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NoCal Real Estate Owners to Face more Employment Losses 11/25/02 Current business news is hardly encouraging for anyone hoping for a turnaround in the Bay Area commercial real estate market. With yet another group of large companies announcing layoffs, the prospects for a continued rise in...
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November 22, 2002 - Seeking Security 11/22/02 While most high-tech firms are shrinking or barely holding steady, a few are taking advantage of current events to grow. Among these is NetScreen Technologies Inc, a producer of computer security products that recently signed...
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Surgery Center Cuts 15-Year Deal at New Hawthorne Building 11/21/02 Let's update you on some recent activity in LA's South Bay region by first mentioning one of, if not the largest, employer in the area, that being The Boeing Company. The giant aerospace company, in one of two large West Coas...
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Kearny Closes on $56 Mil Acquisition of Warner Center Business Park 11/20/02 Although we've previously reported on a few occasions earlier this year about Kearny Real Estate Company's impending acquisition of Warner Center Business Park, a 15-building, 469k sf business park located in Woodland Hills, ...
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November 19, 2002 - Real Estate Booster Shot for the Bay Area 11/19/02 Kaiser Permanente continues its campaign to build a strong body of support facilities, with 80k sf of space added in the last month alone. The Oakland-based health-care organization signed two separate leases at the Regatta B...
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Richard Kincaid Named President and CEO at Equity Office Properties 11/18/02 There's big news at the nation's biggest REIT, as Equity Office Properties Trust's (NYSE: EOP) Board of Trustees has named Richard D. Kincaid president and trustee of the company, effective immediately. In addition, the Board...
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Healthcare Firm Gets a Space Fill-Up at Arco 11/18/02 In Long Beach, Molina Healthcare is the latest tenant to take space at Arco Center, a 460k sf twin-tower office complex in the city's downtown. Molina agreed to a 10-year deal for 66k sf at the 19-year-old project, located at...
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Hertz Makes $110 Mil Deposit with Union Bank 11/15/02 Union Bank Plaza, the 627k sf Class B high-rise at 445 S. Figueroa St, has changed hands again, as Chicago-based Walton Street Capital just acquired the 40-story tower for a reported $110 mil ($175/sf). The seller was Hertz I...
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November 14, 2002 - Extending Their Shell Life 11/14/02 Two sizable deals buoyed the Walnut Creek market, though compared to other parts of the Bay Area, the market hardly needs a boost. According to Colliers International, the overall 3rd Quarter vacancy level for office/flex pro...
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Maguire Looking to Add a Lot of Little Partners 11/14/02 In case you didn't catch the business section in Wednesday's LA Times, Robert Maguire of Maguire Partners has announced that he's going public with much of his $2 bil portfolio of commercial real estate, which includes many o...
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What Has Five Buildings and Sold for About $50 Mil? Two San Diego Business Parks 11/13/02 There have been two very significant sales of office/R&D business parks to report from San Diego County, each worth about $24 mil. For the first transaction, we'll head to Sorrento Mesa, where Carr Development & Construction,...
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November 12, 2002 - Maintaining Equity 11/12/02 Executives at Equity Office Properties Trust can breathe a little easier now that two solid tenants renewed existing leases rather than heading off for new locations. Parnassus Investments signed a 16k sf renewal at One Marke...
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Hollywood Lease Makes the Hall of Fame 11/12/02 Let's visit Hollywood, the motion picture capitol of the world, to update you on a couple of entertaining commercial real estate transactions. We'll start off with an “industry” deal, as The Motion Picture Hall of Fame inked ...
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Blackstone Aames to Do Deals at their Newly Acquired Park Place Campus 11/11/02 It didn't take long for Blackstone Real Estate Advisors, the new owners of the landmark 1.7 msf Park Place office campus, to celebrate a major tenant signing at their latest investment, as Aames Financial Corporation has agre...
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Financing Notes: Burnham's Capital Markets Group Arranges Deals in NoCal + SoCal 11/08/02 The Capital Markets Group of Burnham Real Estate Services has arranged a couple of newsworthy loans in California, one in Sacramento and the other in Oceanside. The Sacramento deal was a $43.5 mil construction loan for Meridi...
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November 8, 2002 - Shorenstein Shoring Up City Center 11/08/02 Shorenstein Co LP has managed to bring the new 555 City Center to 30% leased six months after opening. Given the current state of the market and the fact that the 487.2k sf building opened with barely 35k sf accounted for, th...
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November 7, 2002 - Financing Notes: Sonnenblick-Eichner Company Sinks $41 Mil in The River 11/07/02 Things should flow more smoothly at The River, J. H. Snyder's recently completed 240k sf Rancho Mirage retail/entertainment complex, thanks to permanent financing of $41 mil, arranged by Sonnenblick-Eichner Company, a Los Ang...
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NY Advisory Fund Takes $28 Mil Overland Route into Kearny Mesa 11/07/02 WP Carey, a NY-based pension fund advisory firm, paid $28 mil for Overland Storage, a 158.6k sf ($176.50/sf) office campus in Kearny Mesa. The property consists of a two-story 60.3k sf corporate office facility and a 98.3k s...
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Madison's Safai Brokers $57 Mil in West LA Sales 11/06/02 Office leasing may still be a bit sluggish in West LA but the investment market is heating up. Here's the scoop on three major office sales from LA's Westside, with a combined value of over $55 mil. We'll let you know up fron...
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Financing Notes: ARCS Sails Through Storm with over $10 Bil Portfolio 11/06/02 Here's news of a major milestone for one of the biggest players in the multifamily financing arena, as ARCS Commercial Mortgage announced that the company's servicing portfolio has grown to more than $10 bil, based on 1672 lo...
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