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January 16, 2024

This Week's Boston Deal Sheet

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The owner of Hotel Commonwealth, a landmark hotel in Kenmore Square that traded hands at the height of the pandemic, has secured an $84M refinancing deal. 

This Week's Boston Deal Sheet

Barings provided the loan to owner Ohana Real Estate Investors, with JLL brokering the deal, the lender announced Tuesday morning. Ohana bought the property in December 2020 for $113M from Xenia Hotels & Resorts. The property sold at a $23M loss from what Xenia had paid four years prior,…

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Top Stories on Bisnow.com

Blackstone Prepares To Sell $1.8B Of Signature Bank Loans Blackstone Prepares To Sell $1.8B Of Signature Bank Loans
Burger King Franchiser RBI To Buy 1,000 Locations For $1B, Plans Renovations Burger King Franchiser RBI To Buy 1,000 Locations For $1B, Plans Renovations
Office REIT's Stock Tanks After Cutting Dividend To 1 Cent Office REIT's Stock Tanks After Cutting Dividend To 1 Cent
Alexandria Sells LIC Life Sciences Site For Loss To Film Studio Alexandria Sells LIC Life Sciences Site For Loss To Film Studio
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Record Amount Of Life Sciences Space To Be Delivered This Year Amid Industry Slowdown

Record Amount Of Life Sciences Space To Be Delivered This Year Amid Industry Slowdown  

Life sciences development is expected to hit a new record in 2024, a year after the biotech sector, by some measures, experienced its sharpest downturn this century. This year, 21.3M SF of life sciences-dedicated real estate is set to be delivered in the 13 largest markets in the country, according to new data from CBRE 2024.…

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Not 'Even Worth Giving Them Our Name': Why Most Foreclosure Auctions Don't Actually Result In Sales

Not 'Even Worth Giving Them Our Name': Why Most Foreclosure Auctions Don't Actually Result In Sales  

It was an uncharacteristically dreary day in Los Angeles County when a full-block Pasadena office property hit the auction block with a $114M opening bid — less than half its prior sale price. Despite the attractive price point and the many selling points of the Pasarroyo office complex, the results of the auction were equally glum.

The no-frills public auction was held on the steps of the Pomona Public Library, a low-slung, pasty beige building in Pomona, California. About one dozen people attended, toting folding chairs.

About half of those in attendance were there because of the Pasarroyo building. But when the time came to bid on the 640K SF property, the crowd was silent. No one bid and the property remained with its lender, Heitman.  It’s a scene playing out on courthouse steps…

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In Case You Missed It...

Berkeley Partners Buys Suburban Boston Industrial Park For $30M Berkeley Partners Buys Suburban Boston Industrial Park For $30M
Mayor Wu Aims To Build 3,000 New Public Housing Units, Boston’s First In Decades Mayor Wu Aims To Build 3,000 New Public Housing Units, Boston’s First In Decades
Boston Office Demand Still Down, But Experts See Vacancy ‘Leveling Off’ Boston Office Demand Still Down, But Experts See Vacancy ‘Leveling Off’
Barbara Lynch Blames ‘Uncooperative Landlord’ For Sudden Closure Of 3 Boston Restaurants Barbara Lynch Blames ‘Uncooperative Landlord’ For Sudden Closure Of 3 Boston Restaurants
Here’s Where Developers Can Build Thousands Of Units Under New MBTA Zoning Plans Here’s Where Developers Can Build Thousands Of Units Under New MBTA Zoning Plans
 
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Uncertainty In CRE As SEC Set To Roll Out Greenhouse Gas Disclosure Rules

Uncertainty In CRE As SEC Set To Roll Out Greenhouse Gas Disclosure Rules  

Nearly two years after the Securities and Exchange Commission caused a stir in the commercial real estate industry by announcing the creation of new rules for reporting property emissions, those rules are stuck in the public comment stage.

Barring any more delays, however, the SEC is expected to consider finalizing the March 2022 proposal this spring, according to a filing at the end of 2023. Few in CRE are waiting with open arms, but the potential promise of clarity around some of the murkier nuances of sustainability tracking offers some solace.

“Let’s hope the SEC delivers some workable rules and brings rationality to this space, especially regarding Scope 3 indirect emissions,” Real Estate Roundtable Senior Vice President and Counsel Duane Desiderio said regarding the eventual release of the new regulations. “[SEC] Commissioner [Gary] Gensler has certainly indicated in some…

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