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SL Green Closes on 600 Lexington

May 21, 2010 - 01:02
SL Green has made good on its previously announced intent to purchase 600 Lexington Ave. in Manhattan. The office REIT paid $193 million, or $636 per square foot, for the trophy asset. SL Green is assuming $49.85 million of in-place financing on the...

CoStar's People of Note (May 16-22)

May 20, 2010 - 20:10
This week's People of Note includes the following markets: Chicago, Houston, New York City and Washington, DC. CHICAGO Crisp Joins Jones Lang LaSalle as SVP Full-service property management specialist Brenda Crisp was tapped as senior vice president...

$3 Billion Chicago-Area Bank Succumbs, FirstMerit Picks up the Pieces

May 19, 2010 - 20:14
FirstMerit Bank in Akron, OH, acquired the banking operations of Chicago-based Midwest Bank and Trust Co. through a purchase and assumption agreement with the Federal Deposit and Insurance Corp. (FDIC). Midwest Bank and Trust has 26 branches throughout...

Real Money: Loan Note Sales & Pricing

May 19, 2010 - 20:11
CMBS Loan Values Drop… The aggregate value of commercial real estate CMBS loans priced by loan sale advisor Debt Exchange Inc. (DebtX) declined to 75.9% as of March 31, from 76.5% as of Feb. 26. Loan values are down from 81.2% as of March 31, 2009. In...

Lease Down (May 16-22): Pfizer Planning Global Plant Consolidation

May 19, 2010 - 05:35
CoStar compiles news of consolidations, closures, layoffs and lease cancellations in the weekly Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. For news on corporate expansions...

Sovereign Funds Show Reignited Interest in Shopping for U.S. Property

May 18, 2010 - 23:24
Sovereign wealth funds (SWFs) have grown at a remarkable pace over the last decade, quadrupling from an estimated $1 trillion in assets under management in 2000 to $4 trillion today, and expected to hit $6 trillion within two years. So it shouldn’t come...

SECOND OPINION: Real Estate Operators, Analysts See Wide-Ranging Impact of Health-Care Legislation

May 18, 2010 - 22:43
Current estimates call for about 32 million currently uninsured Americans to receive coverage under the Patient Protection and Affordable Care Act and The Healthcare and Education and Reconciliation Act of 2010. Based on this large pool of potential new...

Lease Up (May 16-22): Major Relocations in Manhattan

May 18, 2010 - 21:38
CoStar compiles news of corporate expansions, relocations and lease extensions in the weekly Lease Up news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. For news on consolidatations and lease...

Proskauer Inks 400,000-SF HQ Lease at 11 Times Square

May 18, 2010 - 21:14
Proskauer has signed for about 400,000 square feet at 11 Times Square, SJP Properties' forthcoming 1.1 million-square-foot skyscraper. The global law firm is relocating its headquarters to the building next year, taking 14 floors. Proskauer is the...

CRE Exposure Still Weighing on Life Insurers

May 18, 2010 - 20:17
Despite raising more than $32 billion in new capital in the last five quarters, some life insurance companies didn't catch a break this past week from bond rating agency Standard & Poor's Ratings Services. S&P reasons that their elevated exposure to commercial...

$800 Million Innkeepers USA Trust Loan Goes into Special Servicing

May 18, 2010 - 20:16
Late last month, a 45-property portfolio owned by Innkeepers USA Trust in Palm Beach, FL, went into special servicing after the hotel owner/manager failed to make certain scheduled monthly interest payments on certain of its debt obligations and said...

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