Power 100

NYC’s Top 10 Biggest Landlords

Brookfield Place.

Any look at a power list should include a glance at the raw data. The city’s four biggest landlords control nearly 20 percent of the market, blowing away the rest of the building owners, according to data compiled by CoStar Group for Commercial Observer. The list includes existing office buildings, as well as those under construction and under renovation.

Brookfield Asset Management has the biggest market share of property in New York City (4.98 percent) with 27.5 million square feet, as ranked by rentable building area, followed closely behind by SL Green Realty Corp. (4.93 percent) with 27.2 million square feet. Vornado Realty Trust ranked third (4.46 percent) with 24.7 million square feet. Read More

Mortgage Observer

Koll Scores $158M to Refi Orange County, Calif. Office/ Industrial Park

Airport Business Center

CBRE Capital Markets sourced $158 million from Brookfield Asset Management to refinance the Airport Business Center, an office/ industrial park in Irvine, Calif., Mortgage Observer has exclusively learned.

Brookfield originated the five-year, fixed-rate, full-term interest-only loan, which carries an “all-in interest rate in the low 5 percent range,” according to a representative for CBRE. A Brookfield representative did not respond to a request for comment. Read More

Mortgage Observer

Wells Fargo Syndicates Westin Diplomat Loan

Westin Diplomat Resort & Spa.

Wells Fargo has syndicated a $260 million senior loan it provided to Thayer Lodging Group Fund VI and Brookfield Asset Management for a joint-venture acquisition and renovation of the Westin Diplomat Resort & Spa, in Hollywood, Fla., Mortgage Observer has exclusively learned.

Wells Fargo completed the syndication this week with three participating lenders, which the San Francisco-based bank declined to name. Michael Brown of the bank’s real estate syndication team under Wells Fargo Securities led the transaction. Read More


High Spreads in $1B Atlantis CMBS Issuance


The $1 billion Atlantis CMBS offering, collateralized by a single, 245-acre, 2,917-room resort property located in Paradise Island, Bahamas, exhibits higher than normal spreads for its fixed-rate AAA-class certificates, due in part to corresponding risk, Mortgage Observer Weekly has learned.

BREF ONE LLC’s Series A, a fund affiliated with a subsidiary of Brookfield Asset Management, sponsored the $1 billion mortgage for the resort, according to a Standard & Poor’s pre-sales report, released Aug. 4. The loan, divided into a $650 million fixed-rate and $350 million floating-rate component, was provided by Deutsche BankMorgan Stanley and Citigroup. Read More

Mergers and Acquisitions

Brookfield Property Partners Looks to Buy Brookfield Office Properties

Brookfield Place.

Brookfield Property Partners, which spun off from Brookfield Asset Management earlier this year, has offered to buy the remaining shares of Brookfield Office Properties it does not already own in a transaction valued by the company at $5 billion.

In the planned tender offer, BPO shareholders would receive $19.34 per share–a 15 percent premium on the stock’s price at Friday’s market close and a 17 percent premium to the 30-day volume-weighted average price. Shares in BPO traded up over 16 percent to $19.54 in early morning trading on the New York Stock Exchange. Read More


Brookfield Property Partners Completes Spinoff from Brookfield Asset Management


A newly created company, Brookfield Property Partners, has completed its spinoff from Brookfield Asset Management, it was announced yesterday. The new company owns substantially all of Brookfield’s commercial real estate assets across the company’s global portfolio.

“Brookfield Property Partners public listing opens an exciting new chapter in the growth of a leading global commercial property company, with the scale and expertise needed to deliver superior long term performance,” said Ric Clark, chief executive officer at Brookfield Property Partners, in a prepared statement. Read More

What's in a Name?

Douglas Elliman Makes Another Plea on Name Change

Howard Lorber and Dottie Herman

Dear Google, please refresh your cache:  the city’s largest residential brokerage has dropped “Prudential” from its name.

The former Prudential Douglas Elliman returned to its roots as Douglas Elliman last month after it was reportedly unable to strike a new licensing agreement for the name “Prudential.”

The Douglas Elliman name, originated along with the firm in 1911, has been adopted by all of the company’s businesses, including its commercial real estate arm, and the firm redistributed a statement today saying so, perhaps as a rebuttal to multiple media failings to follow suit on the change. Read More

Mortgage Beat

Kerzner International Restructures, But Paradise Lost

Atlantis Paradise Island.

Kerzner International, a resort operator based in the Bahamas, underwent a restructuring last week that has paved the way for the transfer of its Atlantis resort in the Bahamas to creditors. New York-based Arcturus Group advised two hedge funds in the settlement. Canyon Capital, based in Los Angeles, and Trilogy Capital, based in Greenwich, Conn., together held roughly $120 million in B-notes that were secured by the resort. Read More