Off-Market Deal Book | April 2016

The Brevitas Off Market Deal Book provides you with a curated, varied selection of recent off market commercial real estate transactions.

3 Big NYC CRE Deals Made by Foreign Investors

2015 was a massive year for CRE deals in New York. Sales of commercial properties in the city set a new record, totaling $70 billion. This is a 12.5% increase from the previous, record, set in pre-recession 2007.

One of the factors that are driving this market is the rate of foreign investment. Foreign investment has been strong all over the U.S. in recent years. Overall, foreign buyers spent more than $87 billion on U.S. properties last year, from less than $5 billion in 2009, according to Real Capital Analytics. Interest in U.S. properties is high among foreign investors, who see our economy as a stable place to stash wealth. In fact, some of the city’s most significant CRE transactions over the past year have involved international investors.

Norges

Norway’s sovereign wealth fund entered into a partnership with church-run Trinity Real Estate to buy a 44% share of the company’s 11-building downtown office portfolio at the end of the year, the Real Deal reports. The price- $1.6 billion.  Totaling nearly 5 million square feet in Hudson Square, the buildings are about 94% leased.

The property occupies 215 acres, and the largest of the buildings is One Hudson Square, with 1.2 million square feet.

Norges is a division of the Norway Central Bank, and also purchased interest in properties at 11 Times Square and Citigroup Center at 601 Lexington Avenue earlier in the year.

AXA

French insurers AXA Financial, in partnership with JP Morgan, made over $3.5 billion in the sale of two midtown office towers in the past year. The properties, at 1285 6th Avenue and 787 7th Avenue, were placed on the market in August.

Both properties comprise about 1.7 million square feet of space, and were sold to RXR Realty and CalPERS, the California public employees pension fund, respectively.

RXR reportedly beat out competition from Chinese and Canadian pension and sovereign wealth funds to secure the 6th Avenue property.

Anbang

Chinese insurance group Anbang purchased the iconic Waldorf Astoria in the most expensive hotel deal ever.  The deal was completed this past year, and Hilton Worldwide received $2 billion for the property, which it has agreed to continue running for the next 100 years.

Five Star hotels are popular with international investors. The Plaza is currently owned by the Sahara Group of India, and the Carlyle is owned by New World Development of Hong Kong. Anbang Insurance Group has announced plans for significant renovations to restore the historic structure, first opened in 1931.

In a year with several billion-dollar deals, New York’s commercial market attracted a record level of foreign investment. Looking at the pipeline, even more major deals are in the works, many involving sovereign wealth funds, pensions, and high net worth individuals from China, the Middle East, and other parts of the globe.  With 40% of commercial investment coming from outside the U.S., it’s likely that international players will be involved in some high-profile deals in the year to come.

These are the Most Insane Real Estate Developments of 2016

2016 is bringing in some of the most incredible real estate developments ever. Let’s take a look at some of these massive real estate projects.  There are some skyline changing mega towers that you need to see.  Here are 5 of the most exciting new developments.


Hudson Yards, New York

This is the largest private real estate development in New York, and the largest project in the history of the United States. It won’t be finished until 2024, but when it’s completed it will be remarkable. Over 17 million square feet are being built. This will be a mix of retail, office, residential, and hospitality properties. It is sure to be one of the great attractions of New York City. Here is a link to the project. Hudson Yards

Hunters Point Shipyard, San Francisco

This is a massive project, changing the entire hunter’s point area of San Francisco. Candlestick Park was demolished last year and the neighborhood is expecting big changes. Real estate prices have sharply risen throughout the city in the past years and the impact is being felt all throughout the region. An $8 billion dollar project that will contain over 3M SQ SF of office space and over 1000 residential homes is now being built. More on the project: Hunters Point Shipyard

Wilshire Grand, Los Angeles

Set to be the West Coast’s tallest tower, the new hotel will have over 900 rooms when it’s completed in January of 2017. The 73 story skyscraper will be set in the heart of downtown LA. This is a development that will change the Los Angeles skyline. Take a look at the project here: Wilshire Grand

 

The Miami Worldcenter, Miami

This multi-billion dollar project consist of entertainment, residential, hospitality,  and retail. There is a signature piece of the Worldcenter that will stand as a 700 foot tall residential skyscraper. A convention center and a Marriott Marquis are also in the plans. The completion date is scheduled for 2018. More here: Miami Worldcenter

Solaire, San Francisco

San Francisco’s Transbay Terminal area is changing fast, this 32 story residential tower has over 400 units. Leasing has already started on the building and move ins are scheduled to start May 15th, 2016. All of the luxury units have floor-to-ceiling windows designed to offer exceptional views of the bay. Take a look here: Solaire

Find Development Opportunities on Brevitas

Off Market Deal Book | February 2016

The Brevitas Off Market Deal Book provides you with a curated, varied selection of recent off market commercial real estate transactions.

  • Ping An set to invest “billions” through new US real estate arm.
    “In building up this business, our focus is very much to do things off-market and quietly, based on relationships,” Singer noted. “To do it in a way where we’re very much like a U.S. investor, as opposed to a foreign investor.”
  • LA developer Hudson Pacific sells office to YouTube for $215M
    West L.A. real estate investment trust Hudson Pacific Properties is seeing strong returns up north. The firm sold the Bayhill Office Center at 999-1111 Bayhill Drive in San Bruno to YouTube for $215 million, or $388 per square foot, in an all-cash, off-market sale that closed today.
  • Vista Industrial Buildings Get New Owners.
    Brokers said the off-market transaction combined two existing office condominiums, and the buyer will be expanding from its current operations in the 1070 La Mirada Court building. The acquired property includes an open floor plan and a warehouse.
  • San Jose’s Eastridge Mall sold in retail megadeal backed by Goldman Sachs.
    The group backed by Goldman Sachs — Pacific Retail Partners and Silverpeak Real Estate Partners — acquired the majority of the 1.4 million square foot center on San Jose’s east side, they announced on Friday. The seller was General Growth Properties. An exact price was not disclosed, but the buyers said the acquisition was worth “more than $200 million” and was completed off-market.
  • “We are constantly looking for off-market opportunities,” deals that aren’t widely marketed, said Fred Hamm
    Investors who’ve spent more than $10 million to redo downtown Dallas’ Plaza of the Americas hope that the office tower and retail complex will now attract a buyer. The Plaza of the Americas and the nearby Ross Tower are the two biggest properties for sale this year in North Texas.
  • Siegel Group Nevada buys Rodeway Inn for $6.1M.
    The Siegel Group Nevada bought the Rodeway Inn Convention Center Hotel at 220 Convention Center Drive for $6.1 million. The purchase was an off-market deal that closed in 30 days, the company said.

Off-Market Deal Book | January 2016

The Brevitas Off-Market Deal Book provides you with a curated, varied selection of recent off-market commercial real estate transactions.

Off-Market Deal Book

The Brevitas Off-Market Deal Book provides you with a curated, varied selection of recent off-market commercial real estate transactions.