Wednesday, April 4, 2007

A Garden State Tuesday

Since a few notable transactions occurred recently in our neighboring state to the west, New Jersey is well rep'd in Tuesdays (delayed) notes:

Tishman Speyer bought the 833,000 square foot MetroPark Office Center (CPN) in Woodbridge for an undisclosed amount (although GlobeStreet's DealTracker database pegs it at $200 million, which rounds out to $240 per square foot. While the seller purchased it for $150 million in 2003, Tishman should still see significant appreciation even in the near term as the asset is head and shoulders above much of the surrounding market (with very little ongoing development in the immediate area).

Four Gateway in Newark sold for $72 million (CRE/IPG) to a partnership including Ivy Equities and Heritage Management. The 327,000 square foot office, purchased for $220 per square foot, is part of the Gateway complex near Newark's Penn Station, which includes a couple of other buildings which have traded in the last 2 years. The JV formed for the purchase follows another recent Newark transaction involving both companies, as Ivy paid Heritage $21 million for 570 Broad.

In other news from areas that don't smell like methane...

Inland takes Winston Hotels for $458 million (Chicago Tribune)

Carl Icahn loses his CFO at American Real Estate Partners (BW), and

East Harlem residents don't want a better neighborhood (1010 AM)

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