Tuesday, March 20, 2007

Tuesday Notes

CalPERS Real Estate Investments Yielded 27.6% (IPG/CRENews - $ Req'd) - only 4 and change on the quarter, but the 27.6% T-12 is solid. According to the article, their real estate investments outperformed every other sector. Too bad they only allocate 8% to real estate...

Pru Selling 1180 Avenue of the Americas (also from IPG/CRENews) - Expected to fetch $700 psf. Yawn. But I got a kick out of this quote:
The average price for central business district office sales in Manhattan is $678/sf, according to Real Capital Analytics.
C'mon CRE, you can provide a more subtle plug for RCA than this. Quoting New York "CBD" office sales for a property on Avenue of the Americas, when you can walk one block east and be in a completely different submarket, and then walk another two blocks east and be in a different submarket again (and again one block further), is useless.

SL Green will buy back up to $300 million of stock - (Press Release) Company that most think will build on their late-2006 fireworks in the coming year sends a good vibe (also announced a private offering of $500 million of exchangable senior notes late today).

Behind the Veil at Blackstone? Probably Another Veil. (New York Times) - Blackstone? No shit.

US Equities Exec to Oversee Sears Tower Leasing (Crain's Chicago) - Methinks that the problem wasn't with CBRE. Three Capper Sr. used to say, "When you point one finger at someone else, there are four pointing back at you."

And finally - UPROAR!

RREEF Will Buy Maher Marine Terminals (GlobeSt.com) - DB group agreed yesterday to acquire the company, which will keep the Maher name. The terminals will be operated by DB Asset Management. Which begs the question - where's the uproar about a foreign group owning our ports?!? Anyone? Anyone? Schumer? Schumer? I demand uproar!!

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