Ackman-Ziff Raising Equity; The Deal Sheet
| Ackman-Ziff Real Estate Group's Adam Steinberg tells us that besides core deals in primary markets, there's also capital forvalue-add and opportunistic deals although the quality situations are more difficult to find. |
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| Still, Adam, managing director of the real estate group, and his team are now raising equity for a client with right of first refusal on a Times Square hotel. It'll be an off-market deal and he says he expects ?strong interest? from investors who can close $100M-plus all cash. Earlier this year, they raised $175M for an equity recapitalization of a large multifamily project on the West Coast. Late in '10, they raised $42M of equity for the off-market acquisition and renovation of an Orlando hotel. Since joining Ackman-Ziff in '04, Adam has closed 16 transactions raising $700M of equity capital. He specializes in arranging JV equity partnerships, preferred equity partnerships, and high-leverage mezz loans. Hear more about his deals and thoughts at Bisnow?s Capital Markets event tomorrow. (Last chance to sign up!) |
| Sales |
| Pebblebrook Hotel Trust has agreed to buy the W Hotel in the Theater District from Sawyer Enterprises for $89.5 M, the seller announced on Monday. Under the agreement, an affiliate of Starwood Hotels and Resorts Worldwide will continue to operate the 235-room luxury hotel and its affiliated W Residences. Sawyer CEO Carol Sawyer Parks says her company wasn't trying to sell but Pebblebrook made ?a compelling offer.?*** The City of Woburn has paid $6.7M to Northeastern University for a 74.5-acre development site called Whispering Hills on Cambridge Road in Woburn. Colliers International's Robert Cronin repped the seller and the buyer. Northeastern acquired the land in the '80s intending to expand its suburban campus across the street from the Whispering Hills. Now, Northeastern is planning to use the proceeds from the sale to invest in its Boston campus. Leases CCMSI, a third-party administrator for workers? comp and property/casualty self-insurance programs, has leased 11k SF of office space in Digital Realty Trust?s 100 Quannapowitt Pkwy in Wakefield. Jones Lang LaSalle's Tamie Thompson and Dan Cordeau repped Digital and CresaPartners' Matt Harveynegotiated for the tenant. *** Engineered Materials Corp, a subsidiary of Vancouver-based IBC Advanced Alloys Corp, will relo and expand its HQ into 62k SF of R&D/manufacturing space at 17-57 Jonspin Road in Wilmingtonin Q2. Grubb & Ellis? Jack Kerrigan and Paul Delaney repped the landlord, Spinelli Commercial Properties. NAI Hunnerman's Steve James and Jim Boudrot were at the table for the tenant. Spinelli CEO Rachele DePamphilis was also instrumental in the deal. *** Merchant Warehouse has leased 2,287 SF of office space atHingham Shipyard as a satellite location to its main offices in Boston's financial district. The Shipyard office is on the third floor of 18 Shipyard Dr. |
| Financing |
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| An affiliate of Davis Marcus Partners and Prudential Real Estate Investors obtained a $35M loan from PNC Bank to refi 50 and 60 Sylvan Rd, two office/R&D buildings totaling 201k SF in Waltham. HFF?s Riaz Cassum and director Greg LaBine repped the borrower. The buildings are on Reservoir Woods East Campus and are fully leased to Verizon Laboratories. Davis Marcus Partners is a venture between The Davis Cos and Marcus Partners. Affiliates own and operate a portfolio of real estate in excess of 4M SF valued at more than $1B.PeopleBRA director John Palmieri announced on Friday that he's leavinghis post as the city's head development honcho. He'll remain at City Hall at least until May 1 while his successor is identified. Mayor Menino thanked John for ?steady leadership during very tough times.? *** J. Calnan & Associates promoted Michael Collentro, Stephen Robak, Maureen Rystrom, and Scott Trull to senior management. Construction New England Development plans to spend $13M to add 92k SF to the Westgate Mall in Brockton. Newton-based NED may add more space in the future if market conditions warrant. Tenants for the new space have not yet been named. *** Dave & Buster?s chose Shawmut Design and Construction to build its first Massachusetts store at the South Shore Plaza in Braintree. The new two-level restaurant will be nearly 35k SFfeaturing a grand staircase and illuminated bar. Designed by Aria Group, it's set to open in the fall. Honors Four BOMA Boston buildings will receive TOBY Awards for the Mid-Atlantic region at a May 4 dinner at the Ritz Carleton Hotel in Philadephia. And they are … envelope please … One ChestnutPlace, 99 High St, Wellesley Office Park, and The Federal Reserve Plaza. |
