Banking giant Barclays is looking to downsize its office presence in New York City, and is looking for tenants to sublease roughly 500,000 square feet in two Midtown towers. The bank – which laid off about 275 employees earlier this year – is marketing about 400,000 square feet at Paramount Group’s 1301 Avenue of the Americas, and in excess of 100,000 square feet at Tishman Speyer’s MetLife Building, at 200 Park Avenue. [more]
Posts Tagged ‘Barclays’
Fannie Mae has filed suit against nine banks, including Bank of America and JPMorgan Chase, for working to suppress the London interbank offered rate, commonly known as LIBOR. [more]
Jerry del Missier, the former Barclays Bank executive who found himself caught up in the interest-rate rigging scandal that cost the lender £290 million (more than $450 million) last year, may be looking to make a fresh start. Barclays former chief operating officer has listed his Manhattan pied a terre for $12.5 million, according to Streeteasy.com. [more]
In 2012, One57 rose, and Dewey & LeBoeuf collapsed. The World Trade Center topped out, and Manhattan Apartments bottomed out. The Barclays Center brought stars to Brooklyn, and Bravo TV made celebrities of a trio of telegenic brokers. Read on for our choices for the top 10 real estate stories of the year. [more]
Hurricane Sandy – soon to make landfall – has delayed the pricing of almost $3 billion of commercial mortgage-backed bonds set to hit the market, the Wall Street Journal reported.
“This will be a minor interruption,” Christopher Sullivan, chief investment officer at the United Nations Federal Credit Union, told the Journal. “There’s nothing that should affect investor sentiment.” [more]
As the Barclays Center sports arena namesake finds itself engulfed in an interest-rate scandal —one that caused its chief executive to resign — Richard Sandomir, writing in the New York Times, wonders if teams and arenas should be selling naming rights at all.
The Brooklyn-based arena, which the financial services firm is paying $200 million over 20 years to name, is scheduled to open in less than three months. [more]
Lehman Brothers Holdings has beaten out Sam Zell and acquired the last remaining 26.5 percent stake in Archstone for $1.58 billion, the Wall Street Journal reported, giving it complete ownership over the massive apartment portfolio. The failed bank is buying the stake from Bank of America and Barclays, which partnered with Lehman to acquire Archstone in 2007 for $22 billion. The deal values the portfolio at $17 billion. [more]
Lehman Brothers Holdings matched Equity Residential’s $1.33 billion bid for a 26.5 percent stake in Archstone, and then sued partners Bank of America and Barclays for breaching Lehman’s right of first refusal for the stake in a sale, Bloomberg News reported.
Archstone is a real estate investment trust with stakes in 60,000 U.S. apartment units and 14,000 units in Germany, that Lehman purchased in October 2007 with Tishman Speyer for $22 billion. Lehmar eventually filed for the biggest bankruptcy in U.S. history and refinanced the portfolio and brought in equity partners Barclays and BofA, which combined for a 53 percent stake…. [more]
Sam Zell’s Equity Residential has emerged as the leading bidder in a race to buy 53 percent of rival Archstone, offering more than $2.5 billion in cash for the stake, currently held by Bank of America and Barclays, the Wall Street Journal reported. The rest of the company, a real estate investment trust, is owned by the bankruptcy estate of Lehman Brothers Holdings.
The proposed sale to Equity Residential would value Archstone at about $16 billion, the Journal said. If sold as a whole company, Archstone currently could be worth as much as $18 billion.
Real estate giants the Blackstone Group, Brookfield Asset Management, Equity Residential and AvalonBay Communities have all submitted bids for Archstone in recent months, it was previously reported. … [more]
From left: 475 Fifth Avenue, Darcy Stacom, vice chairman at CBRE and
William Shanahan, vice chairman at CBRE
Pension fund giant TIAA-CREF purchased the 280,000-square-foot office building 475 Fifth Avenue from Barclays Capital Real Estate this week for $144 million, about $4 million more than expected, according to sources involved in with the transaction.
The deal closed Wednesday, sources said, at sale price of about $514 per square foot. Midtown-based TIAA-CREF had been expected to buy the building, but for $140 million or less.
A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure. In the slow commercial real estate market of the time, Barclays sought to unload the 86-year-old office tower for just $105 million. … [more]
Real estate giants the Blackstone Group, Brookfield Asset Management, Equity Residential and AvalonBay Communities have all submitted bids for real estate investment trust Archstone in recent weeks, but the offers haven’t been enough to resolve a disagreement among the owners over how to unwind Archstone, the Wall Street Journal reported.
Barclays and the estate of Lehman Brothers Holdings are in an ongoing dispute over Archstone, a $22 billion investment made at the peak of the commercial real estate boom that contributed to Lehman’s downfall. According to the Wall Street Journal, Barclays is pushing to sell the company or its assets privately whereas Lehman favors a longer-term approach: taking the company public in what would be the largest real estate initial public offering ever. … [more]
Barclays and the estate of Lehman Brothers Holdings are in a dispute over how to unwind real estate investment trust Archstone, a $22 billion investment made at the peak of the commercial real estate boom that contributed to Lehman’s downfall. According to the Wall Street Journal, Barclays is pushing to sell the company or its assets privately whereas Lehman favors a longer-term approach: taking the company public in what would be the largest real estate initial public offering ever. Meanwhile, Bank of America, the third and final partner, has yet to decide on a favored strategy. It has, however, voiced worry about how much value an IPO would create; Analysts predict between $4 billion and $6 billion in equity…. [more]
L&L Holdings withdrew its claims Wednesday against Barclays Capital Real Estate for breach of contract over a deal relating to the purchase rights to 475 Fifth Avenue, Crain’s reported. Its
reasons for abandoning the claims could not be immediately determined.
L&L previously filed court action alleging that it had been deprived of its right to first offer on the 24-story property, which it managed on behalf of Barclays for almost two years before being replaced last month by CB Richard Ellis…. [more]
Barclays Capital Real Estate is being sued for breach of contract relating to a deal involving the purchase rights to a 275,000-square foot property at 475 Fifth Avenue, according to Crain’s.
L&L Holding, which has managed the 23-story building on behalf of Barclays for close to two years, says it had the first right of offer on the property in the event that Barclay’s should ever choose to sell (note: correction appended). It is seeking damages after Barclays denied this right by offering the building at a “commercially unreasonable price that is substantially above fair market value,” according to a summons filed in New York State Supreme Court last month. … [more]
Crexus Investment Group said yesterday evening that it rejected an unsolicited $254 million acquisition offer by Starwood Property Trust. In the late afternoon yesterday, Starwood made the $14-a-share-offer to acquire Crexus, a Manhattan-based real estate investment trust. The Starwood offer was contingent on Crexus suspending its previously announced offer to buy $586 million in real estate assets from Barclays Capital Real Estate Finance. Crexus planned to launch an initial public offering of $50 million shares of common stock, which would be used to finance the acquisition of the Barclays assets…. [more]
A New York Building Congress analysis of data from McGraw-Hill Construction data found that $19.5 billion worth of construction projects started in 2010, a 15 percent increase from 2009, when $16.9 billion in projects began. The 15 percent increase was a direct result of gains in the non-residential buildings sector, which includes offices, hotels, schools, hospitals, transit stations, power plants and other institutional buildings. Construction starts in this sector increased 34 percent to 13 billion, from $9.7 billion in 2009. However, residential construction starts reached just $2.2 billion in 2010, a decline of 14 percent from the previous year and 63 percent from 2008. TRD… [more]
Barclays is seeking to emblaze its own brand outside the top floors of its tower at 745 Seventh Avenue, the Wall Street Journal reported. The British bank wants to make its mark on the Manhattan skyline by turning the top of the building, between 49th and 50th Streets, into a lantern and installing 10-foot letters and a 13-foot-6-inch-high version of the Barclays eagle emblem on all four sides of the exterior façade. Currently, the top of the building, which contains mechanical equipment, is sheathed in a clear glass curtain wall. The bank wants to cover that glass in a film that would make the curtain wall translucent rather than transparent and illuminate it from the inside to create a lantern effect on the skyline. In September 2008, Barclays took over the Lehman Brothers Holdings headquarters building and promptly staked its claim to Times Square by adding its logo to the
tower’s trademark video screens over Seventh Avenue. [WSJ]
The office building 417 Fifth Avenue, purchased by the Moinian Group and Goldman Sachs for $250 million three years ago, is in contract to a foreign buyer for $140 million, a report released yesterday by Cushman & Wakefield said.
The 408,000-square-foot building is 96 percent leased, but 25 percent of the leases expire in the next two years, the first quarter 2010 New York Capital Markets Group report said.
The sale price would equate to $343 per square foot, a staggering loss for the buyers.
Cushman, which represented the seller, declined to comment. Goldman Sachs did not immediately respond to a request for comment…. [more]
The leading source of the sublease space now flooding the city’s
commercial office market is Goldman Sachs, which has put 597,000 square
feet on the market at 77 Water Street. Barclays has put 456,842 square
feet on the market at 277 Park Avenue. All together, sublease space in
New York City has ballooned 139.2 percent since the second quarter of
2007 and now stands at 17.1 million square feet. At the height of the
last recession, between 2001 and 2004, sublease space never topped 14.4
million square feet. … [more]
Full-service commercial real estate firm Jones Lang LaSalle was tapped
to take over the management and leasing of the former Macklowe
Properties Midtown building 1330 Avenue of the Americas, Jones Lang
LaSalle told The Real Deal. Macklowe had been the owner and manager of the 40-story property before
losing it in a mezzanine foreclosure auction April 22 to the senior
mezzanine lender, Otera Capital, a division of a Canadian pension fund. Macklowe bought the property, which spans the block between 53rd and 54th
streets, in 2006 for $498 million. Otera picked it up for $240.1
million, through the assumption of a $240 million first mortgage and a
$100,000 bid for the mezzanine note. Jones Lang was picked by CWCapital Asset Management, on behalf of
Otera, to lease and manage the 525,000-square-foot building which has
140,000 square feet available for lease, the management company said in
a statement…. [more]