News
Economy Watch: FHFA Subpoenas Residential MBS Issuers
The Federal Housing Finance Agency, which is currently in charge of Fannie Mae and Freddie Mac, has issued 64 subpoenas to issuers of mortgage-backed securities back in the mid-2000s heyday of that kind of deal. The agency didn’t disclose which banks it was going after, but its objective in issuing the subpoenas was clear enough: namely, overturn some subprime and Alt-A MBS rocks to see what kind of fraud or other misdeeds crawl out from under them.
KBS Scores 400,100-SF Dallas Cowboys Distribution Center
Carrying the address of 2500 Regent Blvd., the Dallas Cowboys Distribution Center occupies a 22-acre parcel within the 500-acre Dallas Fort Worth International Commerce Park, a master-planned business park development endeavor spearheaded by Dallas-Fort Worth International Airport.
In One of 2010’s Biggest Deals Yet, Suburban Seattle Office Property Trades for $310M
In Bellevue, Wash., the change in ownership of City Center Plaza, leased in its entirety to Microsoft’s Bing division, is turning heads. Phoenix-based Cole Real Estate Investments’ $310 million all-cash acquisition of the nearly 583,179-square-foot office property from Boston-based Beacon Capital Partners marks one of the largest commercial real estate transactions in the U.S. to date this year.
Economy Watch: More Americans Now on the Wrong Side of FICO
FICO, the credit-score-generating company formerly known as Fair Isaac Corp., reported on Monday that fully 25.5 percent of American consumers (more than 43 million people) who use credit have a FICO score of below 600 on the company’s 300-to-850 scale. In technical terms, that score level is “bad.”
Carlyle Grabs 1.6M SF of Premier London Office Assets for $1B
The international private equity concern acquired six fully leased landmark office properties that had been part of the portfolio that secured the White Tower 2006-3 plc CMBS, which was placed in liquidation.
GGP, JLL Strike Strategic Partnership
The joint venture adds more than 11 million square feet to JLL’s retail portfolio of 84 million square feet in the Americas and 265 million square feet worldwide. Additionally, more than 200 GGP employees will now become JLL employees.
Economy Watch: ECRI Leading Index Drops, But Don’t Worry
The Economic Cycle Research Institute, a New York-based economic forecasting organization, said on Friday that its Weekly Leading Index (WLI) dropped to 121.5 for the week ended July 2, compared with 122.3 during the week before. That was the lowest point for the index, which is a measure of future U.S. growth, since almost a year ago.
CWCapital Provides $151M FHA Construction Loan for D.C. Apartment Project
With a location at the intersection of 1st and M streets, N.E., in the nation’s capital, Englewood, Colo.-based Archstone’s 13-story Class A apartment tower will sit in the city’s NoMa district near Union Station and the U.S. Capitol. In addition to the residences, 1st & M will feature 2,500 square feet of ground-level retail space, a library, activity studios and a 16,000-square-foot courtyard.
HFF Nails Down $35.4M Acquisition Financing for Tampa’s Fountain Square
Fountain Square I encompasses 135,666 square feet and has a 708-space garage as well as a retail bank branch. Fountain Square III has 176,150 square feet as well as a 912-space garage, a cafeteria, training rooms and a daycare facility.
Lewis Named Head of Hudson Realty’s Asset Management Department
Lewis will oversee strategy and execution on all Hudson’s debt and equity positions along with managing the firm’s asset management professionals and systems. She will remain a member of Hudson’s management committee, working to determine the company’s strategic direction.