Mid-Atlantic
Prudential’s Transition from Twardock to Durning Has Deep Roots
Yesterday’s announcement that Prudential Mortgage Capital Co. president David Twardock will retire in April, to be succeeded by David Durning, currently senior managing director and the company’s head of originations, goes back 20 years.
Savanna Completes Sale of Manhattan’s 104 West 40th St. for Reported $100M
Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 104 West 40th St., a 210,000-square-foot, 20-story Class A office building located next to Bryant Park in Midtown Manhattan, to Princeton International Properties.
Manhattan’s Thriving On The Ave Hotel Lands $80M in Refinancing
The 282-room On The Ave Hotel in Manhattan has been refinanced to the tune of $80 million.
MetLife JV Acquires Constitution Center
Constitution Center, the largest privately owned office building in Washington, D.C., which recently completed a $250 million renovation, has been acquired by a joint venture between MetLife and an unidentified U.S.-based institutional investor.
SPECIAL REPORT: NYHC/NHC Speakers Warn of ‘Mounting Fears’ for Affordable Housing
There may be increasing concern about the prospects for affordable housing. Speakers at the New York Housing Conference (NYHC) and National Housing Conference’s (NHC) 39th Annual Awards program warned that the outcome of Capitol Hill fiscal negotiations may not be favorable to the industry’s production, preservation and investment programs.
HFF Closes $86M Sale of Orbital Sciences Campus in Sterling, Va.
Orbital Sciences Corp., a satellite manufacturer, has a new landlord at its global headquarters in northern Virginia. Select Income REIT has bought the Orbital Sciences Campus, a three-building Class A office campus in Sterling, Va., for $86 million.
Bainbridge, Swiss Firm Team on 574-Unit M-F Property Purchase in Suburban DC
The metropolitan Washington, D.C., apartment market has the kind of fundamentals that attract investors from all over, so it’s no surprise that affiliates of Bainbridge Companies found a partner in Switzerland’s Partners Group for the acquisition of the 574-unit Aventine of Alexandria in Alexandria, Va.
USAA, SJP Break Ground on 500 KSF NJ Waterfront Office Tower
It was no lazy Monday for SJP Properties and USAA Real Estate Co. yesterday. Along the Hudson River in Hoboken, N.J., the partners broke ground on Waterfront Corporate Center III, a 14-story mixed-use office tower that will yield 500,000 square feet of state-of-the-art space, 200,000 square feet of which have already been claimed.
CBRE Arranges $212M Financing for Clarion DC-Area Office Campus
CBRE Capital Markets has arranged $212 million in financing for Metro Park, a 37-acre, seven-building, 1 million-square-foot Class A office campus in Alexandria, Va.
Vornado Closes $707M Manhattan Retail Condo Purchase
The Manhattan retail market is on fire and Vornado just grabbed a coveted 114,000-square-foot piece of it.