Worldwide Plaza deal in trouble
June 23, 2009 02:00 PM
Real estate sources say a deal to sell Worldwide Plaza — one of the seven office towers Harry Macklowe was forced to return to his lenders — has fallen apart. This is the second time a deal to sell the building has fallen through, and both instances involved George Comfort & Sons as the buyer. In the latest transaction to break down, George Comfort and real estate investment firm RCG Longview struck a deal to purchase the 47-story tower for an undisclosed sum earlier this month. Deutsche Bank, which controls the building, would have retained a stake and provided financing for the deal. Sources say Deutsche Bank killed the transaction. According to the Wall Street Journal, the building is on the market again.
http://therealdeal.com/blog/2009/06/23/worldwide-plaza-deal-in-trouble/
Tuesday, June 23, 2009
Wednesday, June 10, 2009
Comfort Scores Worldwide Deal
COMFORT SCORES WORLDWIDE DEAL
By LOIS WEISS
Last Updated: 5:31 PM, June 10, 2009
Posted: 2:17 AM, June 5, 2009
In what will be the city's largest office transaction this year, Worldwide Plaza is in contract to be sold to a joint venture led by George Comfort & Sons that includes RCG Longview and the building's lender, Deutsche Bank.
http://www.nypost.com/p/news/business/item_mgaWEstKJCzUgj9xAJSbdO
By LOIS WEISS
Last Updated: 5:31 PM, June 10, 2009
Posted: 2:17 AM, June 5, 2009
In what will be the city's largest office transaction this year, Worldwide Plaza is in contract to be sold to a joint venture led by George Comfort & Sons that includes RCG Longview and the building's lender, Deutsche Bank.
http://www.nypost.com/p/news/business/item_mgaWEstKJCzUgj9xAJSbdO
Wednesday, June 3, 2009
Global Commercial Real Estate Debt: Deleveraging into Distress
http://www.rreef.com/
Global Commercial Real Estate Debt: Deleveraging into Distress
Executive Summary
The quantity of distressed commercial real estate (CRE) will continue to increase globally as the deleveraging process unfolds over the coming years. Implosion of the global financing market coupled with the economic recession has increased stress on both properties and their owners. Seizure of the commercial mortgage backed securities (CMBS) market is increasing the demand of properties needing to refinance but the dislocated financing market is limiting the supply of new loans available.
Global Commercial Real Estate Debt: Deleveraging into Distress
Executive Summary
The quantity of distressed commercial real estate (CRE) will continue to increase globally as the deleveraging process unfolds over the coming years. Implosion of the global financing market coupled with the economic recession has increased stress on both properties and their owners. Seizure of the commercial mortgage backed securities (CMBS) market is increasing the demand of properties needing to refinance but the dislocated financing market is limiting the supply of new loans available.
Wednesday, May 27, 2009
Worldwide Plaza for sale
Worldwide Plaza for sale
May 27, 2009 09:00 AM
Worldwide Plaza, the last piece of Macklowe Properties’ portfolio, is for sale. The lender in control of the 1.7 million-square-foot building, Deutsche Bank, wants to retain an ownership stake, but is also prepared to write down the current $1.02 billion in outstanding principal to an $800 million mortgage. The buyer of the building at 825 Eighth Avenue, at 50th Street, is expected to contribute $200 million in equity, and the deal would be valued between $300 and $350 per foot. The leading potential buyer, according to the Post, is George Comfort & Sons. According to CoStar Group, 639,540 square feet is available in the building.
http://therealdeal.com/blog/2009/05/27/worldwide-plaza-for-sale-macklowe-deutsche-bank/
May 27, 2009 09:00 AM
Worldwide Plaza, the last piece of Macklowe Properties’ portfolio, is for sale. The lender in control of the 1.7 million-square-foot building, Deutsche Bank, wants to retain an ownership stake, but is also prepared to write down the current $1.02 billion in outstanding principal to an $800 million mortgage. The buyer of the building at 825 Eighth Avenue, at 50th Street, is expected to contribute $200 million in equity, and the deal would be valued between $300 and $350 per foot. The leading potential buyer, according to the Post, is George Comfort & Sons. According to CoStar Group, 639,540 square feet is available in the building.
http://therealdeal.com/blog/2009/05/27/worldwide-plaza-for-sale-macklowe-deutsche-bank/
Tuesday, May 5, 2009
IGD Siiq opens new mall in Catania
IGD Siiq opens new mall in Catania
Date: 4 May 2009
Category: City Watch
Italy's IGD Siiq said on Monday that its Katanè shopping centre will open its doors on Tuesday in the Sicilian city of Gravina, near Catania. The mall, with a total of 15,000 m2, houses 70 stores and six larger shops and an 8,000 m2 hypermarket owned by Ipercoop Sicilia. IGD invested a total of EUR 59 mln in the project. The mall is fully rented.
http://www.propertyeu.info/index-newsletter/igd-siiq-opens-new-mall-in-catania/
Date: 4 May 2009
Category: City Watch
Italy's IGD Siiq said on Monday that its Katanè shopping centre will open its doors on Tuesday in the Sicilian city of Gravina, near Catania. The mall, with a total of 15,000 m2, houses 70 stores and six larger shops and an 8,000 m2 hypermarket owned by Ipercoop Sicilia. IGD invested a total of EUR 59 mln in the project. The mall is fully rented.
http://www.propertyeu.info/index-newsletter/igd-siiq-opens-new-mall-in-catania/
Wednesday, March 18, 2009
Master Limited Partnerships (MLPs) – an island of stability for dividend investors
http://www.dividendgrowthinvestor.com/2009/03/master-limited-partnerships-mlps-island.html
Master Limited Partnerships (MLPs) – an island of stability for dividend investors
Master Limited Partnerships are limited by US Code to only apply to enterprises that engage in certain businesses, mostly pertaining to the use of natural resources, such as petroleum and natural gas extraction and transportation. They combine the tax advantages of a partnership and higher dividend yields with the day to day tradability of common stocks.
Master Limited Partnerships (MLPs) – an island of stability for dividend investors
Master Limited Partnerships are limited by US Code to only apply to enterprises that engage in certain businesses, mostly pertaining to the use of natural resources, such as petroleum and natural gas extraction and transportation. They combine the tax advantages of a partnership and higher dividend yields with the day to day tradability of common stocks.
Tuesday, February 10, 2009
RCG Longview Remains Positive, Closes Fourth Debt Fund at $602M
RCG Longview Remains Positive, Closes Fourth Debt Fund at $602M
Posted by CREOPoint Managing Editor on February 10, 2009 at 12:27 pm
Commercial Property News
Feb 10, 2009
By: Barbra Murray, Contributing Editor
The list of real estate debt investors daunted by the frosty lending climate is a long one, but New York City-based RCG Longview is not one of them. The real estate opportunity manager has closed RCG Longview Debt Fund IV L.P., having raised $602.5 million in equity. Like the previous three investment vehicles, Fund IV will target a variety of real estate transactions ranging from bridge loans and mezzanine loans to bridge mortgages and preferred equity opportunities across the country.
http://www.creopoint.com/forum/topics/rcg-longview-remains-positive
Posted by CREOPoint Managing Editor on February 10, 2009 at 12:27 pm
Commercial Property News
Feb 10, 2009
By: Barbra Murray, Contributing Editor
The list of real estate debt investors daunted by the frosty lending climate is a long one, but New York City-based RCG Longview is not one of them. The real estate opportunity manager has closed RCG Longview Debt Fund IV L.P., having raised $602.5 million in equity. Like the previous three investment vehicles, Fund IV will target a variety of real estate transactions ranging from bridge loans and mezzanine loans to bridge mortgages and preferred equity opportunities across the country.
http://www.creopoint.com/forum/topics/rcg-longview-remains-positive
Saturday, January 10, 2009
Finance, Nicolas Sarkozy
- Nicolas Sarkozy, French President, At the Symposium "New World, New Capitalism," Paris, Jan. 9, 2009
Tuesday, December 9, 2008
Deutsche Bank slashes price tag for two Macklowe buildings
Deutsche Bank slashes price tag for two Macklowe buildings
December 09, 2008 05:12 PM
By David Jones
As pressure mounts to close the books on the Harry Macklowe foreclosure saga, Deutsche Bank has lowered the price tag for 1540 Broadway and Worldwide Plaza to $800 million, according to financial and legal sources familiar with the discussions.
http://therealdeal.com/blog/2008/12/09/deutsche-slashes-price-tag-for-two-macklowe-buildings-2/
December 09, 2008 05:12 PM
By David Jones
As pressure mounts to close the books on the Harry Macklowe foreclosure saga, Deutsche Bank has lowered the price tag for 1540 Broadway and Worldwide Plaza to $800 million, according to financial and legal sources familiar with the discussions.
http://therealdeal.com/blog/2008/12/09/deutsche-slashes-price-tag-for-two-macklowe-buildings-2/
Friday, October 3, 2008
Frankfurt office market: A safe stopover landing despite turbulence
Frankfurt office market: A safe stopover landing despite turbulence
2 Oct, 2008, Frankfurt
In the third quarter, the Frankfurt office market looked to be virtually unshaken by the turbulence in the global financial markets. In the first nine months of the year, a total of 385,000m² of office space was leased, almost a third of this (120,000m²) in the third quarter – an excellent result in view of the current situation. However, it is still clear that lease activities in the Frankfurt market have fallen by 9.4% in relation to the first three quarters of 2007 (first to third quarter of 2007: 425,000m²).
http://www.cushwake.com/
2 Oct, 2008, Frankfurt
In the third quarter, the Frankfurt office market looked to be virtually unshaken by the turbulence in the global financial markets. In the first nine months of the year, a total of 385,000m² of office space was leased, almost a third of this (120,000m²) in the third quarter – an excellent result in view of the current situation. However, it is still clear that lease activities in the Frankfurt market have fallen by 9.4% in relation to the first three quarters of 2007 (first to third quarter of 2007: 425,000m²).
http://www.cushwake.com/
Subscribe to:
Posts (Atom)