed jets of water and fire.
More Living in Steel City
Owners of second-tier office buildings in Pittsburgh are increasingly looking to convert them into apartments to take advantage of rising residential rents as well as a revitalization taking place in the once-dying steel town.
New J.P. Morgan Fund Hits a Wall
J.P. Morgan Chase & Co . has ceased efforts for now to raise a new $750 million real-estate fund because of lack of investor interest in the type of high-risk, high-return deals that it was planning to do, according to people familiar with the matter.
Challenging the Empire
Another investor has filed a lawsuit against the Malkin family's plan to take public the Empire State Building and other properties, marking the third such effort attacking the initial public offering in two weeks.
U.S. Made Profit on Mortgage Debt
In the latest sign of the government's gradual retreat from financial-crisis-related programs, the Treasury Department is expected to announce Monday that taxpayers reaped a $25 billion profit on mortgage bonds purchased at the height of the meltdown.
Tech Firms Go Far and Wide for Space
When Google Inc. GOOG +1.02%bought a former freight warehouse in Manhattan in December 2010, the firm occupied about half a million of the total 2.9 million square feet of space. Since then it has gobbled up over 100,000 additional square feet, even buying out existing tenants, and is prowling for more.
LEHMAN BANKRUPTCY Geithner to Respond
Lawyers for Treasury Secretary Timothy Geithner said he will respond to questions from creditors of Lehman Brothers Holdings Inc. over allegations that J.P. Morgan Chase JPM -0.57%& Co. illegally siphoned billions of dollars from the collapsing investment bank in the days before it filed for the largest bankruptcy in U.S. history.
Windy City East
The developers of One World Trade Center, the 1,776-foot tower under construction in Lower Manhattan, are facing a problem of nature: wind.
Workout for Condo-Hotel
After about four years of delays, a condominium-hotel project in Fort Lauderdale, Fla., with controversial ties to Donald Trump has taken a major step toward opening its doors.
Trump Makes Return to Risk
Donald Trump's appetite for real-estate risk has returned.
The developer, who became more risk-averse after getting clobbered in the early 1990s, largely avoided the carnage of the latest downturn by mostly limiting his deal making during the boom years to licensing the Trump name to other developers.
Starwood Goes Shopping for U.S. Malls
Veteran investor Barry Sternlicht is close to making his biggest push to date into the shopping mall industry as his Starwood Capital Group prepares to buy majority stakes in seven U.S. malls from Westfield Group for roughly $1 billion, according to people familiar with the matter.
Inland American Moves Up
Inland American Real Estate Trust Inc. has purchased five upscale hotels for $393.1 million in a shift of its lodging portfolio closer to the high end.
Short of New Funds, Firm Takes a 'Pause'
A once-highflying real estate fund that counts Harvard University, Duke University and other blue-chip names as investors is laying off its entire investment staff after determining it can't raise new funds.
Rowdy Class of 2007 Is Causing Problems
Five-year loans made at the height of the boom in 2007 are coming due this year, and so far the results aren't pretty.
Drop in Store Vacancies Signals Possible Mall Rebound
The rebounding economy is providing a slight boost to U.S. malls and shopping centers, which in the first quarter registered their first declines in vacancy in years. But analysts aren't yet ready to declare a turnaround.
Real-Estate Redux
American International Group Inc. AIG +1.79%is planning to jump back into U.S. property investing, reversing yearslong efforts to downsize its real-estate business in the wake of its near-collapse and government bailout in 2008.
International
In Berlin, Apartments Are the Rage
Berlin saw a record number of tourists last year, but Germany's capital also is becoming a place where more people want to live.
Germany on a Different Track
FRANKFURT—Europe's low interest rates are fueling rising house prices in Germany, presenting the region's policy makers with a fresh challenge in their fight to restore its economic health.
Sun Hung Kai Executive Arrested
HONG KONG—An executive director at Sun Hung Kai Properties Ltd., one of the world's biggest property developers, has been arrested in connection with what the company said is a bribery investigation by Hong Kong authorities.
Solid Foundations of China's Mass-Market Developers
There's a new normal in China's property sector, and it favors mass-market developers over their luxury rivals.
Lenders Opening Taps in Europe
A growing number of lenders are beginning to open their spigots in Europe's parched commercial-real-estate market, but the trickles are far from enough to satisfy most property investors.
More Twists for Spanish Banks
The Spanish banking sector has supposedly turned the corner many times since the start of the crisis. But is it any further forward?
Real Estate Investment Risk in Asia and Latin America
· Asia and Latin America offer real estate opportunities, but there are hazards
· Risks include fraud, invalid documents and unenforceable mortgages
· Legal Opinions may not protect investors or guarantee right to title
· Hire someone who knows the local regulatory climate to minimize problems
Building Symbolizes Boom
SÃO PAULO, Brazil—Here is a likely candidate for the official symbol of Brazil's decadelong investment boom: the nearly completed Malzoni office building, an imposing table-shaped structure towering lately over São Paulo's Faria Lima Avenue, this tropical nation's palm-lined answer to Manhattan's Fifth Avenue
A Plan for São Paulo Housing Crisis
São Paulo is launching a new effort to provide housing for its estimated three million residents living in shantytowns, tenements and on dangerous hillsides in a plan that borrows heavily from the New York's real-estate industry's experience in affordable housing.
São Paulo Seeks to Be Sustainable
São Paulo is taking a lead role in an initiative gaining global traction: development projects that help meet local goals to cut greenhouse-gas emissions and address climate risks.
Property Investors Lie in Wait for China Slowdown
BEIJING—Cash-strapped Chinese property companies may face a reckoning this year amid high debts and a government campaign to bring down housing prices. If that happens, a number of outside investors are waiting to step in.
Europe's Gentler Debt Deals
The commercial mortgage-backed securities market in the U.S. has increasingly resembled a battlefield as delinquencies have mounted and lawsuits, foreclosures and other fights have mushroomed.
MultiFamily
Norcal Multifamily Portfolios Gain $53M Loan
SAN FRANCISCO-Bethesda, MD-based mortgage banking company Beech Street Capital LLC is providing $53 million in Fannie Mae loans to refinance two Northern California multifamily portfolios consisting of six properties totaling 540 units. The transactions were originated by Beech Street’s senior vice president’s Greg Reed and Kristen Croxton.
Apartment rents climbing in downtown Seattle, Bellevue
Monthly rents topped $1,500 for the first time in downtown Seattle and Bellevue during the first quarter of this year, according to a new report from Tom Caine of Apartment Insights.
More Living in Steel City
Owners of second-tier office buildings in Pittsburgh are increasingly looking to convert them into apartments to take advantage of rising residential rents as well as a revitalization taking place in the once-dying steel town.
More Living in Steel City
Owners of second-tier office buildings in Pittsburgh are increasingly looking to convert them into apartments to take advantage of rising residential rents as well as a revitalization taking place in the once-dying steel town.
Berkadia Arranges $28M To Finance Multifamily Properties
LOS ANGELES-The Los Angeles and Orange County branch offices of Berkadia Commercial Mortgage LLC have arranged $27.93 million in financing for two multifamily properties here. Berkadia senior vice president’s Allan Freedman and Ed Zimbler closed on a $13.85 million loan….
Partnership Buys 460-Unit Multifamily for $42M
SANTA MARIA, CA-Security Properties has sold La Vista Apartments, a 460-unit multifamily community located here, for $42 million to an investment partnership. The 296,800-square-foot property is located on 32 acres at 740 South Western Ave.,….
164-Unit Lexington Apartments Sells to Dallas Investor
GRAND PRAIRIE, TX-In early 2011, Dawn Properties Inc., a commercial real estate investor operating under the name Lexington Apartments LLC, bought the 164-unit Lexington Apartments out of foreclosure.
Seattle-area apartment vacancy rates fall
The vacancy rate among Puget Sound apartment rentals decreased to 4.7 percent this month, down from 5.3 percent last September, according to a survey of 20-unit and larger apartments published Monday.
As Home Rents Head Higher, Owning Regains Its Appeal
Climbing rents for apartments are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, say economists and real-estate agents, helping what appears to be a good start to the housing industry's all-important spring selling season.
PCCP Provides $27M Loan To Refinance Millbrae Paradise
SAN FRANCISCO-PCCP LLC has provided a $27.35-million senior loan to locally based owner LF George Properties to refinance Millbrae Paradise, a residential condominium and retail development in Millbrae, CA. The loan will be used to refinance 59 completed class-A condominium units and 20,000 square feet of first- and second-floor retail space that is 80% occupied.
REIT BEAT
Small REITs Put Up A Big First Quarter
Investors piled into the stocks of small real-estate companies during the first quarter, an indication that the improving economy is encouraging investors to take on more risk.
Distressed
Large Banks Cut Their Bad Loans
Large U.S. banks have been making headway in dealing with their troubled commercial real-estate debt, selling off and reworking bad loans at a faster rate than smaller banks.
Rowdy Class of 2007 Is Causing Problems
Five-year loans made at the height of the boom in 2007 are coming due this year, and so far the results aren't pretty.
High Prices, Rent Spark Fuel Feud
Gasoline prices have jumped in the past year and in some cities are hovering near record highs, boosting oil company profits. But for some real-estate companies that own gasoline stations, times are tough.
Michigan Case Puts a Chill in the Air
A legal fight in Michigan could have repercussions throughout the commercial real-estate sector, potentially giving many debtholders across the U.S. new grounds to recover money from landlords who lost their properties to foreclosure.
Manhattan Tower's Fate Resolved
A new chapter has opened for a 50-story emblem of the real-estate boom-turned-bust that changed the skyline of Manhattan.
Jersey Rejuvenation Story
About six years ago, Newark, N.J., seemed to be winning its long struggle to emerge from decades of urban decay, and one of the symbols of that was the opening of Eleven80, a market-rate rental property in a converted Art Deco office building.
Industrial-Space Showdown
Two real estate powerhouses are angling for control of a massive industrial portfolio hoping to capitalize on an expected economic recovery.
Europe's Gentler Debt Deals
The commercial mortgage-backed securities market in the U.S. has increasingly resembled a battlefield as delinquencies have mounted and lawsuits, foreclosures and other fights have mushroomed.
RE Trends
Property Pulse: Construction Jobs
The job recovery in the U.S. may be gathering steam, but the construction sector so far is being left behind.
Wall Street Keys On Landlord Business
Some of the biggest names on Wall Street are lining up to become landlords to cash-strapped Americans by bidding on pools of foreclosed properties being sold by Fannie Mae.
Housing Bulls Aren't So Far Out on a Limb
Proclaiming a recovery in the housing market isn't for the faint of heart.
Plenty of economists and executives have fallen on their faces doing so in the past five years. But while the jury is still very much out for the overall market, there is reason to feel hopeful about new construction.
CMBS Is Back
Our CMBS due diligence practice has been red hot since Valentine’s Day. What makes me excited is that we have seen a brisk business from ten shops. There have already been three successful CMBS bond issuances this moth totaling over $2.5 billion and another 4 issuances have just been announced that total over $4 billion.
Home Prices Fall, but at a Slower Pace
Home prices fell to new lows in January, but the rate of decline appeared to be easing, offering the latest hint that prices may be at or near a bottom.
Mortgage-Rate Change Could Pack a Punch
Cheap mortgages can't last forever. Years from now, there is a good chance home buyers will look back longingly at today's super-low yields.
Crying Foul Over The 'Pink Ghetto' , Rolling the Dice on Vegas Refinancing, Brokers Over a Barrel
Real-estate investment adviser Nori Gerardo Lietz has a history of picking fights, from bashing high-risk property funds to dismissing the investment-banking model for real-estate private equity.
High Prices, Rent Spark Fuel Feud
Gasoline prices have jumped in the past year and in some cities are hovering near record highs, boosting oil company profits. But for some real-estate companies that own gasoline stations, times are tough.
As Home Rents Head Higher, Owning Regains Its Appeal
Climbing rents for apartments are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, say economists and real-estate agents, helping what appears to be a good start to the housing industry's all-important spring selling season.
Boost for Loan Write-Downs
WASHINGTON—Mortgage giants Fannie Mae and Freddie Mac could save $1.7 billion more than current loss-mitigation approaches by reducing loan balances for some troubled homeowners, according to a preliminary analysis by the firms' federal regulator
