REITs
Boston Properties Partners on $385M Virginia Complex
Boston Properties entered into a joint venture to own and operate the Fountain Square complex in the heart of Reston Town Center, a preferred area for office development. The REIT contributed $87 million for half the stake in the properties.
REIT Executives Pocketed More Cash in 2011: FTI Consulting
Total pay for executives jumped 7 percent year-over-year on average. Compensation is becoming tied more closely to performance.
Apartment Trust of America Gets $537M Recap, New Name
The recapitalization included the investors’ contribution of a 21-property portfolio encompassing 6,100 apartment units valued at $485 million. For its part, ATA handed over $187 million of partnership interests in its operation partnership.
RREEF Details $290M Investment in Manhattan Retail Condo
The mezzanine loan underscores the investment management firm’s record of pursuing blue-chip retail properties in Manhattan.
Blackstone Buys 15 Retail Centers from Regency for $321M
Regency Centers Corp. has agreed to sell 15 shopping centers in seven states to an affiliate of Blackstone Real Estate Partners VII for $321 million.
Paramount/Colony Capital JV Closes on $481M Deal for Queens Trophy Tower
A joint venture of Paramount Group Inc. and Colony Capital L.L.C. bought the 50-story, 1.4 million-square-foot asset, which is the tallest New York City building outside of Manhattan.
Paramount/Colony Capital JV Buys Queens Trophy Tower For Estimated $475M
Fully leased to Citigroup, the 1.4 million-square-foot, 50-story One Court Square is the tallest building in New York City outside of Manhattan.
Highwoods Cleans House with $41M Sale of 500 KSF Nashville Office Portfolio
What Highwoods Properties Inc. views as non-core, another real estate company sees as a great opportunity. Continuing its asset repositioning program, Highwoods sold its 484,000-square-foot Highwoods Nashville Airport North Portfolio to The Lingerfelt Cos. in a $41 million transaction.
Vornado to Offer $300M of Preferred Shares
Fitch Ratings gives Vornado’s stock issue a BB+ credit rating. The offering is scheduled to close this Wednesday.
Vornado Buys, Sells–and Pulls Back Its Veil
Vornado had a busy 4th of July week, with nearly $1.3 billion in deals. But in announcing its array of purchases and dispositions, it has also been pursuing a new “transparency” strategy. What remains to be seen is how the market will react to everything it’s doing.