Real Estate Alert 12 RANKINGS: TOP OFFICE SALES in 2016 Deal Database, Which Tracks Sales of at Least $25 Million

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JANUARY 25, 2017 Office Sales Drop 5%; Eastdil’s Share Grows Large office-property sales dipped 5% last year, but a surprisingly strong fourth 8 RANKINGS: OFFICE BROKERS quarter left market pros optimistic about activity this year. A total of $103.7 billion of office properties traded in 2016, down from the post- 9 RANKINGS: OFFICE SALES BY MARKET crash high of $108.8 billion recorded the previous year, according to the Real Estate Alert 12 RANKINGS: TOP OFFICE SALES IN 2016 Deal Database, which tracks sales of at least $25 million. The 2016 decline marked the end of a six-year run of increases. 2 Upgraded San Diego Rentals for Sale Perennial winner Eastdil Secured retained the brokerage crown, increasing its sales by 8%, to $36.6 billion. It handled 40.1% of brokered trades, almost double the 2 Two West Loop Offices Up for Grabs market share of runner-up CBRE. 2 Well-Leased Oakland Offices on Block The year was marked by uncertainty and the unexpected, including worries about whether the market runup had peaked, fluctuations in the financial markets 4 Savanna Fund Lines Up Initial Equity and the election of President Donald Trump. “The two words to describe 2016 in the end: unpredictable and resilient,” said 7 TerraCap Starts Marketing 4th Fund See OFFICE on Page 9 7 Capri Maps Workforce Housing Fund 7 Hotel Conversion Play in Chicago Star Power Propels Newmark to Sales Gains 13 Northwestern Offers Atlanta Complex Paying big bucks for superstar brokers translated into a big boost in office sales for Newmark Grubb last year. 13 Chicago-Area Supermarkets for Sale The firm closed $5.2 billion of office deals worth $25 million or more in 2016, up from $1.6 billion the previous year, according to Real Estate Alert’s Deal Data- 14 Central Pa. Warehouses Offer Upside base. That whopping 231% increase followed the late-2015 hirings of the high- 15 MARKET SPOTLIGHT producing teams headed by Robert Griffin in Boston and Kevin Shannon in Los Angeles. The year-to-year jump was the biggest, by dollar total or percentage, of any major THE GRAPEVINE broker, coming as overall sales volume dropped 5% (see ranking on Page 8). More than $3 billion of Newmark’s $3.6 billion increase came in the markets overseen by Newmark Grubb last week named Griffin and Shannon. veteran apartment broker Blake Okland Newmark’s sales in Greater Boston soared to $2.1 billion last year, from just $252 head of its U.S. multi-family platform, million the year before. Its competitors all saw their Boston volume slump as the ARA Newmark. Okland, a vice chair- See STAR on Page 6 man based in Charlotte, had been with Apartment Realty Advisors for 10 years Equity Pledges by Pensions Fell 18% in 2016 when it was acquired by Newmark in 2014. In the newly created post, he’ll U.S. public pension systems reduced their equity commitments to real estate help coordinate investment-sales efforts vehicles by nearly 20% last year, the first decline since 2013. around the country while continuing to Pensions tracked by FPL Consulting pledged $38.8 billion to commingled funds broker deals himself. He’ll also be part and separate accounts, down 18% from $47.2 billion the previous year, which was of the firm’s recruitment, expansion and by far the highest level since the market crash. client-relations efforts. FPL principal Timothy Kessler noted that even with the drop, commitments were still above the average of recent years, and he added that investors remain relatively Senior industrial broker Michael bullish. “It’s a big decline off a big year,” he said. “But the reason why I am not Nachamkin parted ways with HFF last alarmed is that the demand is still there from the investor view. It’s just that the deal week after six years. Nachamkin, flow hasn’t been there, and the ability of the managers to put out capital effectively a managing director, was based in has been more constrained. There’s absolutely a backlog.” Florham Park, N.J., and focused on Kessler said uncertainty about the presidential election put “a pause on the sys- sales in the Northeast. He left to explore tem,” resulting in just $6.7 billion of pledges from October to December, the lowest See GRAPEVINE on Back Page See PENSIONS on Page 5 January 25, 2017 Real Estate 2 ALERT Upgraded San Diego Rentals for Sale would likely seek to fill the vacant space, which is on the upper floors of the 35-story property, and lift rents as leases Alliance Residential is marketing a renovated apartment roll over. The in-place rents are about 17% below the average complex near San Diego that is valued at about $270 million. asking rate, and the weighted average remaining lease term The 549-unit property, on San Diego Bay in Coronado, Calif., is 5.5 years. was built in 1970, but Alliance has poured millions into renova- No tenant occupies more than 15% of the space. The tions to make it more competitive with newer complexes. Fol- rent roll includes law firmsFranczek Radelet and McDonnell lowing the upgrades, the occupancy rate is now 90%. Boehnen, Globetrotters Engineering, NextGen Healthcare and The estimated value works out to just over $490,000/unit. recruiting firmSwoon. JLL is advising Phoenix-based Alliance. The building, completed in 1971, underwent its most recent The Class-B property, called Broadstone Coronado on the round of renovations in 2014. Some $16 million was spent on Bay, is at 1515 Second Street. It encompasses 18 three-story improvements, including upgrades to the lobby, mechanical buildings with units ranging in size from studios to two bed- systems, elevators and common areas. Also, a redesign of the rooms. The apartments feature wood-plank-style floors, quartz facade incorporated a map of Chicago that stretches to the countertops, stainless-steel appliances, washer/dryers and bal- roof. The property, which is along the Chicago River, has a conies or patios. There is a redesigned clubhouse, a pool with LEED gold designation. cabanas, a fitness studio and outdoor dining areas with barbe- MetLife acquired the 31-story building at 125 South Wacker cue grills. in 2012 from Tishman Speyer of New York for $107 million. Construction in the San Diego area is projected to reach a The occupancy rate is just 78%, well below the 90% West Loop cyclical high of 5,800 apartments this year, up from 3,100 last average. The tenants mostly are relatively small firms in the year. Marcus & Millichap estimates that will reduce the average accounting, finance and business-services sectors. occupancy rate by 50 bp, to 96.6%, but adds that the decline The property, completed in 1974, includes a conference cen- should be temporary. Even with the added supply, the broker- ter, a fitness center and bicycle storage. The marketing pitch is age expects rents to rise by 6% on average this year, driven by that a buyer could renovate the building, lease vacant space and higher rates at renovated Class-B properties like Broadstone raise rents as leases roll over. The in-place rents are about 40% Coronado.  below the asking rate for comparable properties.  2 West Loop Offices Up for Grabs Well-Leased Oakland Offices on Block Beacon Capital and MetLife Real Estate Investors are sepa- A nearly fully leased office building is up for grabs in Oak- rately pitching office towers in Chicago’s West Loop that have land. differing investment profiles. The 279,000-square-foot property, at 180 Grand Avenue, The properties, both listed with JLL, have a combined could attract bids of about $118 million, or $423/sf. CBRE is value of about $300 million. The 536,000-square-foot build- advising the seller, Ellis Partners of San Francisco. ing at 300 South Wacker Drive is billed as a core-plus play, The 96% occupancy rate is among the highest for large Oak- while the 575,000-sf property at 125 South Wacker Drive is land office properties. Engineering firmAMEC Foster Wheeler suitable for value-added investors. leases 27,000 sf. Other tenants include Health Net of California, Beacon’s building at 300 South Wacker is worth roughly Reading Partners, Bank of America and Marqeta. The offering $165 million, or $308/sf. MetLife’s property at 125 South includes an adjacent 371-car garage. Wacker, less than two blocks north, could fetch about $135 The 15-story property, at Harrison Street, is in the Uptown million, or $235/sf. Marketing of it is expected to start soon. District. The location is one block from Lakeside Park and The average occupancy rate and rent in the West Loop about four blocks north of the Bay Area Rapid Transit station submarket continued to rise through 2016. The submarket at 19th Street. accounted for almost half of the Class-A space leased in the The building was developed in 1981. Ellis acquired it in city last year, as well as 56% of the space leased by tenants late 2014 from California State Teachers for $61.3 million and relocating from the suburbs, according to marketing materi- pumped $4.7 million into upgrades, including exterior work to als. help reorient the building toward nearby Lake Merritt. Both buildings are near the 3.8 million-sf Willis Tower. Institutional investors are being drawn to office properties Owner Blackstone is preparing to launch a redevelopment in Oakland, a perennial bridesmaid to San Francisco and Sili- of the trophy that will add shops, restaurants, entertainment con Valley. With rents in those areas becoming prohibitive for venues and other amenities to the area. many tenants, demand for space in the far-cheaper East Bay Beacon acquired the Class-A building at 300 South Wacker market has exploded. Oakland’s average occupancy rate rose in 2013 for $112.5 million, or $220/sf, from a Harbor Group 70 bp last year to 89.4%, according to Marcus & Millichap. That International partnership. The 88% occupancy rate is slightly followed a 140 bp increase in 2015. Rents rose an average of below the 92% Class-A average in the West Loop. A buyer 9.2% last year.  EASTDIL SECURED THANKS OUR VALUED CLIENTS FOR A GREAT 2016 $107 BILLION IN 346 CLOSED OFFICE TRANSACTIONS PROPERTY SALE, JOINT VENTURE AND FINANCING TRANSACTIONS

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BUYSIDE M&A ADVISOR SELLSIDE M&A ADVISOR BOOKRUNNER CO-LEAD ARRANGER $8.0 BILLION $3.6 BILLION $1.38 BILLION $1.25 BILLION M&A ADVISORY M&A ADVISORY EQUITY (FOLLOW-ON) LOAN SYNDICATION JANUARY 2016 OCTOBER 2016 MAY 2016 NOVEMBER 2016 www.eastdilsecured.com A WHOLLY OWNED SUBSIDIARY OF WELLS FARGO & COMPANY Eastdil Secured is the trade name for the real estate investment banking services of Wells Fargo & Company and its subsidiaries. Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. . Wells Fargo Securities, LLC, and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts. Securities products are offered through Wells Fargo Securities. January 25, 2017 Real Estate 4 ALERT Savanna Fund Lines Up Initial Equity a heavy emphasis on New York. It looks to acquire properties that are underperforming or have distressed owners. If neces- Savanna Investment held the first equity close for its latest sary, it will redevelop or reposition them. opportunity fund last month. The predecessor Fund 3 made a big investment late last The shop lined up $25 million of equity for Savanna Real month, acquiring the 711,000-square-foot Falchi Building in Estate Fund 4, according to an SEC filing. The overall goal is Queens, N.Y., from Atlanta-based Jamestown Properties for unclear, but the predecessor vehicle had its final close in 2014 $257.5 million, or $362/sf. The recently renovated property, at with $443 million of equity. Park Hill Group of New York is the 31-00 47th Avenue in the Long Island City section of Queens, is placement agent. 86% leased. Savanna will seek to lease the vacant space. New York-based Savanna targets office, retail and residen- Limited partners in Fund 3 include Kansas Public Employ- tial properties along the Boston-to-Washington corridor, with ees, Los Angeles Fire and Police, Ohio Police and Fire, Texas Teachers and Tennessee Consoli- dated Retirement, according to Preqin. Investors in prior vehicles included California Public Thank You 8,508 Times to Our Valued Clients! Employees and New York Com- mon Fund. Savanna was founded in 1992 by managing partner Christopher Schlank. He now runs the firm with co-managing partner Nich- olas Beinstock. The shop’s first four funds, including a vehicle dubbed 2-A, raised $1.4 billion of combined equity. 

Correction A Jan. 18 article, “Apartments , Near US Bases on Block,” mis- The Number of Commercial Assets Brought to Market stated the size and average 8508 occupancy rate of an apartment Using Real Capital Markets’ Global Marketplace in 2016 porfolio being marketed by Place Properties. The six proper- This past year, over 50% of all U.S. commercial investment sales ties have 1,482 units (not 1,428 north of $10MM were brought to market using Real Capital units), and the average occu- Markets. In total, RCM helped facilitate the disposition of a record pancy is 92.4% (not 94.2%). Also, 8,508 commercial properties and loans, and connected 41,300+ one property has an assumable buyers and sellers across 70 countries. And we couldn’t have done loan from Freddie Mac (not Fan- nie Mae  it without you—the industry’s top investment brokers! ).

Buy. Sell. Succeed. Call or click to learn how you can leverage RCM Need to see the largest to reach more qualiﬁed buyers & streamline property sales that were the entire investment sales process — online. completed recently? Go to the Market section of REAlert.com and click on www.rcm1.com/reag • (888) 440-7261 “Largest Deals.” It’s free. January 25, 2017 Real Estate 5 ALERT

from 470 in 2015. Pensions ... From Page 1 Pension Pledges ($Bil.) The largest firms continued to domi- quarterly tally since the third quarter of nate the action. The top five shops gar- 2013. 47.2 nered 31% of committed dollars, even 39.5 Given the prospect of rising interest 38.8 with 2015 and up from 21% in 2014. The 31.2 27.8 rates, questions on the new administra- 24.1 top 20 snagged 61% of the money, up tion’s tax policies and the difficulty of from 56% last year and 51% in 2014. finding suitable real estate investments, Fewer dollars flowed to vehicles Kessler expects pledges to be roughly flat focused on a single property type, which this year. 2011 2012 2013 2014 2015 2016 attracted just 17% of pledges, down from The share of commitments to value- Source: FPL Consulting 26% in 2015 and 41% in 2014. Kessler said added and opportunistic strategies con- that reflected the increased move toward tinued to rise last year, to 70% of the total higher-yielding funds, because such vehi- dollars, up from 64% in 2015 and 59% in cles tend to invest across asset classes. 2014. Core and core-plus vehicles corralled 30% of commit- Vehicles focused on North America garnered 56% of ments, down from 36% in 2015 and 41% in 2014. pledged dollars, down from 65% in 2016 and 72% two years Investors also continued to gravitate toward closed-end ago. Funds that invest globally attracted 26% of commit- funds, which attracted 57% of committed dollars, up from 50% ments, roughly even with the prior year. European funds rose the prior year and 47% in 2014. Pledges to separate accounts to 11%, from 6%. Asian vehicles attracted 6% of commit- dropped to 33%, from 38% in 2015. Open-end funds received ments, up from 4%. 10% of pledges, down from 13%. The 200 pension systems tracked by Chicago-based FPL The average commitment to separate accounts was $252 have $262 billion of real estate assets and $3.4 trillion of total million, up from $212 million in 2015. The average commit- assets under management. They are believed to represent the ment to closed-end funds jumped to $86 million, from $75 vast majority of assets held by public pension systems. FPL will million. There were 359 total commitments, down dramatically release a report summarizing its findings this week.

This announcement appears as a matter of record only. December 2016

TriGate Capital, LLC is pleased to announce the final closing of TriGate Property Partners III, L.P. $340,375,000 of committed equity capital

TriGate Property Partners III, L.P. will continue TriGate Capital’s focus on the recapitalization and repositioning of quality commercial real estate assets and companies throughout the United States.

Fund III Tombstone-RE Alert.indd 1 1/19/2017 2:03:08 PM January 25, 2017 Real Estate 6 ALERT

ume by some $300 million in Seattle; $200 million in Orange Star ... From Page 1 County, Calif.; $200 million in Denver; and nearly as much in total of brokered trades in that market dropped 25%, to $5.1 Silicon Valley. billion from $6.8 billion. Griffin’s team has long been dominant The early returns seem to validate Newmark’s strategy of in Boston, and he had been the top rainmaker at his former building its capital-markets program around recruited stars. employer, Cushman & Wakefield. It’s a costly path — luring Griffin and his team of some 50 Shannon’s team, which jumped from CBRE, is centered in investment-sales and leasing professionals, plus Shannon and Southern California but pitches business in all the Western 13 other members of his team, involved compensation com- markets. Newmark’s office sales in the Los Angeles area rose mitments that likely topped $100 million, including signing fivefold last year to $290.7 million. The firm increased its -vol and deferred bonuses. Rivals at other brokerages have argued that could prove a bad bargain. Newmark president Jimmy Kuhn, who led the recruitment efforts, said the sales results are UCC Public Sale Notice only part of the picture. Please take notice that Jones Lang LaSalle, on behalf of Brill Holdco, LLC, a Delaware limited liability company (the “There are a handful of game- “Secured Party”), the assignee of BREF IV Series A LLC, a Delaware limited liability company (the “Original Secured changers in any sector of busi- 3DUW\´ RIIHUVIRUVDOHDWSXEOLFDXFWLRQRQ0DUFKDW30LQWKHRI¿FHVRI6WURRFN 6WURRFN /DYDQ//3 180 Maiden Lane, New York, New York, 10038, in connection with a Uniform Commercial Code sale, 100% of the limited ness, sports or, of course, real liability company membership interests in 1619 Property Mezz LLC, a Delaware limited liability company (the “Senior estate — whether it’s a Jon Gray, Mezzanine Borrower”), which is the sole owner of 100% of the limited liability company interests in 1619 Broadway a Mike Fascitelli, a LeBron or a Realty LLC (“Senior Borrower”), which is the sole owner of the property commonly known as the “Brill Building” located at 1619 Broadway, New York, New York 10019 (the “Interests”). The Interests are owned by 1619 Property Mezz I LLC, Durant,” Kuhn said, referring KDYLQJLWVSULQFLSDOSODFHRIEXVLQHVVDWFR%ULFNPDQ)XQG9/3)LIWK$YHQXHWK)ORRU1HZ

RANKINGS Top Office Brokers in 2016 Brokers representing sellers in deals of at least $25 million 2016 Market 2015 Market Amount No. of Share Amount No. of Share ’15-’16 ($Mil.) Properties (%) ($Mil.) Properties (%) % Chg. 1 Eastdil Secured $36,586.3 230 40.1 $34,031.0 211 36.6 7.5 2 CBRE 18,949.6 273 20.8 21,622.7 311 23.2 -12.4 3 HFF 10,876.9 117 11.9 9,998.5 125 10.7 8.8 4 Cushman & Wakefield* 8,336.3 119 9.1 6,435.7 79 6.9 29.5 Cushman & Wakefield (pre-merger) 5,319.0 97 5.7 5 JLL 7,578.6 103 8.3 7,616.1 95 8.2 -0.5 6 Newmark Grubb 5,168.6 70 5.7 1,561.0 30 1.7 231.1 7 Colliers International 1,083.6 23 1.2 934.5 18 1.0 16.0 8 Savills Studley 534.6 9 0.6 824.9 9 0.9 -35.2 9 Transwestern 289.7 8 0.3 709.2 11 0.8 -59.1 10 Avison Young 270.0 7 0.3 327.2 7 0.4 -17.5 11 Madison Partners 174.5 3 0.2 497.3 10 0.5 -64.9 12 Goldberg Kohn 130.0 1 0.1 0.0 0 0.0 13 Marcus & Millichap 121.9 4 0.1 263.4 11 0.3 -53.7 14 Palmer Capital 107.6 2 0.1 0.0 0 0.0 15 Zimmel Associates 101.0 2 0.1 0.0 0 0.0 16 Lincoln Harris 90.0 1 0.1 0.0 0 0.0 16 Eastern Consolidated 90.0 1 0.1 393.1 11 0.4 -77.1 18 Lee & Associates 76.8 2 0.1 37.4 2 0.0 105.3 19 Rosewood Realty 70.0 1 0.1 108.1 2 0.1 -35.2 20 Kidder Mathews 56.0 2 0.1 198.0 4 0.2 -71.7 21 Stan Johnson Co. 55.8 2 0.1 76.7 2 0.1 -27.2 22 NAI Global 55.6 2 0.1 164.4 3 0.2 -66.2 23 Meridian Investment 44.0 1 0.0 22.2 1 0.0 98.2 24 Sansome Street Advisors 42.6 1 0.0 0.0 0 0.0 25 Berkadia 40.5 1 0.0 0.0 0 0.0 26 Stateland Brown 40.0 1 0.0 0.0 0 0.0 27 Marshall Real Estate 38.5 1 0.0 0.0 0 0.0 27 Boston Realty 38.5 1 0.0 0.0 0 0.0 29 LA Realty 36.0 1 0.0 0.0 0 0.0 30 Emory Hill 32.7 1 0.0 0.0 0 0.0 31 Mika Miami 27.5 1 0.0 0.0 0 0.0 32 Kennedy Wilson 18.8 1 0.0 0.0 0 0.0 32 Charles Dunn 18.8 1 0.0 0.0 0 0.0 Other 0.0 0.0 0.0 1,936.5 24 2.1 -100.0 Brokered Total 91,181.2 979 100.0 93,076.5 1,040 100.0 -2.0 No Broker 12,470.5 251 15,762.3 324 -20.9 TOTAL 103,651.7 1,230 108,838.8 1,364 -4.8 * DTZ acquired Cushman and assumed its name on Sept. 1, 2015. The $6.4 billion figure for 2015 is the total for DTZ and post-merger Cushman. January 25, 2017 Real Estate 9 ALERT

RANKINGS Office-Property Sales by Market in 2016 Sales of at least $25 million 2016 2015 Amount No. of Amount No. of ($Mil.) Properties ($Mil.) Properties Top Brokerage in 2016 1 New York City $23,184.8 89 $26,199.1 123 Eastdil Secured 2 Los Angeles Area 10,111.1 73 5,011.5 77 Eastdil Secured 3 Boston Area 5,540.1 61 7,557.4 63 Newmark Grubb 4 San Jose/Silicon Valley 5,215.5 66 9,726.7 109 Eastdil Secured 5 San Francisco 4,850.5 29 3,663.9 18 Eastdil Secured 6 Seattle Area 4,439.4 41 4,482.5 71 Eastdil Secured 7 Dallas Area 3,849.8 31 2,602.3 37 CBRE 8 Atlanta Area 3,532.1 40 3,817.7 38 Eastdil Secured 9 South Florida 3,384.6 48 1,809.0 24 HFF 10 Washington 3,151.6 22 4,965.3 35 Eastdil Secured 11 Chicago 2,993.8 21 6,217.3 27 HFF 12 Northern New Jersey 2,632.9 26 2,197.7 28 Cushman & Wakefield 13 Philadelphia Area 2,535.0 98 1,595.9 87 Eastdil Secured 14 Northern Virginia 2,514.1 32 2,694.8 36 Eastdil Secured 15 Oakland/East Bay 2,240.4 34 1,257.9 27 Eastdil Secured 16 Orange County, Calif. 1,939.0 29 2,147.2 29 Cushman & Wakefield 17 Denver Area 1,627.9 28 1,745.1 35 CBRE 18 North Carolina 1,608.2 24 1,248.6 19 Eastdil Secured 19 Maryland’s D.C. Suburbs 1,542.8 19 480.5 7 Cushman & Wakefield 20 Central/Northern Florida 1,502.9 54 1,294.6 20 CBRE OTHERS 15,255.0 365 18,123.8 454 TOTAL 103,651.7 1,230 108,838.8 1,364

among investors. Office... From Page 1 “If the stock market had gone sideways, I don’t think you Roy March, Eastdil’s chief executive officer. would have seen that flurry of activity at the end of the year,” The second half turned out to be the busiest since 2006, but said Sonny Kalsi, founder and partner of GreenOak Real Estate it wasn’t enough to make up for a sharp slump in the previ- of New York. “That’s a boost in confidence — in anticipation of ous six months. At the midyear mark, office sales were off 17% what might happen under the new administration.” from the same period of 2015. Interest rates also rose after the election, but “There was apprehension in the first half of buyers and sellers still moved forward to close the year. [Investors] were in a risk-off mode,” Office Sales deals, albeit with some adjustments to pricing. said Mark Wilsmann, head of equity investments Some $32 billion of trades closed in the final MetLife. Amount No. of at At that point, market pros predicted ($Bil.) Prop. three months, making it the second-busiest the trend would continue through the second fourth quarter since Real Estate Alert started 2007 $135.7 1,461 half as well. measuring sales in 2001. 2008 43.5 553 But an unexpected drop in interest rates fol- The post-election confidence is expected lowing the U.K.’s June vote to exit the European 2009 12.6 173 to carry into 2017. “The change in the politi- Union spurred buyers to close on deals faster, 2010 33.9 442 cal landscape creates a lot of uncertainty, but said Mike Van Konynenburg, president of East- 2011 48.7 646 a greater possibility that the cycle would get dil. “That motivated [investors] to transact 2012 60.1 850 extended with favorable fiscal policy,” said Wils- because of the attractive cash-on-cash yields 2013 73.5 902 mann of MetLife. that could be locked in,” he said. 2014 91.1 1,011 Most market pros expect the volume of sales The upswing in activity continued after 2015 108.8 1,364 in the coming year to be roughly on par with the unexpected election of Trump triggered a 2016 103.7 1,230 2016. Brokers and buyers alike say the pipeline stock market rally that further lifted confidence See OFFICE on Page 13 January 25, 2017 Real Estate 10 ALERT

RANKINGS

Top Brokers by Market 2016 Market 2016 Market Amount No. of Share Amount No. of Share New York City ($Mil.) Properties (%) San Jose/Silicon Valley ($Mil.) Properties (%) 1 Eastdil Secured $12,104.2 19 63.8 1 Eastdil Secured $1,974.1 22 51.2 2 CBRE 3,762.1 21 19.8 2 JLL 525.8 8 13.6 3 JLL 1,429.4 8 7.5 3 CBRE 379.2 9 9.8 4 Cushman & Wakefield 629.2 6 3.3 4 HFF 357.6 5 9.3 5 Savills Studley 333.0 3 1.8 5 Newmark Grubb 282.7 5 7.3 6 Newmark Grubb 230.9 5 1.2 6 Cushman & Wakefield 242.8 4 6.3 7 HFF 180.0 1 0.9 7 Colliers International 66.1 2 1.7 8 Eastern Consolidated 90.0 1 0.5 8 Stan Johnson Co. 29.8 1 0.8 9 Rosewood Realty 70.0 1 0.4 Brokered Total 3,858.1 56 100.0

10 Meridian Investment 44.0 1 0.2 2016 Market 11 Marshall Real Estate 38.5 1 0.2 Amount No. of Share 12 Avison Young 32.2 1 0.2 San Francisco ($Mil.) Properties (%) 13 Marcus & Millichap 25.0 1 0.1 1 Eastdil Secured $2,844.3 11 59.0 Brokered Total 18,968.5 69 100.0 2 HFF 633.3 4 13.1 3 Cushman & Wakefield 413.0 2 8.6 2016 Market 4 CBRE 369.8 3 7.7 Amount No. of Share Los Angeles Area ($Mil.) Properties (%) 5 JLL 327.5 4 6.8 1 Eastdil Secured $5,036.1 21 54.7 6 Newmark Grubb 187.0 3 3.9 2 CBRE 1,529.7 15 16.6 7 Sansome Street Advisors 42.6 1 0.9 3 HFF 1,147.2 9 12.5 Brokered Total 4,817.5 28 100.0

4 JLL 734.4 6 8.0 2016 Market 5 Newmark Grubb 290.7 4 3.2 Amount No. of Share 6 Madison Partners 174.5 3 1.9 Seattle Area ($Mil.) Properties (%) 7 Cushman & Wakefield 97.5 3 1.1 1 Eastdil Secured $2,305.9 13 55.2 8 Lee & Associates 44.3 1 0.5 2 CBRE 672.7 9 16.1 9 Berkadia 40.5 1 0.4 3 JLL 529.7 7 12.7 10 LA Realty 36.0 1 0.4 4 Newmark Grubb 368.8 2 8.8 11 Marcus & Millichap 32.0 1 0.3 5 HFF 244.7 5 5.9 12 Kennedy Wilson 18.8 1 0.2 6 Kidder Mathews 56.0 2 1.3 12 Charles Dunn 18.8 1 0.2 Brokered Total 4,177.7 38 100.0

Brokered Total 9,200.3 67 100.0 2016 Market Amount No. of Share 2016 Market Dallas Area ($Mil.) Properties (%) Amount No. of Share 1 CBRE $913.6 11 31.4 Boston Area ($Mil.) Properties (%) 2 HFF 902.3 9 31.0 1 Newmark Grubb $2,136.6 18 42.3 3 Cushman & Wakefield 491.5 2 16.9 2 Eastdil Secured 989.7 7 19.6 4 Eastdil Secured 406.3 3 14.0 3 JLL 787.5 10 15.6 5 Colliers International 95.0 1 3.3 4 Cushman & Wakefield 554.6 8 11.0 6 JLL 73.0 1 2.5 5 HFF 286.3 4 5.7 7 Transwestern 30.5 1 1.0 6 Colliers International 129.3 3 2.6 Brokered Total 2,912.2 28 100.0 7 CBRE 108.0 3 2.1 8 Boston Realty 38.5 1 0.8 9 Stan Johnson Co. 26.0 1 0.5 Brokered Total 5,056.5 55 100.0 January 25, 2017 Real Estate 11 ALERT

RANKINGS

Top Brokers by Market (continued) 2016 Market 2016 Market Amount No. of Share Amount No. of Share Atlanta Area ($Mil.) Properties (%) Northern New Jersey ($Mil.) Properties (%) 1 Eastdil Secured $1,466.3 8 41.9 1 Cushman & Wakefield $1,170.1 12 46.7 2 CBRE 1,398.1 17 40.0 2 CBRE 612.7 6 24.4 3 Cushman & Wakefield 417.3 7 11.9 3 Eastdil Secured 235.0 1 9.4 4 Colliers International 109.2 3 3.1 4 HFF 196.5 2 7.8 5 Transwestern 52.2 2 1.5 5 JLL 132.6 2 5.3 6 Avison Young 30.1 1 0.9 6 Zimmel Associates 101.0 2 4.0 7 HFF 25.4 1 0.7 7 Colliers International 60.0 1 2.4 Brokered Total 3,498.6 39 100.0 Brokered Total 2,507.9 26 100.0

2016 Market 2016 Market Amount No. of Share Amount No. of Share South Florida ($Mil.) Properties (%) Philadelphia Area ($Mil.) Properties (%) 1 HFF $1,225.7 9 41.6 1 Eastdil Secured $1,129.1 48 49.7 2 CBRE 811.5 12 27.5 2 CBRE 611.7 9 27.0 3 JLL 246.2 2 8.4 3 Newmark Grubb 260.8 6 11.5 4 Cushman & Wakefield 196.3 3 6.7 4 JLL 174.5 3 7.7 5 Eastdil Secured 171.1 2 5.8 5 Cushman & Wakefield 93.5 2 4.1 6 Lincoln Harris 90.0 1 3.1 Brokered Total 2,269.6 68 100.0 7 Newmark Grubb 80.0 2 2.7 8 Stateland Brown 40.0 1 1.4 2016 Market 9 Marcus & Millichap 33.9 1 1.1 Amount No. of Share Northern Virginia ($Mil.) Properties (%) 10 Mika Miami 27.5 1 0.9 1 Eastdil Secured $554.8 5 26.8 11 NAI Global 26.3 1 0.9 2 Cushman & Wakefield 443.0 5 21.4 Brokered Total 2,948.4 35 100.0 3 CBRE 320.9 5 15.5 2016 Market 4 JLL 302.0 6 14.6 Amount No. of Share 5 HFF 227.1 4 11.0 Washington ($Mil.) Properties (%) 6 Transwestern 69.5 1 3.4 1 Eastdil Secured $969.3 8 35.5 7 Colliers International 66.3 1 3.2 2 Cushman & Wakefield 754.5 7 27.6 8 Newmark Grubb 44.9 1 2.2 3 HFF 587.3 3 21.5 9 Avison Young 42.2 1 2.0 4 Newmark Grubb 228.7 2 8.4 Brokered Total 2,070.7 29 100.0 5 JLL 190.0 1 7.0

Brokered Total 2,729.8 21 100.0 2016 Market Amount No. of Share 2016 Market Oakland/East Bay ($Mil.) Properties (%) Amount No. of Share Chicago ($Mil.) Properties (%) 1 Eastdil Secured $1,351.1 11 61.4 1 HFF $1,243.5 7 42.7 2 Newmark Grubb 204.9 3 9.3 2 Eastdil Secured 905.0 6 31.1 3 JLL 198.2 5 9.0 3 CBRE 476.5 4 16.4 4 Cushman & Wakefield 163.7 7 7.4 4 JLL 181.0 2 6.2 5 CBRE 155.1 4 7.0 5 Savills Studley 108.0 1 3.7 6 HFF 128.8 3 5.8 Brokered Total 2,914.0 20 100.0 Other 0.0 0 0.0 Brokered Total 2,201.8 33 100.0 January 25, 2017 Real Estate 12 ALERT

RANKINGS Top 50 Office-Property Sales in 2016 Price Property SF-000 Buyer Seller Broker ($Mil.) 1 787 Seventh Avenue, New York 1,760 Calpers, Commonwealth AXA Financial Eastdil Secured $1,932.9 2 388-390 Greenwich Street, New York 2,635 Citigroup SL Green Realty (None) 1,767.9 3 1285 Sixth Avenue, New York 1,790 RXR Realty, partners AXA, J.P. Morgan Eastdil Secured 1,649.0 4 Sony Building, New York 853 Olayan America Chetrit Group, Clipper Equity Eastdil Secured 1,400.0 5 Three Bryant Park, New York (49% stake) 1,180 Hong Kong Monetary Auth. Ivanhoe Cambridge, Callahan Eastdil Secured 1,153.0 6 11 Madison Avenue, New York (40% stake) 2,285 PGIM Real Estate SL Green Realty CBRE 1,046.0 7 1221 Ave. of the Amer., New York (45% st.) 2,626 Invesco Real Estate Canada Pension Plan Eastdil Secured 1,030.5 8 10 Hudson Yards, New York (44% stake) 1,813 Allianz Real Estate of Amer. Related Cos., Oxford Prop. Eastdil Secured 946.0 9 1211 Ave. of the Amer., New York (49% st.) 2,014 Ivanhoe Cambridge, Callahan Beacon Capital Eastdil Secured 857.5 10 Five Times Square, New York (50% stake) 1,133 RXR Realty David Werner Eastdil Secured 800.0 11 State Farm, Richardson, Texas (94% stake) 2,263 Mirae Asset, Transwestern State Farm (None) 773.1 12 One Kendall Square, Cambridge, Mass. 645 Alexandria Real Estate DivcoWest Properties Newmark Grubb 725.0 13 10 Hudson Yards (condo), New York 694 Related Cos., Oxford Prop. Coach (None) 707.0 14 One New York Plaza, New York (49% stake) 2,600 China Investment Brookfield Office Properties CBRE 700.0 15 1250 Broadway, New York 721 Global Holdings Jamestown Properties Eastdil Secured 565.0 16 693 Fifth Avenue, New York 105 Marc Ladreit de Lacharriere Thor Equities CBRE 525.0 17 One Front Street, San Francisco 651 Paramount Group Florida State Board Eastdil Secured 521.0 18 Southeast Financial Center, Miami 1,200 Ponte Gadea J.P. Morgan Asset Mgmt. HFF 516.6 19 Colorado Ctr., Santa Monica, Calif. (49.8% st.) 1,185 Boston Properties Blackstone Eastdil Secured 513.2 20 Market Center, San Francisco 753 Blackstone Manulife Financial Eastdil Secured 510.0 21 AMA Plaza, Chicago 1,142 Beacon Capital Five Mile Capital HFF 467.5 22 850 Third Avenue, New York 615 MHP Real Estate, HNA Shorenstein Properties JLL 462.0 23 101 Seaport Boulevard, Boston 440 Union Investment Skanska Newmark Grubb 452.0 24 Constitution Square 3&4, Washington 842 Norges Bank, MetLife Walton, StonebridgeCarras (None) 421.8 25 Bluffs at Playa Vista, Los Angeles 486 Minskoff Equities J.P. Morgan Asset Mgmt. Eastdil Secured 413.0 26 Lantana Campus, Santa Monica, Calif. 478 Artisan Partners, Brightstone Jamestown Properties Eastdil Secured 403.0 27 80 South Street, 163 Front Street, New York 106 China Oceanwide Howard Hughes CBRE 390.0 28 Park Place One, Irvine, Calif. (45% stake) 2,185 Allianz Real Estate of Amer. LBA Realty Eastdil Secured 387.0 29 Safeco Plaza, Seattle 794 GLL Real Estate, Vestas Calpers Eastdil Secured 383.5 30 Phelan Building, San Francisco 267 Hotung Family Thor Equities Cushman & Wakefield 374.5 31 West Eighth, Seattle 499 Deutsche Asset Mgmt. AEW Capital Eastdil Secured 370.0 32 2600-2700 Colorado, Santa Monica, Calif. 316 Oracle Invesco (None) 368.0 33 Cira Square, Philadelphia 863 Korea Investment Mgt. Brandywine Realty Eastdil Secured 354.0 34 Campus at Legacy West, Plano, Texas 1,830 Dreien Opportunity J.C. Penney CBRE 353.0 35 Foundry Square Three, San Francisco 291 American Realty Tishman, J.P. Morgan Eastdil Secured 350.0 36 Hidden Ridge Campus, Irving, Texas 1,100 Mesirow Financial Verizon Cushman & Wakefield 344.0 37 321 North Clark Street, Chicago (95% stake) 897 Diversified R.E., partners Hines CBRE 340.1 38 Watchtower, Brooklyn 734 Kushner Cos., partners Jehovah’s Witnesses Cushman & Wakefield 340.0 39 GSK Global Vaccine Center, Rockville, Md. 635 GI Partners BioMed Realty HFF 337.5 40 Citigroup Center, Los Angeles 914 Coretrust Capital Hines Eastdil Secured 336.0 41 285 Madison Avenue, New York (85% stake) 530 RFR Holding GreenOak Real Estate (None) 334.1 42 441 Ninth Avenue, New York 415 Cove Property, Baupost EmblemHealth CBRE 330.0 42 400 South Hope Street, Los Angeles 701 GLL Real Estate, PNC CBRE Global Investors CBRE 330.0 44 Apollo at Rosecrans, El Segundo, Calif. 547 Intercontinental Real Estate Invesco, Second Street CBRE 327.3 45 One Atlantic Center, Atlanta 1,100 Starwood Capital Hines-Sumisei Eastdil Secured 318.1 46 303 Second Street, San Francisco (44% st.) 747 Norges Bank Investment Kilroy Realty HFF 316.8 47 33 South Sixth Street, Minneapolis 1,600 HNA Group Shorenstein Properties CBRE 315.0 48 Riverview Center, Cambridge, Mass. 305 Clarion Partners Jamestown Properties Eastdil Secured 311.3 49 Wells Fargo Center, Los Angeles 500 Hudson Pacific Properties Blackstone, Brookfield Office Eastdil Secured 311.0 50 Hercules Campus West, Los Angeles 319 ASO Group Ratkovich Co., Penwood HFF 310.0 January 25, 2017 Real Estate 13 ALERT Northwestern Offers Atlanta Complex The leases are guaranteed byKroger, the nation’s largest super- market chain, which bought Mariano’s in 2015. Kroger’s senior Northwestern Mutual is gearing up to market an office com- unsecured debt is rated Baa1/BBB by Moody’s and S&P.  plex in Atlanta’s Buckhead submarket that could attract bids of $160 million. Office... From Page 9 Piedmont Center North encompasses five Class A-buildings totaling 820,000 sf at 3565-3575 Piedmont Road. At the esti- of listings looks similar to a year ago. In fact, it may include mated price of $195/sf, the buyer’s initial annual yield would some of the same properties. “I think we will see some offer- be 6.5%. Cushman & Wakefield has the listing. Marketing is ings come in 2017 that were failed listings in 2016,” said Damian expected to start next month. Manolis, head of U.S. transactions at PGIM Real Estate. He added The complex is 88% occupied, matching the average for that buyers and sellers appear to have come to a consensus on Buckhead. The marketing campaign touts the potential to take valuations, following a thinning in the bidding pools last year advantage of strong tenant demand in the neighborhood by fill- that created a gap in expectations. ing vacant space and raising below-market rents. In-place rents Foreign buyers remain eager to invest in U.S. office proper- average $23.00/sf, versus an average asking rate of $26.50/sf for ties, said Christopher Ludeman, global president of capital mar- the property and $33.28/sf across the 14.2 million sf of Class-A kets at CBRE. The firm “is actually seeing more enthusiasm for office space in the vicinity. And with top properties in the area a U.S. growth story than before the election,” he said. “The U.S. fetching $39.25/sf, Cushman is telling investors that Piedmont will be the beneficiary of more capital inflows than before the Center North presents an even more appealing alternative. election.” The complex has 90 tenants with a weighted average remain- That could boost sales in the core markets, many of which ing lease term of four years. No tenant occupies more than 8% saw a drop in large sales last year. New York saw a 12% decline, of the space. The complex is one of the few Class-A properties to $23.2 billion. Boston was down 27% to $5.5 billion. Activity in Buckhead with free parking, creating the opportunity for a in San Jose/Silicon Valley was off 46%, at $5.2 billion. buyer to boost its revenue by converting to paid parking. A big gainer was Los Angeles, which had lagged in the Piedmont Center North is part of Piedmont Center, a mas- earlier years of the recovery. Its volume doubled to $10.1 bil- ter-planned office park encompassing 14 buildings. Four of the lion, making it the second-busiest market. And San Francisco, offered buildings have four stories. The other has 15 stories. which saw a dip in 2015, bounced back with a 32% increase in They were built from 1977 to 1998. trades, to $4.9 billion, putting it back in the top five. The complex is near the intersection of Buckhead Loop and Other markets where sales went up in a down year were Piedmont Road. It has access to the new PATH400 Greenway South Florida ($3.4 billion, up 87%), Greater Philadelphia ($2.5 Trail, which upon completion will span 5.2 miles.  billion, up 59%) and the Oakland/East Bay area ($2.2 billion, up 78%). 2 Chicago-Area Supermarkets for Sale In the brokerage standings, CBRE remained in second place with $18.9 billion of sales, down 12% from the previous year. A developer is offering two suburban Chicago grocery stores That translated into a 20.8% market share, down from 23.2%. that are fully occupied by Mariano’s Fresh Market under long- HFF came in third again, with a 9% increase in volume. term, triple-net leases. Cushman & Wakefield came in fourth with $8.3 billion The properties are being pitched separately, but bids for of sales. DTZ acquired Cushman in September 2015 and both would be considered. The asking prices total $91.7 mil- assumed its name. Compared with the two firms’ combined lion, which would indicate a 5.25% capitalization rate. CBRE is 2015 number of $11.8 billion, Cushman’s 2016 total was down advising the seller, U.K.-based IM Properties. 29%. JLL came in fifth with $7.6 billion, roughly flat with the The grocery stores are in Frankfort, which is about 30 miles year before. southwest of downtown Chicago, and Lake Zurich, some 35 Meanwhile, Newmark Grubb, which recruited star brokerage miles northwest of the city. Each encompasses 74,000 sf and teams on the East and West Coasts, moved up a notch to sixth commands annual rent of $2.4 million. place with $5.2 billion of sales — more than triple the previous The Frankfort property, at 21001 South Lagrange, has an year’s total (see article on Page 1). asking price of $46.3 million. The lease matures in 17 years and The sales figures are based on office, office/flex, office/lab has four options for five-year extensions. Some 47,000 people and office/R&D deals of at least $25 million that closed in 2016. with an average household income of $115,000 live within a Mixed-use properties were included if 50% or more of the three-mile radius. space was used as offices. When multiple brokers shared a list- IM Properties is seeking $45.3 million for the Lake Zurich ing, the dollar credit was divided evenly, but each broker was property, at 1350 East Illinois Route 22. The lease there runs credited with one property. Only brokers for sellers were given for another 18 years. There are 37,000 people with an aver- credit. Portfolio transactions were included if the overall price age household income of $152,000 living within a three-mile was at least $200 million or any property in the portfolio had a radius. value of at least $25 million.  January 25, 2017 Real Estate 14 ALERT Central Pa. Warehouses Offer Upside tors are being told the vacancy is the result of two recent tenant exits, and returning the property to full occupancy could boost An AEW Capital partnership is marketing a 1.3 million- net operating income by $1.1 million within three years. Mean- square-foot warehouse complex in Central Pennsylvania to while, existing tenants have contractual rent bumps. investors with value-added strategies. The Central Pennsylvania industrial market was 94.4% Capital Logistics Center, which encompasses five buildings leased at the end of the third quarter, up from 90.1% in 2011. and an adjacent development site in Middletown, could fetch The average asking rent was $4.53/sf, a 12% jump over the same $82 million. Cushman & Wakefield is representing Boston- point a year earlier. based AEW and its partner, Woodmont Industrial of Fairfield, Capital Logistics Center is near Interstate 76 (the Pennsylva- N.J. nia Turnpike) and Interstates 81 and 83. It is adjacent to Penn The pitch is that a buyer could make some modest capital State’s Harrisburg campus and about a mile from Harrisburg improvements to boost the occupancy rate, currently 74%, as International Airport. Distribution centers for FedEx and UPS  well as develop the parcel, which is zoned for 134,000 sf. Inves- are within 3 miles. ON THE MARKET ON THE MARKET

Retail

Estimated Property Size Value Owner Broker Color 605 Lincoln Road 10,000 sf $31 million Thor Equities, HFF Ground-floor condominium on Miami Beach’s upscale Miami Beach, Fla. Occupancy: 100% New York, and shopping corridor. Tenants are Journey’s, LUSH, Oakley ASB Capital, and Starbucks. Investors have been told net operating Bethesda, Md. income could rise 110% over 10 years via contractual rent increases and higher rates upon rollover.

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MARKET SPOTLIGHT Atlanta-Area Office Properties  The sales market just completed its busiest two-year stretch ever, even though trades dipped 7% last year from the $3.8 billion record in 2015.  Half of the Class-A inventory changed hands over the past three years, including many large trophies. That heavy turnover limits the potential number of Class-A offerings this year. The sweet spot is likely to be suburban properties valued at $50 million to $100 million.  In the Class-A sector, rents have grown faster at urban properties than at suburban ones since 2014, widening the gap, according to JLL. Priced-out tenants could turn to the suburbs, the brokerage added. On the Market Hit SF Estimated Value Property Seller Market (000) ($Mil.) (Per SF) Broker 271 17th Street NW CBRE Global Investors January 542 $190 $351 Eastdil Secured Piedmont Center North Northwest Mutual (Pending) 820 160 195 Cushman & Wakefield 100 Peachtree Street NW Five Mile Capital January 622 90 145 CBRE 100 Galleria Parkway Southeast Ohio State Teachers November 414 72 174 Eastdil Secured 2 Peachtree Corners office parks Glenfield Capital November 550 70 127 Cushman & Wakefield Deerfield Point/Windward Point, Alpharetta Five Mile Capital, Crocker January 340 50 147 Cushman & Wakefield 730 Midtown (730 Peachtree Street) Simpson Organization, Harbert January 216 35 162 Cushman & Wakefield Recent Deals SF Sales Price Property Buyer Closed (000) ($Mil.) (Per SF) Broker Atlanta Financial Center Sumitomo Corp. of America December 915 $223 $243 Eastdil Secured Three Ravinia Drive Preferred Apartment December 818 210 257 Eastdil Secured Crown Pointe KBS Capital (Pending) 500 84 168 CBRE Forum at West Paces GLL Real Estate December 220 70 318 CBRE Milton Park, Alpharetta Adventus Realty December 319 57 179 CBRE Premier Plaza Zeller Realty (Pending) 314 55 175 Cushman & Wakefield The Pointe (400 Northridge Road) (Unidentified) (Pending) 418 50 120 CBRE Lakeside Centre, Tucker Onward Investors December 515 42 82 CBRE 100 Ashford Center North/Peachtree Ridge OA Development January 322 41 127 Cushman & Wakefield January 25, 2017 Real Estate 16 ALERT

THE GRAPEVINE by Frank Bosl to cover Washington, from HFF. They previously worked Oregon and Idaho. together at GMAC Commercial Mortgage ... From Page 1 and at a firm Salins co-founded,Quan - Nascent multi-family shop Lurin Capital tum Financial. options for a return to investment and has hired a head of investor relations. development. Nachamkin founded Monica Khalid, who joined the Dal- CBRE has expanded its industrial-sales Whitehall Industrial in 1999 with a las firm last month, will help raise team in Chicago. Senior vice president $75 million equity commitment from capital. Khalid most recently worked at Ryan Bain, first vice president Zach Goldman Sachs and served as its New York fund operator Sentinel Real Graham and associate Tom Harmon president for six years. He later worked Estate as a vice president of market- moved to the investment-sales side on development and acquisitions at ing. She had prior stints at Prudential of the brokerage after working on Oakmont Industrial and Prologis. At Real Estate Investors and DRA Advi- warehouse leasing in the market. They HFF, Jose Cruz, who heads the capital- sors. Lurin launched last year and is work with vice chairman Michael markets team in the New Jersey office, focused on value-added and Class-B, Caprile, who heads industrial sales in will take up the industrial duties with -C, and -D apartment properties in the the Midwest. The move was part of a help from associate director Robert Sunbelt. The firm looks at purchases of reorganization that also included the Borny. up to $100 million. It’s led by partners hiring of four veteran leasing brokers Jon Venetos, J. Jordan Rymer and Ben from outside the firm. CBRE has added two pros to its Pacific Jones. Northwest apartment-sales team. Greystar Real Estate has hired Jennie Senior vice president Phil Oester Loan-sales veteran Stuart Salins, who Kim as an asset manager in San and first vice presidentJoe Nydahl leftNewmark Grubb late last year, has Francisco. Kim joined the Charleston, started last week in Portland, Ore. set up his own Chicago advisory shop, S.C., fund operator last month from Both previously worked at Berkadia. Quantum Capital Markets. The firm will Invesco Real Estate, where she spent They report toChristine Akins, senior handle sales of loans and foreclosed two years working on acquisitions. She managing director and head of multi- properties, as well as place equity had prior stints at Prudential Real Estate family sales in the U.S. Oester and and debt for clients. Salins is manag- Investors, Wells Fargo and PNC. Greystar, Nydahl work with Josh McDonald ing principal, and longtime colleague a multi-family specialist, is wrapping up and Jon Hallgrimson in Portland and Thomas Gerfinis a partner and princi- fund raising for its planned $1.25 billion with the Seattle apartment team led pal. The duo joined Newmark in 2015 Greystar Equity Partners 9.

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