Mergers and Acquisitions
Cassidy Turley is reportedly weighing options for a recap, merger or an outright sale, hiring J.P. Morgan as advisor and eyeing Newmark Grubb Knight Frank and Blackstone as potential partners or suitors.
Real Estate Alert reported today that the firm hired J.P. Morgan over the summer and is seeking equity to speed along its expansion Read More
Morrison & Foerster Partner in the Real Estate Department
How is the current market for construction financing?
Cadwalader, Wickersham & Taft Co-Chair of the Capital Markets Department
Cadwalader has provided lead counsel services in several of the largest single-borrower CMBS transactions ever. What kinds of challenges have those deals presented?
In early July, Jonathan Gray, Blackstone’s global head of real estate, appeared on CNBC in an exclusive interview with the network. Dubbed Most Powerful Man in Real Estate—this ran in a banner during the 12-minute segment—Mr. Gray outlined the strategy behind Blackstone’s recently launched mortgage REIT, Blackstone Mortgage Trust.
With a mid-summer rising of rates at the front of most minds, Mr. Gray explained what, at the heart of it, apart from the Blackstone name, makes the endeavor a safer bet. “Blackstone Mortgage Trust is a floating rate lender,” he told David Faber, the co-anchor of Squawk on the Street. “Rising rates for this vehicle are better.”
The former J.P. Morgan headquarters at 23 Wall Street continues to be a hard sell. For nearly seven years, the property, which has been marketed to retailers and restaurants, has remained vacant.
Complicated by its location—across from the New York Stock Exchange—and its poor loading facilities, the property, along with the connected 35 Wall Street and 15 Broad Street, has drawn interest but no commitments. Originally marketing the property specifically toward retail, the Cushman & Wakefield brokerage team has begun to open up to the possibility of entertainment or financial services firms.
Joanne Podell, vice chairman, and Ian Lerner, senior associate, spoke with The Commercial Observer about the unique challenges and possibilities the properties present.
RXR Realty, a real estate operating and investment company affiliated with Walton Street Capital, has agreed to acquire 237 Park Avenue from an entity controlled by Lehman Brothers Holdings Inc., it was announced today.
The transaction has a large equity component with a low-leverage, existing loan in place, according to Scott Rechler, chairman and chief executive officer of RXR. According to multiple reports, the closing price is approximately $800 million.
J.P. Morgan and Wells Fargo are shopping a $132 million CMBS issuance backed by a pool of non-performing loans. It’s the first such issuance in years, experts said, and it’s got the industry taking note.