Business Specialties Investments
Landmark Boston, NYC Properties Acquire Financing
July 8, 2008
By: Tonie Auer, Contributing Correspondent

While deals may be slowing down, Holliday Fenoglio Fowler L.P. has arranged two deals--one for $85 million for the Boston Harbor Garage in Boston and one for $90 million refinancing for 401 West 14th St., a 62,000-square-foot retail and office building in Manhattan’s Meatpacking District.

401WestThe Boston office of HFF handled the Boston Harbor deal. The 1,380-space parking garage with 30,000 square feet of street-level retail is located at 70 East India Road in downtown Boston, adjacent to the New England Aquarium and along the Rose Kennedy Greenway, a recently created boulevard with a series of parks linking several urban neighborhoods.

HFF senior managing director Riaz Cassum and real estate analyst Carlos Febres-Mazzei repped a joint venture between The Chiofaro Co. and Prudential Real Estate Investors to secure the five-year, fixed-rate loan through Hartford Investment Management Co. The venture acquired the property in an all-cash transaction in December 2007. The Boston Globe reported on Dec. 14, that the sale price was $155 million.

HFF’s New York office worked exclusively on behalf of the owner of 401 West 14th St. The owner is a partnership comprised of affiliates of Taconic Investment Partners L.L.C. and ING Clarion Partners. HFF’s managing director Evan Pariser and senior real estate analyst Todd Newman placed the five-year, adjustable-rate loan with Landesbank Hessen-Thuringen Girozentrale (Helaba).

Originally constructed in 1927, 401 West 14th St. underwent major redevelopment and repositioning since it was acquired by the owners in 2005, including the addition of a 9,000-square-foot penthouse and a complete renovation of the base building. The four-story, Class A property (pictured) is currently 100 percent leased to Apple Inc., Hugo Boss Retail Inc., Moschino and Tudor Investment Corp. The anchor tenant, Apple Inc., leases a portion of the ground floor and the entire second and third floors, as well as the rooftop billboard.

The Chiofaro Co. is a privately held, independent firm engaged in the development, investment, leasing, management and ownership of real estate properties, including Boston’s International Place.

 
Recent Investments Headlines
Investor Group Snaps Up Stake in Maguire
Oct. 13, 2008
With its stock having vacillated between a high of $30.73 per share and a low of $3.31 per share over the last 52 weeks, Los Angeles-based Maguire Properties has had a rough year. However, a recent stock purchase proves that investors remain interested in the REIT that boasts the title of the largest owner of Class A office buildings in Downtown Los Angeles.
From CPN's Morning Newsletter--
Columbus Day Discovery: Global Recapitalization
Oct. 13, 2008
As CPN reported exclusively in our Daily News REport Morning Edition, (subscribe here), with a shoutout to Bette Davis, it's been a bumpy weekend. First off, is it just us, or does recapitalizing every bank in the world sound a bit like global socialism? No matter, after a Saturday of President Bush and G-7 platitudes, as reported by CPN, world leaders got busy with specific action plans. On the heels of Britain's and the United States' pay-for-equity bank-bailout plans, Germany and France announced Sunday respective pledges to take equity stakes in distressed banks and to guarantee bank lending for periods up to five years. Although the measures are concrete, each country in the EU, and elsewhere in Europe, will still act independently.
Exclusive on the Web
Oct. 13, 2008
• Today on CPN Radio: Log on at Noon for Adam Perrotta’s Economic Update
CPNRadio• Log on to CPN’s Blog, REal Talk with CPN, to Share Your Thoughts on Today’s News
• CPN’s 2008 Stars to Watch: The Stories Behind the Pros to Keep Your Eye on
• CPN-Claritas Retail Report: A Tale of Two Shopping Centers
• Guest Column: Coping with the Capital Markets, By Craig Butchenhart
• Deal Tracker: Top Deals in Primary Markets

ProLogis Takes 300,000 SF near Tokyo
Oct. 13, 2008
ProLogis Japan Properties Fund II has acquired a $65 million portfolio near Tokyo, it has reported. The deal includes three buildings totaling 300,000 square feet, all fully leased to three separate Japanese companies, located in Akishima City, a logistics hub approximately 50 kilometers from Tokyo's central business district.
bush Bush Meets with G-7, Speaks of Crisis
Oct. 11, 2008
President Bush spoke to the public from the Rose Garden Saturday after meeting with financial ministers from the G-7 nations.Saying it was important for citizens to understand that what "affects Wall Street affects Main Street," the President noted that the U.S.,playing a special role in the crisis, will take steps immediately. These include the dramatic move to buy into banks directly, as part of injecting funds into them to recapitalize them, a move announced late yesterday by Henry Paulson.
 

 

Will California's Fiscal Pain Spread to Commercial Real Estate?
October 13, 2008
By: Eugene Gilligan, Senior Editor --California's looming fiscal crisis is likely to take its toll on the state's commercial real estate sector. The credit freeze-up had deprived California of up to $7 billion in short-term financing necessary for day-to-day operations....

From CPN's Morning Newsletter-- Columbus Day Discovery: Global Recapitalization
October 13, 2008
By: Tom Dworetzky, News Editor --As CPN reported exclusively in our Daily News REport Morning Edition (subscribe here), with a shoutout to Bette Davis, it's been a bumpy weekend. First off, is it just us, or does recapitalizing every bank...

ProLogis Takes 300,000 SF Feet near Tokyo
October 13, 2008
By: Tom Dworetzky, News Editor --ProLogis Japan Properties Fund II has acquired a $65 million portfolio near Tokyo, it has reported. The deal includes three buildings totaling 300,000 square feet, all fully leased to three separate Japanese companies, located in...

Bush Meets with G-7, Speaks of Crisis
October 13, 2008
By: Tom Dworetzky, News Editor --President Bush spoke to the public from the Rose Garden Saturday after meeting with financial ministers from the G-7 nations. Bush met with Treasury Secretary Henry Paulson, Secretary of State Condoleezza Rice and finance ministers...

Financial Market Update: After the Bell -Friday, Oct. 10
October 10, 2008
By Dees Stribling, Contributing Editor -- Investors usually pay lip service to long-term investing, but in times of crisis the reality is sell - everything - now! Panic was the order of the day on Wall Street, which saw the...

Management Matters with Mike Myatt: Are Recruiters Effective?
October 10, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Sourcing tier one talent is an issue for all businesses. I was recently asked if recruiters are effective, or if they're worth the investment. Since my firm has a talent management practice which...

Management Matters with Mike Myatt: Partisan Politics Not Always Bad
October 03, 2008
The truth about partisan politics is that contrary to public opinion, it's not always a bad thing. Likewise, bipartisan efforts don't always reflect altruistic behavior and selfless acts. From my perspective, it isn't necessarily the stance you take, but rather...

Management Matters with Mike Myatt: Facing Up to Rogue CEOs
September 26, 2008
By: Mike Myatt, Chief Strategy Officer, N2growth --Rogue CEOs. Given the recent failures of banks and financial institutions previously thought to be untouchable, there has been a tremendous amount of justifiable venom being spewed at the CEOs of these firms....

When to Consider Corporate Restructuring
September 19, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Times are tough, and they're likely to get tougher, so my question is this; Should you, or should you not, consider a move toward corporate re-engineering? Whether directly or indirectly, your business will...

Expectation Alignment Key to 'Promise Management'
September 05, 2008
by Mike Myatt, Chief Strategy Officer, N2growth --The art and science behind making commitments and managing expectations has always been a critical skill set for senior executives and entrepreneurs to master. In fact, understanding how to come out on the...