Finance & Accounting »

[2:59 pm, April 16, 2014 | No Comment | ]

CBRE Capital Markets’ Debt & Structured Finance team secured $111 million in senior financing and a $30 million mezzanine loan for The Plaza Buildings, two Class A office buildings totaling 489,647 s/f in Bellevue, Washington.
CBRE worked on behalf of KBS Capital Advisors to secure the senior floating rate loan from Wells Fargo and the mezzanine loan from Principal Capital Management.
The loans were arranged to provide acquisition financing for the project and are both three-year initial term loans with two, one-year extension options.
CBRE’s Val Achtemeier arranged both loans on behalf of …

Deals & Dealmakers »

[2:54 pm, April 16, 2014 | No Comment | ]

New York and London have been named as leading international cities in a new report from international real estate adviser, Savills.
The firm classes cities on their prominence and fame, as well as economy and size; factors that will determine the cross-border investability of their real estate and their future as well as their current ‘world class’ city status.
In 12 Cities, the Savills ‘X-Factor’ world city characterisation looks at a combination of global competitiveness, together with measures such as connectivity, international visitors and web search data, to determine overall world city …

Deals & Dealmakers »

[1:38 pm, April 16, 2014 | No Comment | ]
SELLING POINTS: Massey Knakal, HAP Investments, Madison Realty Capital

●Studley / Massey Knakal
Charity to sell historic PAS property

The Federation of Protestant Welfare Agencies (FPWA), located at 281 Park Avenue South, has placed its historic headquarters up for sale with a $50 million price tag.
“Selling the building provides a tremendous opportunity to reinvest in the organization in ways that will enhance our ability to tackle social issues that affect the poor and working poor, and to support our member agencies,” said CEO/executive director Jennifer Jones Austin.

Property Managers »

[1:25 pm, April 16, 2014 | No Comment | ]
Outstanding results for Tishman, Paramount, SL Green

BOMA/NY started off this month on a victorious note by going three-for-three at the TOBY (The Outstanding Building of the Year) Awards competition, held April 1 at the BOMA Middle Atlantic Conference Regional Conference in Boston.
All three BOMA/NY contenders that had won at the Pinnacle Award level in 2012-2103 and moved forward to compete regionally — The Hearst Tower (Earth Award), 110 East 42nd Street (Operating Office Building 100,000-249,999 sf) and 1633 Broadway (Operating Office Building over 1 million sf)—won in their respective categories.

Deals & Dealmakers »

[1:15 pm, April 16, 2014 | No Comment | ]

Cooper-Horowitz Inc., a commercial real estate mortgage brokerage firm, has leased a portion of the 35th floor comprising 10,500 s/f of space at Charles S. Cohen’s 622 Third Avenue for its New York corporate headquarters.
The company, which handles in excess of $14 billion in transactions annually, expects to move into the 39-story office tower in the last quarter of 2014. It is presently located at 51 East 42nd Street.
“We’re delighted to welcome this elite commercial real estate finance tenant to 622,” stated Cohen, who transformed the former Empire Blue Cross/Blue …

Deals & Dealmakers »

[1:13 pm, April 16, 2014 | No Comment | ]
Busy developer moves offices to Cohen tower

HAP Investments LLC, an investment and development company, will soon relocate its Manhattan headquarters to Charles S. Cohen’s 3 East 54th Street.
The firm has signed a 9.5 -year, 11,200 s/f lease comprising the entire 15th floor of the 20-story, 200,000 s/f building, located on the southeast corner between Fifth and Madison Avenues.
The company, which focuses on the development of mid-sized residential and commercial properties, primarily in upper Manhattan and other burgeoning neighborhoods throughout the Tri-State Area, expects to take occupancy of its new offices during the third quarter of 2014.
It is presently located at 347 Fifth Avenue and operates a sister office in Tel Aviv, Israel.

Deals & Dealmakers »

[1:04 pm, April 16, 2014 | No Comment | ]
Gutsy Jersey winning battle to bring new business to state

The Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA), hosted its 22nd annual Developer’s Night event with a crowd of over 300 professionals in attendance.

“There is a lot of capital out there and the fundamentals in all market sectors are excellent, there is more job creation, and I see good things happening for all of us in 2014,” said Andrew Merin, vice chairman, Cushman & Wakefield of NJ, the moderator of the evening’s panel of expert speakers.

Industry experts analyzed trends in New Jersey’s commercial real estate marketplace including designing office space towards the growing workforce of Millenials, the development of work-live-play environments, the implementation of New Jersey’s business incentive programs, and e-commerce and technology companies flocking to the state.

Deals & Dealmakers »

[1:00 pm, April 16, 2014 | No Comment | ]

Stewart announced it has changed the name of its commercial services division from Stewart National Title Services (NTS) to Stewart Title Commercial Services.
The renaming represents a unified focus on commercial services across the Stewart organization.
“The name change to Stewart Title Commercial Services coincides with the company’s overall realignment to enhance Stewart’s identity within the industry and the markets in which we do business,” said Matt Morris, chief executive officer of Stewart Information Services Corp.
“This updated identity will better convey that Stewart has experts ready to meet all commercial needs around …

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