Finance REITs
1250 Broadway Closes with $215M Financing via Carlton
May 16, 2008

The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced. The trophy is a 39-story, 770,000 square foot office tower prominently located on Broadway between West 31st and 32nd Streets in Manhattan. After nine years of ownership, SL Green Realty Corp. sold the Class A office tower to Murray Hill Properties for $310 million, or approximately $463 per square foot. Carlton secured a $175 million first mortgage with a major German lender, a REIT provided $40 million of mezzanine financing to complete this financing. The transaction was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund.

 
Recent REITs Headlines
Behringer Harvard Sells Houston Office Property
July 08, 2008
Behringer Harvard announced today the sale of Enclave on the Lake, an approximately 171,000-square-foot office building in the Energy Corridor of west Houston, Texas.
Maguire to Sell Orange Country Property for $211M
July 08, 2008
Maguire Properties, under new management in recent months and pursuing a plan to reduce the debt it incurred by bulking up on SoCal office space in recent years, is selling off Main Plaza Towers in Irvine, Calif.
Pair of Canadian REITs Ink $80M Deal
July 07, 2008
Toronto-based Whiterock REIT and Leben REIT of Calgary have agreed that Leben will sell to Whiterock a portfolio consisting of eight of Leben’s nine properties for approximately $80 million.
Grubb & Ellis Healthcare REIT Takes 8 Properties
July 07, 2008
Grubb & Ellis Healthcare REIT Inc. has acquired eight properties in three separate deals.
Grubb & Ellis Buys Two Apartment Complexes in Metro Atlanta
July 03, 2008
Grubb & Ellis Apartment REIT Inc. has acquired two Class A apartment communities totaling nearly 500 units in the metro Atlanta area. Grubb purchased the 216-unit AMLI at Kedron Village multi-family community in Peachtree City from AMLI Residential and Prudential Real Estate Investors, and the 280-unit Creekside Crossing in Lithonia from Harbor Group International, Norfolk, Va.
 

 

REal Talk with Adam Perrotta - Tues., July 8th
July 08, 2008
By Adam Perrotta, News Writer --A lot of news out of the Left Coast today, including the approval of a massive makeover for LAX airport, Laramar Group opening its California office with a bang and troubled Maguire Properties selling off...

Maguire to Sell Orange Country Property for $211M
July 08, 2008
By Dees Stribling, Contributing Correspondent -- Maguire Properties, under new management in recent months and pursuing a plan to reduce the debt it incurred by bulking up on SoCal office space in recent years, is selling off Main Plaza Towers...

$400M Army Hotel Program Takes Next Step
July 08, 2008
By Barbra Murray, Contributing Editor -- The U.S. Army's plan for developing and renovating hotels at 12 installations as part of its Privatization of Army Lodging program has just advanced to the next stage now that it has entered into...

Penn National Gets Option on MD Parcel for Possible Casino
July 08, 2008
By Gail Kalinoski, Contributing Editor -- Penn National Gaming Inc. has secured an 18-month option on 36 acres in Perryville, Md., where it hopes to set up a slots casino and entertainment center. The price of the land was not...

Hill Wins Contract for $1.6B Abu Dhabi Project
July 08, 2008
By Scott Baltic, Contributing Editor -- New Jersey-based Hill International has been awarded a contract by Sorouh Real Estate PJSC of Abu Dhabi, United Arab Emirates, to handle project management for Gateway Towers 3 through 8 at the firm's Shams...

How to K.I.S.S Problems Goodbye
June 27, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Keep It Simple Stupid. One of the most effective ways to order your world is to simplify everything you encounter. The problem is that keeping it simple often becomes very difficult when our...

Does Appearance Matter?
June 20, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --So, do appearances really matter? They shouldn't, but the reality is that they most certainly do. As the old saying goes, "you only get one chance to make a first impression," and often...

Recognizing the Need for Change
June 13, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Since the title of today's column is "Recognizing the Need for Change," I'm going to switch things up a bit and ask you to answer a question posed by me. I first warned...

How to Reduce Employee Turnover
June 06, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Few things in business are as costly and disruptive as unknowingly having the proverbial revolving door for employees to exit from. While there are many secondary and tertiary items that can influence an...

How To Delegate for Success
May 30, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --If you desire to become a top CEO it will be essential for you to master the art of leveraging down. Think of any top performing CEO and you'll find that to the...