ADVERTISEMENT



Google       

Home -> Law Blog Directory -> Bailout Blogs -> Calculated Risk

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

Bookmark

Bailout

: Calculated Risk

CRE: Office Building sold in Denver

By Anonymous

ADVERTISEMENTS
This is an interesting transaction for several reasons:

  • The seller was J.P. Morgan. Need cash?

  • The cap rate is rumored to be in the 8.5% to 9% range.

  • It was an all cash deal (no financing) by a CRE REIT that stayed on the sidelines during the insanity.

  • The purchase price is said to be below replacement cost.

    From the Denver Post: 17th Street Plaza sale is biggest in Denver this year

    A Massachusetts-based real-estate investment trust has paid $135 million in cash for 17th Street Plaza in the largest real-estate deal done in Denver this year.

    HRPT Properties Trust bought the 32-story building at 1225 17th St. from J.P. Morgan, which was represented by brokers Mary Sullivan and Tim Swan of CB Richard Ellis.

    Sullivan declined to reveal the sale price, but people in the real-estate community pegged the deal at $135 million.
    ...
    "It's substantially below the replacement cost to build that building," [Todd Roebken, managing director of Jones Lang LaSalle] said.

    A few months ago, CoStar noted that Class A office space average actual cap rates had risen from 6.1% in Q4 2007 to 7.9% in Q4 2008. And this sale suggests cap rates have risen further ... as CRE prices fall.


    Full post as published by Calculated Risk on June 25, 2009 (boomark / email).

    Bloggers, promote your law blog by nominating your blog for inclusion in USLaw.com's Law Blog Directory and RSS Reader. Benefits described.
    Related Law Articles

    Building Codes
    National, local, and municipal building code sources

    New York Building Codes
    Building and constructions laws in New York

    Lawsuits and Settlements

    Sagittarius Recalls Gas Grills Sold at Lowe?s Stores
    Gas Grills Sold at Lowe?s Stores Recalled

    OfficeMax Recalls Office Chairs Due to Fall Hazard
    OfficeMax Recalls Office Chairs Due to Fall Hazard

    Archdiocese of Denver
    Settles 5.5 million in claims

    Hazardous Chemical Spill
    500 Evacuated from Denver Area Hospital

    Contaminated Syringes
    Denver Hospital Notifies Patients of Possible Hep C Infection

    West Virginia Child Advocate Office Faces Class Action over Child Support
    West Virginia Child Advocate Office Faces Class Action over Child Support

    Related Searches

























































































































    • US Law
    #1 Online Legal Resource













    Your Blog Subscriptions
    Subscribe to blogs

    10,000+ Law Job Listings
    Lawyer . Police . Paralegal . Etc
    Earn a law-related degree
    Are you the author of this blog? Adding USLaw.com to your Blogroll increases relevance. You qualify to display a USLaw Network badge.
    Suggest changes to this blog's description or nominate another for inclusion. Register for updates.


    Practice Area
    Zip Code:

    Contact a Lawyer Now!






    0.0228 secs (new cache)