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Real Estate Alert MAY 18, 2011 Cushman Fills 2 Top Posts With Buy-Side Pros Cushman & Wakefield 10 FUND-PERFORMANCE SCORECARD Moving to rebuild its capital-markets operation, has filled two top management posts with veterans from buy-side firms — an unusual move 3 TA Pitching Big Industrial Portfolio for a brokerage. Steven Weilbach, previously chief investment officer of West Coast apartment 3 Houston Tower Fetches Record Price investor Pacific Property, was named head of the national multi-family practice. And 3 Pension Shops Stake in Ohio Tower Matthew Gworek, best known for his decade as a senior investment executive at Equity Office Properties, was appointed head of capital markets for the Eastern U.S. Cushman 4 Big Chicago Industrial Portfolio Listed is expected to select a capital-markets boss for the Western U.S. within weeks. The hirings are the biggest by global capital-markets chief Greg Vorwaller since 5 Parmenter Offers Tulsa Office Towers Cushman poached him from rival CB Richard Ellis last fall with orders to fix the 6 Silicon Valley Apartment Site Offered brokerage’s sagging investment-sales and debt-placement businesses. Cushman, traditionally one of the nation’s top three brokers of large commercial 6 Industrial Offering Hits Hot Markets See CUSHMAN on Page 14 8 New Va. Shopping Center Listed 8 Hotel in Downtown LA Up for Sale 2 Seattle Offices Could Fetch $500 Million In one of the largest core offerings on the West Coast this year, a developer is 9 Florida Apartments Up for Grabs shopping two new Seattle office buildings with a combined value of about $500 mil- 9 Lender Lists Stabilized Offices lion, or $550 a square foot. Up for grabs are the 668,000-sf tower at 1918 Eighth Avenue and the 232,000-sf 10 71% of Funds Had Gain in 3rd Quarter property at 818 Stewart Street. The buildings are about a block apart in the sought- after Westlake Triangle submarket of downtown Seattle. Given the strong demand for top-flight core properties on the West Coast, mar- ket pros thinks investors will peg the buildings’ value to a stabilized capitalization THE GRAPEVINE rate of 5.25-5.5%, including the benefits of pending leases. The owner,Schnitzer West of Portland, Ore., will consider bids on either building or both. It has given the Former General Growth Properties chief listing to CB Richard Ellis, which declined to comment. investment officer Joel Bayer has joined Schnitzer completed the 36-story building at 1918 Eighth Avenue last year. O’Connor Capital as president and chief Amazon.com inked leases for just under 500,000 sf in March, which will raise the operating officer. Bayer will head acquisi- See SEATTLE on Page 14 tions and business development for the New York investment manager, which re- Westbrook Takes Over St. Regis Hotel in DC cently began investing its first retail fund. It held an initial close on the planned In its second recent high-profile hotel acquisition,Westbrook Partners last week $500 million O’Connor Retail Partners in bought defaulted debt on the St. Regis in Washington from Barclays for about December, with $150 million of equity. $100 million in cash and immediately foreclosed on the luxury property. Bayer joined General Growth in 1993. Barclays, which held $125 million of senior and mezzanine debt on the St. Regis, In his most recent post, he worked on won the right to seize the 182-room hotel at a foreclosure auction held April 12. The mergers and acquisitions, structuring bank then sold that right to Westbrook. joint ventures and arranging financing. At the $550,000/room purchase price, Westbrook’s initial annual yield will be He previously had stints at Sam Zell’s roughly 5%. Equity Financial and Management of Chi- The price was far below the hotel’s $170 million valuation during a recapitaliza- cago and retail developer Copaken, White tion in September 2007. Claret Capital, an Irish syndicator, acquired a 90% stake & Blitt of Kansas City, Kan. from a Brickman Associates partnership for $153 million, with the partnership re- taining a 10% interest. That worked out to $881,000/room, because the property Anglo Irish Bank hit the market this had 193 rooms at the time. week with a pair of cross-collateralized Brickman and its partner, New Valley Corp. of Miami, had acquired the St. Regis See GRAPEVINE on Back Page See WESTBROOK on Page 9 In , “Eastdil Secured was by far the most active offi ce broker …” – Real Estate Alert, February , And we have even higher aspirations for $. BILLION * OF OFFICE TRANSACTIONS CLOSED IN THE LAST MONTHS (with an additional $ billion in the market for ) PROPERTY SALE & JOINT VENTURE TRANSACTIONS Los Angeles, CA New York, NY San Francisco, CA Pittsburgh, PA Washington, D.C. Portland, OR 566,000 SF 305,000 SF 453,000 SF 2,336,000 sf 680,000 SF 365,000 SF April 2011 April 2011 April 2011 April 2011 March 2011 March 2011 Bay Colony 111 Corporate Center Eighth Avenue Waltham, MA New York, NY Chicago, IL Costa Mesa, CA Houston, TX Honolulu, HI 986,000 SF 2,900,000 sf 1,490,000 sf 827,000 sf 1,150,000 sf 930,400 sf February 2011 December 2010 December 2010 December 2010 December 2010 November 2010 1111 MARKET University Park Pennsylvania Ave CENTER @ MIT Los Angeles, CA Washington, D.C. San Francisco, CA Bellevue, WA San Francisco, CA Cambridge, MA 443,000 sf 331,000 sf 770,000 sf 583,000 sf 657,000 sf 1,150,000 sf November 2010 October 2010 September 2010 July 2010 June 2010 February 2010 FINANCINGS, LOAN SALE & STRUCTURED FINANCE TRANSACTIONS TRIBECA WEST Commercial Bank 299 PARK AVENUE Los Angeles, CA New York, NY San Francisco, CA Atlanta, GA Non-Performing Loan Washington, D.C. Acquisition O f fi c e Mezzanine Financing Financing Offi ce Loan Sale Financing Offi ce Financing Offi ce Financing February 2011 January 2011 December 2010 December 2010 October 2010 September 2010 Public REIT Special Servicer Life Insurance Co. Life Insurance Co. 46 Performing Loan Los Angeles, CA New York, NY 11 Performing Loans Performing Loan Non-Performing Loans O f fi c e Offi ce/Retail Subordinated O f fi c e Offi ce Loan Sale Portfolio Loan Sale Financing Financing Debt Sale Loan Sale August 2010 July 2010 July 2010 June 2010 June 2010 May 2010 INVESTMENT BANKING TRANSACTIONS Commonwealth REIT $325,000,000 $201,000,000 $300,000,000 $648,000,000 $250,000,000 $750,000,000 Senior Notes Preferred Equity Follow-on Equity Initial Public Offering Senior Notes Revolving Credit Facility Joint Bookrunning Manager Joint Bookrunning Manager Joint Bookrunning Manager Joint Bookrunning Manager Joint Bookrunning Manager Co-Lead Arranger April 2011 April 2011 March 2011 January 2011 September 2010 August 2010 *Includes sales of partial interests and portfolios SELECTED TRANSACTIONS www.eastdilsecured.com A WHOLLY OWNED SUBSIDIARY OF WELLS FARGO & COMPANY Securities off ered through Wells Fargo Securities, LLC—member FINRA and SIPC. Not all products off ered are securities. May 18, 2011 Real Estate ALERT 3 TA Pitching Big Industrial Portfolio Center 2, which was completed only in 2009, in order to boost occupancy. By the time it brought the 12-story property to TA Associates is shopping a 5 million-square-foot portfolio market in March, the 97% occupancy rate was well above the of industrial properties that could fetch $300 million, thanks to 84% average for Houston’s 190 million sf of office space. surging demand from core buyers. The city’s current per-foot record for office properties was The offering encompasses 31 warehouses, concentrated set in August 2007, when a GE Pension Trust partnership paid heavily in the nation’s strongest industrial markets. At the es- $289/sf, or $367 million, for the 1.3 million-sf Bank of America timated price, the buyer’s initial annual yield would be about Center. That was the biggest office trade ever downtown. The 6.2% — reflecting a recent drop in capitalization rates among per-foot record including Houston’s suburbs was set in January core industrial properties. 2007, when Sarofim Realty Advisors paid $298/sf, or $29.5 mil- CB Richard Ellis is advising Boston-based TA. lion, for the 99,000-sf building at 21 Waterway in The Wood- While a number of industrial-property packages have gone lands. out for bid in the past few months, this one is expected to stand The price fetched by Energy Center 2 could soon be rivaled out because of its geographical makeup. The strong markets rep- by Enron’s one-time headquarters. The 1.3 million-sf office resented in the portfolio include Chicago, with eight properties building, called Four Allen Center, is valued at about $300/sf, (1.5 million sf); Southern California, with four properties or $380 million. The owner, Brookfield Office Properties of New (837,000 sf); Dallas, with eight properties (914,000 sf); New Jer- York, is in talks to sell it to current tenant Chevron. If a deal sey, with three properties (583,000 sf); St. Louis, with four proper- isn’t struck, Brookfield plans to put the skyscraper on the open ties (513,000 sf); Philadelphia, with three properties (426,000 sf); market. and San Francisco, with one property (210,000 sf). The buildings, ranging from 22,000 sf to 354,000 sf, are Pension Shops Stake in Ohio Tower 92% leased by 72 tenants. About 15% of the rent roll entails investment-grade companies, including Alberto Culver, Ingersoll Ohio State Teachers is shopping its majority stake in a pre- Rand and Walgreens.
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