Office
Fitch Says Silverstein in “Imminent Default” on $325M Loan Balance
A $325 million loan balance on developer Larry Silverstein’s property, 575 Lexington Avenue in Manhattan, was transferred to special servicing earlier this week, which Fitch Ratings says is due to imminent default.
Crocker Tapped to Lease Mizner Park Office Tower
Real estate investment firm Crocker Partners has been chosen to lease the 164,000 square-foot Mizner Park Office Tower and the 103,000 square-foot Mizner Park Office Plaza, both located at Mizner Park in downtown Boca Raton, Fla.
Lantana Media Campus Gets $85M in Financing
Holliday Fenoglio Fowler, L.P. has arranged $85 million in financing for the Lantana Media Campus in Santa Monica, Calif., which was sold for $200 million in last year’s largest office property deal in Los Angeles County.
Neustar Commits to Entire 100,000-SF Office Building in Suburban D.C.
Vacant since its completion in late 2007, the 92,000-square-foot Ridgetop III office building in Sterling, Va., is empty no more.
SL Green Lands 113,000-SF Lease at Manhattan Office Building
Those big 100-plus-square-foot office leases that all but disappeared a year ago are slowly but surely beginning to pop up again.
Transition Year
The office vacancy rate is nearing its peak for this cycle, but the market will remain soft in 2010, according to Josh Scoville, director of strategic research for PPR, a CoStar Group company.
WP Carey Scores 386,000-SF JPMorgan Chase Office Building in Sale-Leaseback “Flip”
W. P. Carey & Co. L.L.C. has gotten its hands on a piece of the 2.9 million-square-foot office portfolio that Brookfield Real Estate Opportunity Group recently acquired from JPMorgan Chase.
Healthcare Trust Goes on $84M MOB Shopping Spree
When it comes to occupancy levels, the medical office building sector has been faring a great deal better than the traditional office market, and Healthcare Trust of America Inc. is doing its level best to enhance its portfolio at a time when many office property owners are still sitting on the sidelines.
JLL: Corporate Occupiers Can Take Advantage of Surplus Space
Jones Lang LaSalle has a message for real estate industry players: Take a breath. The company’s North American Occupier Report for the fourth quarter 2009 shows that there are at least indications of a tentative recovery afoot – and for the recession-wounded, that is at least some good news.
NAR: Give Recovery Another Year
Despite indications that the economy is recovering, the National Association of Realtors is advising caution before slipping on the rose-colored glasses.