Jerry del Missier and the Stanhope apartment
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]
From left: WTC, the cast of MDLNY (top), the dangling crane atop One57 (bottom) and Barclays Center.
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]
From left: Former Barclays Chief Executive Bob Diamond and the Barclays Center
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]
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]
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