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Leona Helmsley Estate Signs Deal to Sell Manhattan Hotel
The estate of real-estate baroness Leona Helmsley has signed a deal to sell one of its prime Manhattan
A Plan to Save Commerical Real Estate
Economists have long been predicting commercial real estate could be the next day of reckoning for the financial markets, with a
REITs See Gains in February
I was surprised to see a report from the National Association of Real Estate Investment Trusts that "U.S.
Optimism Growing in Commercial Real Estate
Virtually everyone in
General Growth Gets an Extension
After a hotly contested hearing at the U.S. Bankruptcy Court in New York, Judge Allan Gropper granted Chicago-based
Kushner's 666 Fifth Goes To Special Servicer
The $1.215 billion securitized loan secured by the
Banks Failing to Come Clean on Commercial Real Estate Losses
Over the next four years approximately $1.4 trillion in commercial property loans will come due, with nearly half the properties expected to be "underwater" - meaning they're worth less than the amount owed. That's according to "Commercial Real Estate Losses and the Risk to Financial Stability," a report released last month by the Congressional Oversight Panel for the Treasury Asset Relief Program.
No Clarity on Fannie Mae and Freddie Mac's Future
The administration's plan for overhauling Fannie Mae and Freddie Mac was widely anticipated as part of or alongside this February's budget proposal for the upcoming fiscal year. On account of myriad other issues, including a robust healthcare debate, a formal strategy has been delayed until next year. Given the continuing fragility of the housing market, it is not unreasonable that the administration wants to proceed deliberately in charting the enterprises' futures.
Europe Property Deals Start Strong
Fueled by a surge in property deals in the fourth quarter of 2009,
Istithmar World Capital Defaults on Property in Times Square
The former Knickerbocker Hotel site near the heart of Times Square has become the latest Dubai World investment to go belly up, as well as the target of investors wanting to pick up the property at a discount price.
Pershing Square & Fairholme Capital Offer $3.925B to General Growth
General Growth Properties (NYSE:GGP) announced that a joint venture between Pershing Square Capital Management and Fairholme Capital Management said they would commit $3.925 billion of new equity capital, at a value of $15.00 per share, to facilitate...
In The Pipeline: CoStar Development and Construction News for March 7-13
In this week's edition of In The Pipeline, Forest City's Atlantic Yards mixed-use project is scheduled to finally break ground this week. Meanwhile, another long delayed development project, the Guasti Historic District in Ontario, CA,has begun with...
UBS Renews, Consolidates in Chicago
UBS is extending its stay at One North Wacker Drive in Chicago, also known as the UBS Tower. The Swiss financial services firm has renewed for 400,000 square feet in the office tower, a total of 13 floors.
The 10-year lease, set to commence in 2012...
10-Year Plan Indicates Post Office Closures
Faced with a probable $238 billion shortfall over the next 10 years, the United States Postal Service has outlined a new plan to cut costs and return the agency to long-term profitability.
The Postal Service's new plan outlined several additional...
CoStar's Retail News Roundup: Mar. 7 - 13, 2010
This week in the Retail Roundup, CoStar reports on expansions or new concepts at TJX Companies and Kohl's; closings, cutbacks, bankruptcy, default, receivership or foreclosure news at Swoozie's and the Northgate Mall; acquisition, merger, loan, sale...
Elbit Plaza USA Aims to Invest up to $1B in U.S. Retail Real Estate
Elbit Plaza USA, a new real estate investment venture jointly formed by Elbit Imaging and Plaza Centers N.V., has entered into a co-investment agreement with Eastgate Property, an affiliate of international real estate fund manager, NCH Capital. Specifically...
CBRE Names CFO; Turns Over Reins of Private Client Group
Gil Borok was promoted to chief financial officer of CB Richard Ellis Group Inc. He takes over from Bob Sulentic who will continue as CBRE’s president running day-to-day operations and principal business activities worldwide. Both will report to CEO Brett...
Inland Acquires 16-Center Portfolio for $424M
Oakbrook, IL-based Inland Real Estate Acquisitions, Inc., the purchasing arm of The Inland Real Estate Group of Companies, Inc., completed the acquisition of a portfolio of 16 shopping centers totaling 3.5 million square feet. The REIT acquired the portfolio...
Signs of Hope Seen in Investment Sales Activity
Large dollar property sales seem to be emitting faint sparks of hope for the commercial real estate outlook so far in 2010, particularly in the multifamily and hospitality sectors.
To be certain, the number of property sales with price tags of $5 million...
By The Numbers: Commercial Developers Off to A Rough Start in 2010
Commercial real estate development and construction activity continued to plumb new depths in 2010, according to new government data. And a leading indicator of future construction activity finds even fewer projects on the drawing boards.
According...
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