the Editors of Commercial Property Executive
Westfield Nabs Interest in U.K. Retail Owner
Less than a week after Simon Property Group acquired a 3.14 percent stake in U.K. retail property firm Liberty International, Australia-based Westfield Group has stepped up to take a 2.96 percent interest in Liberty. Liberty International is a market leader in the United Kingdom in regard to regional shopping centers and is the owner the Covent Garden Estate in Central London (pictured). Recently, a Liberty subsidiary, Capital & Counties, announced that it had completed a 50/50 joint venture with Land Securities of its holding in Empress State, Earls Court, London, a 470,000-square-foot building leased to the London Metropolitan Police. Indianapolis-based…
L.A. Live Conference Center Topped Out
Schuff Steel Co. has topped out the new conference center that is part of the L.A. Live development in Los Angeles. The 27-acre development began with the construction of the Staples Center where the Lakers play, in 2002. L.A. Live is a sprawling mix-use development that also includes a Regal Cinema movie theatre complex, the Nokia Theater, restaurants and retail, condominium and apartments, sports, entertainment centers, and hotel venues. “L.A. Live is a tremendous project for Schuff Steel Company. As the largest development in Los Angeles, the project will not only invigorate downtown, but position the city as a major…
Management Matters with Mike Myatt: It’s All In The Message
Top CEOs understand the power, influence, and leverage created by great messaging. Do you ever find yourself sitting back and marveling at those chief executives who always seem to have the right thing to say? Contrast this with the feelings you have when you hear an awful sound-bite that makes a CEO look either uninformed or unintelligent. The difference between the two aforementioned examples is that top CEOs have mastered the art of finding the right message regardless of the medium, market, or constituency being addressed. In today’s column I’ll share some of the messaging secrets used by the world’s…
First Publicly Accessible Space in World’s Tallest Tower Opens
The Olympics may be over in China, but the exciting events haven’t stopped there. The highest publicly accessible built space (pictured), part of the tallest building in the world—the 101-floor, 1,614-foot Shanghai World Financial Center, has now opened. The Sky Walk occupies the buildings 94th through 100th floors of the Kohn Pedersen Fox Associates-designed building, which was developed by Japanese developer Mori Building Co. Glass walls and a glass floor offer views of the Shanghai skyline, downtown streets and the Huangpu River. The 97th floor features a roof that opens to the sky when weather permits, and the Sky Arena…
Fannie, Freddie Continue Uphill Fight to Restore Confidence
Whether Fannie Mae and Freddie Mac will stave off rescue by the federal government remains to be seen, but the beleaguered mortgage companies are taking steps that they hope will restore investor confidence. A management shakeup announced Wednesday will bring new executives to three top roles at Fannie Mae. Who’s out: Stephen Swad, the CFO; Robert Levin, chief business officer; and Enrico Dallavecchia, head of risk management. Who’s in: David Hisey, who moves up from controller to CFO; Peter Niculescu, assuming Levin’s chief business officer post; and Michael Shaw, the new head of risk management. The GSEs are also hoping…
Gustav Keeps Gulf Coast on Edge
For most of the country, this will be a long weekend, but for residents of the Gulf Coast and New Orleans in particular, it will be a long wait. As of shortly after noon Eastern time today, Tropical Storm Gustav was just off Jamaica and heading almost due northwest, its most likely path, according to the National Hurricane Center, bringing it to landfall just west of New Orleans on Tuesday morning. Although Gustav is not yet officially a hurricane, according to the hurricane center’s latest bulletin, “Strengthening is likely during the next couple of days, and Gustav is expected to…
NTS Takes Raleigh M-F in $39M Deal
NTS Realty Holdings L,P, has announced an agreement to purchase Courtney Estates in Raleigh, N.C., from Courtney Estates Holdings L.L.C. for a price of $39 million. NTS will conduct due diligence on the property by Sept. 26 and must close on the purchase by Oct. 26 if satisfied with the results. The firm will fund the purchase with working capital and a mortgage secured by the Country Estates property. Country Estates is a 300 unit multi-family property located within North Carolina’s Research Triangle, affording the property access to a wide variety of universities and businesses. The property has convenient access…
Seattle Firm Brings in $135M for Asian Hospital Fund
Seattle-based Columbia Pacific has closed its second round of financing for Columbia Asia, the money management firm’s hospital consortium, adding $135 million to bring the fund’s total amount of equity raised to $325 million. Columbia Asia develops and operates hospitals in Asia, having made its debut in 1994 with the opening of a property in Malaysia. The company presently operates 13 medical facilities in India, Malaysia, Vietnam and Indonesia, and the new investments will fuel the development of more. The group behind the Columbia Asia Fund includes the Baty Family of Seattle as principal investor, and individuals and families based…
Trigild to Guide Closing of 37 Bennigan’s, Steak & Ale Restaurants
Distressed real estate specialist Trigild has been chosen to assist in the closing of 37 Bennigan’s and Steak & Ale restaurants in 13 states. The two restaurant chains, both subsidiaries of Metromedia Restaurant Group, filed for Chapter 7 bankruptcy protection, which enables the filer to liquidate its assets. Not all stores under the Bennigan’s and Steak & Ale’s name filed, as many franchisee-owned sites remain open. Both chains were stung by the economic downturn that affected the market for casual dining. San Diego-based Trigild, which specializes in distressed real estate and receivership cases, will now be responsible for securing and…
HFF Arranges $74M Loan for CONSOL Energy HQ
Developer Horizon Properties has received a $74 million forward permanent loan for the just-completed two-building, 384,000-square-foot corporate headquarters for CONSOL Energy Inc. in Canonsburg, Pa., a Pittsburgh suburb.The 10-year, fixed-rate financing was arranged by the Pittsburgh office of Holliday Fenoglio Fowler L.P. through Nationwide Life Insurance Co. Mark Popovich, managing director of HFF’s Pittsburgh office, told CPN that Nationwide committed to the loan around the time construction on the buildings began, in December 2006, and held to the agreed-on terms despite the gyrations in the credit markets since then. CONSOL is leasing both buildings, a three-story, 75,000-square-foot facility and a…