Annie Ierardi works from home in a Nashville, Tennessee, building that’s adding apartments as waves of young workers flock to a city flush with jobs, music and ambition. Amid noise and disruption, she can’t imagine leaving.
Lone Star Funds, the world’s biggest buyer of delinquent mortgages, renewed efforts to sell an office and banquet hall complex in Tokyo by including land in the offer, according to two people familiar with the sale.
Broker Alon Chadad’s client purchased a $14.3 million apartment on Manhattan’s Central Park South, then spent nine months seeking approval for plans to overhaul it. In January, the buyer changed course, listing the unit for sale at more than double what he paid just a year ago.
As they marketed one of the biggest commercial-mortgage bond deals ever in June 2007, just as credit markets began to crumble, bankers at Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc handed out T-shirts depicting a glass it declared “half full.”
As Manhattan developers plan millions of square feet of office towers featuring the most modern amenities, some of their biggest potential tenants have decided they’re better off staying in their current homes.
Modern office towers with nicknames like the Walkie Talkie and the Cheesegrater are being completed high above the City of London, giving the impression there’s plenty of room for a resurgent financial industry. Closer to the ground, developers are preparing for a shortage of space.
The largest auction of troubled assets in the commercial mortgage-backed securities market is showing the strength of investors’ appetites for real estate as more distressed properties from the crash come up for sale.
Hudson’s Bay Co., Canada’s oldest company, said it’s still committed to creating a real estate investment trust after agreeing to sell its main store and adjoining office tower in downtown Toronto for C$650 million ($585 million).