For the first time since the U.S. housing crash, new condominium towers are sprouting in downtown Boston, Seattle and Los Angeles as developers bet on the return of the riskiest type of residential real estate.
Barry Sternlicht, chairman and chief executive officer of Starwood Capital Group LLC, has spoken to banks as he prepares to sell shares of the property-investment firm to investors, a person familiar with the matter said.
The House of Electro-Technology stretches like a felled skyscraper along the northern edge of Berlin’s Alexanderplatz, limiting views and impeding traffic in the heart of the German capital. The shopworn relic of the former East Germany, an assembly of pre-fabricated glass and aluminum squares, has been called clunky and dehumanizing. Its owners say it’s outdated and should be replaced. Christine Edmaier wants to save it.
Starwood Capital Group LLC, the investment firm led by Barry Sternlicht, bought nine U.S. office buildings for $260.5 million to gain income-producing properties in markets with job growth and limited new supply.