Real Estate Forum - October 2011

SALES
1
CBRE

AREA LEADER

MATTHEW VAN BUREN

President – New York Tri-State Region

Total Dollar Volume of Sales Closed: $6,300,000,000

A CBRE investment sales team that included global chairman Stephen Siegel and vice chairmen Darcy Stacom and William Shanahan closed out 2010 by representing the buyer in the year’s largest single-asset deal, the $1.8-billion Google acquisition of 111 Eighth Ave. The search-engine giant already occupied 500,000 square feet at the behemoth West Side office property, which contains 2. 8 million square feet on just 16 floors.

Although 2011 thus far hasn’t brought a completed single-prop-erty deal on quite that scale, volume overall for the past 12 months was more than triple CBRE’s market-leading $2-billion for the prior year. Among the highlights, CBRE represented a joint venture of Hines and the GM Pension Trust this past May in the $485-million

TOP-PRODUCING SALES BROKERS:

JEFFREY DUNNE Vice Chairman, New York Tri-State Region

DARCY STACOM Vice Chairman, New York Tri-State Region

WILLIAM SHANAHAN

Vice Chairman, New York Tri-State Region

sale of an office tower at 750 Seventh Ave. to Fosterlane Management Co., the institutional real estate investment arm of the Kuwait Investment Authority. The firm also represented seller Otera Capital in its sale of another office property, 1330 Ave. of the Americas, to an RXR Realty-led JV for $400 million in December 2010.

CBRE’s New York tri-state region completed 58 investment sales transactions between July 1, 2010 and June 30, 2011 for a total of 13,982,013 square feet. That compares to 43 deals totaling 7. 3 million square feet in the prior 12-month period.

2
Carlton Advisory Services

AREA LEADERS

HOWARD L. MICHAELS, Chairman MICHAEL J. CAMPBELL, Partner DANIEL BILDNER, Managing Partner/General Counsel

Total Dollar Volume of Sales Closed: $2,000,000,000

TOP-PRODUCING SALES BROKERS:

“Three highly creative transactions,” in the view of Carlton chairman Howard L.

Michaels, highlighted the past 12 months for the firm. A $480-mil- lion recapitalization of Murray Hill Properties’ 1 Park On Harry Macklowe’s acquisition of an apartment property at 737 Park Ave., Carlton arranged $356 million toward acquisition and condominium conversion, raising new capital “from a major fund and overseas lender,” which Real Capital Analytics indicates is the Children’s Investment Fund Foundation. On 1180 Ave. of the Americas, Carlton arranged a $360-million joint venture between “a major New York real estate firm and a large Chinese corporation”— which RCA identifies as MHP and HNA Corp., respectively—in a “highly tense and time-sensitive” transaction.

According to Michaels, the accepted wisdom is that “the best value and growth potential for prime US assets is in Manhattan.”

MICHAEL J. CAMPBELL Partner

HOWARD L. MICHAELS Chairman

3
Cushman & Wakefield

AREA LEADER GLENN RUFRANO President & CEO

Total Dollar Volume of Sales Closed:

$1,548,000,000

Along with representing the Port Authority of New York and New Jersey in the Condé Nast leasing deal for more than one million square feet at One World Trade Center, Cushman & Wakefield was involved in arranging a large investment sales transaction involving the same 2.6-million-square- foot property: the joint venture partnership between the Port Authority and the Durst Organization, announced in August 2010. Durst is making an equity investment of at least $100 million in One World Trade, as well as taking over leasing and management at the property.

C&W also represented seller Cerberus Capital Management in the $96.5-million sale of Four Columbus Circle, a 135,000-square-foot, boutique office building in Midtown Manhattan, to German-based GLL Real Estate Partners. In all, the firm’s New York office closed 38 sales with a combined square footage of 7,600,798.

Across Manhattan, property sales that closed during the first six months of 2011 totaled more than $13.1 billion, up 152% from the $5.2 billion closed through midyear 2010, says Glenn Rufrano, C&W’s president and CEO.