Investment sales expected to dip, but continue in 2008

Although the tightened credit market will curtail the number of investment sales in 2008 to well below 2007’s record of $47.4 billion, the deals are expected to continue with other methods of financing. Experts say that a joint venture between Silverstein Properties and California State Teachers’ Retirement System has a good chance of winning the bid for Macklowe’s GM building. Those bids are due tomorrow. Bidders for the GM building and for Macklowe’s other properties will likely be required to provide as much as 30 to 40 percent equity themselves.