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Property Week

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  • EMEA revenues up at Colliers

    2 August 2017

    Colliers International’s revenues for its second quarter nudged up 1.4% in Europe, the Middle East and Africa (EMEA).

  • Global markets to build ‘unprecedented’ 700m sq ft of offices by 2019, finds Cushman report

    25 July 2017

    The world property market is experiencing an unprecedented office building boom with more than 700m sq ft of space under construction that will be delivered between now and the end of 2019, Cushman & Wakefield’s Global Office Forecast reports.

  • Hong Kong tops price league for skyscrapers

    4 July 2017

    Skyscrapers in Hong Kong are the most expensive commercial real estate assets in the world, according to new analysis from Knight Frank.

  • Purplebricks kicks off US expansion in California

    14 June 2017

    Purplebricks Group, the online estate agency, is set to begin an expansion into America with California targeted as its first launch state later this year. 

  • EMEA losses drag on JLL’s first quarter figures

    8 May 2017

    JLL has reported that net income fell to $11m for the first quarter of 2017, less than half the $26m in the same period last year.

  • Profits fall at Grosvenor as London market cools

    25 April 2017

    Grosvenor Group, the Duke of Westminster’s property empire, recorded a 5% fall in revenue profit in 2016 as the London market cooled.

  • Axa raises €1.4bn for new fund

    19 January 2017

    AXA Investment Managers - Real Assets has raised €1.4bn (£1.2bn) for its latest commercial real estate senior debt fund, Commercial Real Estate Senior 10.

  • Union Investment accelerates global real estate investment

    18 January 2017

    Union Investment Real Estate has posted the strongest growth in the company’s history in America, investing the equivalent of more than €1.3bn (£1.1bn) in property purchases in the US, with almost 35% of its acquisitions taking place in the US market during 2016.

  • Man Group completes acquisition of Aalto

    3 January 2017

    Man Group has completed its acquisition of Aalto Invest Holding, which allows it to enter the US homes market.

  • Colony NorthStar merger approved

    21 December 2016

    Shareholders at Colony Capital, NorthStar Asset Management Group, and NorthStar Realty Finance, have approved a merger between the three firms.

  • Japanese investor makes San Francisco tower purchase

    20 December 2016

    Takenaka Corporation of Japan has bought a 247,000 sq ft office tower and 27,000 sq ft bank branch in San Francisco for $135m.

  • Trump and Brexit present opportunities despite hurdles

    25 November 2016

    It was clear to me in July, just after the Brexit vote at the Trump Republican convention in the struggling Ohio city of Cleveland, that the similarities were enormous and that Trump was very likely to win. The experts, pollsters and press would be wrong again.

  • Hammerson raises £400m in record private placement

    22 November 2016

    Hammerson has agreed what is understood to be the largest ever US private placement by a UK property company.

  • Trump win opens door for those who thrive on chaos

    18 November 2016

    When I was at business school back in the nineties, one of the books that inspired me most was Tom Peters’ Thriving on Chaos. The author said people and businesses that thrive in chaotic environments are the ones that succeed.

  • First Brexit, now Trump: ‘unexpected’ results highlight an ignored majority

    18 November 2016

    The ‘shock’ US election result has given economists, analysts and other speculators – who had until now been absorbed by Brexit – something new to worry about.

  • Geaves evokes The Donald at Sovereign cocktail night

    16 November 2016

    News of Donald Trump’s shock US election win naturally dominated conversation at many industry events last week.

  • Would May be wise to follow Trump's spending plans?

    16 November 2016

    It’s fair to say that 2016 has been the year of the political underdog. First with Brexit and more recently Donald Trump’s presidential victory, incumbent political elites across the western world are in a state of shock.

  • Propco shares recover as FTSE falls

    14 November 2016

    Property company shares recovered on Friday – even as the FTSE 100 fell sharply for a second day in a row.

  • Post-election rally comes to an abrupt halt

    11 November 2016

    Property company shares fell sharply on Thursday as the rally in the FTSE 100 following Donald Trump’s victory also came to an abrupt end.

  • FTSE rallies after Trump victory as housebuilder shares rise

    10 November 2016

    After opening sharply down on Wednesday on news of Donald Trump’s victory in the US elections, the FTSE 100 ended the day 1% up.

  • Investors may flock to UK after Trump win

    10 November 2016

    The UK property market could be set to benefit from Donald Trump’s election, as economic and political uncertainty drives investor demand for UK assets, industry figures have suggested.

  • It’s the end of the world as we know it...

    10 November 2016

    America likes to do things bigger and better than everyone else - and so it goes with political shocks. Donald Trump’s victory this week makes the UK’s vote to leave the EU look like a little local difficulty in Europe’s backyard. Trump promised “Brexit plus plus plus” and he delivered.

  • Property reacts to Trump victory

    9 November 2016

    The property industry has begun to react to Donald Trump’s poll-busting victory in the US Presidential election.

  • US Election: Brexit could look like a 'ripple in a tea cup'

    7 November 2016

    The inauguration of the next leader of the free world is upon us – and the result is far from certain. I took an informal lunch time poll of about 25 industrial agents and occupiers last week, among whom 57% thought Hillary would clinch the deal with the electorate and 43% Trump.

  • 90 North achieves milestone purchase

    4 November 2016

    90 North has completed its 25th transaction with a $107m (£87.5m) deal in the US that takes its investment to date to above $1.5bn.

  • US election: Who will deliver the final blow in this dirtiest of fights?

    4 November 2016

    I won’t be around for the next couple of weeks because I’m going on holiday. Guess where I’m going? I’m not sure how this happened, but I’ve cunningly decided to pick the week of the US presidential election to visit the West Coast.

  • Situs grows through Hatfield Philips International acquisition

    2 November 2016

    Situs has completed the acquisition of Hatfield Philips International (HPI) to make it the leading multinational independent servicer in Europe.

  • Investcorp teams up with TruAmerica for $92m Californian resi deal

    1 November 2016

    TruAmerica Multifamily has created a joint venture with institutional capital partner Investcorp to acquire The Highlands in South California for $92m in an off-market transaction.

  • London records highest retail rental growth as New York remains most expensive

    25 October 2016

    New York’s Fifth Avenue continues to command the world’s highest prime rents for retail space as rental gains in the Americas and Europe outpaced those in the Asia-Pacific region, according to CBRE’s half yearly Global Prime Retail Rents report.

  • Man Group enters US homes market with Aalto buyout

    14 October 2016

    Man Group, the world’s largest listed hedge fund, is to enter the US homes market with the acquistion of Aalto Invest Holding.

  • NYC’s foodie blues

    7 October 2016

    Forget trivial issues like scarcity of affordable housing and fears that foreign companies are ‘buying up’ New York City.

  • Slow growth shouldn't hide US pockets of strength

    6 October 2016

    By many measures, the current economic expansion in the US has been slow.

  • TH Real Estate reveals US Cities Fund and business integration

    21 September 2016

    TH Real Estate has unveiled the US Cities Fund series, a re-launch of the TIAA-CREF Core Property Fund LP that focuses on investments in retail, office, industrial and multifamily properties in urban markets across America.

  • Henley opens offices to drive US expansion

    9 June 2016

    Henley Investments has expanded into the US market with the opening of two offices in Boston, Massachusetts, and Orange County, California.

  • SBE strikes $794m deal for Morgan Hotels

    10 May 2016

    SBE Entertainment has agreed a $794m (£550.9m) deal to buy Morgans Hotel Group, with the help of a “significant investment” from Cain Hoy.

  • Deka Immobilien builds Boston holdings with $250m deals

    3 May 2016

    German investment company Deka Immobilien has invested more than $250m (£172m) in US property by acquiring an Amazon fulfillment centre and an office building in the Boston area.

  • Millennials are changing how we think about real estate

    1 April 2016

    Like every city, New York is feeling the impact of the millennial generation including in real esate.

  • New avenues for global investment

    11 March 2016

    With prices continuing to escalate in certain cities around the world, BDO’s international real estate team has assessed where the industry is right now, and what opportunities investors should be considering globally.

  • 90 North buys Saint-Gobain campus in second biggest deal

    26 February 2016

    90 North has bought the North American HQ of Saint-Gobain with its joint venture partner Arzan Wealth for $123m (£88m).

  • Hines appoints Schugart to its executive committee

    26 February 2016

    Sherri Schugart has been appointed to Hines’ executive committee, which functions as the company’s board of directors.

  • Trump should have stuck to the New York City development business

    5 February 2016

    Donald J Trump’s Republican presidential front-runner status is one of those ‘only in America’ spectacles that Hollywood might dream up.

  • Colliers expands into Canada

    15 January 2016

    Colliers International has bought Quebecois commercial real estate services and landlord representation firm, Groupe Immobilier Montréal Québec (GIMQ).

  • 10 things that might surprise you about the New York City property market in 2015

    22 December 2015

    I’d like to end the year with a traditional ‘Top 10’ list. So, here are the top 10 things about the New York City property market that surprised us in 2015.

  • New York’s super-luxury condo phenomenon is running out of gas

    11 December 2015

    A friend is selling her apartment on East 58th Street because she fears losing her views to a skyscraper condo tower across the street.

  • US property veterans invest in Pennsylvania portfolio

    11 December 2015

    A new US-based commercial property investment firm, led by industry veterans Thomas Rizk, Roger Thomas and Howard Sipzner, has bought a major portfolio for around $245.3m (£163.6m).

  • Savills launches in Colombia

    2 December 2015

    Savills has announced the opening of a new office in Bogota, Colombia in partnership with established Colombian real estate advisor CREA Management.

  • John Hancock launches global property fund

    18 November 2015

    John Hancock Investments has teamed up with Standard Life Investments to launch a global property fund.

  • A Dream come true for Triple Five

    13 November 2015

    Triple Five is thinking big with its new mall. American Dream will be the largest in North America when it opens in 2017. Principal Don Ghermezian explains how that dream is being made a reality

  • Microsoft opens largest flagship store in New York

    30 October 2015

    Computer giant Microsoft this week opened its largest flagship store to date, on New York City’s Fifth Avenue.

  • Ping An launches $1bn tie-up with Blumberg to invest in US

    30 October 2015

    Chinese insurance firm Ping An has launched a $1bn (£650m) investment mandate with US property fund Blumberg Investment Partners (BIP) to invest in the American real estate market.

  • Blackstone in $5.3bn deal for New York housing complex

    22 October 2015

    Blackstone and Ivanhoé Cambridge have agreed a deal to buy New York’s Stuyvesant Town-Peter Cooper Village, Manhattan’s biggest apartment complex, for around $5.3bn (£3.4bn).

  • Brazil or bust: Will the World Cup and Olympics leave a lasting legacy?

    2 October 2015

    What impact will the development associated with these major sporting events have on the country’s property market?

  • New York needs speed on rail infrastructure

    2 October 2015

    “Speed is of the essence,” New York State senator Chuck Schumer told me last week about the need to build a new Hudson River Amtrak tunnel between New Jersey and Manhattan.

  • Triple Five keeps the American Dream alive

    2 October 2015

    Canadian shopping centre developer Triple Five has signed a deal with US retailer Hudson’s Bay Company to open three flagship stores in the American Dream retail complex in New Jersey.

  • Brack seeks $326m to kick-start NY apartment redevelopment

    25 September 2015

    Dutch real estate investment and development firm Brack Capital Real Estate is seeking $326m (£212m) for a long-stalled apartment block in Greenwich Village, New York.

  • CBRE completes Global Workspace acquisition

    2 September 2015

    CBRE Group has closed the £1bn acquisition of Johnson Controls’s Global Workplace Solutions (GWS) business.

  • WaterWalk agreement sees Henley expand into the US

    28 August 2015

    Private equity real estate investor Henley has made its first move in the US, backing a serviced apartment operator in a deal worth around $100m (£64m).

  • Fund buys stake in 225 Binney Street

    21 August 2015

    US pension fund TIAA-CREF has bought a $190.1m (£121.4m) stake in 225 Binney Street, Boston, from Alexandria Real Estate Equities.

  • Colliers buys Florida real estate firm

    6 August 2015

    Colliers International has bought Pointe Group Advisors, a south Florida based commercial real estate services firm specialising in property management, project management and sales and lease brokerage.

  • Cameron says UK property is no safe haven for 'dirty money'

    28 July 2015

    Foreigners must be stopped from buying UK homes with “plundered or laundered cash” as part of a “global effort” to defeat corruption, David Cameron is expected to say in a speech later.

  • Detroit is on the road to recovery

    17 July 2015

    Two years on from the largest municipal bankruptcy in US history, Motown is undergoing a revival. But how deep does the recovery run?

  • Developers picked for $380m Brooklyn Navy Yard project

    10 July 2015

    Rudin Management and Boston Properties will develop a new 675,000 sq ft building at the Brooklyn Navy Yard in New York for serviced office provider WeWork.

  • Interview: Howard Tullman on why the Google office model 'has become passé'

    3 July 2015

    US entrepreneur Howard Tullman has built one of the most successful tech incubators in the world. He explains what makes Chicago’s 1871 special… and why commercial property is ripe for disruption.

  • Sun Life and Bentall Kennedy to join forces in North America

    19 June 2015

    Canadian financial services company Sun Life Financial has agreed a deal to buy real estate investment adviser Bentall Kennedy for C$560m (£291m).

  • You can always go Downtown: the astonishing revival of New York’s Financial District

    12 June 2015

    21st Century Fox and News Corp, separate companies controlled by Rupert Murdoch, and developer Larry Silverstein last week announced a letter of intent for the media firms to move from Midtown to 2 World Trade Center (WTC) .

  • Chera and Oxford team up for $652m stake in Olympic Tower

    5 June 2015

    Crown Acquisitions, the company founded by New York real estate developer Stanley Chera, and Oxford Properties have bought a $652m (£426.6m) stake in the Olympic Tower, giving the partners outright ownership of the building on New York’s Fifth Avenue.

  • New York City is being developed in a way we have not seen in many years – the skyline is changing before our eyes

    5 June 2015

    New York City’s commercial real estate market is the most dynamic in memory.

  • Planning for the future in the Windy City

    22 May 2015

    David Partridge of Argent took the BCO to Chicago this week for its annual conference – good choice!

  • New York's most famous toy shop bids sad farewell to Fifth Avenue

    22 May 2015

    Iconic New York toyshop FAO Schwarz is closing its doors on Manhattan’s Fifth Avenue, blaming rising rents.

  • Atlantic City has hit a low – but its luck may be about to change

    15 May 2015

    At the northern end of the Atlantic City boardwalk, the Revel casino glistens in the sunshine.

  • New towers set to alter Manhattan’s chemistry

    24 April 2015

    Manhattan fear-mongers routinely cry wolf over a ‘glut’ of new office space. They did in it in the 1990s when a few towers opened empty, and after 9/11 every time a new building brought some vacant space to market.

  • Cushman poaches Tobias from D2 Private

    20 April 2015

    Cushman & Wakefield has poached Rebekah Tobias from investment and development group D2 Private to join its cross border capital markets team.

  • Prologis leads £3.95bn KTR Capital takeover

    20 April 2015

    Prologis, the global industrial real estate giant, has agreed the $5.9bn (£3.95bn) takeover of the property assets and operating platform of KTR Capital Partners (KTR).

  • Sears enters fresh JV deal to secure $114m cash boost

    17 April 2015

    Struggling US retailer Sears has formed a joint venture with Simon Property Group in a bid to unlock cash to prop up its ailing business.

  • Property delivers best global returns since 2007, says IPD

    15 April 2015

    Property generated average returns of 9.9% globally in 2014 – making it the best year since 2007, according to the IPD Global Annual Property Index.

  • Arts hub earmarked for Toronto waterfront

    10 April 2015

    Toronto’s waterfront industrial area is set to be transformed into a CAD$560m (£302m) hub for the arts.

  • Firms purchase Chicago stake

    2 April 2015

    Ivanhoé Cambridge and Callahan Capital Properties have bought a 40% interest in 515 North State in Chicago (pictured) for $55m (£37m).

  • Savills' US arm rises in Phoenix

    20 March 2015

    Savills’ American operation is to open an office in Phoenix, Arizona.

  • Blackstone nears $1.5bn deal for Chicago’s Willis Tower

    9 March 2015

    Private equity giant Blackstone is an advanced talks to buy Chicago’s tallest building, the Willis Tower, for around €1.5bn.

  • Global investor appetite for city living is not confined to London

    6 March 2015

    Foreign investors buying up new-build housing remains a controversial issue in London, with opponents arguing locals are being forced out and developers insisting that without overseas money no housing would be built.

  • New Yorkers witness the metamorphosis of Lower Manhattan

    6 March 2015

    Of all the urban property markets in the US, perhaps none has been more closely watched in recent years than Lower Manhattan.

  • DTZ makes 45 US staff redundant after merger

    30 January 2015

    Around 45 employees of DTZ Investment Holding’s US operations have been laid off, just three weeks after the company acquired rival US firm Cassidy Turley.

  • New York’s One World Trade Center sized up for $3bn sale

    9 January 2015

    New York’s One World Trade Center, one of the world’s most iconic skyscrapers, is being lined up for a $3bn (£1.98bn) sale as part of an audacious bid to reform its ownership.

  • Hamleys plots US store push as part of global growth plan

    28 November 2014

    Hamleys, the world famous toy store, is to mount a full-scale assault on the US market for the first time in its 254-year history.

  • Investor boosts Seattle holdings

    28 November 2014

    Ivanhoé Cambridge and Callahan Capital Properties have bought two adjoining office properties in Seattle for around $280m (£178m).

  • US property to hold firm amid global slowdown

    28 November 2014

    US commercial real estate should continue to remain on a “firmer footing” despite a slowing global economy, according to a report.

  • Report shows stepping out in New York City costs retail tenants a pretty penny

    21 November 2014

    New York’s Upper Fifth Avenue has overtaken Hong Kong’s Causeway Bay as the world’s most expensive shopping destination.

  • Google signs $1.2bn deal for Nasa site

    14 November 2014

    Google has agreed a deal to lease Nasa’s Moffett Airfield in California and redevelop the historic Hangar One building.

  • From zero to hero? Reconstruction after 9/11

    7 November 2014

    One World Trade Center officially opened for business this week, 13 years after the atrocity that destroyed the Twin Towers. Liz Hamson revisited the site and talked to some of the protagonists involved in its reconstruction.

  • Blackstone to buy Deutsche’s $1.73bn Las Vegas casino

    15 May 2014

    Deutsche Bank has sold its Las Vegas casino to Blackstone Real Estate for $1.73bn.

  • New images unveiled of New York's One World Trade Center Transit Hub

    13 May 2014

    New images of the One World Trade Center Transit Hub development in New York have been unveiled as the scheme prepares to open in spring next year.

  • Primark profits rise 26% as it ventures to the US

    23 April 2014

    Primark saw a 26% rise in profits in the past six-months to £298m its parent company announced this morning.

  • US Cutts deal

    28 March 2014

    Sheds legend John Cutts has secured backing from one of the US’s largest institutional investors for a European and UK logistics comeback.

  • US Cutts deal

    28 March 2014

    Sheds legend John Cutts has secured backing from one of the US’s largest institutional investors for a European and UK logistics comeback.

  • CBRE Global Investors appoints Americas head

    26 March 2014

    Paul Sisson has taken on the role of head of Americas at CBRE Global Multi Manager.

  • Manhattan's East Midtown exodus

    07 March 2014

    Citigroup, headquartered at 399 Park Avenue at 53rd Street in Manhattan for 50 years, announced this month it will consolidate operations on Greenwich Street, far downtown.

  • Cushman creates risk management division and appoints NYPD grandee

    6 March 2014

    Cushman & Wakefield has established a risk management services division that will “offer clients tailored solutions to manage and mitigate risks around the world”.

  • London to be overtaken by New York as top city for wealthy investors

    5 March 2014

    London will be overtaken by New York as the most important city for the ultra-wealthy by 2023, according to Knight Frank’s Wealth Report. 

  • CBREGI secures $200m Asian insurance mandate

    4 March 2014

    A collection of large Asian insurance companies has awarded a $200m discretionary global mandate to CBRE Global Investors’ separate accounts group to build a core or core plus property portfolio in the United States and Europe.

  • Germany most popular retail market for expanding brands

    4 March 2014

    Germany is the most sought after retail market in the world with 40% of global retailers planning to open a store there in 2014, research by CBRE has found.

  • Oaktree gets into bed with Hilton hotels

    28 February 2014

    Oaktree Capital Management has built a stake in a portfolio of 16 Hilton hotels that is owned by a consortium of investors that includes Igal Ahouvi and Delek Global Real Estate, and was once worth £417m.

  • New Yorkers go underground to build 1.5 acre urban park

    21 February 2014

    Scientists plan “Lowline” public space in derelict tram depot. Sarah Townsend reports

  • CBRE wins 4.4m sq ft Bank of America Merrill Lynch contract

    12 February 2014

    CBRE has been re-appointed to manage a 4.4m sq ft property portfolio occupied by Bank of America Merrill Lynch.

  • AXA secures €135m US pension mandate

    6 January 2014

    AXA Real Estate Investment Managers has been appointed by The Teacher Retirement System of Texas, the largest public retirement system in Texas, to manage a new €135m investment mandate targeting value-add investment opportunities in Europe.

  • Hammerson readies $450m recovery play

    29 November 2013

    Hammerson has raised $450m from US institutional investors, as it positions itself to take advantage of a recovery in the consumer economy.

  • Hammerson readies $450m recovery play

    29 November 2013

    Hammerson has raised $450m from US institutional investors, as it positions itself to take advantage of a recovery in the consumer economy.

  • Brazilian 'smart cities' get even smarter

    22 November 2013

    Technology company Living PlanIT is to install an ultra-modern computer system in a huge “smart city” currently under construction in Brazil.

  • De Blasio makes affordable plans for New York City

    15 November 2013

    New York City mayor-elect Bill de Blasio stormed to victory last week with a margin of 49%, and he now plans to vastly increase affordable housing development in the city.

  • New York’s mayoral swing spells uncertainty for real estate

    15 November 2013

    New York City’s real estate world survived 9/11, the Wall Street crash of 2008 and Hurricane Sandy.

  • MAPIC 2013: Charming Charlie seeks 1,000 international stores

    14 November 2013

    US fashion accessories brand Charming Charlie is preparing for an ambitious global expansion, in which it plans to open 1,000 international stores by 2020.

  • CBRE posts strong Q3 performance

    30 October 2013

    CBRE has reported a robust set of third quarter results with revenue increasing by 11% to $1.73 bn.

  • Brixmor Property Group raises $825m in IPO

    30 October 2013

    The New York-based Brixmor Property Group has raised $825m in its initial public offering (IPO).

  • Iacobescu pays tribute to Paul Reichmann

    28 October 2013

    Tributes have been paid to Paul Reichmann, the Canadian credited with pioneering the development of London’s Canary Wharf during the 1980s, who died this weekend.

  • US’s Pinkberry to desert UK

    25 October 2013

    American frozen yogurt retailer Pinkberry is set to exit the UK, just two years after it announced its intention to open 12 stores across the country.

  • Germans back Segro’s Canadian club venture

    18 October 2013

    Segro and the Public Section Pension Investment have secured €428m of funding for their €2bn European joint venture from a trio of German banks.

  • RBS exits Glanmore

    18 October 2013

    New York-based hedge fund backs Scotland’s Urbicus to buy £300m-plus loan to long-troubled fund

  • Deka sells US retail assets for $160m

    11 October 2013

    Deka Immobilien has sold two retail assets in San Francisco’s ultra-prime Union Square submarket for $160m to a US-based private investor.

  • Chinese developer plans to invest in $5bn New York project

    11 October 2013

    The developer behind one of the tallest towers in China is to spend more than $5bn on a New York property scheme.

  • German institutions second biggest US spenders

    8 October 2013

    German institutions are the second largest foreign investor group in the US, accounting for more than $3.5bn of transactions over the past 36 months, according to Savills. 

  • EXPO 2013: New York tops global property investment market

    8 October 2013

    New York has retained the title of being the largest global real estate investment market for the third consecutive year, with volumes rising by 39%.

  • EXPO 2013: New York and London top global property investment markets

    8 October 2013

    New York has retained the title of being the largest global real estate investment market for the third consecutive year, with volumes rising by 39%.

  • The Top 5 Biggest Agents You Have Never Heard Of

    04 October 2013

    If you are considering cross-border investment, look to Spain, Poland and Hong Kong for variety. Alex Therrien reports

  • Tesco's US brand files for bankruptcy

    1 October 2013

    Tesco has put its US-based Fresh & Easy into Chapter 11 bankruptcy proceedings as part of a planned sale to Los Angeles billionaire Ron Burkle’s Yucaipa Cos.

  • Tesco's US brand files for Chapter 11 bankruptcy

    1 October 2013

    Tesco has put its US-based Fresh & Easy into Chapter 11 bankruptcy proceedings as part of a planned sale to Los Angeles billionaire Ron Burkle’s Yucaipa Cos.

  • Westfield sells $1.64bn of malls to Starwood Capital affiliate

    16 September 2013

    Westfield will sell seven US shopping centres to an affiliate of Starwood Capital Group for $1.64bn.

  • Norwegians buy $684m stake in New York tower

    10 September 2013

    Norway’s sovereign wealth fund, the Government Pension Fund Global, has bought a 45% stake in New York’s Time Square Tower for $684m.

  • Cushman & Wakefield posts strong second quarter results

    29 August 2013

    Cushman & Wakefield increased its adjusted net income by 79.4%, from $6.8m to $12.2m, during the second quarter of 2013 compared with the same period last year.  

  • Christian Candy snaps up $35m New York block

    27 August 2013

    Luxury residential developer Christian Candy has bought 19 East 70th Street in New York for a price thought to be around $35m.

  • Communities unite to jump-start Motor City

    2 August 2013

    Detroit sets out plan for return to prosperity after financial collapse

  • JLL posts capital returns

    31 July 2013

    Jones Lang LaSalle has reported an increase in its fee revenue for the quarter and year to date in its half year results.

  • Detroit files for bankruptcy

    19 July 2013

    The city of Detroit has filed the largest municipal bankruptcy in United States’ history with debts of at least $15bn (£10bn).

  • Cushman appointed property manager for World Trade Center

    11 July 2013

    Cushman & Wakefield has been appointed by the Port Authority of New York and New Jersey to undertake the property management of the World Trade Center.

  • Investors go on $2.7bn New York spree

    3 June 2013

    Two New York trophy assets have attracted attract billion dollar buyers.

  • Cushman & Wakefield: Data Centre Risk Index 2013

    21 May 2013

    Data centre downtime can potentially cost millions in lost revenue and compensation; it can even threaten the livelihood of a business by causing irreparable damage to its reputation.

  • Ares aims for Area

    10 May 2013

    Sale of US business would be one of highest-profile property fund management deals of recent years

  • Ares aims for Area

    10 May 2013

    Sale of US business would be one of highest-profile property fund management deals of recent years

  • JLL posts revenue rise, net income drops

    1 May 2013

    Jones Lang LaSalle’s first quarter results show a 6% increase in revenue to $856m, but a net income drop from $22m to $16m.

  • JLL posts revenue rise, net income drops

    1 May 2013

    Jones Lang LaSalle’s first quarter results show a 6% increase in revenue to $856m, but a net income drop from $22m to $16m.

  • US baseball cap seller Lids steps up to bat for UK cities

    26 April 2013

    American retail chain to open hat stores in London, Birmingham and Manchester.

  • Portland to Portland riders seek cycle-friendly cities

    22 March 2013

    A team of 15 built environment professionals is cycling 4,000 miles from Portland, Oregon, to Portland Place, London, to research the extent to which cities are accommodating a shift away from car-based travel.

  • Hotel investment to enjoy rosy 2013

    15 March 2013

    The latest global hotel research produced by Savills claims that 2013 could be a “significantly stronger year”  for investment.

  • Cushman trumps in Rio

    15 March 2013

    MRP International, the consortium developing the 5.3m sq ft Trump Towers in Rio de Janeiro, announced at MIPIM in Cannes this week that it had appointed Cushman & Wakefield as leasing agent.

  • Trump appoints Cushman to Rio project

    13 March 2013

    MRP International, the consortium developing Trump Towers in Rio de Janeiro, Brazil, has appointed Cushman & Wakefield as leasing agents.

  • MIPIM 2013: Trump appoints Cushman to massive Rio project

    13 March 2013

    MRP International, the consortium developing Trump Towers in Rio de Janeiro, Brazil, has appointed Cushman & Wakefield as leasing agents.

  • “Miami’s salvation came via wealthy South Americans"

    8 March 2013

    The Miami/Miami Beach real estate market rebounded stirringly after the dark age of 2009.

  • Our men in Panama

    8 March 2013

    The Livingstone brothers have sold out of South Africa to focus on building a new city in central America. Hardeep Sandher reports

  • Ricks’ Irish goldrush

    8 March 2013

    US company Kennedy Wilson is in prime position to ride the wave of Ireland’s recovery. David Hatcher spoke to its CEO of Europe, Mary Ricks

  • Texas sold 'em

    8 March 2013

    US REIT Hines has sold the Williams Tower in Houston, Texas, to Invesco Real Estate for $412m

  • London and New York top location for rich list, says Knight Frank

    7 March 2013

    London and New York remain the top destinations for the world’s ultra-high-net worth individuals to live and invest in but Asian cities are fast catching up, according to Knight Frank’s seventh annual Wealth Report.

  • Morgan Stanley plots $3bn fund

    22 February 2013

    Real Estate Investing arm begins equity raising for global fund

  • Norges agrees $1.2bn US joint venture

    11 February 2013

    The Norwegian Government Pension Fund Global has agreed a $1.2bn joint venture with US pension fund manager TIAA CREF, marking its debut deal in America.

  • Norges agrees $1.2bn US joint venture

    11 February 2013

    The Norwegian Government Pension Fund Global has agreed a $1.2bn joint venture with US pension fund manager TIAA CREF, marking its debut deal in America.

  • Sony’s towering $1.1bn New York sale and leaseback

    25 January 2013

    Electronics giant Sony is close to selling and leasing back its US headquarters in New York for $1.1bn, in the country’s largest office deal for more than two years.

  • Toys R Us still in play after loan refinancing

    25 January 2013

    Owners obtain new debt for continental Europe portfolio

  • Prologis to build 1m sq ft US shed for Amazon

    22 January 2013

    Prologis has signed a deal with Amazon for a 1m sq ft distribution centre in California.

  • US: four of top five investment cities

    18 January 2013

    Four of the world’s top five cities for investment in 2013 are in the US, a survey of investors conducted by the Association of Foreign Investors has revealed.

  • Brookfield starts $4.5bn New York development

    16 January 2013

    Brookfield Office Properties has started construction of the platform for its $4.5bn Manhattan West development site in New York.

  • Goals puts new openings on the bench

    10 January 2013

    Five-a-side football centre operator Goals Soccer Centres has halted new openings in order to “focus on strong cash generation and enhance return on capital” from recently opened centres, it said this morning.

  • Two tenants in tow at New York’s 3 World Trade Center

    14 December 2012

    Two occupiers are in talks to sign prelets at 3 World Trade Center in New York, which could kickstart development of the skyscraper.

  • Tesco launches strategic review of Fresh & Easy

    5 December 2012

    Tesco has announced a strategic review of its Fresh & Easy brand in the US which could include a sale of the business.

  • Santander sells its New York home

    30 November 2012

    Santander has sold its New York office for $120m in a sale and leaseback.

  • Global Logistic Properties enters Brazil in $1.45bn joint venture

    14 November 2012

    Global Logistic Properties, the Singapore-based logistics property company, is expanding its global network to Brazil.

  • Wereldhave begins US exit in San Diego

    09 November 2012

    Wereldhave has made the first sale from its $800m US property portfolio.

  • RICS to BRICS: CEO Sean Tompkins journeys to Brazil

    02 November 2012

    I recently returned from accompanying Lord Green, UK trade minister, on the government-led trade and industry mission to Brazil.

  • US counting cost of Sandy

    02 November 2012

    Experts are counting the economic cost of “Frankenstorm” Hurricane Sandy, which battered the Atlantic coast of the US at the beginning of this week.

  • John Browett leaves Apple

    30 October 2012

    Apple’s senior vice-president of retail John Browett has quit just six months after he joined the firm. 

  • Amazon’s Seattle delivery

    19 October 2012

    Amazon will buy its Seattle HQ for $1.16bn in what is likely to be the biggest single-asset US real estate deal this year.

  • Pramerica raises $805m debt fund

    19 October 2012

    Pramerica Real Estate Investors has raised $805m at the first closing of the Pramerica US Real Estate Debt Fund.

  • Technical itch

    05 October 2012

    Landlords and developers eye a future with technology and media companies as the finance sector shrinks. Hardeep Sandher reports

  • IPD in £82m sale talks

    3 October 2012

    IPD is close to a sale to MSCI, the New York-listed market index company.

  • US investor raises $700m for international expansion

    26 September 2012

    Chambers Street Properties, the US-domiciled international investor, has raised $700m of new debt to fund its expansion.

  • Heitman hires head of portfolio management

    7 September 2012

    Heitman has poached Scott Dwyer from ING Real Estate Development International and appointed him as head of portfolio management for the firm’s European private equity operations.

  • Knight Frank appoints new senior partner

    7 September 2012

    Alistair Elliott has been chosen by Knight Frank’s 61 proprietary partners as the firm’s new senior partner and group chairman, Property Week can reveal.

  • Debt-driven US opportunity funds hop across the pond to clear up in UK and Europe

    24 August 2012

    New breed of American investor attracted by deleveraging. Mike Phillips reports

  • Essential lands US funds for flats

    24 August 2012

    Washington vehicle plans £500m build-to-rent drive in London

  • Sunrise Senior Living agrees to $845m takeover by rival

    22 August 2012

    Sunrise Senior Living has agreed to be bought by US rival, Health Care REIT, for $845m in a deal that will create one of the biggest owners of nursing homes in the US, Canada and UK.

  • Stenham’s US debut is Paramount

    17 August 2012

    Stenham Property has made its first foray into the US property market by buying the Paramount Hotel in New York (right) for around $280m, in a joint venture.

  • US portfolio of OTO Select-Service hotels up for sale

    1 August 2012

    A portfolio of OTO Select-Service hotels has been put up for sale in the US.

  • Blackstone rolls up $1.5bn of global sheds

    27 July 2012

    Private equity firm buys in US, UK and France, where new chairman will lead push

  • Penney drops Simon stake

    27 July 2012

    US department store retailer JC Penney has sold $248m of shares in Simon Property Group back to the mall developer.

  • Blackstone prepares to offload $22bn American office portfolio

    13 July 2012

    Blackstone is considering selling its portfolio of more than 100 office buildings in the US, which is valued at as much as $22bn.

  • New York label to land in London

    13 July 2012

    John Varvatos appoints CWM to follow Tom Ford and other American brands in setting up shop in capital

  • Ritblat’s Delancey taps US for £350m bond issue

    22 June 2012

    Real estate fund manager joins Grosvenor and British Land in lucrative US private-placement market

  • Deutsche and Guggenheim end RREEF sale talks

    20 June 2012

    Deutsche Bank has ended exclusive negotiations with Guggenheim Partners over a sale of RREEF, its global real estate investment management business.

  • Brookfield to target euro distress with $10bn fund

    8 June 2012

    North American firms with huge firepower set to dominate European market

  • Union Invest in £287m US return

    7 June 2012

    German fund manager Union Investment has returned to buying in the US with a £287m property deal.

  • Lehman banks on $1.58bn US apartments

    1 June 2012

    Bank of America and Barclays are to sell their stake in apartment complex owner Archstone to Lehman Brothers for $1.58bn.

  • IPD reports strong 2011 financial results

    30 May 2012

    IPD, the property performance company, increased its pretax profit by 3.4% to £2.76m in 2011.

  • Beecham sells trendy Hoxton Hotel for £65m

    29 May 2012

    The trendy Hoxton Hotel in London’s Shoreditch has been sold by its founder, Sinclair Beecham, and backer, private equity firm Bridges Ventures, to private equity fund manager Ennismore Capital for £65m.

  • Blackstone buys $1.9bn hotels chains

    25 May 2012

    Accor has agreed to sell its United States Economy Hotels Division to an affiliate of Blackstone Real Estate Partners VII, for $1.9bn.

  • Blackstone buys Accor's $1.9bn US Economy Hotels Division

    22 May 2012

    Accor has agreed today to sell its United States Economy Hotels Division to an affiliate of Blackstone Real Estate Partners VII, for $1.9bn.

  • HSBC sells New York branch portfolio

    21 May 2012

    HSBC has completed the sale of a portfolio of Upstate New York branches for $900m.

  • America wins The Belfry golf course

    04 May 2012

    Bankrupt Sean Quinn irons out £90m sale details with US private equity investor KSL

  • Chicago supermall is Rosenberg’s maiden buy for KKR

    27 April 2012

    Kohlberg Kravis Roberts has completed its first real estate purchase since hiring ex-Goldman Sachs director Ralph Rosenberg last year to form a new team.

  • Lend Lease pays $56m in fines over US fraud

    26 April 2012

    The Australian construction and development company Lend Lease has had to pay $56m in fines to avoid criminal prosecution in the US.

  • Brazilian fund leads $4.6bn fundraising in March

    20 April 2012

    Unlisted real estate funds raised $4.6bn around the world in March, double the amount in February, reports Indirex, the new global online community for the sector.

  • Vornado promise from Roth

    20 April 2012

    Steven Roth, chairman of US REIT Vornado Realty Trust, is putting “everything on the table” in an attempt to lift the company’s share price.

  • Simon Property Group to develop outlet centres in Brazil

    11 April 2012

    Simon Property Group is entering the Brazilian market through a joint venture with Latin America’s largest retail property company.

  • BNP Paribas Real Estate’s team America

    23 March 2012

    BNP Paribas Real Estate has signed an alliance agreement with US firm Transwestern.

  • Brookfield plots multi-billion property portfolio spin-off

    23 March 2012

    Publicly listed Brookfield Property Partners will own income-producing assets, shares and funds

  • BNP Paribas Real Estate agrees US alliance

    20 March 2012

    BNP Paribas Real Estate has strengthened its presence in the United States by signing an alliance agreement with Transwestern.

  • Jumeirah to sell New York hotel

    16 March 2012

    The Jumeirah Essex House Hotel on the edge of New York’s Central Park is likely to be put up for sale for $500m.

  • Cushman & Wakefield: International Investment Atlas - Summary

    8 March 2012

    Global investment rose 14% in 2011 to US$727bn (US$808bn including multifamily) and volumes are now 83% up on their 2009 lows.

  • MIPIM 2012: Global “wall of money” falls to $298bn, says DTZ.

    7 March 2012

    The global “wall of money” for real estate investment has fallen by 6% over the last six months.

  • Candy enters US luxury market with New York penthouse

    6 March 2012

    Christian Candy has taken his first step into the American luxury residential market with the purchase of a three-storey penthouse apartment at the Plaza Hotel, overlooking Central Park.

  • Manhattan Eyeline

    02 March 2012

    “New York needs Wall Street to flex its muscles”

  • US insurer breathes MetLife into UK debt market

    02 March 2012

    US insurer MetLife provided $800m of debt to the UK property market and could provide up to $2bn more over the next few years.

  • London and New York go head to head

    24 February 2012

    London mayor Boris Johnson went up against his Big Apple counterparts to debate the best 21st-century city for business. Patrick Gower reports. Photographs by Matt Leete

  • $1bn Empire State REIT float

    17 February 2012

    Owner Malkin Holdings prepares IPO of portfolio that includes New York landmark

  • Westfield’s World Trade Center mall

    17 February 2012

    Westfield Group plans to develop a $1bn mall at the World Trade Center in Manhattan, on the site of the 2001 terrorist attacks.

  • Boris triumphs at London vs New York debate

    9 February 2012

    London claimed an overwhelming victory over New York at the LandAid “Battle of the Giants” debate last night as Boris Johnson faced off against the deputy mayors of New York.

  • LaSalle sets up $1bn JV to target major properties

    9 February 2012

    LaSalle Investment Management and Swiss fund manager Quantum Global have set up a $1bn fund to invest in large properties.

  • Newmark Knight Frank: Manhattan Year End Review - 2011

    6 February 2012

    Sales activity in 2011 remained strong as the number of closed transactions increased by 33% over the volume in 2010.

  • Bruce’s resi bonus: £320m private rented venture secures backing

    03 February 2012

    Apollo and Canada’s Ivanhoé Cambridge to back Ritchie’s £320m private-rented venture in London

  • Apprentice star Campbell joins Boris for "London vs New York" debate

    30 January 2012

    Former “The Apprentice” winner Tim Campbell will join Mayor of London Boris Johnson in a head-to-head London-versus-New York debate next week.

  • Related raises record funds

    27 January 2012

    US development and investment firm Related Companies has completed the final closing of its US distressed assets fund with equity commitments of $825m.

  • Henderson: Think/US 2012

    20 January 2012

    Today, there is a prevalent concern that governments no longer have the tools, balance sheets, or gumption necessary to further stimulate their economies or to impact markets in a meaningful way.

  • US private equity’s $3.5bn war chest

    13 January 2012

    Two US private equity houses have amassed $3.5bn to spend on property.

  • Blackstone JV in $1.4bn shopping centre deal

    11 January 2012

    A joint venture between private equity firm Blackstone and DDR Corporation has agreed to buy a $1.4bn portfolio of 47 US shopping centres.

  • REIT course of action for Empire State Building

    16 December 2011

    New York icon the Empire State Building is to be floated as part of a US REIT.

  • McArthurGlen to open first Vancouver outlet

    17 November 2011

    McArthurGlen Group is to partner with the Vancouver Airport Authority to open its first outlet in the Canadian city.

  • Ted Baker to open flagship on world's most expensive retail street

    16 November 2011

    Ted Baker is to open a flagship store on New York’s Fifth Avenue in a move that shows the continuing appeal of the globe’s most prime retail locations.

  • Voyages of discovery

    7 October 2011

    Six surveyors travelled the world this summer through a global internship scheme. Christine Eade hears their experiences in the latest in our series of monthly 1st Friday articles for young people in property

  • EXPO REAL 2011: New York knocks London off top spot for investment

    5 October 2011

    New York has beaten London to the title of most popular investment destination for the first time since 2007.

  • EXPO REAL 2011: Aberdeen Asset Managers to increase spending outside Europe

    4 October 2011

    Aberdeen Asset Managers will increase its spending in countries outside its traditional European core, the company’s global head of property said today.

  • Grosvenor joins up with Kuwait Finance House for £380m US healthcare venture

    3 October 2011

    Grosvenor Fund Management has formed a partnership with Kuwait Finance House to invest up to £380m in US healthcare real estate.

  • Equity falls in all regions bar Americas

    30 September 2011

    The amount of available equity to invest in property across the globe has fallen for the first time in two years because of the global debt crisis, a DTZ report suggests

  • Top 10 emerging cities for investors

    30 September 2011

    Doug Morrison picks out the world’s top 10 property hotspots

  • Squarestone Brasil enjoys 24% NAV rise

    23 September 2011

    Squarestone Brasil demonstrated further proof of the strength of the emerging markets by achieving a 24% rise in net asset value in the first six months of the year.

  • Regus moved back into the black in the first half of the year after its level of occupancy reached a record high

    2 September 2011

    Equity International, the Chicago-based firm co-founded by Sam Zell that invests in property companies in emerging markets, has made its debut in Colombia

  • Townsend sells 70% stake to new investment company

    2 September 2011

    Founders Ahern and Lynch will continue to run firm alongside Aligned Asset Managers’ team

  • INTERACTIVE: Emerging markets  prop up  prime retail, Cushman says

    1 September 2011

    Aggressive retailer expansion into emerging markets contributed to global prime retail rents rising for the first time since the start of the recession, figures from Cushman & Wakefield show.

  • Westfield buys 50% of Brazil mall operator in its first foray in emerging markets

    10 August 2011

    Westfield Group has acquired a stake in a San Paolo-based mall owner for its first step into the emerging markets.

  • Rating retraction halts CMBS deals

    5 August 2011

    The recovery of the global property debt markets was dealt a blow last week when a rating controversy caused banks to drop the sale of two commercial mortgage-backed securities (CMBS) deals.

  • SITQ offloads €800m of European assets

    5 August 2011

    Pension fund to quit offices and ’risky’ hotel sector to focus on Canadian market

  • Allianz agrees US residential venture with Archstone and CPPIB

    3 August 2011

    Allianz Real Estate has entered the US residential market.

  • Borders to close bookstores in US

    22 July 2011

    Borders is set to be liquidated in the US.

  • Hermes makes US property market debut

    14 July 2011

    Hermes has entered the US property market for the first time.

  • Guardian hopes to make it on Broadway

    8 July 2011

    The Guardian is close to signing a 9,000 sq ft lease at Thor Equities’ 536 Broadway in New York, as UK newspapers take space near each other, creating a “mini-Fleet Street”

  • Siskind exit sparks change at Goldman

    8 July 2011

    Head of real estate investment retiring, funds to focus on US and Europe

  • Brookfield lures CBRE man

    17 June 2011

    Giant Canadian fund manager Brookfield Asset management has poached the top executive of CB Richard Ellis in New York to run its listed US office subsidiary

  • Lehman ‘architect of doom’ reunites with Witkoff

    17 June 2011

    Mark Walsh and Steven Witkoff to buy in New York and Florida

  • Gore’s firm in talks over AirW1 space

    3 June 2011

  • World Trade Center is height of fashion after Condé Nast coup

    3 June 2011

    Condé Nast’s decision to move to 1 World Trade Center is a game changer

  • Capita Symonds says: ‘hello world’

    27 May 2011

    Firm leaves global ONCOR network to focus on overseas expansion

  • JLL charged with site search

    27 May 2011

    Jones Lang LaSalle has won a mandate to find more than 2,000 sites in the US to accommodate charging stations for electric cars, as part of a US government sustainability drive

  • Conde Nast agrees 1m sq ft lease of One World Trade Center

    26 May 2011

    Publishing giant Conde Nast has taken a one million sq ft lease at One World Trade Center, the office skyscraper being developed on the site of the 9/11 terrorist attack.

  • Lend Lease sells 50% King of Prussia mall stake to Morgan Stanley for $1.25bn

    24 May 2011

    Lend Lease has agreed to sell its 50% stake in the King of Prussia shopping mall, in the US, to the Morgan Stanley Prime Property Fund for $1.25bn.

  • Huge broker buys Knight Frank’s US partner

    13 May 2011

    Financial broker BGC buys Newmark Knight Frank to enter US real estate market

  • US fund has designs on City

    06 May 2011

    US pension fund TIAA-CREF is to push the button on two City of London schemes that total 600,000 sq ft

  • Savills teams up with tenant rep giant CresaPartners

    4 May 2011

    Savills has formed a strategic alliance with CresaPartners, North America’s largest specialised tenant representation firm.  

  • RREEF buys Silicon Valley office

    26 April 2011

    RREEF has bought an office in California’s Silicon Valley for $65m.

  • Savills and Silverpeak Real Estate Partners form North America JV

    13 April 2011

    Savills has formed a joint venture with investment advisory business Silverpeak Real Estate Partners, creating Savills Liberty Street Asset Management, an asset management company that will serve its global client base in North America.

  • Qatari Diar invests in $700m Washington scheme

    4 April 2011

    Barwa Bank’s investment banking subsidiary, The First Investor, has raised 100% financing to fund development of a 700,000 sq ft mixed-use scheme in Washington DC, with Qatari Diar as the anchor investor.

  • Squarestone secures £72.6m Brazil mall funding

    1 April 2011

    Squarestone Brasil, the Anglo-Brazilian development company, has signed agreements to fund and develop the Golden Square shopping mall in Brazil.

  • Taylor Wimpey agrees £595m North American business sale

    31 March 2011

    Taylor Wimpey has agreed to sell its North American business as a it strives to focus on UK housebuilding.

  • Apollo Global prepares for New York IPO

    22 March 2011

    Apollo Global Management, the private equity firm, plans to raise as much as $417m in an initial public offering, which would see it join rivals Blackstone and KKR on the New York Stock Exchange.

  • CBRE Hotels wins 826-room US instruction

    22 March 2011

    CBRE Hotels has been appointed to sell or recapitalise the Willow Hotels portfolio, which includes the Shoreham, Mansfield and Franklin Hotels in Manhattan, New York.

  • Grubb & Ellis explores potential sale

    22 March 2011

    Grubb & Ellis, the US property services firm, has hired investment bank JMP Securities to explore “strategic alternatives”, including a sale or merger, it said today.

  • Barclays Bank agrees $586m loan portfolio sale

    21 March 2011

    Barclays Bank has agreed to sell a $586m portfolio of commercial real estate loans to a New York-based real estate investment trust (REIT).

  • Henderson acquires Capistrano Gardens LA apartments for $16m

    7 March 2011

    Henderson Global Investors has acquired Capistrano Gardens Apartments, a 120 unit apartment community in the Los Angeles suburb of Norwalk, California for $16m (£9.8m).

  • DTZ Occupier Perspective: Global Occupancy Costs - Offices 2011

    4 March 2011

    “On average, global occupancy costs per workstation showed no change in 2010. But, this masks significant regional differences, driven by the two-speed economic recovery. Whilst costs rebounded by 10-15% in Central and South America and Asia Pacific, occupiers in the vast majority of EMEA and North American markets realised savings of 5% during 2010.

  • New York’s robust retail rents

    04 March 2011

    Shop rents on the prime streets of New York have bounced back more robustly than anywhere else in the world since the recession

  • Savills’ American adventure spreads to LA and Washington

    04 March 2011

    Three years after entering US, firm plans expansion to cash in on investor interest

  • Savills revives US expansion

    2 March 2011

    More than three years after it took its first steps into the New World, Savills is expanding its US business on the back of growing international interest in the country from investors.

  • Canadian piles into Euro mall

    25 February 2011

    The Canada Pension Plan Investment Board has agreed to buy a 50% stake in Europe’s largest shopping centre for around €700m (£593m)

  • US shopping centre portfolio acquired for $75m

    29 December 2010

    A portfolio of seven shopping centres across the US has been acquired for $75m.

  • Calpers replaces LaSalle as manager of $1.96bn of industrial assets

    8 December 2010

    The $216bn California Public Employees Retirement System has replaced LaSalle Investment Management as manager of $1.96bn of its CalEast Global Logistics industrial real estate portfolio.

  • MAPIC 2010: Why Debenhams is opening in Iraq and other international expansion questions

    18 November 2010

    Debenhams is planning to move into a host of new countries as burgeoning middle classes create more retail demand, John Scott, head of international business development told Property Week at MAPIC yesterday.

  • ProLogis confirms $1bn sale to Blackstone

    22 October 2010

    ProLogis has sold a North American industrial portfolio, its interest in a hotel and interests in three of its property funds to Blackstone for $1.02bn.

  • Former WP Carey foursome set up sale-and-leaseback firm

    20 October 2010

    Four former executives at WP Carey have set up a company to carry out sale-and-leaseback property deals.

  • Boston skyscraper sold for $930m

    13 October 2010

    Boston’s tallest skyscraper is being sold to the real estate tycoon and newspaper publisher Mort Zuckerman’s company for $930m.

  • Goldman Sachs sets up US property fund management division

    13 October 2010

    Goldman Sachs has hired Jeffrey Barclay from ING Clarion Partners to lead a new US property business within its asset management division.

  • Former CPC Group Beverly Hills site bought by Hong Kong investor

    6 October 2010

    A site formerly owned by Christian Candy’s CPC Group’s Project Lotus, in Beverly Hills, has been bought by a Hong Kong based investor for $350m less than CPC bought it for in the boom.

  • CBRE in $1.5bn debt refinancing talks

    5 October 2010

    CB Richard Ellis is in talks about refinancing $1.5bn of debt.

  • Deka buys €95m New York office

    30 September 2010

    Deka Immobilien  has bought a New York office block for €95m.

  • Blockbuster files for bankruptcy protection

    23 September 2010

    Blockbuster filed for bankruptcy protection in the US today as it struggles to keep up with its online rivals.

  • Macquarie to buy Presidio Partners

    14 September 2010

    Macquarie Group has entered into an agreement to buy Presidio Partners, a US-based real estate private capital raising and advisory firm.

  • Grafton’s US alliance

    10 September 2010

    Global investor enlists Nigel Kempner for UK push as America’s Oaktree prepares £1bn advance on Britain

  • Malls must up game against internet

    10 September 2010

    The snowballing popularity of internet shopping is “nerve-racking” for retail property companies and will force them to innovate to retain customers.

  • Century 21 to open second Manhattan store

    2 September 2010

    US discount department store Century 21 is to open its second Manhattan store. 

  • Cantor Fitzgerald and CIM Group create new investment platform

    11 August 2010

    Cantor Fitzgerald and CIM Group have created a new investment platform for commercial real estate lending.

  • Real Capital Analytics: Global Capital Trends - Q2 2010

    6 August 2010

    The second quarter was marked by dynamic changes throughout the property markets. Transaction activity slowed in Asia Pacific and not entirely due to governmental curbs instituted by China.

  • Standard Life Investments spends £40m in Brazil

    4 August 2010

    Standard Life Investments has bought £40m of property in Brazil in a further sign of investor interest in the South American country.

  • Mortgage investors scale back

    2 August 2010

    Mortgage investors have been scaling back positions on fears that the US government might again intervene in the home loans market.

  • Centro refinances $2.7bn US debt

    29 July 2010

    Australian shopping centre developer Centro has refinanced US$2.7bn of debt within its US business.

  • Owners, advisers and tenants unite for “green lease action plan”

    28 July 2010

    Leading building owners and advisory firms in the US have joined corporate tenants in committing to a statement of principles and a Green Lease Action Plan to resolve the challenges of energy and sustainability in leased office buildings.

  • Global investment in Q2 doubles to $66bn

    15 July 2010

    Global real estate investment in the second quarter of 2010 was $66bn – double the same period in 2009, research from Jones Lang LaSalle has shown.

  • General Growth brings JLL in on 11m sq ft in US

    13 July 2010

    General Growth Properties, the US shopping centre owner, has appointed Jones Lang LaSalle on 11m sq ft of retail property.

  • Studley to sell two of Paul Kemsley’s former New York properties

    16 June 2010

    Brokerage firm Studley has been appointed by the administrators of Paul Kemsley’s Rock Joint Ventures to sell two office buildings in Manhattan.

  • RICS: Ireland and the US set for biggest rise in distressed sales

    7 June 2010

    Irelandand the US will see the greatest rise in “distressed sales” of property according to a survey published today by the RICS.

  • Zell plans $500m Brazilian investment

    20 May 2010

    Sam Zell’s Equity international is seeking to raise $500m to invest in Brazilian real estate, Bloomberg reported today.

  • US Justice Department looks into Hamptons home selling

    19 May 2010

    The US Justice Department is seeking information about how homes are sold in New York’s home to the rich and famous, the Hamptons, Bloomberg reported today.

  • Bank of New York Mellon considers new HQ

    19 May 2010

    Bank of New York Mellon is considering selling its New York headquarters and moving to a new home, Bloomberg reported today.

  • Signs that development slump ending as US architect demand rises

    19 May 2010

    Demand for architects in the US rose to the highest level since January 2008 last month, Bloomberg reported today.

  • Starwood bids for Extended Stay hotel chain

    18 May 2010

    Investors led by Starwood Capital Group have bid for hotel chain Extended Stay which is in bankruptcy protection, Bloomberg reported today.

  • US property returns to positive returns

    14 May 2010

    US commercial real estate has delivered its first positive quarterly return in 18 months.

  • H&M eyes southern hemisphere expansion

    14 May 2010

    Europe’s second largest retailer H&M is considering open its first store in the southern hemisphere as it competes with larger rival Inditex, Bloomberg reported today.

  • Zell sells stake in Brazil housebuilder

    14 May 2010

    Billionaire Sam Zerll has sold part of his stake in Brazil’s second largest housebuilder Gafisa, Bloomberg reported today.

  • Amazon rain forests makes way for malls

    14 May 2010

    The Amazon forest has followed a predictable pattern. Loggers make way for cattle ranches that make way for farms. Now shopping malls.are moving in.

  • Wyclef Jean picks design for Haiti charity leisure development

    14 May 2010

    An American student has won a Royal Institute of British Architects international competition to design a music studio in Cité Soleil, Port-au-Prince, Haiti, on behalf of rapper and singer Wyclef Jean and his charity, Yéle Haiti

  • US home foreclosures new peak

    13 May 2010

    US home repossessions set a record in April while foreclosure filings dropped for the first time in four years, a sign lenders may be delaying new default actions as they seize properties, RealtyTrac said.

  • Buyout firms compete for US commercial real estate loans firm

    13 May 2010

    Buyout firms Apollo Global Management LP and Centerbridge Capital Partners are competing to takeover CW Financial Services, the parent of the second largest manager of delinquent US commercial real estate loans, Bloomberg said today.

  • Wall Street banks investigated over misleading mortgage securities

    13 May 2010

    Banks investigated via subpoenas include Citigroup, Goldman Sachs, Merrill Lynch and Morgan Stanley over inflated mortgage grades and misleading ratings agencies

  • Banks embrace ‘extend and pretend’ as U.S. hotels await rebound

    13 May 2010

    A year ago, Sam Nazarian was concerned bankers wouldn’t rework the mortgage on his SLS Hotel at Beverly Hills after the recession cut occupancy and the luxury property lost money.

  • U.S. home seizures reach record in sign recovery is delayed

    13 May 2010

    U.S. home repossessions set a record in April while foreclosure filings dropped for the first time in four years, a sign lenders may be delaying new default actions as they seize properties, RealtyTrac Inc. said.

  • Tower deal signals improving market

    12 May 2010

    In one of the city's biggest real-estate deals since the downturn, SL Green Realty Corp. is selling a stake in the trophy McGraw-Hill building on Sixth Avenue for $500m to raise cash for a buying spree.

  • Home prices rise in 91 US cities in Q1

    12 May 2010

    Home prices rose in 91 US cities in the first quarter as states hard hit by foreclosures began to recover and a tax credit cut the number of properties for sale.

  • Knight Frank: Global Real Estate Markets 2010

    7 May 2010

    "At the start of 2009, nearly every global office market was in the midst of a period of weak occupier demand, falling rents and rising vacancy rates. As the year progressed, however, there was a divergence in the fortunes of the major global markets, as some showed early signs of recovery, while others continued to suffer. By the end of the year, prime office rents had begun to move upwards in Hong Kong, stabilised in the West End of London, and continued on a downward trend in ...

  • Huge loss at Fannie Mae

    11 May 2010

    Fannie Mae asked the US government for an additional $8.4bn in aid after posting an $11.5bn net loss for the first quarter, the latest sign that the bailout of the mortgage investor and its main rival, Freddie Mac, is likely to be the most expensive legacy of the US housing-market bust.

  • Goldman to back Extended bid

    10 May 2010

    With a key deadline looming in bankruptcy court, Goldman Sachs Group is close to a deal to provide $2.2bn in financing to a group led by Starwood Capital Group in its bid for hotel chain Extended Stay, according to people familiar with the matter.

  • General Growth gets court backing for Brookfield bid

    10 May 2010

    General Growth Properties won bankruptcy court approval for an auction process that makes a group led by Brookfield Asset Management property the first bidder. General Growth fell 11% in New York trading.

  • Sam Zell's top tips for surviving the recession

    7 May 2010

    Sam Zell’s top tip for surviving the recession is “having conviction in the assets that you own”

  • US REITs battle for fund cash

    5 May 2010

    Executives in the REIT industry have gone on the offensive in an effort to persuade pension funds and other large investors to put more money with public companies and less with private-equity firms.

  • Simon Property's rents firm as tenants recover

    4 May 2010

    Simon Property Group said in the latest quarter vacancy rates held steady and rents edged higher as its tenants' sales rose 6.6% from a year earlier.

  • Fannie Mae tightens mortgage rules

    4 May 2010

    Fannie Mae has said it will tighten lending standards on adjustable-rate mortgages and "interest-only" loans that helped fuel the housing bubble and have led to a disproportionate share of losses for the mortgage-finance giant.

  • Oil leak 'worse than Katrina' for property

    4 May 2010

    BP's burgeoning oil spill in the Gulf of Mexico may hurt property owners more than any storm as sludge threatens to wreak long-term damage on the region’s most valuable asset: its environment.

  • Simon Property steps up General Growth battle

    4 May 2010

    Simon Property Group stepped up its fight for General Growth Properties, with a new takeover offer as its bankrupt rival endorsed a financing plan by Brookfield Asset Management.

  • Governments take Manhattan

    30 April 2010

    Foreign governments have emerged as an engine of growth as the city's real estate market struggles to shrug off the doldrums, becoming major buyers of townhouses, office condominiums and other properties.

  • Global view: Jennifer Rigby

    30 April 2010

    Churchill is star space planner at occupiers’ Mardi Gras

  • Lehman seeks stalled Manhattan condo foreclosure

    29 April 2010

    Lehman Brothers Holdings sued to foreclose on a stalled Manhattan condominium project, alleging developer Yitzchak Tessler failed to repay the $136.8m senior mortgage.

  • Sands Macau sale may Raise $12bn

    28 April 2010

    Las Vegas Sands Corp. Chairman Sheldon Adelson said the planned sale of the casino operator’s Macau malls and apartments may raise as much as $12bn and recoup their construction costs.

  • Smart capital 'targeting US commercial property'

    28 April 2010

    Principal Financial Group chief executive officer Larry Zimpleman, whose firm holds more than $30bn of real estate assets, said new buyers are entering the US commercial market and pushing up prices.

  • Goldman primed sales force to sell risky bonds

    28 April 2010

    Goldman Sachs Group, seeking to reduce assets tied to the declining US housing market, urged its sales force in 2006 and 2007 to sell those products to clients, newly disclosed internal e-mails show.

  • US housing showing recovery signs

    28 April 2010

    US housing prices are showing signs of recovery after a slide that sent values to levels last seen in 2003 and left almost a quarter of homeowners with properties worth less than their mortgages.

  • Tourists investors may quit property says Starwood chief

    27 April 2010

    US commercial real estate investors may turn to other opportunities as vacancies remain high and interest rates rise, according to Barry Sternlicht, chief executive officer of Starwood Capital Group.

  • RXR targets NYC tower

    27 April 2010

    Real estate investor Scott Rechler’s RXR Realty is in exclusive discussions to buy 340 Madison Ave, a 22-story midtown Manhattan office building, from Broadway Partners, a person familiar with the deal said.

  • US homebuilders rally on 27% sales surge

    26 April 2010

    US homebuilding stocks, led by Lennar Corp. and Standard Pacific Corp., posted the biggest weekly gain since July as two reports showed sales are recovering from the depths of the housing-market collapse.

  • Tax breaks boost US home sales

    23 April 2010

    Tax credits sparked a big jump in home sales last month, as first-time buyers took advantage of low prices and interest rates.

  • Rating agencies 'too influence by Wall Street'

    23 April 2010

    Moody’s Investors Service and Standard & Poor’s were too influenced by Wall Street, had insufficient resources and used outdated models to grade mortgage securities that blew up when the US housing market collapsed in 2007, Senate investigators said in a report.

  • Simon adds $1.1bn to General Growth proposal

    22 April 2010

    Simon Property Group added four backers to its proposal to help rival mall owner General Growth Properties Inc. emerge from bankruptcy, increasing the plan’s total investment by $1.1bn.

  • Blackstone joins extended stay bid

    22 April 2010

    Blackstone Group is trying to buy back a piece of Extended Stay, the 680-property hotel chain that it sold for $8bn in 2007 when prices were sky high.

  • Atlantic City venues seek investors

    22 April 2010

    Five casino assets in Atlantic City are looking for buyers, raising concerns that the East Coast gambling enclave could be starved for new investment at a moment when competition from elsewhere is rising.

  • Plaza Centers makes first US investment

    22 April 2010

    Plaza Centers has made its first investment in the USA in a bid to take advantage of low retail values following the recession.

  • Hotels struggle under debt burden

    21 April 2010

    More than $60bn of hotel buyouts during the recent real-estate boom saddled several name-brand hotel chains with mountains of debt. Now, many are finding it tough to restructure and reduce those complicated debt burdens with the hotel industry mired in a downturn.

  • Goldmans set to use 'caveat emptor' defence

    21 April 2010

    Goldman Sachs Group has signaled it will fight a US lawsuit over subprime mortgage instruments the same way Bank of America's Merrill Lynch unit and UBS have challenged similar claims -- by invoking the concept of caveat emptor: Latin for buyer beware.

  • Abacus deal 'as bad as they come'

    20 April 2010

    Abacus 2007-AC1, the mortgage deal at the centre of Friday's civil fraud lawsuit against Goldman Sachs, also boasts another dubious distinction: It was one of the worst performing mortgage deals of the housing crisis, based on one measure of rating-firm downgrades.

  • Brookfield says Simon proposal threatens GGP

    20 April 2010

    Simon Property Group’s plan to invest in bankrupt rival General Growth Properties raises antitrust concerns that would hurt the mall owner after it reorganizes, Brookfield Asset Management said.

  • US mortgage areas down again

    19 April 2010

    In an encouraging sign for the US housing market, mortgage delinquencies fell in March for the second month in a row, according to new data.

  • US stores having to wait for competitors to 'die'

    16 April 2010

    Retailers planning to open stores this year may have difficulty finding space in the most desirable malls and shopping centers, industry executives said.

  • Simon matches Brookfield General Growth bid

    15 April 2010

    Simon Group has raised the stakes in the battle for bankrupt rival General Growth Properties Inc. by effectively matching a bid from Brookfield Asset Management Inc. and other shareholders.

  • Brooklyn home sales surge on price drop

    15 April 2010

    Brooklyn home sales jumped 57% in the first quarter from a year earlier as buyers sought deals after more than two years of price declines.

  • US bank seizures set record

    15 April 2010

    Foreclosure filings in the US rose 16% in the first quarter from a year earlier and bank seizures hit a record as lenders stepped up action against delinquent homeowners, according to RealtyTrac.

  • Morgan Stanley to take battering on property fund

    14 April 2010

    Morgan Stanley, which once ran the biggest property-investment arm among Wall Street banks, expects to lose $5.4bn, or 61%, of its $8.8bn global fund from 2007, said a person familiar with the situation.

  • Feds selling bad loans on 'hard to lose' terms

    14 April 2010

    Starwood Capital Group, Colony Capital and TPG, whose leaders profited from the 1990s savings and loan crisis, are among firms buying assets from the Federal Deposit Insurance Corp. for as little as 22 cents cash on the dollar, according to data compiled by Bloomberg.

  • Simon and Global Growth reach impasse

    13 April 2010

    Talks between mall owners Simon Property and General Growth have reached an impasse regarding how many malls Simon would be willing to divest to allay antitrust concerns it if were to acquire its bankrupt rival, people familiar with the talks said.

  • Creditors chase Opus Corp owning family

    12 April 2010

    Opus Corp., formerly one of the country's largest developers of commercial property, transferred tens of millions of dollars to its controlling family in the years preceding the collapse of the company's operations.

  • Citi bosses defend roles in crunch

    9 April 2010

    Charles Prince and Robert Rubin defended themselves against claims by members of a panel investigating Citigroup’s $45bn bailout that they should have known the bank’s investments in mortgage bonds were headed for collapse.

  • US home supply rises

    8 April 2010

    The number of homes listed for sale increased in many metropolitan areas in March.

  • Chamieh joins Pramerica

    7 April 2010

    Pramerica Real Estate Investors has hired Mark Chamieh as managing director and co-head of global marketing and client services.

  • US regional mall vacancies hit decade high

    7 April 2010

    Vacancies at the largest US retail centers rose to the highest level in at least a decade as unemployment and “inconsistent” consumer spending reduced demand from tenants, Reis Inc said.

  • Prosecutors question AIGs Cassano over subprime losses

    7 April 2010

    US prosecutors will continue interviewing former American International Group Inc. executive Joseph Cassano today as they weigh whether to bring criminal charges related to the insurer’s collapse, according to a person familiar with the discussions.

  • US office market 'steadies'

    6 April 2010

    Landlords of office buildings continued to cut rental rates in the first quarter, although the size of the reductions slowed and seemed to indicate that commercial real estate was starting to steady after a brutal 2009.

  • Former Morgan Stanley property bankers to form own firm

    6 April 2010

    Morgan Stanley’s former global head of real estate, Sonny Kalsi, is to form an investment and advisory firm that will focus on properties in the US, Japan and western Europe.

  • US apartment rents dip as vacancies soar

    6 April 2010

    US apartment rents dropped in the first quarter and the vacancy rate remained at a record as unemployment near a 26-year high limited tenant demand.

  • General Growth plan allows time for rival bidders

    1 April 2010

    General Growth Properties’s proposal to exit bankruptcy with funding from Brookfield Asset Management. has a clause that will give the company until the end of the year to complete a takeover deal with another party, according to two people with knowledge of the plan.

  • Fed opens books toxic assets

    1 April 2010

    The Federal Reserve Bank of New York lifted a veil of secrecy on the troubled mortgage assets it bought as part of the 2008 rescues of Bear Stearns and AIG.

  • California hotel foreclosures jump 27%

    1 April 2010

    Hotel foreclosures in California climbed 27% in the first quarter from a year earlier as unemployment cut business travel.

  • Carnival atmosphere

    Global April 2010

    Brazil could be property’s next success story, and some of the world’s biggest cross-border investors are joining the party

  • Favela rising

    Global April 2010

    Barefoot in the hot, dusty streets of the “favelas”, boys kick footballs, trying to recreate a fairytale escape from poverty like the sporting legends who came before them

  • My house, your market

    Global April 2010

    The Brazilian government’s affordable housing programme — My House, My Life — is currying favour with the electorate and attracting international developers

  • Q+A: AMERICAS

    Global April 2010

    Should investors be flying down to Rio?

  • Rates cut could cool inflation but kill demand

    Global April 2010

    Investors are bracing themselves for a tightening of monetary policy after the central bank warned that inflation is likely to rise from 4.86% to 5% by the end of 2010

  • Squarestone goes shopping

    Global April 2010

    The Brazilian venture is testing the market’s appetite for overseas AIM funds as it seeks to raise £250m to invest in retail

  • STEVE CUOZZO: New York’s rental meltdown may finally have come to a halt

    Global April 2010

    New York’s commercial brokers shared a sour laugh this month. Cushman & Wakefield reported that, in February, the asking rent for the average Manhattan office building rose for the first time since September 2008 — by only two cents

  • Who’s who in Brazil

    Global April 2010

    Sonae Sierra BrasilThe firm, which owns 10 shopping centres, last month announced its intention to list on the Bovespa stock exchange. The company, which is owned by US REIT Developers Diversified Realty and Portuguese developer Sonae Sierra, did not disclose how many shares it would offer or the price range for the initial public offering

  • US home prices in first fall for eight months

    30 March 2010

    Home prices probably fell in January for the first time in eight months, one reason Americans are concerned about the state of the US economy.

  • Indian-Mexican JV to target affordable homes

    30 March 2010

    Puravankara Projects today said it has entered into an agreement with Mexico-based Homex India Private to form a joint venture company for affordable housing projects.

  • Deal reached for Ground Zero rebuild

    26 March 2010

    After months of acrimonious negotiations, government officials and developer Larry Silverstein reached a deal to rebuild the World Trade Center site and end an impasse that has stalled progress since the complex was destroyed in the 9/11 terrorist attacks.

  • Citigroup wins ruling against Solow

    26 March 2010

    Citigroup won a judgment allowing it to collect $85.7m from billionaire real-estate developer Sheldon H. Solow.

  • Obama to beef up mortgage rescue scheme

    26 March 2010

    The White House will today announce an expansion of its foreclosure-prevention efforts to include reducing mortgage loan balances for some borrowers, a controversial step that policy makers have long resisted, people familiar with the plans said.

  • BofA launches mortgage debt scheme as prosecutors circle

    25 March 2010

    Under pressure by Massachusetts prosecutors, Bank of America Corp. said Wednesday it would reduce mortgage-loan balances as much as 30% for thousands of troubled borrowers, in what could presage a wider government effort to encourage banks to offer debt reduction to ease the mortgage crisis.

  • "Double Dip" in 12 US city house prices

    24 March 2010

    Twelve US cities, including Boulder, Colorado, and Providence, Rhode Island, are showing extended declines in housing values, reversing signs of a sustained recovery last year, according to Zillow.com.

  • Ex Dubai World NY hotel bankrupt

    24 March 2010

    The W New York Union Square hotel was put into bankruptcy by the junior mezzanine lender that took over ownership of the Manhattan luxury property in December from Dubai World.

  • Invesco in first $120m closing of US real estate fund

    24 March 2010

    Invesco Real Estate has had its first closing of a US real estate fund - US IV fund - which is the fourth fund in a series of “tactical funds” investing European institutional capital into the US real estate markets.

  • Lend Lease appoints new US chief

    23 March 2010

    Lend Lease Group has appointed a new chief executive, Robert McNamara, to reposition its US business as the country recovers from the downturn.

  • Luxury home prices dip on global crisis

    23 March 2010

    Luxury homes became more affordable last year as the financial crisis eroded prices from Monaco to Barbados, according to Knight Frank.

  • New players enter General Growth fray

    23 March 2010

    Elliott Associates and Paulson & Co. are discussing a plan to team with Brookfield Asset Management Inc. to bring mall owner General Growth Properties out of bankruptcy, two people familiar with the talks said.

  • Four Seasons Maui misses mortgage payment

    23 March 2010

    The Four Seasons Maui has gone delinquent on its $425m of mortgages just as the Four Seasons New York and others have reached compromises with their lenders.

  • Geithner urges Fannie, Freddie reform

    23 March 2010

    US Treasury Secretary Timothy Geithner said the government should end the “ambiguity” over the government’s involvement in mortgage finance companies Fannie Mae and Freddie Mac.

  • US commercial property index up for third month

    22 March 2010

    US commercial property values rose for a third month in January as the economy grew, according to Moody’s Investors Service.

  • New York beats off Floria to keep JetBlue HQ

    22 March 2010

    JetBlue Airways, the biggest carrier at New York’s Kennedy Airport, will keep its headquarters in the city after studying whether to relocate to Orlando, Florida, two people with knowledge of the talks said.

  • US discounters to grow on 'new frugality'

    22 March 2010

    Dollar General, Saks’s Off 5th and Chipotle Mexican Grill are among the discounters and fast-food chains set to expand in 2010 as US consumers embrace a “new frugality,” according to Colliers International.

  • US retailers seek smaller units

    22 March 2010

    Chastened by the recession retailers including Gap and AnnTaylor Stores are poring over their holdings, looking for stores they can cut down to size.

  • Supply of foreclosed US homes rises

    19 March 2010

    The supply of foreclosed homes that banks need to sell is rising again, signalling further downward pressure on home prices in some parts of the US.

  • Westbrook in Millennium swoop

    18 March 2010

    Mixed-use developer Millennium Partners has sold a two-thirds ownership interest in three of its luxury hotels to real-estate investor Westbrook Partners for $100m, in a deal that saves the Four Seasons San Francisco from possible foreclosure.

  • Simon tipped to be eyeing new General Growth bid

    17 March 2010

    Simon Property Group is preparing a new offer for General Growth Properties, a month after being turned down by its largest rival, according to a person with knowledge of the plan.

  • US Federal Reserve sees rates staying low on weak recovery

    17 March 2010

    Federal Reserve officials signaled the U.S. recovery isn’t strong enough to stoke inflation, reduce unemployment quickly or justify an end to record-low interest rates.

  • US housing starts slump

    17 March 2010

    Winter storms slowed new home construction in February, the latest blow for a housing market that remains strained by foreclosures and tight credit.

  • US property recovery seen as Federal schemes unwind

    15 March 2010

    The US housing market is poised to withstand the removal of government and Federal Reserve stimulus programs and rebound later in the year, contributing to annual economic growth for the first time since 2006.

  • New York and London tied as top finance centre

    12 March 2010

    London lost its lead over New York City in the latest biannual ranking of financial centers compiled by Z/Yen for the City of London Corporation, the Financial Times reported.

  • US apartment vacancy 'to fall in 2010'

    11 March 2010

    Apartment vacancies in the US, which reached a record high of 7.4% in 2009, will fall this year as job losses stabilise and fewer new rental homes enter the market, CB Richard Ellis Group said.

  • $1bn US firm targets Gulf and South America

    10 March 2010

    Blumberg Capital Partners, a leading US-based investment firm, has launched a $1bn commercial real estate fund to capitalise on distressed properties in the US, the Gulf and Brazil, the firm’s CEO has said.

  • Helmsley sells trophy hotel

    10 March 2010

    The estate of real-estate baroness Leona Helmsley has signed a deal to sell one of its prime Manhattan hotels for about $170m, in a sign that investor appetite is keen for trophy assets.

  • Apollo poised to take control of Citi Property Investors

    10 March 2010

    Leon Black’s Apollo Global Management is the preferred bidder to take control of Citi Property Investors, the real estate investment arm of Citigroup.

  • General Growth investors inject $3.93bn

    9 March 2010

    General Growth said its biggest debt and equity holders offered to jointly invest $3.93bn in the company, bolstering a plan with Brookfield Asset Management Inc. to bring the mall owner out of bankruptcy.

  • Farkas buys mortgage firm

    9 March 2010

    New York real-estate investor Andrew Farkas has closed a deal to buy Centerline Holding, one of the USA's largest commercial-mortgage-servicing specialists, putting in $100m in new equity and assuming about $180m of Centerline's debt.

  • General Growth bankruptcy plan extended

    8 March 2010

    The judge hearing mall owner General Growth Properties's bankruptcy case gave it another four months of exclusive control over its fate, a shorter reprieve than the company had requested but longer than some of its suitors and creditors had wanted.

  • Land values undermine Napa Valley vineyards

    8 March 2010

    For California’s Napa Valley, producer of the most expensive US wines, 2010 may be a vintage year for foreclosures as the industry is squeezed by falling land values and a consumer shift to cheaper brands.

  • Valeo Fund launches in UK and Europe to buy in US

    5 March 2010

    US based private equity fund Valeo Fund has launched in Europe in order to attract investment from high net worth individuals and private wealth managers in the UK and Europe – to spend in the US.

  • CPC’s Beverly Hills saga concluded

    05 March 2010

    Christian Candy’s CPC Group’s Project Lotus, the vehicle set up to hold the prized 8 acre development site 9900 Wilshire in Beverly Hills, last week transferred its ownership to the lending group headed by Mexico’s Banco Inbursa in a non-judicial foreclosure sale.

  • Dubai World hands second NY building back to lender

    4 March 2010

    Danske Bank took control of a 104-year-old office building in New York’s Times Square from Istithmar World, the second loss of a Manhattan property by the Dubai World unit in three months.

  • Global investment to rise 30% in 2010

    3 March 2010

    Global investment volumes will near $500bn this year following investment surges in China, the UK and the US, research from Cushman & Wakefield has said.

  • General Growth "Biased toward Brookfield" claim creditors

    3 March 2010

    General Growth Properties may be prejudiced in favor of a risky bid from Brookfield Asset Management Inc. because of that company’s agreement with William Ackman’s Pershing Square Capital Management, creditors said in court documents.

  • General Growth look to get reorganised by October

    2 March 2010

    General Growth Properties, the bankrupt owner of more than 200 US malls from Boston to Los Angeles, aims to confirm a reorganisation plan by 5 Oct, after taking 60 days to consider proposals that compete with one from Brookfield Asset Management.

  • Buffett expects 2011 US housing recovery

    1 March 2010

    Billionaire Warren Buffett said the US residential real estate slump will end by about 2011, predicting that’s how long it will take demand for homes to catch up with the supply.

  • US builders work directly for banks

    1 March 2010

    Home builders in some of the nation's hardest-hit housing markets are going to work directly for banks, in a little-used arrangement that is helping to ameliorate conditions in some battered local economies.

  • Candy’s CPC Group hands back Beverly Hills site to Mexican bank

    26 February 2010

    Christian Candy's CPC Group has handed back a prized development site in Beverly Hills which was meant to be developed into a luxury scheme to its lenders in a non-judicial foreclosure sale yesterday.

  • Freddie Mac losses ease but warns on future

    26 February 2010

    Freddie Mac posted a smaller loss last year than in 2008 and said for the third consecutive quarter that it won't need to ask the government for additional bailout funds. But the company says conditions could worsen as foreclosures pick up later this year.

  • Liberty looks to sell US malls

    26 February 2010

    Liberty International is in talks to sell its $560m (£368m) US shopping centre business to a Miami-based real estate investment trust as the next step in its planned demerger.

  • General Growth to split as Westfield enters fray

    25 February 2010

    General Growth Properties plans to split itself in two as part of its move to exit bankruptcy that includes a $2.63bn investment from Brookfield Asset Management.

  • US new house sales at lowest on record

    25 February 2010

    Sales of new single-family homes plunged last month,, dropping 11.2% in January from a month earlier to a seasonally adjusted annual rate of 309,000, the Commerce Department said.

  • Brazilian shopping centre company AIMs to raise £250m

    24 February 2010

    In the first UK property flotation this year a Brazilian shopping centre company is aiming to raise £250m through a listing on AIM next month.

  • US commercial mortgage default rate more than doubles

    24 February 2010

    The default rate for commercial property mortgages held by US banks more than doubled in the fourth quarter and may reach a peak of 5.4% at the end of next year, according to Real Capital Analytics.

  • Jump in US commercial sales

    24 February 2010

    The number of commercial real-estate sales rose sharply in December, triggering fresh debate about whether the sector has reached bottom.

  • Canada housing boom set to boil over

    24 February 2010

    Canada's hot housing market looks set to heat up even more this spring as would-be buyers race to avoid new mortgage rules, the arrival of harmonised sales tax regimes in two of the most expensive markets, and anticipated interest rate rises.

  • US new homes sales up on tax credit extension

    24 February 2010

    Sales of new homes in the US probably rose in January as an extension of a first-time homebuyers’ tax credit spurred demand from a nine-month low, economists said before a report today.

  • Brookfield enters General Growth fray

    23 February 2010

    Brookfield Asset Management plans to bid for a stake in General Growth Properties, beating an offer by Simon Property Group for the bankrupt shopping mall owner, the Wall Street Journal reported.

  • Farkas re-enters the fray

    22 February 2010

    Andrew Farkas, who rose to prominence in New York real estate during the mid-1990s, by picking through the wreckage of commercial real estate.

  • Nearly 1m US homeowners get loan-mod help

    19 February 2010

    The US Treasury said its foreclosure-prevention program has cut mortgage payments for about 947,000 households, at least temporarily.

  • Silverstein offers $1bn to speed WTC rebuilding

    19 February 2010

    Larry Silverstein, the developer of New York’s World Trade Center site, offered as much as $1bn of equity, tax-exempt financing, insurance funds and cost savings to expedite skyscraper construction at Ground Zero.

  • Candy to surrender Beverly Hils estate to settle debt

    19 February 2010

    Christian Candy, a Monaco-based real estate entrepreneur, will hand over an eight-acre site in Beverly Hills to settle a dispute over a $365.5m loan that’s in default.

  • Blackstone ponders joining Simon General Growth bid

    19 February 2010

    Blackstone Group, the world’s largest private-equity firm, may join Simon Property Group’s bid to buy bankrupt General Growth Properties, two people with knowledge of the discussions said yesterday.

  • CB Richard Ellis: A comparative analysis of office markets in international financial centres

    19 February 2010

    "Despite being hit hard and early by the global financial meltdown London has been one of the first to bounce back, CB Richard Ellis’s analysis of office markets in international financial centre says. The report looks examines the effects of the recession on different financial centres, and focuses on Tokyo, Hong Kong, New York and London."

  • Simon pours heat on General Growth

    18 February 2010

    Mall giant Simon Property Group Inc. warned General Growth Properties Inc. late Wednesday that Simon might drop its $10bn takeover bid for the company or go hostile if General Growth didn't come to the bargaining table soon.

  • Harvard endowment to offload property holdings

    17 February 2010

    Harvard University's $26bn endowment is considering selling some of its $5bn real-estate portfolio as it seeks better investment opportunities and to reduce its exposure to property.

  • Foreclosure overhang 'will push down prices'

    17 February 2010

    Foreclosures will cause US home prices to fall this year as lenders buck federal pressure to modify loans, according to a report from Standard & Poor’s Financial Services.

  • Billionaire sues JPMorgan over $98m loss

    17 February 2010

    Billionaire Len Blavatnik said JPMorgan Chase lost a tenth of the $1bn he had it manage so sued.

  • General Growth bidding war after Simon offer?

    17 February 2010

    Simon Property Group's offer to buy General Growth Properties out of bankruptcy for more than $10bn may start a bidding war for the company, the owner of four out of five of the best-performing US malls.

  • Simon makes $10bn takeover bid for General Growth

    16 February 2010

    Simon Property Group has made a $10bn offer for General Growth Properties that would end one of the largest US bankruptcies and combine the two largest US shopping mall owners.

  • Canada to tighten mortgage rules in face of bubble

    16 February 2010

    Canadian finance minister Jim Flaherty is set to tighten rules in the country’s mortgage industry, according to two government officials familiar with the plan, as record activity prompts talk of a housing bubble.

  • Small US banks 'could be hit by commercial property'

    15 February 2010

    Nearly 3,000 small US banks could be forced to dramatically curtail their lending because of losses on commercial real-estate loans, a congressional inquiry concluded.

  • Brookfield fund buys JP Morgan assets

    15 February 2010

    A real-estate fund run by Brookfield Asset Management said Thursday it acquired 16 office properties with about 2.9m square feet from JP Morgan Chase. The price was about $200m, according to a person familiar with the matter.

  • US builders bet on tax credit boost

    15 February 2010

    Home builders are ramping up speculative construction to attract last-minute home buyers who want to tap a soon-to-expire tax credit.

  • US mortgage rates fall under 5%

    12 February 2010

    Home-mortgage rates fell this week, with the average rate on 30-year fixed-rate mortgages dropping back below 5% as Treasury yields continue to fluctuate, according to Freddie Mac's weekly survey.

  • Montreal investor sees Canada housing bubble

    12 February 2010

    Stephen Jarislowsky, chairman of Montreal-based investment adviser Jarislowsky Fraser, said he is 'convinced' there’s a bubble in Canada’s housing market, fueled by government measures that encouraged consumers to take on debt.

  • New Jersey consider Xanadu mall surrender

    10 February 2010

    As the developer of the stalled Xanadu project in New Jersey struggles to line up new finance, the state's new governor have floated another possibility if the $2bn project can't get its act together: Surrender it back to the state.

  • One-fifth of US homeowners are 'underwater'

    10 February 2010

    More than a fifth of US homeowners owed more than their properties were worth in the fourth quarter as the number of houses and condominiums lost to foreclosure climbed to a record, according to Zillow.com.

  • Israeli investor Zisser plans $1bn US fund

    9 February 2010

    Israeli property investor Motti Zisser is making the plunge into the US real estate market with plans for a $1bn fund.

  • Madoff NY penthouse close to sale

    8 February 2010

    Bernard Madoff’s Manhattan penthouse has gone is close to sale for an undisclosed price. It was originally listed for $9.9m in September and later was cut to $8.9m.

  • Launch of new Global interactive magazine

    5 February 2010

    Property Week has launched Britain’s first fully interactive online business magazine today.

  • DR Horton profits from improving sales

    3 February 2010

    DR Horton, the second-largest US housebuilder by revenue, yesterday unveiled its first quarterly profit since 2007 thanks to improving sales and a large tax credit, sending its shares up more than 7 per cent.

  • US home ownership hits decade low

    3 February 2010

    The proportion of Americans owning their homes fell to the lowest point in nearly a decade at the end of 2009, reflecting continuing troubles in the housing market even as the sector showed signs of stabilising.

  • Cushman & Wakefield hires Glenn Rufrano as president and CEO

    2 February 2010

    Cushman & Wakefield today announced the appointment of Glenn Rufrano, CEO of Centro Properties Group, as president and CEO.

  • Obama dodges Fannie and Freddie reform

    2 February 2010

    President Barack Obama’s budget blueprint for the next fiscal year excludes the $6.3tr in liabilities of government-controlled Fannie Mae and Freddie Mac and delays for a second time a decision on restructuring the mortgage-finance companies that were seized 17 months ago.

  • Poor return expect for Piedmont IPO

    29 January 2010

    Piedmont Office Realty Trust, which owns 73 office properties, on Thursday filed a prospectus for its stock-exchange listing, setting its expected share price between $16 and $18. If the initial public offering meets the most optimistic estimate, the average investor will realize a 2.1% annual return over seven years, according to an analysis by research firm Green Street Advisors.

  • Obama housing rescue under pressure

    29 January 2010

    President Obama’s efforts to bolster the US housing market, the trigger of the worst recession since the 1930s, may be undone by record unemployment and repossessions by lenders.

  • Barrie blogs on banks, bonuses and Barack

    28 January 2010

    I am even more gripped by Andrew Ross Sorkin’s `Too Big to Fail’ after President Obama’s dramatic move to limit the activities of investment banks last week.

  • Emerging markets lead the way in investor activity boom

    28 January 2010

    Emerging markets led the way as investor activity rocketed by 70% in the last quarter of 2009, the Royal Institution of Chartered Surveyors has said.

  • Silverstein loses WTC appeal

    28 January 2010

    An arbitration panel has ruled in the longstanding battle over the World Trade Center development between the Port Authority of New York and New Jersey and private developer Larry Silverstein.

  • Hamptons New York home leap on bargains

    28 January 2010

    Home sales in the Hamptons, the New York vacation getaway for dealmaker Stephen Schwarzman and movie star Sarah Jessica Parker, surged 59% in the fourth quarter as two years of declining prices lured buyers.

  • Citigroup in talks to sell property division

    28 January 2010

    Citigroup Inc., unloading assets to trim debt, is in advanced talks to sell its global real-estate investment unit, according to two people familiar with the matter.

  • US housing edges towards recovery

    27 January 2010

    There is evidence the US housing market is healing after a four-year slump, but the danger of further price drops remains amid persistent job-market weakness, according to The Wall Street Journal's quarterly housing survey.

  • Church of England writes off £40m

    26 January 2010

    The Church of England has been forced to write off a £40m investment in a New York apartment complex that it made in summer 2007 just before the credit crunch.

  • US home sales plunge the most in 40 years

    26 January 2010

    Sales of previously occupied US homes took the largest monthly drop in more than 40 years last month, sinking more dramatically than expected after lawmakers gave buyers additional time to use a tax credit.

  • US home price falls ease

    26 January 2010

    The drop in US home prices probably abated and consumer confidence climbed, putting the biggest part of the economy further along the path to recovery, economists said before reports today.

  • Billionaire eyes Stuyvesant Town swoop

    26 January 2010

    Billionaire investor Wilbur Ross and partners. including developer Richard LeFrak. may consider buying the Stuyvesant Town-Peter Cooper Village apartment development after its owners cede control to lenders.

  • GVA Grimley teams up with US firm Cassidy Turley

    25 January 2010

    GVA Grimley and newly launched US property consultant Cassidy Turley have signed a “Memorandum of Understanding” to create an international partnership.

  • New Jersey Xanadu mall has 'failed'

    25 January 2010

    The developers of the $2bn Xanadu shopping mall and entertainment complex in New Jersey need to complete the project or turn it over to the state, a report by advisers to Governor Christopher Christie said.

  • Tishman to give up Stuyvesant Town to Its banks

    25 January 2010

    Tishman Speyer Properties and BlackRock will transfer ownership of Stuyvesant Town/Peter Cooper Village in New York to lenders and their representatives after debt restructuring talks failed.

  • Barbados bails out hotel project

    22 January 2010

    Barbados, a popular vacation spot for the affluent, is bailing out the troubled Four Seasons luxury-resort development on the tiny island. Construction of the project stalled a year ago as financing dried up and sales of its private villas slowed, after initially attracting a cast of celebrity buyers.

  • Bubble fears for Canada as home sales surge

    21 January 2010

    Sales and prices of existing homes in Canada soared last month, capping a whirlwind year that began weakly and then went on to set record highs for prices, and further stir debate of a housing bubble.

  • US housebuilders expect recovery

    20 January 2010

    US housing construction is expected to rebound this year from the severely depressed 2009 level, but the market remains fragile as foreclosures continue to rise.

  • Paperwork bogs down Obama mortgage plan

    19 January 2010

    Thousands of homeowners participating in the Obama administration's foreclosure-prevention plan could miss a government deadline for completing necessary paperwork, putting them at risk of disqualification.

  • Credit fears could douse US rally

    15 January 2010

    Commercial real-estate problems may be about to halt the recent rally enjoyed by US regional banks.

  • Luxury Hotels target downtown LA

    15 January 2010

    Luxury hotel owners are betting that downtown Los Angeles -- an area dominated by government buildings, law offices and banks -- will lure convention visitors and tourists from the city’s ritzy enclaves.

  • US foreclosures may hit 3m in 2010

    14 January 2010

    A record 3m US homes will be repossessed by lenders this year as high unemployment and depressed home values leave borrowers unable to make their house payment or sell, according to a RealtyTrac Inc forecast.

  • Singapore hit by New York default

    12 January 2010

    Government of Singapore Investment Corp., manager of more than $100bn of the city-state’s foreign reserves, reported losses from its investment in Manhattan’s largest residential enclave.

  • Washington to topple New York as office top dog

    11 January 2010

    The office market in Washington DC, is poised to topple New York as the nation's most expensive, reflecting the declining fortunes of the nation's financial center and the government expansion under way in the US capital.

  • Gulf investors target US property

    11 January 2010

    A US fund targeting distressed property in American cities has generated almost half of its $100m (Dh367.3m) in commitments from Gulf investors.

  • Tishman and BlackRock to miss Stuyvesant payment

    11 January 2010

    Tishman Speyer Properties and BlackRock will miss a bond payment today on debt from their $5.4bn purchase of Manhattan’s Stuyvesant Town and Peter Cooper Village apartments, the companies said in a statement.

  • US office vacancy hits 15-year high

    8 January 2010

    Office vacancies in the US surged to a 15-year high in the fourth quarter and rents fell the most on record as the deepest recession in more than half a century slashed demand for commercial space, according to Reis Inc.

  • Banks refinance to extend Broadway run

    8 January 2010

    A syndicate of banks led by Bank of China that includes German lenders DekaBank and Landesbank Baden-Wurttemberg has refinanced one of New York’s landmark buildings

  • US apartment rents fall as vacancies rise

    7 January 2010

    US apartment vacancies rose to a record 8% in the fourth quarter and rents fell the most in three decades as unemployment cut demand, according to Reis Inc.

  • PRUPIM's International Real Estate Perspective - January 2010

    18 December 2009

    "After the synchronized worldwide slowdown, global economies are making good progress towards recovery with economic statistics confirming that the United States and Japan pulled themselves out of recession in the third quarter of the year. While the recovery trend is established in the majority of the G20 countries, a few nations, including the UK and Spain, are lagging behind, recording further economic contraction over the third quarter."

  • US retail vacancies hit record levels

    6 January 2010

    Vacancies at the largest US shopping centers reached a record 8.8% in the fourth quarter as unemployment rose and consumers spent less, research form Reis Inc said.

  • US commercial construction spend tipped for 13% fall

    6 January 2010

    Construction spending on hotels, office buildings and retail centers may fall 13% this year, the second straight annual decline amid a drop in property prices, the American Institute of Architects said.

  • Investors swoop on US opportunities

    6 January 2010

    Big-name investors have swooped in on two high-profile commercial properties in a sign that activity is returning to the investment-property market.

  • New York's Freedom Tower for sale

    5 January 2010

    New York’s Port Authority is selling a stake in Ground Zero’s Freedom Tower.

  • US commercial property 'presents risk'

    5 January 2010

    The commercial real estate market poses a threat to the US recovery, according to John Ryding, chief economist at RDQ Economics in New York.

  • Manhattan apartment prices drop by a fifth

    5 January 2010

    Manhattan apartment prices fell for a third consecutive quarter as Wall Street job losses drained demand and the decline in co-op and condominium values reached 21% since the market peak.

  • GMAC gets third bailout package

    4 January 2010

    GMAC, bailed out twice by the US government, received a third rescue package valued at $3.79bn that gives taxpayers a majority stake in the Detroit-based company.

  • UBS hunting for new New York space

    29 December 2009

    UBS is searching for as much as 800,000 sq ft of New York-area office space, making it the biggest tenant shopping the market as rents fall, two people familiar with the plans said.

  • Prime Outlets bails out David Lichtenstein

    29 December 2009

    Selling the Prime Outlets chain of outlet centers is giving New York investor David Lichtenstein the cash to bail himself out of his worst deal ever.

  • Morgan Stanley surrender five San Francisco towers

    17 December 2009

    Morgan Stanley, the securities firm that spent more than $8bn on commercial property in 2007, plans to relinquish five San Francisco office buildings to its lender two years after purchasing them from Blackstone Group near the top of the market.

  • Top-end US homeowners selling at loss

    17 December 2009

    Homeowners with mortgages of more than $1m are defaulting at almost twice the US rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers.

  • General Growth restructuring given nod

    16 December 2009

    General Growth Properties, the second-largest US mall owner, has won permission from a bankruptcy judge to restructure about $10.25bn in debt at some of its shopping centres and office buildings.

  • Luxury hotel set to rise as prices drop

    16 December 2009

    Luxury hotels will be among US lodging industry’s most traded real estate next year as buyers go after high-end properties that have slumped in value, said Arthur Adler, chief executive officer for the Americas at Jones Lang LaSalle Hotels.

  • Fannie and Freddie regulator seeking more aid

    15 December 2009

    Fannie Mae and Freddie Mac’s federal regulator is renegotiating the companies’ financing plan with the US Treasury Department and may seek an increase to their $400bn federal lifeline before the end of the year, according to people familiar with the talks.

  • Fairfield Residential files for Chapter 11

    14 December 2009

    Fairfield Residential, owner and developer of apartments in 40 markets across the US, filed for voluntary Chapter 11 bankruptcy protection and said it had agreed to a reorganisation plan with major creditors.

  • US foreclosure plan still a dud

    11 December 2009

    Fewer than 5% of borrowers participating in the Obama administration's foreclosure-prevention program, about 31,000 in all, have received permanent loan modifications, the Treasury Department has said.

  • Dubai World arm loses Manhattan hotel to foreclosure

    9 December 2009

    Dubai World's private-equity arm paid about $282m in 2006 for the trendy W Hotel on Union Square, Manhattan. At a foreclosure auction yesterday, the winning bid was $2m.

  • US homeowners lost $5.9tr in bust

    9 December 2009

    US homeowners have lost about $5.9tr in value since the housing market’s peak in March 2006 as mounting foreclosures and the recession weighed on prices, according to Zillow.com.

  • Simon Property buys US outlet centre owner in $2.3bn deal

    8 December 2009

    Simon Property Group, the US shopping centre REIT, is to buy outlet shopping centre company Prime Outlets in a $2.3bn deal.

  • Push to complete America's tallest building

    8 December 2009

    The stalled construction of North America's tallest building, a 150-story luxury residential tower planned for downtown, may get a boost from unionised construction workers desperate for jobs.

  • ICSC New York 2009: 2011 is the year to watch for retail failures says top US retail analyst

    7 December 2009

    2011 is the year to watch for retail failures said a top US retail analyst at the annual ICSC national conference and deal making event in New York today.

  • US says TARP cost is $200bn below expectations

    7 December 2009

    The Obama administration expects the cost of the Troubled Asset Relief Program to be $200bn less than projected, helping to reduce the size of the budget deficit, a Treasury Department official said yesterday.

  • Lone Star Funds targets $1.2bn for distressed securities

    4 December 2009

    Lone Star Funds, the Dallas-based investment firm, has raised more than $1.2bn for two funds that will invest in commercial real estate and securities, according to a person familiar with the matter.

  • US 30-year mortgage rate hit 38-year low

    4 December 2009

    Mortgage rates generally fell again this week, with the average rate on 30-year fixed-rate mortgages reaching the lowest level in at least 38 years, according to Freddie Mac's weekly survey.

  • Mexican firms eye South America

    3 December 2009

    Mexican companies from Desarrolladora Homex SAB to Banco Compartamos SA are turning to South America to increase revenue as their country’s economy lags behind a regional recovery.

  • General Growth plans to keep key malls

    3 December 2009

    General Growth Properties plans to emerge from bankruptcy without selling its best-performing shopping malls after reaching agreement with lenders, a strategy that may thwart the acquisition ambitions of competitor Simon Property Group Inc.

  • Credit aid lifts US home sales

    2 December 2009

    The number of homes with sales pending reached its highest level in three years in October, as Americans took advantage of a government-financed credit for first-time home buyers.

  • World offices centres get cheaper by the dozen

    1 December 2009

    The world’s most expensive office markets all got a cheaper this year.

  • US commercial mortgage defaults hit 3.4%

    1 December 2009

    The commercial mortgage default rate on loans held by US banks more than doubled to 3.4% in the third quarter as vacancies rose and rents declined, Real Estate Econometrics said.

  • New US guidelines aim to give alternative to foreclosure

    1 December 2009

    The Obama administration has laid out final guidelines that should make it easier for some financially troubled borrowers to sell their homes.

  • Dubai crisis: debt woes may hit US market

    30 November 2009

    Dubai's debt woes could further unhinge an already fragile US commercial real estate, as it illustrates the importance of that tiny country to global investors in an increasingly interconnected world.

  • Win two tickets to MIPIM

    27 November 2009

    We need your help with the 2009/2010 RICS and Macdonald & Company European Property Market Remuneration Survey.

  • New York ruling permits 'public good' land grab

    25 November 2009

    New York's highest court ruled that it is lawful for the state to seize private land for use by private developers, clearing a hurdle for a new basketball arena and marking a victory for local governments hoping to spur development.

  • Stuyvesant Tenants could seek control of Tishman account

    25 November 2009

    Tenants of Stuyvesant Town and Peter Cooper Village, the Manhattan apartment complexes facing default by landlords Tishman Speyer Properties and BlackRock Realty, may seek control of an account holding disputed rent payments.

  • US housing wobbles again

    23 November 2009

    The US housing market is sputtering again, adding to doubts about the vigor of the economic recovery.

  • Disastrous New York deal restructured

    20 November 2009

    The US real estate arm of Africa Israel Investments has tentatively agreed with creditors to restructure its disastrous acquisition of the former New York Times headquarters in a deal that will wipe out more than $400m debt.

  • Jumeirah targets Brazil hotels

    20 November 2009

    Dubai's Jumeirah Group plans to open its first hotels in Brazil as rising incomes in Latin America’s largest economy and the 2014 World Cup and 2016 Olympic games generate demand, according to a report.

  • Chile warming up

    20 November 2009

    There are signs the 300-meter (984-foot) Costanera Center in Santiago tower may resume construction, signalling an economic recovery is also under way in Chile.

  • American group buys Protego

    20 November 2009

    US giant Cornerstone swoops for Reid, Weeks and Llewelyn’s fund manager to become $30bn global manager

  • JER lays off directors in further reshuffle

    20 November 2009

    US fund manager makes Chamieh, Merchant and Hancock redundant

  • Manhattan retail rents fall 9%

    19 November 2009

    Retail rents fell 9% in Manhattan in the 12 months through September, as the city suffered from its highest unemployment rate in 16 years, according to the Real Estate Board of New York.

  • Starwood Hotels to save with move to Connecticut

    19 November 2009

    Starwood Hotels, the third-largest US lodging company, plans to move its headquarters to Stamford, Connecticut.

  • Silverdome sale stalled by Michigna court

    19 November 2009

    A Michigan judge temporarily blocked the city of Pontiac’s plan to sell the Silverdome football stadium for $583,000, a price that works out to $7.25 a seat.

  • Beazer chief set for bonus 'clawback' claim

    17 November 2009

    Beazer Homes, which last year settled US allegations that it misstated earnings, said its chief executive officer may be sued by regulators to recover incentive pay he collected.

  • Developers Diversified first to use US debt scheme

    17 November 2009

    Developers Diversified Realty sold $400m of debt backed by shopping centres in the first offering of commercial-mortgage bonds through a US program to jumpstart lending.

  • Maguire Properties faces LA foreclosure

    17 November 2009

    Bank of America sued Maguire Properties, the largest office landlord in downtown Los Angeles, in a foreclosure action seeking control of a 16-story building.

  • Deutsche-owned Vegas casino goes underwater - literally

    16 November 2009

    Deutsche Bank's Cosmopolitan Resort & Casino complex in Las Vegas, already the most expensive debacle in the city for a single lender, is now two years behind schedule, $2bn over budget and under water - literally.

  • US foreclosures top 300,000 for 8th month

    12 November 2009

    US foreclosure filings surpassed 300,000 for an eighth straight month as unemployment made it tougher for homeowners to pay their bills, RealtyTrac Inc said.

  • Westfield cuts rents in US malls

    12 November 2009

    Westfield Group said today it was lowering rents and offering shorter leases in its shopping malls in the recession-hit United States to attract business.

  • Fannie and Freddie warm of deeper losses

    12 November 2009

    Fannie Mae and Freddie Mac, already reeling in red ink, are warning they could face additional losses from the weakening condition of mortgage-insurance companies.

  • Obama mortgage programme gathers steam

    11 November 2009

    The Obama administration has said that its mortgage-modification program has enrolled one in five eligible homeowners, a sign the effort is gathering momentum after a slow start. But so far few of those trial modifications are turning into permanent fixes.

  • US home sellers offer $28.1bn of incentives

    11 November 2009

    US home sellers with properties on the market as of 1 Nov had slashed asking prices by $28.1 billion as they sought to attract buyers, Trulia said.

  • Indians buy as Manhattan falls below Mumbai

    9 November 2009

    Indians now account for close to 20% of all realty sales in Manhattan, and 30% of all enquiries made, says Raphael De Niro, MD of New York’s biggest property brokerage firm Prudential Douglas Elliman. 'India and China are now replacing the buyers from Eastern Europe,' he says.

  • Fewer US homeowners underwater

    9 November 2009

    The number of U.S. homeowners who owe more than their properties are worth fell in the third quarter as values stabilized and some homes were lost to foreclosure, Zillow.com said.

  • Stuyvesant Town headed for sale after debt rejig

    9 November 2009

    Tishman Speyer Properties and BlackRock Realty, the owners of Manhattan’s Stuyvesant Town- Peter Cooper Village, moved closer to restructuring $3bn in debt on the apartment complex as the property verges on default, Fitch Ratings said.

  • US commercial property loans down more than half

    6 November 2009

    US mortgage lending for commercial property fell 54% in the third quarter from a year earlier, led by a decline in loans for malls and shopping centers, the Mortgage Bankers Association said.

  • US mortgage rates dip below 5%

    6 November 2009

    Home-mortgage rates fell this week, with the average rate on 30-year fixed-rate mortgages retreating back below the psychologically significant 5% level, according to Freddie Mac's weekly survey of mortgage rates.

  • ‘Worst is yet to come’ for America’s beleaguered real estate markets

    Global November 2009

    Report by ULI and PricewaterhouseCoopers finds that conditions are expected to deteriorate

  • US commercial property set for 2010 trough

    5 November 2009

    US commercial property prices are likely to hit bottom next year after falling more than 40% from their 2007 peaks, real estate executives said in a survey conducted by PricewaterhouseCoopers.

  • US housing inventory falls

    5 November 2009

    The number of homes listed for sale fell in many US cities in October as buyers sought to qualify for a federal tax credit.

  • IPOs unravel as Aviv shelves share sale amid record low returns

    4 November 2009

    Aviv REIT Inc. became the second company in less than a week to postpone its U.S. initial public offering as the busiest period for new listings in two years leaves investors with the worst returns on record.

  • Service industries in U.S. probably epanded for second month

    4 November 2009

    Service industries in the U.S. probably expanded in October for a second month as gains in manufacturing and housing rippled through the biggest part of the economy, a private survey may show today.

  • Fed likely to signal economy improving, keep interest rates low

    4 November 2009

    Federal Reserve officials may today indicate their $1 trillion injection into the economy is helping to revive growth without requiring an increase in interest rates from near zero, economists said.

  • Sternlicht Wagers on Greenwich Rebound by Raising Home Price

    4 November 2009

    Real estate investor Barry Sternlicht is betting the Greenwich, Connecticut, housing market is making a comeback.

  • New York's Woolworth Building may fall to Italians

    3 November 2009

    The Woolworth Building, the neo-Gothic Manhattan skyscraper that was once the world’s tallest building and a symbol of American capitalism, may soon gain Italian owners.

  • Banks get new lending rules

    2 November 2009

    Federal bank regulators issued guidelines allowing banks to keep loans on their books as 'performing' even if the value of the underlying properties have fallen below the loan amount.

  • CIT Group files for bankruptcy

    2 November 2009

    CIT Group, the 101-year-old commercial lender that saw its funding dry up in the credit crunch, filed for bankruptcy in an effort to cut $10bn in debt following a failed debt exchange and US taxpayer bailout.

  • Landlords offering incentives to stay in apartments

    2 November 2009

    Amid the jobless recovery, some landlords are showering flat-screen TVs, cash, rent cuts and other incentives on tenants to encourage them to renew their apartment leases and thus avoid the expense of filling empty units.

  • New York 'ousts London as top finance centre'

    30 October 2009

    New York has withstood the worst economic crisis in seven decades and remains the leading global financial center, followed by Singapore, which topped London as investors’ preferred place for doing business, according to Bloomberg Global Poll.

  • US REITs yet to hit bottom

    29 October 2009

    As third-quarter reports roll along, banking, transportation and heavy industry companies have said the worst is behind them. Not so for real-estate investment trusts. Their comments on third-quarter results indicate few are ready to say the worst is over.

  • US landlords cut rents and raise incentives

    28 October 2009

    Some of the country's top office-building owners reported they are cutting rents and increasing tenant incentives to keep buildings filled during one of the worst commercial real-estate markets in decades.

  • Jones Lang LaSalle back in the black

    28 October 2009

    Jones Lang LaSalle made a net profit of $20m, or 46c a share, during the third quarter of this year but failed to meet analysts’ targets.

  • Goldman warns of 'false bottom'

    27 October 2009

    The stabilisation in US home prices won’t last, according Goldman Sachs. BofA Merrill Lynch Global Research see a 'treat' rather than a retreat.

  • US home prices 'steadied'

    27 October 2009

    Home values in the US kept stabilisng and consumer confidence rose, bolstering the case that an economic recovery is at hand, economists said before reports out today.

  • Capmark Financial bankrupt $21bn in debt

    26 October 2009

    Capmark Financial Group, the lender owned by Goldman Sachs Group and KKR, among others, filed for bankruptcy protection after posting a second-quarter loss of about $1.6bn.

  • El Paso booms as Mexicans flee drug violence

    26 October 2009

    El Paso, Texas, on the Mexican border, feels like a boomtown these days, as entrepreneurs fleeing drug violence in Ciudad Juárez head across the Rio Grande to open hip clubs and hot restaurants here.

  • Sales of existing US homes rise on tax credit

    23 October 2009

    Sales of existing US homes probably climbed in September to the highest level in two years as buyers rushed to take advantage of a government tax credit before it runs out, economists said before a report today.

  • Court ruling rattles New York landlords

    23 October 2009

    New York's highest court has ruled that owners of one of New York City's largest apartment complexes improperly raised rents on thousands of units removed from the city's rent-regulation program.

  • US warehouse landlords see mixes signals

    23 October 2009

    With trade picking up again, warehouse owners say they see light at the end of the tunnel. But it could be a very long tunnel.

  • CBRE hires JP Morgan bankers for US investment banking push

    21 October 2009

    CB Richard Ellis has hired three former JP Morgan bankers to expand its UK-based investment banking services into America.

  • Standard Life buys in Brazil

    21 October 2009

    Standard Life Investments has made its debut direct property investment in Brazil.

  • US apartments rents down on job losses

    21 October 2009

    Apartment rents declined throughout the US West and South in the third quarter as rising unemployment made it harder for landlords to raise their rates.

  • Hamptons sees prices rise as rich return

    20 October 2009

    Home prices in the Hamptons, the Long Island beachside getaway for Wall Street financiers and celebrities, rose 4.7% in the third quarter amid a surge in sales of properties from $2m to $5m.

  • Fannie, Freddie shares 'worthless' says analyst

    20 October 2009

    Fannie Mae and Freddie Mac each fell 22%, to the lowest prices since August, after analysts at KBW Inc. said the shares of the government-run mortgage finance companies are probably worthless.

  • US home builder confidence dips

    20 October 2009

    Confidence among US home builders slipped in October, mostly on the looming expiration of a big tax credit.

  • US housing 'probably busier in September'

    19 October 2009

    Homebuilders and real-estate agents were probably busier in September, and the index of leading indicators increased, adding to evidence the next U.S. expansion has begun, economists said before reports this week.

  • Cushman hunts for new chief executive

    16 October 2009

    Cushman & Wakefield has announced it is looking for a new global chief executive.

  • New York deal puts Church cash at risk

    16 October 2009

    The Church of England conceded yesterday that its involvement in a controversial New York property deal now on the verge of default has left it at risk of losses that some estimates put at tens of millions of pounds.

  • US foreclosure rise hits recovery hopes

    16 October 2009

    Hopes for a recovery in the US housing market were damped by new figures showing that the number of households caught up in the foreclosure crisis rose more than 5 per cent in the last quarter.

  • FDIC calls for debt restructuring

    15 October 2009

    Federal bank regulators are close to issuing guidelines that would encourage lenders to rework troubled commercial real-estate loans, a sector of the economy they expect to topple scores of additional financial institutions.

  • Future Fund pours $1.1bn into vulture fund

    15 October 2009

    In its biggest property play to date, the Future Fund has committed $US1bn to Canadian giant Brookfield's $US5bn real estate vulture fund.

  • US foreclosure jump 23%

    15 October 2009

    US foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc.

  • Allianz expects US commercial property bargains

    14 October 2009

    Allianz SE, Germany’s biggest insurer, expects to find bargains in US commercial real estate as property values slide and banks move to foreclose on more distressed borrowers.

  • US foreclosures 'set to peak in 2010'

    14 October 2009

    Foreclosure rates will continue to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2% in the second quarter, the Mortgage Bankers said.

  • Writedowns on mortgage servicing make even JPMorgan vulnerable

    12 October 2009

    The four biggest U.S. banks by assets may have to take writedowns on $55 billion of mortgage- collection contracts after marking them up by $11 billion in the second quarter, casting a shadow over earnings.

  • Fed agency may need bailout

    9 October 2009

    A year after Fannie Mae and Freddie Mac teetered, industry executives and Washington policy makers are worrying that another government mortgage giant could be the next housing domino.

  • Hotel chains race for Rio space

    9 October 2009

    Marriott International, InterContinental Hotels Group and Starwood Hotels & Resorts Worldwide are ready to compete for guests in Rio de Janeiro as the city famous for its Carnival parades and beaches races to more than double hotel capacity to host the 2016 Olympic Games.

  • Home sellers 'cut $28.4bn from proces'

    9 October 2009

    US home sellers cut their asking prices by a total of $28.4bn to attract buyers as the real estate recovery stalled, Trulia Inc said.

  • Cayre’s Midtown Equities partners with Dankner on HSBC HQ buy

    8 October 2009

    Joseph Cayres’ Midtown Equities is partnering Nochi Dankner’s IDB Group in the sale and leaseback of the HSBC headquarters in New York, it was confirmed today.

  • US office vacancies hit five-year high

    7 October 2009

    US office vacancies rose to a five- year high in the third quarter, as job losses deepened and employers abandoned space in the recession, property research firm Reis Inc said.

  • Starwood wins Corus loan battle

    7 October 2009

    A group led by Starwood Capital and TPG beat out seven other bidders to buy the assets of failed lender Corus Bankshares as investors scramble to acquire commercial real estate loans at a fraction of their face value.

  • Fed anxious over US commercial property debt

    7 October 2009

    Banks in the US 'are slow' to take losses on their commercial real-estate loans being battered by slumping property values and rental payments, according to a Federal Reserve presentation to banking regulators last month.

  • Manhattan office vacancy levels reach five-year high

    7 October 2009

    Manhattan’s office market has reached a 11.1% vacancy rate which is the highest vacancy rate in five years despite an increase in leasing activity quarter-over-quarter, according to Cushman & Wakefield.

  • MGM Mirage slashes Vegas condo prices

    6 October 2009

    MGM Mirage is cutting the price of the condos at its $8.5bn City Center development by 30% due to the economic downturn, the company announced.

  • Bankrupt General Growth seeks bonus

    6 October 2009

    General Growth Properties Inc., the second-largest shopping mall owner in the U.S., asked for court permission to pay as much as $11.6m in incentive bonuses to 12 executives including Chief Executive Officer Adam Metz and Chief Operating Officer Thomas Nolan.

  • Hamptons house prices climb

    6 October 2009

    Home prices in the Hamptons, the oceanside summer getaway for celebrities and Wall Street financiers, climbed 12% in the third quarter from a year earlier on an increase in high-end sales.

  • US house builders cut back on freebies

    5 October 2009

    Home builders are scaling back on the incentives offered to attract buyers, ending such inducements as sports cars and tropical vacations.

  • HSBC to sell New York HQ for $330m

    5 October 2009

    HSBC Holdings agreed to sell its New York City headquarters for $330m in cash to a company controlled by Israeli businessman Nochi Dankner.

  • Taylor Wimpey considers North American sell-off

    5 October 2009

    Taylor Wimpey will explore the sale of its troubled North American housing business this autumn in a move that could raise more than £560m.

  • Tesco sounds out US push

    5 October 2009

    Tesco has embarked on the first significant advertising campaign for its Fresh & Easy stores as Britain’s biggest retailer fights to make a success of its foray into the US.

  • Starwood chief sees signs of hotel recovery

    2 October 2009

    Starwood Hotels & Resorts Worldwide chief executive officer Frits van Paasschen said increased demand for hotel rooms in New York City may signal the US is beginning to emerge from the recession.

  • Watergate hotel set for sale

    2 October 2009

    The famed Watergate Hotel in Washington D.C. is under contract to be sold by PB Capital, a unit of the German Deutsche Postbank AG, to a venture led by Holland Development Group for a price that is expected to be in the $40m range, according to people familiar with the transaction.

  • Buyers queue up for seconds

    Global October 2009

    Trading in secondary funds has increased as overloaded fund investors recycle their investments

  • Landmark Partners Real Estate Brief: September 2009

    02 October 2009

    "The upsurge in primary commitments from 2001 to 2008 created a base of real estate assets in private funds and partnerships that is unprecedented. A portion of this pool of private investments is currently turning over on the secondary market as investors address their changing portfolio requirements and elect to actively manage their portfolios."

  • ProLogis pours cold water on American industrial recovery

    Global October 2009

    ‘No green shoots’ in US and Canada as vacancies soar

  • Prologis: US and Canada Property Market Review

    02 October 2009

    "During the past 18 months, property owners have faced the most challenging economic environment in their lifetimes. The current U.S. recession is now officially the nation’s longest and deepest of the entire post-World War II era. The good news is that the rate of decline moderated during Q2-09, and the U.S. economy appears to be poised for recovery beginning in Q3 or Q4."

  • Manhattan office rents dip 5.2%

    1 October 2009

    Manhattan office rents fell 5.2% in the third quarter from the previous three months as the recession forced landlords to cut prices to lure tenants.

  • US Banks finally yield on mortgages

    1 October 2009

    Banks and loan investors are starting to bite the bullet and lower the principal due on home mortgages for some struggling borrowers, a new report from bank regulators shows.

  • Wall Street looks to repackage bad vehicles

    1 October 2009

    A new wave of financial alchemy is emerging on Wall Street as banks and insurers seek to make soured securities look better. Regulators are pushing back, saying the transactions don't have enough substance and stand to benefit bankers and ratings firms.

  • Credit Suisse buys in Boston

    30 September 2009

    In Boston's biggest office deal this year, Credit Suisse Group has acquired Independence Wharf, a waterfront office building, for $106m.

  • US house price rise raises hope of stability

    30 September 2009

    US house prices recorded their biggest monthly gain in four years in July, raising hopes that residential property has bottomed out after the biggest decline in the market in more than half a century.

  • Storeys:SSP and Altus Edwin Hill merger scrapped

    29 September 2009

    North-East-based property services firm Storeys:SSP has ended talks to be bought by Canadian firm Altus Group, parent of Altus Edwin Hill.

  • LA builder posts worse than expected losses

    28 September 2009

    KB Home, the Los Angeles-based homebuilder that sells to first-time buyers, reported a third- quarter loss exceeding analysts’ estimates and said a housing recovery isn’t imminent. The shares fell 8.5%.

  • Alberta to spend C$241m on Oil Sands land scheme

    28 September 2009

    The government of Alberta said today it plans to spend C$241 million ($221 million) in the next five years to develop land for new housing and industrial uses near Fort McMurray, the site of Canada’s oil sands.

  • US close to committing $35bn for local housing

    28 September 2009

    The Obama administration is close to committing as much as $35 billion to help beleaguered state and local housing agencies continue to provide mortgages to low- and moderate-income families, according to administration officials.

  • Florida developer threatened by golf refund calls

    25 September 2009

    Bonita Bay Group, once a premier developer of upper-crust golf communities in this upper-crust town, is on the verge of collapse.

  • Luxury US Hotels risk defaults

    24 September 2009

    Luxury hotel owners risk defaulting on their debt as the recession cuts occupancies and the credit crunch constrains refinancing.

  • Colony Capital ponders REIT as listing route

    24 September 2009

    Colony Capital, a private equity fund that specialises in real estate investments, is hoping to use a public fund that it is raising as a vehicle for an eventual public listing of its entire operation.

  • Corus sell off to off value test

    23 September 2009

    About 10 investors are expected to submit bids to the Federal Deposit Insurance Corp by Friday for $5bn in condominium loans and other property held by the failed Corus Bank, in a key test of US commercial real-estate values.

  • Prime rents fall in more than 50% of retail streets globally

    22 September 2009

    Prime rents in over half of the world’s most prestigious shopping streets have fallen in the last twelve months as consumer spending and retail sales remain depressed, Cushman & Wakefield has said.

  • Rescued Vegas scheme is chasing 12,000 staff

    22 September 2009

    Four months after the CityCenter project in Las Vegas was saved from bankruptcy by its shareholders, Dubai World and MGM Mirage, the hotel and leisure complex is embarking on a hiring spree for 12,000 staff, officials said yesterday.

  • La Salle and US pension scheme set up $205m fund

    21 September 2009

    LaSalle Investment Management has set up a $205m fund with the Teacher Retirement System of Texas to invest in property in North America and eventually the rest of the world.

  • California home prices fell in August

    21 September 2009

    California's median home price dipped slightly in August, down 0.4% from July. It's now $249,000, down from $250,000 in July.

  • US housing starts 'hit 9-month high'

    17 September 2009

    Builders in the US probably broke ground in August on the most houses in nine months, another sign the industry that precipitated the worst financial crisis since the Great Depression is stabilising, economists said before reports today.

  • US Battersea embassy gets planning consent

    17 September 2009

    Wandsworth Council has granted outline planning permission for a new £500m US embassy at the Nine Elms site on the south bank of the River Thames.

  • Fed investigates mid-size bank's commercial property exposure

    17 September 2009

    Federal Reserve supervisors are examining the vulnerability of medium-sized lenders to falling commercial real-estate values to gauge the size of potential losses across the banking system.

  • Simon says mall prices may only reach 2004 levels

    16 September 2009

    Prices of US shopping malls may return to 2003 or 2004 levels as consumer spending and the commercial real estate market recover, Simon Property Group Chief executive David E Simon said. That would represent a decline of as much as 23%.

  • Harvard endowment problems prompt protest

    16 September 2009

    Harvard University has provoked protest and confrontation in a nearby Boston neighbourhood where the school is backing away from plans to build housing and laboratories on land it took years to buy.

  • JLL launches online auction service

    16 September 2009

    Jones Lang LaSalle is joining with Real Estate Disposition Corp. to start an online auction service to sell commercial property and loans.

  • Housing credit battles looms

    16 September 2009

    The $8,000 tax credit for first-time home buyers passed by the US Congress last winter, was intended as a dose of shock therapy during a crisis. Now the question is becoming whether the housing market can function without it.

  • Buyout firm ponders REIT switch

    16 September 2009

    NRDC Acquisition Corp a 'blank-check company' set up with $400m in 2007 to buy operating businesses like restaurants and casinos wants to convert to a REIT.

  • US commercial property 'in doldrums until 2012'

    15 September 2009

    The US commercial property market is unlikely to recover before 2012 and office rents in New York and San Francisco may drop 20% through next year, a survey of property investors found.

  • US commercial property deal lowest for 18 years

    11 September 2009

    Commercial-property sales in the US this year are forecast to fall to the lowest in almost two decades as the industry endures its worst slump since the savings and loan crisis of the early 1990s.

  • Seized Madoff homes come to market

    11 September 2009

    Those interested in a Madoff lair, courtesy of the government, now have three to choose from.

  • US foreclosure hit 300,000 for sixth month

    10 September 2009

    Foreclosure filings in the US exceeded 300,000 for the sixth straight month as job losses left many homeowners unable to keep up mortgage payments.

  • St Louis gets retail boost

    9 September 2009

    A private U.S. investment group has signed a contract to buy Macy's $35m landmark building in St Louis that has played a storied role in the city's retail history.

  • China sovereign fund eyes US

    9 September 2009

    China's $300bn sovereign-wealth fund is eyeing big investments in distressed US real estate, according to people familiar with the matter. To finance some of the deals, China may rely on an old trading partner: the US government.

  • US faces interest-only housing trap

    9 September 2009

    Millions of buyers during the boom leveraged their way into a house they could not otherwise afford by taking out a loan that required them to make only interest payments at first, putting off payments on the principal for several years.

  • Wealthy 'opting for Chapter 11'

    9 September 2009

    Wealthy individuals’ Chapter 11 bankruptcy filings jumped 73% in the second quarter from a year earlier, according to the research firm National Bankruptcy Research Center.

  • Commercial bank mortgage defaults to top 1992 level

    9 September 2009

    The default rate on commercial mortgages held by US banks will rise to 5.4% in 2011, the highest since at least 1992, as banks anticipate more losses amid falling rents, according to Real Estate Econometrics.

  • Borrowing woes hit the well heeled

    8 September 2009

    The recession and rising joblessness are taking a toll on America's most credit-worthy borrowers, who are now falling behind on mortgage and credit-card payments at a faster pace than people with poor financial histories.

  • Tesco presses on with California expansion

    8 September 2009

    Tesco is continuing to invest in the future growth of its US Fresh & Easy stores, in spite of saying earlier this year that it had put the second stage of its US expansion in northern California on hold.

  • Post office closures threaten US market pain

    8 September 2009

    The possible closing of more than 400 post offices across the US in an effort to cut costs could further dent the struggling commercial property market as rising retail vacancies continue to weigh on prices.

  • Pret A Manger eyes US expansion

    8 September 2009

    Pret A Manger is stepping up its expansion plans in the US, even as the toughest recession in a generation has eroded its like-forlike sales by about 10%.

  • Capmark may be only first 'commercial property' bank failure

    4 September 2009

    Capmark Financial Group’s possible collapse may signal a new wave of real estate losses for banks -- this one tied to business property -- that could push the year’s tally of failures past 100.

  • Tenda pushes on as Brazil recovers

    4 September 2009

    Construtora Tenda SA, the best performing homebuilding stock this year, plans to boost its sales force and speed up construction work as demand recovers in Brazil, Chief Financial Officer Paulo Mazzali said.

  • FHA reserve fall could hit taxpayers

    4 September 2009

    The Federal Housing Administration, hit by increasing mortgage-related losses, is in danger of seeing its reserves fall below the level demanded by Congress, according to government officials, in a development that could raise concerns about whether the agency needs a taxpayer bailout.

  • Brookfield turnaround fund attracts extra $1bn

    04 September 2009

    Brookfield Properties and Brookfield Asset Management, which are part of North American asset management group Brookfield, have raised an additional $1bn of equity to invest in underperforming real estate in the UK and Europe, the US and Australasia

  • Zell sets up $625m distressed fund

    2 September 2009

    Sam Zell has put together a $625m fund to buy distressed securities backed by assets including commercial real estate.

  • Madoff property up for sale

    2 September 2009

    The US Marshals Service has put Bernie Madoff’s 3,014 sq ft property just east of the Hamptons on the market this week to help to pay back investors who lost out in his epic fraud. They also plan to enlist brokers to find buyers for a Manhattan apartment and a Palm Beach estate once owned by the financier-turned-felon.

  • Zell Returns to Grave Dancing With $625 Million Distressed Fund

    1 September 2009

    Sam Zell, undaunted by his failure to keep Chicago-based publisher Tribune Co. out of bankruptcy, put together a $625 million fund to buy distressed securities backed by assets including commercial real estate.

  • Goldman Sachs sued by NY landlord

    28 August 2009

    Goldman Sachs has been sued by a Manhattan landlord who alleged the bank violated the terms of its rental agreement by failing to share profits from a sublease of the space.

  • US home sales boost

    27 August 2009

    Official figures showed that sales of new US homes rose by 9.6% in July to a seasonally adjusted annual rate of 433,000, after an upwardly revised June rate of 395,000. This was the strongest pace since September last year.

  • LaSalle CEO Jeff Jacobson heads to Asia

    26 August 2009

    LaSalle Investment Management CEO Jeff Jacobson will relocate to LaSalle’s Asia headquarters in Singapore from January next year.

  • US investment in Europe falls by 98%

    26 August 2009

    US investment in Europe was 98% less in the first half of this year than in the same period in 2007.

  • Canada adds retails pace in face of recession

    26 August 2009

    Canadian developers added retail space at a record pace while the country’s economy went through a recession, spurred on by shoppers and investors such as the Ontario Teachers’ Pension Plan continuing to spend.

  • REITs poised to lead market

    26 August 2009

    REITs are poised once again to pick up the pieces from the commercial-property bust. This year, they have tapped the stock market for nearly $15bn in new equity and, this month have raised $2bn in unsecured debt.

  • CB Richard Ellis Marketview: European Capital Markets Q2 2009

    21 August 2009

    'The first half of 2009 has been an exceptionally quiet period in terms of the total value of commercial property investments traded in Europe. However, it is possible to take some positives from the trends seen.'

  • Schroders Economic and Strategic Viewpoint: August 2009

    21 August 2009

    'Better than expected figures for the second quarter combined with evidence of a further improvement in the third have led us to upgrade our growth forecasts for the world economy.'

  • Balfour Beatty in Texas win

    25 August 2009

    Balfour Beatty has won a £252m roadwork contract in Texas in a joint venture with Fluor, the engineering and project management company. Balfour Beatty’s American division accounts for 30% of revenue.

  • US existing home sales up at last

    24 August 2009

    Sales of existing US homes jumped more than forecast in July to the highest level in almost two years, signalling the housing crisis that crippled the world’s largest economy is easing.

  • Grubb & Ellis could be delisted

    21 August 2009

    US services firm Grubb & Ellis is facing a possible delisting in New York after its market capitalisation was less than $50m for 30 consecutive trading days

  • Hines to create $3.5bn global REIT

    20 August 2009

    Hines is creating a new property company with billions to spend around the world.

  • US housing suggests market firming up

    20 August 2009

    US new-home construction and permits fell last month, but single-family-home starts remained strong, another sign of stabilisation in the housing market.

  • World Trade Center developers to get site control

    20 August 2009

    The Port Authority of New York and New Jersey will turn over site control of the World Trade Center’s planned office Tower 2 to Silverstein Properties 'in the next few days,' said agency Director Christopher Ward.

  • US office prices buck trend

    20 August 2009

    US office prices rose in the second quarter for the first time since 2007, offering a glimmer of hope for the commercial property market, according to a report yesterday from Moody’s, the ratings agency.

  • Pulte Homes completes $1.3bn Centex buy

    19 August 2009

    Pulte Homes completed its $1.3bn purchase of Centex Corp, creating the biggest US homebuilder amid signs the worst housing slump since the Great Depression may be nearing a bottom.

  • Tishman in default on Washington portfolio

    19 August 2009

    A partnership led by Tishman Speyer Properties is in default on debt tied to one of the largest office portfolios in the Washington area, the latest in a line of humbling turns for the prominent property developer.

  • US hopes lifted by housing data

    19 August 2009

    The US economy has shownsigns of a tentative recovery, with positive news from the homebuilding sector and signs that the chances of inflation in the short term have been averted.

  • International farmland still fertile in recession

    18 August 2009

    International farmland values will remain robust throughout the recession, according to a report from Savills.

  • US housing starts up as woes ease

    18 August 2009

    US builders in July probably broke ground on homes at the fastest pace in eight months, a sign the housing market is healing as the economic contraction eases, analysts said before a government report today.

  • Fed extends TALF Program for commercial property

    18 August 2009

    The Federal Reserve extended by three to six months an emergency program aimed at restarting credit markets, a move that may cushion the commercial real- estate industry from rising defaults and falling prices.

  • Savills International Farmland Markets: Summer 2009

    14 August 2009

    A report looking at the impact of the recession on international farmland markets.

  • Distressed property sales increase across the globe, says RICS

    17 August 2009

    Distressed property sales have increased in more than 75% of countries, according to new research by the RICS.

  • US hotels owners 'returning keys'

    17 August 2009

    An increasing number of hotel owners in the US market are simply walking away from money-losing properties and forfeiting them to lenders.

  • US homeowners slashing asking prices

    14 August 2009

    US homeowners cut their asking prices by $27.8bn with some of the biggest reductions in Nevada and Florida, states hardest hit by the property slump, Trulia said.

  • Starwood raises $810m

    13 August 2009

    Barry Sternlicht’s Starwood Property Trust raised $810m in an initial public offering.

  • Morgan set for $1bn property sales

    13 August 2009

    JP Morgan Chase is planning to sell 23 office buildings across the US in what may be the US’s largest real estate transaction of the year.

  • Brookfield raises £2.4bn

    13 August 2009

    Brookfield Asset Management, the American property investor said that it has raised $4bn (£2.4bn) to invest in underperforming real estate in North America, Europe, Australasia and Asia.

  • Citigroup renters lending - with Fed aid

    12 August 2009

    Citigroup Inc. will lend as much as $2bn to independent mortgage firms, hoping to profit in a business it mostly exited after the market seized up in 2007.

  • Home builders group hit by falling fees

    12 August 2009

    Despite hopes that the housing market is starting to bottom out, the National Association of Home Builders is still struggling to lower its costs.

  • US distressed mortgages 'could hit 30%'

    11 August 2009

    Almost a quarter of US mortgage holders owed more than their homes were worth in the second quarter and that figure may rise to as much as 30% by mid-2010 as job losses and foreclosures climb, Zillow.com said.

  • Freddie Mac set for loss after lender collapse

    11 August 2009

    Freddie Mac, the mortgage-finance company under government control being supported by taxpayers, said the collapse of lender Taylor, Bean & Whitaker Mortgage Corp may cause it 'significant' losses.

  • Maguire losses riseon write-downs

    11 August 2009

    Maguire Properties's second-quarter loss widened on write-downs as the developer's revenue was flat.

  • So-Cal firm warns on loan defaults

    10 August 2009

    Maguire Properties, one of the largest office-building owners in Southern California, is planning to hand over control of seven buildings with some $1.06bn in debt to creditors, the latest sign that rising vacancies and falling rents are causing stress in the commercial real-estate sector.

  • Condo-hotel buyers go to court

    7 August 2009

    Buyers from across the USA are going to courts to get their money back, arguing that condo-hotel developers violated securities laws when selling the units.

  • Fannie Mae seeks $10.7m more aid

    7 August 2009

    Fannie Mae, the mortgage-finance company taken over by the government, asked the US Treasury for a $10.7bn capital investment as an eighth straight quarterly loss drove its net worth below zero once again.

  • Hyatt plans $1bn IPO as propery companies raise cash

    7 August 2009

    Hyatt Hotels plans to raise up to $1.15bn in an initial share sale to bolster its finances and fund acquisitions at a time of scarce credit.

  • Simon and Duke in bond sales

    7 August 2009

    Simon Property Group, the biggest U.S. shopping-mall owner, led $1.25bn of real estate company bond sales this week, raising cash for possible acquisitions as credit markets eased.

  • FHA could hit US home buyers

    5 August 2009

    Taylor, Bean and Whitaker Mortgage Corp’s expulsion from the ranks of Federal Housing Administration lenders may make it harder and more expensive for cash-strapped consumers to finance home purchases.

  • US housebuilders post mixed results

    4 August 2009

    Centex Corp swung to a quarterly profit, thanks to an income-tax benefit, while Pulte Homes posted a wider loss as the two home builders looked ahead to their planned merger.

  • NY Governor issues WTC ultimatum

    4 August 2009

    New York Governor David Paterson has given World Trade Center site developer Larry Silverstein an ultimatum in talks over his ground zero lease. He says the site could be redesigned without Silverstein's buildings.

  • US REIT surge under threat

    3 August 2009

    Housing may be nearing a bottom but commercial real estate likely has much further to fall – which could end a rally in REIT stocks.

  • Marriott to grow by grabbing distressed competitors

    31 July 2009

    Marriott International, the largest U.S. hotel chain, plans to expand by taking over the operation of hotels from competitors unable to pay or refinance debt, chief financial officer Carl Berquist said.

  • US home prices show first rise for three years

    31 July 2009

    Home prices in major US cities registered the first monthly gain in nearly three years, according to a new report that provided fresh evidence that the severe U.S. housing downturn could be easing.

  • California default rate nears 10%

    31 July 2009

    About 1 in 10 Californians with a home loan is now in default, and there's growing evidence that the mortgage meltdown is spreading to commercial real estate.

  • Guidelines to help struggling US homeowners

    30 July 2009

    The Obama administration plans to announce Thursday new guidelines designed to help struggling homeowners with Federal Housing Administration-insured mortgages.

  • Brookfield down on Canada woes

    30 July 2009

    Brookfield Properties Corp., owner of 74 million square feet of real estate in North America, said second-quarter earnings excluding items fell on a decline in office and Canadian residential revenue.

  • Las Vegas, Fort Myers and Florida lead US foreclosures

    30 July 2009

    Las Vegas and Cape Coral-Fort Myers, Florida led US metropolitan areas in foreclosures in the first half of the year as unemployment and falling home prices forced home-loan defaults, RealtyTrac said.

  • US market set for TALF deals

    29 July 2009

    Commercial property companies may sell about $3bn of mortgage-backed bonds starting in September as part of the government’s program to revive lending for shopping malls, skyscrapers and hotels.

  • New York deal shows rent falls

    29 July 2009

    In 2007, when the law firm of Orrick, Herrington & Sutcliffe began looking for a new location for its New York office, rents in a prestigious building that suited their tastes ranged from a pricey $120 to $140 a square foot.

  • BofA to cut 10% of branches

    28 July 2009

    Bank of America chief executive Kenneth Lewis told investors last week he is planning to shrink the company's 6,100-branch network by about 10%, a pullback from the two-decade expansion that took the bank from coast to coast.

  • Almost $165bn of commercial loans due this year

    28 July 2009

    Almost $165 billion in US commercial real estate loans will mature this year and need to be sold or refinanced as rents and occupancies fall, according to First American CoreLogic.

  • US new house sales surge by 11%

    28 July 2009

    New house sales in the US jumped by 11% in June, providing some of the strongest evidence yet that the market has bottomed out after being savaged for three years.

  • Calpers to buy back 86 US shopping centres

    27 July 2009

    Calpers, the US’s biggest pension fund, which this week unveiled the steepest drop in its assets in its 80-year history, has agreed to buy back a portfolio of 86 US shopping centres for $1.73bn, about $1bn less than it sold it for four years ago.

  • Zell fund eyes Brazil

    24 July 2009

    Sam Zell’s Equity International is seeking new real estate-related investments in Brazil as record low interest rates accelerate growth in Latin America’s biggest economy.

  • Commerz Real buys Calgary office building

    22 July 2009

    Commerz Real has bought the ‘Stampede Station’ office building in Calgary, Canada for €48.5m for its open-ended real estate fund hausInvest global.

  • Former Credit Suisse real estate duo start new business

    21 July 2009

    David Hodes and Doug Weill, former real estate bankers at Credit Suisse, launched their global advisory and investment company Hodes Weill & Associates today.

  • CIT $3 Billion Rescue May Not Provide Permanent Cure

    21 July 2009

    CIT Group Inc.’s $3 billion financing pledge from bondholders may fail to shield the commercial lender from about $10 billion of debt maturing through next year, mounting loan defaults and a shrinking market share.

  • Falling dollar attracts Italians to properties in US

    21 July 2009

    Falling property prices in the US and a weaker dollar are attracting investors from Italy, which has largely escaped the housing bubble collapses other parts of Europe have experienced.

  • NY governor rules out public funding for WTC Towers

    21 July 2009

    New York Governor David Paterson said public funds shouldn’t guarantee most of the financing for developer Larry Silverstein’s plans for office towers at the World Trade Center site.

  • Real estate to hit Morgan Stanley

    21 July 2009

    Morgan Stanley's exposure to commercial real estate is one of the reasons why analysts expect the New York company to report on Wednesday a net loss of $555m, according to Thomson Reuters. That would be the firm's third quarterly loss in a row.

  • Commercial property loan losses to top $30bn

    21 July 2009

    US banks have been charging off soured commercial mortgages at the fastest pace in nearly 20 years, according to an analysis by The Wall Street Journal. At that rate, losses on loans used to finance offices, shopping malls, hotels, apartments and other commercial property could reach about $30bn by the end of 2009.

  • Hotel seizure shows strains on sector

    21 July 2009

    The seizure of the St Regis Monarch Beach, where American International Group sponsored a luxury retreat just days after accepting a federal bailout, is the most dramatic sign yet of the deep troubles in the market for high-end hotels.

  • Watergate goes under hammer

    21 July 2009

    The empty Watergate hotel, part of the Washington complex that symbolised President Richard Nixon’s downfall and established a catch-phrase for every political scandal since, will today be auctioned to the highest bidder.

  • CBRE and JLL bank on US

    17 July 2009

    Bank of America is understood to have appointed CB Richard Ellis and Jones Lang LaSalle to advise on its global property portfolio

  • Manhattan office supply highest in four and a half years

    16 July 2009

    Total available space in Manhattan reached 41.2m sq ft in the second quarter of the year, the highest level in four and a half years, research from Cushman & Wakefield has shown.

  • US foreclosures hit record 1.5m for 1st half

    16 July 2009

    US foreclosure filings hit a record in the first half, a sign that job losses and falling property prices deepened the housing recession, according to RealtyTrac.

  • Manhattan office rents down 7.4%

    15 July 2009

    Manhattan office rents fell by a record 7.4% in the second quarter as landlords adjusted to job losses and fallout from the shrinking financial services industry, property broker Cushman & Wakefield Inc said.

  • Hamptons home sales dive

    15 July 2009

    Home sales in the Hamptons, the oceanside summer getaway for Wall Street financiers and celebrities, plunged 58% in the second quarter as the recession sapped demand for second homes.

  • Mortgage securities plan to switch risk to lender

    15 July 2009

    Proposed guidelines aimed at restoring credibility to the market for mortgage securities would switch more of the risk to lenders that originate loans and investment firms that package them into securities.

  • Taubman mall appeal loss cast doubt over future

    13 July 2009

    After 15 years and more than $150m invested, Taubman Centers Inc. has been dealt a major setback on its proposed Mall at Oyster Bay on Long Island.

  • US commercial construction set to dive

    13 July 2009

    Construction spending on offices, retail centres and hotels is likely to fall 16% this year and 12% in 2010, more than previously forecast, the American Institute of Architects said.

  • ProLogis lets 405,000 sq ft of shed space in Mexico

    10 July 2009

    ProLogis has signed two new lease agreements totalling 405,000 sq ft of recently developed distribution space in Mexico.

  • Former Rockefeller estate sold for $22.5m

    10 July 2009

    The former estate of a Rockefeller who was also an Olympian has sold in Greenwich, Conn., for $22.5m, a rare recession-era instance of a quick and high-priced sale.

  • US property sector 'sounds alarm' on loan squeeze

    10 July 2009

    Property professionals have urged the US government to expand its efforts to fix the dysfunctional market for commercial building loans, arguing that the persistence of a credit crunch in this sector could lead to a further wave of losses for banks and derail any economic recovery.

  • Citypoint tower ‘under water’

    10 July 2009

    The Citypoint office tower in the City of London, which was bought for £650m by Boston-based property investor Beacon Capital Partners just before the onset of the credit crunch in 2007, is severely under water, according to rating agency Moody’s

  • Henderson's Think United States Report

    10 July 2009

    A report looking into the state of the US economy and property market. The report look at tyhe impact of job losses and house price movbement on the market, as well as the changing landscape in terms of property.

  • US fund manager to partner Britons in bargain hunt

    10 July 2009

    Angelo Gordon to team up with Property Merchant Group and Investream in UK

  • Sacyr Jumps 18% After Becoming Panama Canal Front Runner

    9 July 2009

    Sacyr Vallehermoso SA jumped 18 percent in Madrid trading after the Panama Canal Authority said a group led by the Spanish construction company offered the best plan for a new set of locks for the canal. Sacyr, which is working with Italy’s Impregilo SpA on the project to double the waterway’s capacity, beat competitors with a $3.1 billion bid. Sacyr was trading at 11.60 euros as of 9:40 a.m. local time.

  • GM’s Sleepy Hollow Nightmare Shows Perils for Closing Factories

    9 July 2009

    General Motors Corp. closed its minivan factory in Sleepy Hollow, New York, 13 years ago, after a record 82-year run for a company plant.

  • Subprime rears its head

    9 July 2009

    The US housing market is facing new downward pressure as holders of subprime-mortgage bonds flood the market with foreclosed homes at prices that are much lower than where many banks are willing to sell.

  • New York seeks to turn empty condos into affordable units

    9 July 2009

    New York City announced Wednesday a pilot program to turn empty or stalled condominium developments into affordable housing, an idea consumer advocates have been pushing for years.

  • Distressed US commercial property doubles to $108bn

    9 July 2009

    Commercial properties in the U.S. valued at more than $108bn are now in default, foreclosure or bankruptcy, almost double than at the start of the year, Real Capital Analytics said.

  • Manhattan apartment rents dip

    9 July 2009

    Manhattan apartment rents fell as much as 18% in the second quarter from a year earlier as rising unemployment curbed demand.

  • Building company set to admit corruption

    9 July 2009

    A construction company lavished with government export awards is expected to plead guilty to bribing Ghanaian and Jamaican officials in the long-awaited first prosecution of a British business for overseas corruption.

  • Panama Canal expansion bids below target

    9 July 2009

    A consortium led by Sacyr, of Spain, and Impregilo, of Italy, has submitted the lowest bid on a contract for the largest chunk of a project to expand the Panama Canal, the Canal Authority said. The consortium submitted a bid of $3.12bn (£1.94bn), which was below the Canal Authority’s target price of $3.48bn.

  • Vornado Makes a Big Bet on Distressed Properties

    8 July 2009

    REIT Is Seeking $1 Billion for a Private-Equity Fund That Will Focus on New York and Washington

  • Las Vegas Sands May Raise $2bn in IPO of Macau Assets

    8 July 2009

    Las Vegas Sands Corp., the casino operator controlled by billionaire Sheldon Adelson, may raise at least $2bn selling shares in Hong Kong as it seeks to restart construction of a resort project in Macau.

  • Apartment Vacancies in U.S. Reach 22-Year High, Reis Reports

    8 July 2009

    U.S. apartment vacancies rose to their highest in 22 years in the second quarter as job losses cut tenant demand and more units came to market.

  • Forum Partners hires Citi property shares team

    2 July 2009

    Forum Partners, the indirect real estate investment manager, has hired a team from Citi Alternative Investments to launch a global real estate securities business.

  • Beazer to Pay Up to $53 Million in Fraud Case

    2 July 2009

    Beazer Homes USA Inc. will pay up to $53m to settle mortgage fraud charges related to federally insured mortgage loans the company made to buyers of its homes.

  • Mortgage-Rescue Plan to Cover More Borrowers

    2 July 2009

    The Obama administration is expanding the number of borrowers who can refinance home loans under its housing-rescue program, an acknowledgment that more needs to be done to help people who are upside down on their mortgages.

  • Manhattan Apartment Prices Drop as Lehman Effect Hits Home

    2 July 2009

    Manhattan apartment prices dropped for the first time since 2002 in the second quarter as the collapse of Lehman Brothers Holdings Inc. and Bear Stearns Cos. caught up to property owners in the nation’s most expensive urban market.

  • Growing With the Crops, Nearby Property Values

    1 July 2009

    SOUTH BURLINGTON: The bewildered Iowan who converted his farm into a ballpark in “Field of Dreams” in 1989 might reverse the move today. From Vermont to central California, developers are creating subdivisions around organic farms to attract buyers. If you plant it, these developers believe, they will buy.

  • Freddie Mac Board Said to Consider Haldeman to Head Company

    1 July 2009

    Charles E. Haldeman Jr. is the leading candidate for chief executive officer of Freddie Mac, the mortgage-finance company seized by U.S. regulators, according to a person familiar with the matter.

  • ProLogis deals with 2009 debt

    30 June 2009

    ProLogis said it had addressed all its 2009 debt maturities having sold 14.2m sq ft of properties in the second quarter of this year to reduce its debt by more than 25%.

  • Store Rents Fall in World’s Most-Expensive Shopping Streets

    30 June 2009

    Store rents tumbled in the world’s most expensive locations in the first quarter and will continue to decline through the middle of 2010 as the global recession curbs spending, according to CB Richard Ellis Group Inc.

  • JE Robert founder recruits new CEO

    30 June 2009

    Barden Gale is to replace Joseph E Robert as CEO of JE Robert Companies.

  • Sales help Lennar revenue but not losses

    26 June 2009

    Creative sales strategies helped Lennar Corp blow through unsold inventory and easily beat the Street's revenue estimate, but it wasn't enough to narrow the quarter's loss. The builder also now has fewer homes to sell going forward.

  • California and Vegas see house price drops

    26 June 2009

    Home prices throughout California and in the Las Vegas area fell from a year earlier in May as a glut of foreclosed property pushed down the value of single- family houses and condominiums.

  • Mortgage bond yields hit three-week low

    26 June 2009

    Yields on Fannie Mae and Freddie Mac mortgage securities declined to the lowest in more than three weeks, signaling that interest rates on new home loans will fall and ease the U.S. housing slump.

  • Big Hotel planned by Sears Tower

    25 June 2009

    A real estate investment group that owns the Sears Tower said it is pushing forward with plans to build a 500-room environmentally friendly hotel next door to North America's tallest building, but released few details on financing for a project that will cost as much as $225m.

  • Canadian home prices down for fifth straight month

    25 June 2009

    Canadian home prices fell on an annual basis for the fifth month in a row in April, the Teranet- National Bank National Composite House Price Index showed.

  • Citi unit halts lending after documents go missing

    25 June 2009

    Citigroup Inc. suspended loan applications at a unit that produced half of its $115bn in mortgages last year after a review found that some property appraisals and income-verification documents were missing.

  • Manhattan apartment rents drop

    25 June 2009

    Manhattan apartment rents fell as much as 12.3% in June from a year earlier as unemployment curbed demand for new leases, the Real Estate Group of New York said in a report today.

  • Tishman Speyer may lose land after default

    25 June 2009

    Tishman Speyer Properties LP may lose a plot of land in California’s Silicon Valley to Bank of America Corp. after defaulting on an $86.2m loan used to buy the site, people familiar with the matter said.

  • US house builders swoop on cheap land

    24 June 2009

    US home builders, long burdened with excess holdings of land, now are shopping for more of it.

  • Low appraisals stifle US recovery

    24 June 2009

    Low home appraisals could be scuppering US housing recovery.

  • US mortgage refinancing prospects bleak

    23 June 2009

    The Mortgage Bankers Association cut its forecast of home-mortgage lending this year by 27% amid deflating hopes for a boom in refinancing.

  • Changes urge to condominium loan rules

    22 June 2009

    Two Democratic lawmakers are calling on Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery.

  • California house market shows recovery signs

    22 June 2009

    A home-sales revival that began last year in some of California's cheaper inland areas has begun to spread to several more expensive coastal areas, another hint that devastated real-estate markets in the state -- and other parts of the country -- may see less grim days ahead.

  • Vegas resort lawsuit pushed

    19 June 2009

    Fontainebleau Las Vegas: A federal bankruptcy court in Miami plans to expedite a lawsuit filed against 11 banks by the developer of a $3bn (£1.8bn) Las Vegas casino resort.

  • Westfield pushes for shop floors at World Trade Center

    19 June 2009

    But Australian developer’s proposal conflicts with Larry Silverstein’s office-led vision

  • Lehman property chief in shock return

    18 June 2009

    Mark Walsh, the lead executive who loaded Lehman Brothers with toxic property investments, is part of a group chosen by Lehman to take over the bankrupt firm's real-estate private-equity arm.

  • Obama sets out historic reforms

    18 June 2009

    President Obama has outlined the most comprehensive overhaul of the US financial regulatory framework in 70 years.

  • Macquarie and Maguire miss payment

    17 June 2009

    Macquarie Office Trust and Maguire Properties Inc. missed a $450,000 June payment on a California office building vacated by bankrupt Washington Mutual.

  • US housing starts rebound

    17 June 2009

    New US housing starts and permits rebounded in May from record lows. Housing starts rose by 17.2% to an annual rate of 532,000 units, up from 454,000 in April. The number of new building permits rose by 4% to 518,000 units.

  • Maguire sells office block at massive discount

    15 June 2009

    Maguire Properties, a struggling Los Angeles-based REIT, sold a newly developed office building in Irvine, Calif., for about $160m, a price representing an estimated 40% discount to its construction cost.

  • US mortgage rates pass 5.5%

    15 June 2009

    Home-mortgage rates took another leap this week, bringing the average rate on a 30-year fixed-rate mortgage to its highest in seven months, Freddie Mac has said.

  • Mortgage rate rise threaten US recovery

    12 June 2009

    Rising interest rates threaten to dim prospects for a housing recovery and choke off a refinance wave that was a major plank of the Obama administration's economic-stimulus efforts.

  • InterContinental on expansion spree

    12 June 2009

    InterContinental Hotels Group, owner of the Holiday Inn brand, plans to open 400 hotels this year and may work with developers to convert residential projects that have stalled.

  • Goldman set for $321m fees on WTC site

    12 June 2009

    Goldman Sachs Group Inc., the Wall Street firm that earned $2.3bn last year, stands to get up to $321 million if the state and city fail to meet construction and security deadlines at the World Trade Center site.

  • DTZ Rockwood files for chapter 11

    12 June 2009

    DTZ Rockwood, the New York-based property services firm that was 50% owned by DTZ until last month, has filed for chapter 11 bankruptcy protection from its creditors

  • Starwood REIT to bag up real estate loans in US

    12 June 2009

    Barry Sternlicht, the property and hotel entrepreneur, is planning to float a new REIT in the US to buy distressed commercial and residential debt secured on real estate

  • Takeover talk surrounds Songbird

    12 June 2009

    Two hedge fund investors have bought a 30% interest in Songbird Estates, the majority owner of Canary Wharf Group, as speculation mounts that takeover activity is looming

  • Weiss extends Ottoman empire

    12 June 2009

    Weiss Asset Management, a Boston-based hedge fund manager, has snapped up a 28.9% stake in Ottoman Fund

  • Crescent files for Chapter 11

    11 June 2009

    Crescent Resources, a 40-year-old real-estate developer owned by Duke Energy Corp. and Morgan Stanley's real-estate fund unit, said it was filing for Chapter 11 bankruptcy protection.

  • Westfield offers to foot WTC retail bill

    11 June 2009

    Shopping centre giant Westfield Group is offering to foot the $US1.3bn (A$1.6bn) bill to build a retail complex at the World Trade Centre site in a bid to break an impasse and seize a bigger role in the site's redevelopment.

  • Bondholders face losses as commercial mortgage principals fall due

    11 June 2009

    Investors in bonds that packaged $62bn of debt for US offices, hotels and shopping malls are bracing for more loan defaults through 2010 as Bank of America Merrill Lynch says landlords’ monthly payments may jump 20 percent or more.

  • US Foreclosures hit 300,000 for third month

    11 June 2009

    US foreclosure filings surpassed 300,000 for the third straight month in May and may hit a record 1.8 million by the first half of the year, RealtyTrac Inc said.

  • Fontainebleau Las Vegas in Chapter 11

    11 June 2009

    Fontainebleau Las Vegas, the US casino resort developer, said that it had filed for Chapter 11 bankruptcy protection after failing to get lenders to provide about $800m in construction funding to complete the company’s $2.9bn property on the Las Vegas Strip. The project is 70% complete and had been planning to open in October.

  • CBRE to raise $550m to repay short-term debt

    10 June 2009

    CB Richard Ellis today announced plans to sell $400m of 10-year notes and $150m of shares to repay shorter-term debt.

  • Jones Lang LaSalle to raise $200m to repay debt

    10 June 2009

    Jones Lang LaSalle today announced plans to offer 5.5m shares in an underwritten public offering.

  • Some SoCal median home prices drop below 1989 levels

    10 June 2009

    Properties in several areas are selling for less than they did 20 years ago, and that's not including inflation. Some first-time buyers are nabbing houses for less than their parents paid.

  • US housing supply falls

    10 June 2009

    Hhomes listed for sale declined again in many US cities last month, though supplies are generally plentiful.

  • US housing industry urges extended tax credit

    10 June 2009

    Worried that rising mortgage rates could damp the prospects for a housing recovery, a business group is making a new push for Congress to boost and extend a home-buyer tax credit.

  • US Fed subpoenas Lend Lease on overbilling

    10 June 2009

    Bovis Lend Lease yesterday confirmed it had received subpoenas from the US Federal Attorney and New York District Attorney regarding allegations of overbilling on the $US700m (A$882m) September 11 Memorial and Museum and other large New York projects.

  • 10 Banks Repaying TARP early

    10 June 2009

    JPMorgan Chase & Co, Goldman Sachs Group Inc and Morgan Stanley were among 10 banks that won US Treasury approval to buy back $68 billion of government shares, freeing them from added oversight that curbed lending practices, hiring and pay.

  • Appraisals hamper US recovery

    9 June 2009

    Appraisals are becoming one of the biggest obstacles for Americans trying to sell their homes, refinance their mortgages or tap into home-equity credit lines.

  • US commercial mortgage default heading 17-year high

    9 June 2009

    The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents.

  • Starwood plans to float new US REIT to buy distressed loans

    8 June 2009

    Barry Sternlicht, the property and hotel entrepreneur, is planning to float a new REIT in the US to buy distressed commercial and residential debt secured on real estate.

  • Fox Interactive abandons new Playa Vista offices

    8 June 2009

    A year after making one of the largest office leasing deals in more than a decade, Fox Interactive Media is abandoning plans to move into nearly a half-million square feet of office space in Playa Vista.

  • Sunstone REIT forfeits San Diego hotel

    8 June 2009

    Sunstone Hotel Investors intends to forfeit the 258-room W San Diego to its lenders after its efforts to reach a compromise on the luxury hotel's $65m securitised mortgage failed.

  • Trouble NY skyscraper sold

    5 June 2009

    A group of investors led by RCG Longview and George Comfort & Sons have signed a contract with Deutsche Bank AG to purchase Worldwide Plaza, a Manhattan office tower that was part of an ill-fated portfolio of skyscrapers acquired by developer Harry Macklowe at the top of the market, according to people familiar with the matter.

  • Italians to create REIT in US

    5 June 2009

    Sorgente Group, the Italian investment company that controls Manhattan’s Flatiron building, plans to set up a real estate investment trust in the U.S. to take advantage of a recovery that may start as soon as 2010.

  • Countrywide chiefs sued by SEC

    5 June 2009

    The Securities and Exchange Commission filed civil fraud charges yesterday against Angelo Mozilo, the former Countrywide chief executive, and his two top lieutenants, alleging that they misled investors about the financial condition of the mortgage company in the months leading up to its sale to Bank of America.

  • Fed cools expectations of support for mortgage-backed securities

    5 June 2009

    The US Federal Reserve yesterday damped expectations that it was preparing to prop up the market for distressed bubble-era securities backed by mortgages.

  • Banks beef up teams to fortify property plans

    05 June 2009

    Bank of America, Barclays, HSBC and RBS reshuffle teams and portfolios

  • Lane 4 is still in Kansas

    05 June 2009

    A partnership led by Kansas City-based developer Lane 4 has bought a retail portfolio in the suburbs of Kansas City, Kansas, for $62.1m from Highwoods Properties

  • Weiss ups Deutsche Land stake and takes AIM targets

    05 June 2009

    Weiss Asset Management, a Boston-based hedge fund manager, is continuing to buy shares in unloved AIM-listed property companies by increasing its stake in Deutsche Land to 17%

  • US builders see signs of stability

    4 June 2009

    Home builders reported encouraging signs of stabilisation in the housing market, but cautioned that foreclosures and rising interest rates cloud the outlook.

  • Property magnate fights to block corruption report

    4 June 2009

    A property magnate embroiled in a corruption inquiry that has plunged a Caribbean offshore tax haven into a constitutional crisis is leading a legal challenge to curb publication of a report on the affair.

  • Paul Kemsley’s Rock Investment in administration

    3 June 2009

    Paul Kemsley’s Rock Investment has gone into administration.

  • Tokyo offices now more expensive than London

    3 June 2009

    Tokyo has now surpassed London as the world’s most expensive office market, research from CB Richard Ellis has said.

  • Mortgage market intervention supported

    3 June 2009

    The US government should continue to intervene in the home-mortgage market after the foreclosure crisis ends, real-estate brokers, home builders and mortgage bankers said in testimony prepared for a congressional hearing on Wednesday.

  • Builder cuts losses on slashed revenue

    3 June 2009

    Hovnanian Enterprises, the home builder, said Tuesday that it cut its quarterly loss, but its revenue fell by nearly half as it cut prices to encourage sales.

  • US house sale point to end of free fall

    3 June 2009

    The US housing market gave another sign yesterday that the free fall could be ending. Figures indicated that pending home sales rose for a third month running in April as record low mortgage rates lured buyers back to the market.

  • Fed mortgage cost programme stalled by bond market

    2 June 2009

    The U.S. Federal Reserve's program to keep mortgage rates low by buying securities and Treasury bonds so far has been costly and seems to be having a fleeting impact.

  • US home foreclosures hit record in first quarter

    1 June 2009

    California and three other states continued to take an outsize share of the blame for the foreclosure epidemic sweeping the nation.

  • Mortgage rate rises threaten US rebound

    1 June 2009

    Home-mortgage rates have surged to their highest level in more than three months, threatening prospects for quick rebounds in the housing market and consumer spending.

  • US bad loan plan stumbles

    29 May 2009

    A government program designed to rid banks of bad loans, part of a broader effort once viewed as central to tackling the financial crisis, is stalling and may soon be put on hold, according to people familiar with the matter.

  • Defaults worry Fed as US property recovery falters

    29 May 2009

    A record 9.1% of all US mortgages were delinquent at the end of the first quarter, the Mortgage Bankers’ Association reported yesterday, highlighting the pressure on policymakers as they attempt to engineer a still elusive bottom in the US property market.

  • CB Richard Ellis Global Market View: Office Occupancy Costs May 2009

    29 May 2009

    The foundation of the global economy has been tested to a degree not seen since the Great Depression. What began as a US housing crisis quickly became a worldwide financial crisis.

  • Duke to build Dallas cancer centre

    29 May 2009

    US-based Duke Realty Corporation is to develop a 460,000 sq ft Baylor Cancer Center on the campus of Baylor University Medical Center in Dallas, Texas

  • Show of strength from IPD US index

    29 May 2009

    Investment Property Databank on Wednesday published its first-ever annual commercial real estate index for the US, backed by 10 years of historical data

  • US Home sales sluggish as supply climbs

    28 May 2009

    A glut of unsold homes continued to grow last month, fed by a new wave of foreclosures, even though sales of existing homes rose, a national real estate trade association said Wednesday.

  • US commercial mortgage defaults 'to rise'

    28 May 2009

    US delinquency and default rates for loans sold as commercial mortgage-backed securities probably will continue to increase this year amid rising office, retail and apartment vacancies, research firm Reis said.

  • Rising Treasuries threaten US recovery

    28 May 2009

    US Treasury yields rose to their highest level in six months yesterday, raising concern that rising mortgage rates could damp a nascent recovery in the economy.

  • US development bigwig gets Olympic Legacy top job

    27 May 2009

    The London Development Agency has appointed Andrew Altman – Philadelphia’s deputy mayor and a ‘big hitter’ in urban development in the US – as the chief executive of the 2012 Olympics legacy delivery company.

  • Existing US Homes sales up in April

    27 May 2009

    Home resales in the US probably rose in April as foreclosure auctions and improved affordability spurred bargain hunters, economists said before a report today.

  • Argentina uses social security fund to boost mortgage market

    27 May 2009

    Argentine President Cristina Fernandez de Kirchner’s move to ease access to mortgages and combat the possibility of recession for the first time since 2002, increases the country’s dependence on nationalized pension funds to drive economic growth.

  • Mark Baillie steps down from Macquarie

    26 May 2009

    Mark Baillie, chairman of real estate in the northern hemisphere at Macquarie Capital Funds, is to retire from the firm after 14 years.

  • Mortgage modification not halting US defaults

    26 May 2009

    Mortgage-servicing companies are struggling to find the best way to modify mortgages so that borrowers can stay in their homes, according to a Fitch Ratings report expected to be released this week.

  • US home prices falls ease

    26 May 2009

    Home prices in 20 major metropolitan areas probably fell at a slower pace in March, pointing to a moderation in the housing slump, economists said ahead of a report today.

  • Recession empties America's malls

    22 May 2009

    Malls are dwindling in number, with many struggling properties reduced to largely vacant shells.

  • Knight Frank's Global Real Estate Markets Update: 2009

    22 May 2009

    As the global economic slowdown gathered momentum throughout 2008 and into 2009, its negative impact on commercial property markets across the world has gained force.

  • REMAX forays into India

    21 May 2009

    US-based realty brokerage firm REMAX has forayed into India aiming to tap potential offered by middle-class families, with its business in America hit by the ongoing slump in the property market.

  • US luxury builders sees hope

    21 May 2009

    Toll Brothers Inc reported higher orders than many analysts expected in its fiscal second quarter and offered a glimmer of hope that the luxury-home market is starting to thaw.

  • Silverstein and officials squabble over WTC site

    20 May 2009

    New York developer Larry Silverstein appears to have the upper hand as he prepares for yet another high-level negotiation with New York and New Jersey officials on the redevelopment of the World Trade Center site.

  • Investors grab foreclosure opportunities

    20 May 2009

    The pace of housing sales has been rising in many US markets this year, but it is only partly because families seeking affordable housing are returning to the market.

  • Fed adds legacy assets to TARP

    20 May 2009

    The Federal Reserve will include legacy assets for the first time in a $1tr program to revive credit markets, expanding the effort to commercial real estate securities issued before the start of this year.

  • Home Depot sounds US housing caution

    20 May 2009

    Growing optimism over the US housing market could be premature, a retailer warned yesterday.

  • DTZ sells 50% stake in US firm Rockwood for ‘nominal amount’

    19 May 2009

    DTZ has sold its 50% interest in US firm DTZ Rockwood to DTZ Rockwood for a nominal amount.

  • Lend Lease projects selected for Clinton Climate Initiative program

    19 May 2009

    Two projects by Lend Lease have been selected as part of the 16 founding schemes that will form part of the Clinton Climate Initiative program.

  • US local banks battered by commercial property

    19 May 2009

    Commercial real-estate loans could generate losses of $100bn by the end of next year at more than 900 small and midsize U.S. banks if the economy's woes deepen, according to an analysis by The Wall Street Journal.

  • US homebuilder confidence rises

    19 May 2009

    The National Association of Home Builders’ index of homebuilder sentiment rose from 14 to 16. However, the figure remains well below the mark of 50 that indicates “good” conditions.

  • Paulson moves to make new killing in property

    19 May 2009

    The hedge fund tycoon who made billions of dollars from betting against sub-prime mortgages is close to launching a new fund that will make a profit when property prices rebound.

  • Goldman taking heat of Whitehall conflcits

    18 May 2009

    One of Goldman Sachs premier real-estate funds is in discussions with its lenders to restructure debt on some of its biggest investments: Nevada casinos, German office buildings and a US hotel chain.

  • Libel suit gives insight into Trump valuation methods

    18 May 2009

    How much is Donald Trump really worth?

  • Sub-prime king targeted by regulators

    18 May 2009

    70-year-old Angelo Mozilo looks increasingly likely to be the first, and perhaps only, big name to face charges over the sub-prime home-loans scandal.

  • Obama housing rescue adds aid for 'short sales'

    15 May 2009

    The Obama administration on Thursday laid out additions to its housing-rescue plan that are designed in part to make it easier for financially troubled homeowners to sell houses that are worth less than their mortgages.

  • Whitehall Fund cash call on top of losses

    15 May 2009

    There is more pain to come for investors in Goldman Sachs's biggest real-estate private-equity fund.

  • Bad property loans threaten regional US banks

    14 May 2009

    The slumping market for commercial real estate threatens to drag down regional banks as they struggle to collect on loans made against shopping centres and office buildings.

  • General Growth wins $400m loan

    14 May 2009

    General Growth Properties, which filed the biggest real-estate bankruptcy in US history, won court approval of a $400m loan from a group led by Farallon Capital Management and the right to use cash on hand to fund its operations.

  • US Median house price down 14%

    13 May 2009

    The median price for a single-family house fell 14% to $169,000 in the first quarter from a year earlier, the National Association of Realtors reported.

  • Greenspan bottom of US house market

    13 May 2009

    Former Federal Reserve Chairman Alan Greenspan said that the decline in the US housing market may be bottoming and it’s 'very easy to see' financial markets continuing to improve.

  • US foreclosures hit new record

    13 May 2009

    Foreclosure filings in the US rose to a record for the second consecutive month in April as banks increased efforts to seize homes from delinquent borrowers.

  • Freddie Mac to draw further $6.1bn from Fed

    13 May 2009

    Freddie Mac said yesterday it would draw $6.1bn of capital from the US Treasury after a $9.9bn first-quarter loss drove its net worth below zero.

  • April drop in home listings across US

    12 May 2009

    The number of homes listed for sale in many U.S. cities continued to fall in April in what some analysts see as a sign that the market may be nearing a bottom. But the picture is clouded by uncertainty over how many foreclosed properties will hit the market.

  • Madison Square Garden 'not for sale'

    12 May 2009

    Cablevision Systems said it has no plans to sell the Madison Square Garden unit or any other businesses, less than a week after the board gave managers permission to explore a spinoff.

  • Goldman pays $60m in subprime settlement

    12 May 2009

    Goldman Sachs agreed to pay about $60m to settle a Massachusetts investigation into the packaging of mortgage securities at the root of the collapse of the U.S. housing market.

  • Fannie Mae taps Fed for $19bn

    11 May 2009

    Fannie Mae, operating under a federal conservatorship, asked the US Treasury for a $19bn capital investment and raised the possibility that its long-term survival may be dependent on continued government funding.

  • Virtual offices fill a space

    11 May 2009

    The collapse in US commercial property prices is encouraging entrepreneurs to set up 'virtual' offices at prestigious addresses, renting space by the month, the week or even the hour.

  • General Growth move shakes investors

    8 May 2009

    When General Growth Properties Inc. sought Chapter 11 protection last month, it took a step its biggest debt holders had believed was impossible: It took 166 of its malls into bankruptcy with it.

  • Frasier start takes property hit

    8 May 2009

    'Frasier' star Kelsey Grammer has sold a Los Angeles house for $3.3m, 19% less than he paid for it in 2007, and leased a seven-bedroom English-style manor after it failed to sell for $18.9m.

  • US commercial mortgage delinquencies hit 11-year high

    8 May 2009

    Commercial mortgage delinquencies in the U.S. climbed to the highest level in at least 11 years in April as scarce credit made it difficult for landlords to refinance loans, according to property research firm Trepp LLC.

  • Simon Property raises $1bn in new equity

    8 May 2009

    Simon Property Group Inc., the biggest U.S. shopping mall owner, raised $1 billion in its second stock sale this year after increasing the number of shares to meet investor demand.

  • Top fund manager sees shift from recession to recovery

    08 May 2009

    Fidelity’s Bolton sees first signs of possible turnaround at Ross Goobey memorial lecture

  • US unveils Battersea embassy plan

    08 May 2009

    The US government has today revealed the first plans for its new embassy on the banks of the Thames in Battersea, south London.

  • North Hollywood redevelopment set for nod

    7 May 2009

    Plans to redevelop a struggling shopping plaza in North Hollywood have raised hopes for wider improvements along a commercial strip that was devastated by the 1994 Northridge earthquake and has long suffered blight.

  • Relief as stress test results come in

    7 May 2009

    US financial stocks soared yesterday as investors expressed relief that the capital shortfalls identified by the government’s 'stress tests' at large banks such as Citigroup and Bank of America were not as big as some had feared.

  • US REITs move to deleverage

    6 May 2009

    In the race to shed debt, several real-estate investment trusts are buying back their public bonds at steep discounts.

  • Over 20% of US homeowners 'underwater'

    6 May 2009

    A growing number of U.S. homeowners owe more than their properties are worth after prices extended their two-year decline in the first quarter, Zillow.com said.

  • US banks spent $370m to fight sub-prime regulators

    6 May 2009

    The top 25 US originators of subprime mortgages – the risky assets that sparked the global financial crisis – spent almost $370m (£246m) in Washington over the past decade on lobbying and campaign donations as they tried to ward off tighter regulation of their industry, an investigation has shown.

  • Washington sets out tough bail rules

    6 May 2009

    Federal regulators are moving to impose tough conditions on banks that want to repay bail-out funds, requiring them to prove they can issue debt without a government funding guarantee.

  • Small banks hit by commercial property in stress tests

    5 May 2009

    Thursday's 'stress-test' results are likely to highlight the woes from commercial real-estate loans that are piling up at large and small banks alike.

  • Texas bank wrecks new houses

    5 May 2009

    Guaranty Bank of Austin is wrecking new houses to provide a 'safe environment' for neighbours of the abandoned housing tract in Victorville, a high-desert city about 85 miles north east of Los Angeles, a bank spokesman said.

  • Signs of recovery in US housing

    5 May 2009

    Investors and first-time buyers, the traditional harbingers of a housing rebound, are competing for bargain-price foreclosures. With sales up 45% from last year, the vast backlog of inventory has diminished. Even prices, which have plummeted to levels not seen since the beginning of the decade, show evidence of stabilising.

  • Obama to purge offshore tax havens

    5 May 2009

    Barack Obama has unveiled a sweeping crackdown on offshore tax avoidance by US companies, in a move likely to affect the way Britain taxes profits earned by UK companies operating abroad.

  • CBRE Global Insight number four

    1 May 2009

    "Global Capital Markets in Perspective"

  • Affleck and Garner spend $17.5m on new home

    1 May 2009

    Ben Affleck and Jennifer Garner have bought movie producer Brian Grazer's Los Angeles house for roughly $17.5m, according to two people familiar with the deal. That's about 40% less than Grazer's original asking price, $27.5m.

  • Senate rejects Obama mortgage scheme

    1 May 2009

    President Obama lost his first big legislative fight Thursday when the Senate failed to pass a measure that would allow bankruptcy-court judges to reduce the value of some mortgages.

  • Epic journeys into Ford’s Soho HQ for £21m

    01 May 2009

    Michael and Steven Elghanayan’s Epic has bought car manufacturer Ford’s former global design headquarters in Soho for £21m

  • People Moves

    Global May 2009

    Global movers this month

  • ProLogis puts home up for sale

    01 May 2009

    ProLogis put its UK headquarters up for sale this week as part of a cost-cutting drive

  • Vegas project rescued

    30 April 2009

    City Center, the $8bn-plus resort under construction in Las Vegas, won a crucial victory Wednesday when its lenders and owners struck a deal that guarantees the project will be finished.

  • HSBC towers could fetch 40% less than peak

    30 April 2009

    HSBC Holdings Plc’s planned sale of its London, New York and Paris offices may bring Europe’s biggest bank about 40% less than the properties would have fetched at the 2007 market peak.

  • JLL makes $61m first quarter loss

    29 April 2009

    Jones Lang LaSalle suffered a $61m net loss in the first quarter of the year, with Europe being the worst-performing division.

  • British architects design cancer centre for hurricane-battered New Orleans

    29 April 2009

    A cancer research centre in New Orleans designed by UK-based architects RMJM New Orleans is now under construction.

  • California wasted $580,000 on unused office space

    29 April 2009

    California wasted $580,000 by leaving leased office space vacant for four years, and an administrator was improperly reimbursed more than $70,000 for commuting from her Southern California home to her Sacramento office, including lodging and meal costs, California's auditor has said.

  • British Virgin Isles eases for foreigner restrictions

    29 April 2009

    The British Virgin Islands, has agreed to ease some restrictions on foreign real-estate buyers.

  • Obama moots new mortgage plan

    29 April 2009

    The Obama administration sought to expand its $50 billion plan to reduce home foreclosures, announcing a new program on Tuesday to help troubled homeowners modify second mortgages or piggyback loans.

  • US house price falls ease

    29 April 2009

    The rate of decline in US house prices slowed in February and consumer confidence among Americans rose by the greatest amount since 2005 during April, in early signs the economic recession might just be slowly beginning to thaw.

  • California sales improve

    28 April 2009

    California's housing-market slump showed hints of improvement in March, with sales of existing single-family homes increasing 64% from the prior-year period and median home prices rising month-to-month for the first time since August 2007, according to a trade group report.

  • JC Flowers isolated in Hypo row

    28 April 2009

    JC Flowers & Company has threatened to take the German government to court to salvage as much as he can from a €1.1bn euro, ($1.43bn), investment in a German bank, Hypo Real Estate, that is now effectively insolvent.

  • US $70m 'dream homes' scam

    28 April 2009

    More than a thousand people who took part in a US program to buy their 'Dream Homes' were victims of a massive $US70m ($A98.74m) fraud scheme, investigators have said.

  • Circus legend's house price slashed by for 35%

    24 April 2009

    The owner of circus entrepreneur James Bailey's 1880s mansion in New York has cut the price to $6.5 million after listing the home in November for $10m - a drop of 35% in less than half a year.

  • US sales down 3%

    24 April 2009

    Sales of US existing homes fell by 3% during March, reversing the rise in February. Overall sales of existing homes and apartments fell to an annual rate of 4.57 million units in March, from a revised 4.71 million in February, 7.1% lower than a year ago.

  • Ground Zero’s 30-year timeframe

    24 April 2009

    New York’s World Trade Center site could take up to 30 years to develop because of the fall in demand for office space.

  • Henderson fund man set for Squarestone

    24 April 2009

    Investment manager recruits Neil Varnham for London and Brazil push

  • Foreclosures prompt bidding wars

    23 April 2009

    Falling US home prices are starting to ignite bidding wars in a few parts of the U.S. as first-time buyers compete with investors for the same foreclosed properties.

  • Freddie Mac 'suicide'

    23 April 2009

    The chief financial officer of Freddie Mac has died in an apparent suicide as the huge American mortgage lender and guarantor remains under investigation over accounting and disclosure methods.

  • House giant posts profit

    22 April 2009

    Home-building giant NVR posted a profit for the first three months of 2009, showing resiliency in the face of a foundering housing market.

  • Change at the top for ProLogis's European arm

    21 April 2009

    ProLogis’s president of Europe, Gary Anderson, has been promoted to be ProLogis’s head of global investment management.

  • New Fannie Mae chief

    21 April 2009

    Fannie Mae has named the company’s chief operating officer to take over as chief executive.

  • Opposition targets Obama mortgage bill

    21 April 2009

    Republican senators and the financial industry are closing ranks in an attempt to crush a controversial part of the Obama administration’s housing package.

  • So Cal market hammered

    20 April 2009

    Layoffs, tight credit and other fallout from the troubled economy have battered Southern California's office market, leading to vacancy rates as high as 30% in some areas.

  • Commercial real estate 'risk to US economy'

    20 April 2009

    The latest big threat to economic recovery in the US, the commercial property market, could be the next target of an expanded special lending program from the central bank, Dennis Lockhart, president of the Atlanta Federal Reserve Bank, said Saturday.

  • US foreclosures leap in March

    20 April 2009

    Completed U.S. foreclosures jumped 44% in March to another record high, according to foreclosure-listing service ForeclosureS.com.

  • Small creditors brought down General Growth

    17 April 2009

    Mall owner General Growth Properties Inc, which filed one of the biggest-ever real-estate bankruptcy reorganisations, for months had successfully fended off its large bank creditors.

  • US house building slows

    17 April 2009

    New US residential building slowed sharply in March after February’s surprise surge, dimming hopes that the property slump might be ending.

  • General Growth Properties files for US’s biggest ever bankruptcy protection

    16 April 2009

    General Growth Properties (GGP), the US’s second largest shopping centre owner, has filed for bankruptcy protection with $27bn (£18.1bn) of debt.

  • Shopping mall giant files for Chapter 11

    16 April 2009

    Mall owner General Growth Properties Inc. sought bankruptcy protection early Thursday in one of the largest real-estate failures in US history, capping a precarious, months-long effort to juggle the crushing $27bn debt load it shouldered in past acquisition sprees.

  • Builders' view on US housing brightens

    16 April 2009

    A measure of home-builder sentiment rose this month, offering another possible sign that the housing market is beginning to stabilize.

  • US REITs 'ripe for consolidation''

    15 April 2009

    The economic crisis has created a survival-of-the-fittest environment for US real-estate investment trusts.

  • Fannie chief tipped to head Tarp

    15 April 2009

    Herb Allison, chief executive of Fannie Mae, the US government-controlled mortgage group, is leading the shortlist to run the Obama administration’s $700bn bail-out fund.

  • US Hotels face uncertain times

    14 April 2009

    Hotels have been struggling for months and a bad situation is likely to turn worse as a rapidly growing number of hotels — including many high-end and luxury properties — are forced into bankruptcy or foreclosure in coming months.

  • Dubai World to see Vegas project through

    14 April 2009

    The multi-billion dollar gaming and hotel project in Las Vegas could be completed after a new financing strategy was mooted.

  • HSBC looks to sell key offices

    14 April 2009

    HSBC is looking for buyers for three of its largest offices in London, New York and Paris as part of a global asset sell-off in an effort to secure fresh funding.

  • Pulte buys Centex to create largest US housebuilder

    9 April 2009

    Pulte, one of the largest US homebuilders, said on Wednesday it would buy rival Centex for $1.3bn in stock in a deal that reflects the growing importance of size during the economic downturn.

  • Delek sells Canadian apartment block

    8 April 2009

    Delek Global Real Estate has sold a Canadian apartment building for CAN$36.7m (£20.1m).

  • Occupied commercial falls as tenants cut back

    8 April 2009

    Commercial landlords continue to lose retail tenants at an accelerating pace, indicating that the industry's troubles are worsening.

  • Residential landlords see vacancy rise

    8 April 2009

    The nation's apartment market deteriorated in the first quarter as rising unemployment dashed landlords' hopes that the housing downturn would create a soft landing by bringing former homeowners back as renters.

  • US real estate urges longer TALF terms

    8 April 2009

    The US real-estate industry is lobbying the Federal Reserve for modifications to a bailout program that the industry said may avert a wave of commercial-property defaults.

  • US Treasury reconsiders toxic sale rules

    7 April 2009

    The US Treasury Department, has said it may allow a broader group of private investors to purchase toxic securities.

  • US sets 'aggressive' action to fight mortgage fraud

    7 April 2009

    The Justice Department, US Treasury and other agencies said they are taking more aggressive action to confront 'bottom feeders' of the mortgage industry who prey on borrowers facing foreclosure.

  • US Congress eyes mortgage reform

    6 April 2009

    Congress is preparing to take up a comprehensive plan that would fundamentally reform the home mortgage market, starting this year.

  • Crown in new Vegas move

    6 April 2009

    James Packer's Crown has emerged as a potential white knight for the most expensive, privately funded construction project in US history, a $US8.6bn ($A13.4bn) Las Vegas hotel and casino development known as CityCentre.

  • US office vacancy hits 15.2%

    3 April 2009

    Companies, struggling to cut costs, dumped a near-record 25 million square feet of office space in the first quarter, driving vacancy up and rents down, according to data to be released today by Reis Inc.

  • US homeowner-aid plan threatened by second loan dispute

    3 April 2009

    The Obama administration's $75bn effort to help troubled homeowners avoid foreclosure has hit a stumbling block: a fight over how to aid borrowers who have more than one home loan.

  • Colony Capital moots Las Vegas investment

    2 April 2009

    Colony Capital LLC, a Los Angeles-based real estate firm, is considering a possible investment in the troubled City Center project in Las Vegas, according to people close to Colony and the City Center project.

  • Manhattan sales slump

    2 April 2009

    Manhattan's real-estate market has come crashing back to earth.

  • KPMG sued for $1bn over collapse of subprime lender

    2 April 2009

    KPMG, the world’s third biggest accounting firm, is being sued for $1bn (£692m) by the liquidators of New Century Financial, the collapsed US sub-prime lender, in the first big case against an auditor to emerge in the global financial crisis.

  • New England's tallest tower sold at knock-down price

    1 April 2009

    Boston's John Hancock Tower, New England's tallest building, was sold Tuesday in a foreclosure auction held by an investor group for $660.6m, half the price paid by real-estate private-equity firm Broadway Partners three years ago.

  • US cities see no bottom to house prices

    1 April 2009

    House prices in the US’s 20 largest cities dropped 2.8% in January in another sign that the bottom of the housing market may still be some way off, according to the Case-Shiller index.

  • Lennar losses up

    31 March 2009

    Home builder Lennar Corp's loss widened in its fiscal first quarter, but it managed to generate more sales than some analysts had expected amid the start of a dismal spring selling season.

  • Zell eyes Brazil

    30 March 2009

    Real estate tycoon Sam Zell, trying to restore his stature as an astute investor after his disastrous buyout of Tribune Co, has surfaced as an unlikely player in a controversy in Brazil over affordable housing.

  • US thirty-year mortgage rates hit new low

    30 March 2009

    The average rate on 30-year fixed-rate home mortgages hit a record low this week, after the Federal Reserve announced it would purchase Treasury securities over the next six months, Freddie Mac's chief economist has said.

  • MGM pays $200m in 'sign of good faith'

    30 March 2009

    Dubai World describes a last-minute US$200m (Dh734.6m) payment by MGM Mirage for the CityCenter project in Las Vegas a 'sign of good faith'.

  • CB Richard Ellis given break by banks

    26 March 2009

    International commercial real estate services giant CB Richard Ellis Group Inc., which has been thrashed by the dismal real estate market and prolonged credit freeze, has had a break from its bankers, the company has said.

  • Surge in US home loan applications

    26 March 2009

    Applications for US mortgages surged last week as banks lowered borrowing costs after the Federal Reserve’s decision to buy Treasuries pushed interest rates to record lows.

  • Smaller US developers turns to cities for aid

    25 March 2009

    While some of the country's largest corporations are looking to Washington for bailout relief, some small real-estate developers are reaching out to local governments for help in moving forward with high-profile projects.

  • US Home prices rise for first time in 10 months

    25 March 2009

    The federal government's gauge of home prices rose in January for the first time in 10 months.

  • Dubai World takes MGM to court over Vegas scheme

    24 March 2009

    Infinity World, a subsidiary of Dubai World, says it has taken legal action against MGM Mirage after the company allegedly committed a 'breach' of its joint venture agreement to build a major project on the Las Vegas strip.

  • First-time buyers boost US house sales

    24 March 2009

    The sales of existing US homes rebounded from a 12-year low in February as distressed sales brought first-time buyers into the market in search of bargains.

  • US plan fuels huge rally

    24 March 2009

    Stocks soared yesterday after Treasury Secretary Tim Geithner detailed his proposals for public-private partnerships to deal with toxic assets in the financial system and prominent investors vowed to take part in the programme.

  • Mall owner pleads with bondholders

    23 March 2009

    General Growth Properties Inc., struggling to avoid a bankruptcy filing, remained locked in talks Sunday with bondholders it was trying to persuade to accept reduced terms.

  • Mortgage executive set for Federal Housing Administration top spot

    23 March 2009

    The Obama administration is expected to appoint David Stevens, a veteran mortgage executive, as head of the Federal Housing Administration at a time when that agency is taking a critical role in the ailing U.S. home mortgage market, according to people familiar with the plan.

  • California shows signs of life

    23 March 2009

    California's mortgage crisis hit Mountain House, a master-planned community particularly hard last year, and eventually 90% of mortgage holders here owed more than their homes were worth.

  • California's median home prices plunge 40%

    20 March 2009

    The median home price in California dropped 40% in February from a year earlier, a real estate tracking firm has said.

  • Lennar set to buy back after cashing out at top

    20 March 2009

    Home builder Lennar Corp., which largely cashed out of one of the nation's biggest land ventures near the top of the market, is close to a deal to pick up some of the pieces at a significant discount.

  • AIG weigh up sale of Manhattan headquarters

    19 March 2009

    American International Group (AIG), being kept afloat by a $180 billion government bailout, may sell its downtown Manhattan headquarters.

  • Grubb & Ellis delays filing on accounts restatement

    19 March 2009

    Grubb & Ellis Co., a Santa Ana commercial real estate broker, said Tuesday that it would delay filing its annual report as part of a restatement of financial results for 2006, 2007 and most of last year.

  • Fed Treasuries purchase stuns market

    19 March 2009

    The Federal Reserve yesterday stunned investors by announcing plans to buy $300bn (£210bn) of US government debt, triggering a plunge in bond yields and the dollar.

  • US building sector rebounds

    18 March 2009

    The US residential building sector showed renewed signs of life last month as falling construction costs prompted builders to break ground, offering a glimmer of hope that the real estate slump could be near its bottom.

  • Geithner faces crucial toxic asset test

    18 March 2009

    Tim Geithner, America’s beleaguered Treasury secretary, faces a critical test of his credibility when he unveils a much-anticipated plan to take toxic assets off bank balance sheets – in an announcement that could come within days.

  • US builders group split on lobbying

    17 March 2009

    A fight within the National Association of Home Builders, one of the nation's largest trade groups, is coming to a head, and the outcome could refocus the industry's lobbying efforts at a critical time for the housing market.

  • US eyes Madoff's homes to recover fortune

    17 March 2009

    The US government hopes to seize some of Bernard Madoff’s fortune after he admitted 11 counts of fraud and money laundering, for which he could be sentenced to 150 years in prison.

  • Obama 'to use all legal avenues' to block AIG bonuses

    17 March 2009

    President Barack Obama vowed yesterday to pursue 'every single legal avenue' to block $165m (£117m) in bonus payments by AIG amid mounting anger over the stricken insurance group’s use of federal bail-out funds.

  • US mortgage fraud hits record high

    17 March 2009

    Mortgage fraud hit record highs in 2008 even as the industry made fewer home loans and reined in lending standards, according to figures released yesterday.

  • Wells Fargo and HSBC accused of racism

    16 March 2009

    Wells Fargo Corp. and HSBC Holdings PLC defended their lending practices on Friday after the National Association for the Advancement of Colored People's announcement it was filing lawsuits against the two banks alleging 'systematic, institutionalized racism' in their lending to certain borrowers.

  • US Mortgage rates fall

    16 March 2009

    Home-mortgage rates fell this week following news of a weaker job market, which 'may slow consumer spending and keep inflation at bay,' said Freddie Mac chief economist Frank Nothaft.

  • Trump sued over Mexico project

    16 March 2009

    Donald Trump is being sued by buyers who lost millions of dollars in deposits on a failed hotel-condo in the Mexican border city of Tijuana.

  • Chicago’s Sears Tower to be renamed the Willis Tower

    13 March 2009

    Chicago’s iconic Sears Tower, the tallest building in the Western hemisphere, is to be renamed after securing a new tenant.

  • Savills to sell Watergate complex in Washington DC

    13 March 2009

    US property company BentleyForbes is selling part of Washington DC’s Watergate complex, made famous by the political scandal that led to the resignation of former President Richard Nixon, for around $100m (£72m).

  • Beazer Homes shares jump 65% on eco-promotion

    13 March 2009

    The battered shares of home builder Beazer Homes USA Inc. got a wild jolt on Thursday.

  • Revival of downtown LA stalled as landowner faces bankruptcy

    13 March 2009

    The largest private landowner in downtown Los Angeles said it may have to file for bankruptcy protection, the latest sign of how the credit crunch has frozen a multibillion-dollar revitalization of the city's downtown.

  • Mortgage investors urge rescue changes

    12 March 2009

    Investors who hold billions of dollars of residential mortgage-backed securities are pressing the Obama administration to make changes in its housing rescue plan.

  • Freddie seeks another $31bn capital infusion

    12 March 2009

    Freddie Mac said yesterday that a $23.9bn fourth-quarter loss would require it to draw down $30.8bn of capital from the US Treasury, but warned that it would face difficulties paying the government back.

  • US Embassy shortlists four architects for London embassy

    11 March 2009

    Four architects have been shortlisted to design the new United States Embassy in south London.

  • State Housing Agencies battered by crunch

    11 March 2009

    The credit crunch has claimed another group of victims: housing-finance agencies operated by state governments that cater to first-time homeowners.

  • Brazil contracts by 3.6% as 'immunity' talk ends

    11 March 2009

    Brazil’s economy had its worst showing in more than a decade in the last quarter of 2008, adding to pressure on the central bank to cut interest rates aggressively to prevent an even steeper downturn.

  • Tumult besets Trump projects

    10 March 2009

    With the economy bearing down, Donald Trump's real-estate business has hit new snags that imperil several big projects that bear his name.

  • NY Times raises $225m in sale and leaseback

    10 March 2009

    The New York Times reached a sale and leaseback agreement with WP Carey & Co, the investment firm, and two affiliates for part of its stake in the company’s Manhattan headquarters in a long-anticipated deal to raise $225m to help pay off $1.1bn in net debt.

  • New York Times Company scores $225m sale-and-leaseback

    9 March 2009

    The New York Times Company – publisher of the New York Times and the International Herald Tribune – has sold part of the space it owns and occupies in its New York headquarters to US sale-and-leaseback specialist W.P. Carey & Co for $225m (£162m).

  • Obama told to let banks fail

    9 March 2009

    Two powerful Republicans yesterday called on Barack Obama to let some big banks fail instead of propping them up with public money.

  • Delinquent mortgages hit new high

    6 March 2009

    More Americans struggled to pay their mortgage bills in the fourth quarter of 2008. A record 5.4 million U.S. homeowners with a mortgage, or nearly 12%, were either behind on payments or in foreclosure at the end of last year, according to an industry survey.

  • Disgraced NY DA enters real estate

    6 March 2009

    Eliot Spitzer, the former New York governor, who resigned in disgrace a year ago after getting caught patronising a prostitute in a Washington hotel, has purchased a prominent office building blocks from the White House through his father's real-estate company.

  • US House passes mortgage bill

    6 March 2009

    Legislation letting judges reduce the mortgage payments of borrowers in bankruptcy passed the House of Representatives, overcoming opposition from industry groups and Republicans who say the bill may further destabilize lending.

  • US commercial property under pressure

    6 March 2009

    Rising vacancies and falling rents are bringing havoc to the commercial property sector.

  • 20% of US mortgages 'underwater'

    5 March 2009

    Twenty percent of all U.S. residential properties that had a mortgage on them were underwater at the end of December, with mortgage debt greater than what the homes were worth, according to a report released Wednesday by First American CoreLogic.

  • Obama home rescue plan welcomed

    5 March 2009

    The US Treasury unveiled details yesterday of Barack Obama’s housing rescue plan, which will pay mortgage servicers to modify troubled home loans while reducing borrowers’ interest rates to as low as 2%. The Obama administration said its housing-rescue plan will help as many as one in nine homeowners, from low-income Americans struggling to avoid foreclosure to well-off borrowers who owe more than their homes are worth.

  • London still top ranked centre

    5 March 2009

    All the world’s largest financial centres took a beating in the public’s estimation as the markets melted down this autumn and winter but London and New York have proved more resilient than their near rivals and remain at the top of the competitiveness rankings published by the City of London.

  • US REIT dividend cuts approach

    4 March 2009

    As real-estate investment trusts try to hoard cash, shareholders are poised to lose out on some $4.76bn of dividend payments over the next year.

  • Commercial renters start credit-checking landlords

    4 March 2009

    Prospective tenants are asking for financial statements from landlords, hoping to avoid companies that might default on their mortgages and leave tenants at risk of losing the space. Tenants are also more wary of subleasing space, and are tending to flock to buildings with stable owners.

  • Ex-Countrywide bosses profit from loan distress

    4 March 2009

    A dozen former top Countrywide executives now stand to make millions from the home mortgage mess.

  • US housing plan to be revealed

    4 March 2009

    The US Treasury will today unveil details of President Barack Obama’s $275bn (€219bn, £196bn) plan to help financially stretched homeowners avoid foreclosure, seen as an essential piece of the administration’s economic recovery efforts.

  • AIG still faces billions in credit losses

    4 March 2009

    AIG, the insurer controlled by the US government, still faces billions of dollars in potential losses on credit guarantees it provided for complex sub-prime mortgage securities, in spite of its $62bn fourth-quarter loss and regulatory efforts to unwind its holdings, company filings show.

  • Best Buy delays UK debut

    4 March 2009

    Best Buy, the US electricals group, has pushed back its assault on the UK as it grapples with troubles in its own backyard.

  • LA landlord doubles quarterly losses

    3 March 2009

    Los Angeles office landlord Maguire Properties Inc. more than doubled its loss in the fourth quarter of 2008 as it grappled with a softening commercial real estate market and wrote down the value of an Orange County building it hopes to sell.

  • 'Bad Bank' plan details emerge

    3 March 2009

    The Obama administration is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis, according to people familiar with the matter.

  • Virgin closes US Megastores

    3 March 2009

    Virgin Megastores is set to close its Times Square flagship and two other locations this spring, and is 'very likely' to close its remaining stores by the summer, chief executive Simon Wright has said.

  • Freddie Mac chief quits

    3 March 2009

    David Moffett, chief executive of Freddie Mac, has resigned just six months after taking the helm of the US mortgage financier as it was put under government supervision.

  • US set to pump another $30bn into AIG

    2 March 2009

    The United States is planning its fourth round of aid to the American International Group, the giant insurer. The government already owns nearly 80% of the insurer’s holding company.

  • US REITs look to raise capital

    2 March 2009

    US REITs are preparing to grit their teeth and issue stock.

  • HSBC battered by bad US loans as £12bn rights issues launched

    2 March 2009

    HSBC is to own up to the full horror of its American sub-prime business, Household, when it unveils a £7bn goodwill write-off in addition to a £17bn provision against rising bad loans.

  • London office rents fall twice as fast as New York

    2 March 2009

    Office rents in London are plunging at twice the rate of those in New York according to NB Real Estate.

  • Newspaper groups gives up trying to sell HQ buildings

    27 February 2009

    With U.S. commercial real estate sales at a near-standstill, Tribune Co. is suspending efforts to sell its namesake tower in Chicago and the downtown Los Angeles headquarters of The LA Times, the company has said.

  • US mortgage tax relief under fire

    27 February 2009

    President Obama's budget takes on what has long been considered a sacred cow by trying to reduce the mortgage-interest tax deduction for top earners.

  • Fannie Mae will $15bn in aid

    27 February 2009

    Fannie Mae said yesterday it would draw more than $15bn of assistance from the US Treasury after a sixth consecutive quarterly loss – $25.2bn in the fourth quarter – drove its net worth below zero.

  • Fight looms over foreclosure move

    26 February 2009

    Congress is readying legislation designed to step up government efforts to stem the rise of home foreclosures. But a fight looms over a provision sought by President Obama that would give bankruptcy judges new authority to reduce mortgage debts.

  • Antigua set to seize Stanford assets

    26 February 2009

    Antigua plans to seize tens of millions of dollars of land and property belonging to Sir Allen Stanford in a move that threatens to confuse efforts to investigate the tycoon’s empire and recover investors’ money.

  • Cost favour buyers over renters as prices drop

    25 February 2009

    The relative cost of owning versus renting is swinging back in favour of homeownership in some U.S. markets, buoyed by several quarters of sharp declines in home prices.

  • US house prices fall as confidence slumps

    25 February 2009

    Consumer confidence fell again in February, according to a Conference Board survey released yesterday, while other data showed house prices in big US cities plunged late last year.

  • Critics warn on Obama housing plan

    24 February 2009

    The Obama administration is trying to ensure its $275bn housing-relief program will help only genuinely needy homeowners, but some critics say that it will also aid those who don't need -- or deserve -- the help.

  • Stanford link rattles buyers at troubled resort

    24 February 2009

    Buyers trying to recover their deposits on an unfinished luxury resort have been shocked to learn a backer is under investigation by the SEC.

  • Balfour Beatty in US buy

    24 February 2009

    The building group has bought RT Dooley, a construction company, for about $40m (£27.4m). Customers of Dooley, which is based in North Carolina, include Bank of America and Duke Energy, the gas and electricity group.

  • US housing starts lowest for 50 years

    23 February 2009

    Housing starts plunged to new lows in January as a large number of vacant homes, tight mortgage financing and a deepening recession created the worst housing market in a half-century.

  • Emaar shares slump 10% on US woes

    23 February 2009

    Emaar, the Gulf’s largest listed property developer, lost almost 10% of its market value as investors reacted to the news that its US unit, John Laing Homes, is seeking Chapter 11 bankruptcy protection.

  • Tesco admits to US errors

    23 February 2009

    The head of Tesco’s US operation, Fresh & Easy, has said its early market research was mistaken and it may make big changes to the stores.

  • Obama housing plan set to pressure lenders

    17 February 2009

    President Obama’s plan to reduce the flood of home foreclosures will include a mix of government inducements and new pressure on lenders to reduce monthly payments for borrowers at risk of losing their houses, according to people knowledgeable about the administration’s thinking.

  • CB Richard Ellis set to ask for revised loan terms

    16 February 2009

    International commercial real estate services giant CB Richard Ellis Group is likely to ask its bankers for a break on repaying its loans and has continued to lay off employees, the company said Wednesday.

  • Obama seeks to aid 'underwater' mortgages

    16 February 2009

    The Obama administration is looking for ways to let 'underwater' homeowners refinance their mortgages, one of a series of ideas being hashed out ahead of an expected announcement next week, according to a person familiar with the planning.

  • US housing starts fall

    16 February 2009

    Figures to be published on Wednesday are expected to show that the annual pace of US housing starts fell to 530,000 in January, from 550,000 in December, while the number of building permits dropped to 528,000 at an annualised rate, down from 547,000 in December.

  • Foreclosures down as lenders wait on Obama

    13 February 2009

    Even though more Americans are falling behind on mortgage payments, the torrent of home foreclosures is slowing as lenders await a U.S. government plan aimed at keeping troubled borrowers in their homes.

  • Morgan Stanley fires China real estate chief

    13 February 2009

    Morgan Stanley has sacked the China head of its property investment arm for suspected violations of the United States' Foreign Corrupt Practices Act, sources said.

  • Cheap house prices lure Chinese to the US

    13 February 2009

    A growing number of mainlanders are heading to the United States looking not for designer clothes or jewellery, but for a US$1m home in New York City or Los Angeles.

  • Obama plans new mortgage scheme

    13 February 2009

    The US government is working on a landmark plan that could see struggling mortgage-holders having their monthly payments subsidised in an attempt to end the American housing crisis once and for all.

  • Constructions groups slam Obama labour order

    12 February 2009

    Two of the biggest construction industry trade groups are denouncing a move by President Obama that they say could limit the number of workers hired on new federal jobs to build roads, bridges and buildings, at a time when construction employment is plummeting.

  • Candys find tougher market

    12 February 2009

    The brand of conspicuous consumption that the Candy Brothers marketed to wealthy clients is being put to a severe test by the economic crisis.

  • Congress reaches $789bn stimulus deal

    12 February 2009

    House and Senate leaders on Wednesday struck a deal on a $789bn economic stimulus bill after little more than 24 hours of rapid-fire negotiations with the Obama administration, clearing the way for final Congressional action later this week.

  • Foreclosures suspended as Congress slams banks

    12 February 2009

    US banking chiefs yesterday yielded to demands by angry members of Congress and agreed to suspend mortgage foreclosures for at least three weeks to give the US government time to finalise its financial rescue plans.

  • DC foreclosure protests hint at wider movement

    11 February 2009

    Dozens of demonstrators with the community group ACORN barged into a Washington DC office that auctions foreclosed homes in upscale Chevy Chase yesterday and shut it down for an hour, chanting 'No sales here.'

  • Vegas mall battered by downturn

    11 February 2009

    Triple Five Group's Village Square project has seen occupancy and rents plummet since 2007 and is now delinquent on its mortgage.

  • ProLogis to scale back

    11 February 2009

    ProLogis, which launched a risky expansion drive under former chief executive Jeffrey Schwartz, ran into trouble in the fall as a big development pipeline and billions of dollars in debt left it exposed to the global downturn.

  • Anxious US homeowners remain in dark

    11 February 2009

    There was relatively little detail yesterday of how the Obama administration's rescue plan would address one of the most pressing problems for many Americans: how to prevent mortgage foreclosures and keep families in their homes.

  • $2,000bn US plan rattles Wall Street

    11 February 2009

    US shares tumbled yesterday as investors gave an initial thumbs down to plans by the Obama administration to deploy up to $2,000bn (£1,380bn) to clean up toxic assets in the financial system and restart credit markets.

  • ProLogis cashflow drops by 85% in 2008

    10 February 2009

    Shed developer ProLogis today revealed the impact of the global credit crunch on its business by reporting an 85% slump in its cashflow last year.

  • Beazer Homes USA cuts 1Q loss, sheds 300 jobs

    10 February 2009

    Beazer Homes USA Inc. posted a smaller loss for its fiscal first quarter, but revenue dropped sharply as home closings and new orders each plunged by more than half and the homebuilder slashed 300 jobs.

  • Mall owner gets 24-Hour loan extension

    10 February 2009

    Mall owner General Growth Properties Inc. received a 24-hour extension of its deadline on a $95 million loan as it negotiates with its lenders for a longer reprieve, according to people familiar with the talks.

  • Stock of US homes for sale falls

    10 February 2009

    The number of homes listed for sale declined in many metropolitan areas in January, a month when the supply normally increases.

  • Republican mortgage subsidy plan slammed

    10 February 2009

    The competing versions of the US economic stimulus bill to be negotiated between the House of Representatives and the Senate this week contain little directly aimed at stabilising America’s ailing housing market.

  • Some US home prices 'to bottom out this year'

    9 February 2009

    House prices in much of the US will bottom out in this year's fourth quarter, Moody's Economy.com says in a new report.

  • Boston Properties halts construction of part let NY tower

    9 February 2009

    In a sign that commercial property markets continue to worsen, real-estate giant Boston Properties, Inc., said it will halt construction on a major Manhattan skyscraper despite already having leased a chunk of the building.

  • US Real estate hopes boosted by tax credit

    9 February 2009

    A proposed tax credit for home purchases is raising the hopes of the real-estate industry, which believes the credit could be just the stimulus needed to stabilize the housing market and get hesitant buyers to take the plunge.

  • Fed moves to cut mortgage rate falter

    9 February 2009

    US Federal Reserve efforts to drive mortgage rates lower by buying home loans have faltered with rates rising over the past month.

  • Mortgage plan bogged down

    6 February 2009

    While senior Obama administration officials are finalizing the central elements of their rescue plan for the banking system, they are not as far along in working through the daunting details of how to spend as much as $100bn to help homeowners facing foreclosure, two sources close to the discussions said yesterday.

  • Moody's to review mortgage backed bonds

    6 February 2009

    Moody's Investors Service launched a sweeping review of its ratings on bonds backed by commercial-real-estate mortgages, responding to tumbling property values and soaring defaults.

  • Condo king Corus ponders sale

    5 February 2009

    The bank that funded a big part of the condominium boom is considering selling all or part of itself as rising defaults force it to seek capital.

  • Mortgage Banks seek Federal aid

    5 February 2009

    Small mortgage lenders are pushing for a slice of the federal support that is propping up giants like Bank of America Corp. and Citigroup Inc.

  • Million-dollar-plus California homes sale plunge

    4 February 2009

    Scarce financing for so-called jumbo loans and plunging property values have frozen the market for million-dollar homes, a real estate research firm reported Tuesday.

  • Freddie Mac launches high risk loan scheme

    4 February 2009

    Freddie Mac announced a pilot program yesterday targeting 5,000 delinquent borrowers who have high-risk mortgages.

  • Westbrook offers to let investors shrink commitments

    4 February 2009

    In a move that will provide relief to some cash-strapped institutional investors, real-estate private-equity giant Westbrook Partners is letting its investors shrink forward commitments by 10%.

  • Madison Avenue stores decamp to cheaper locations

    4 February 2009

    After more than 30 years on Madison Avenue, the retailer E. Braun & Company is packing up its $3,500 hand-embroidered tablecloths and $2,390 bedding sets and will defect in April for cheaper space on Park Avenue.

  • US house market still sick despite uptick

    4 February 2009

    A yardstick for the US housing market has ticked up by surprise, yet economists aren't ready to call a bottom for the sector.

  • US house prices falls accelerate

    3 February 2009

    Homeowners saw a whopping $3.3tn in residential values eroded last year — with $1.4tn vanishing in the fourth quarter alone — showing the market’s downward spiral gained speed as more homeowners find themselves underwater, in foreclosure, resorting to short sales or just out of hope, according to according to real estate Web site Zillow.com’s latest market report.

  • US remortgagees still running into problems

    3 February 2009

    Many homeowners who have been given a break on their troubled mortgages quickly end up in trouble again, a growing problem that is bedeviling efforts to stem rising foreclosure rates.

  • Macys set to cut 7,000 jobs

    3 February 2009

    Macy’s, the largest US department store chain, is planning to cut 7,000 jobs as it presses ahead with a wideranging reorganisation of its business, even as it warned that comparable store sales could fall in 2009 by 6 per cent to 8%.

  • LA's Westside finally feels the chill

    2 February 2009

    The Southern California real estate crash has finally reached the high-end areas of the Westside.

  • Fannie and Freddie attacked over eviction policy

    2 February 2009

    Fannie Mae and Freddie Mac have been attacked by some real estate agents who say the firms' unwillingness to evict tenants from properties they inherit could slow the housing market's recovery.

  • Republicans urges tax cuts for homeowners in Obama rescue plan

    2 February 2009

    Senior Republican senators yesterday called for additional tax cuts and other big changes in the $884bn (£610bn) economic stimulus package proposed by the Obama administration.

  • Fed attacks mortgage scam artists

    30 January 2009

    A new settlement from the Federal Trade Commission sends a blunt warning to the fast-growing foreclosure fix-it industry: If you take consumers' cash upfront and promise you'll save their homes, you'd better be able to deliver.

  • US house sales hit record low

    30 January 2009

    New-home sales plummeted last year as builders struggled to unload a glut of houses, and the sales rate hit a record low, according to government data released yesterday.

  • Rising defaults raise alarm over popular mortgage

    30 January 2009

    Defaults on a popular form of mortgage that gave home buyers a choice of how much to pay each month are rising and could rival those on sub-prime loans, potentially causing more trouble for investors and banks.

  • IPD appoints two new regional directors

    29 January 2009

    Jani Venter has been appointed director of IPD’s US office while Goran Ujdur is now director within its Australian and New Zealand arm.

  • US homebuyer incentives focus on finance

    29 January 2009

    Forget free kitchen upgrades, tropical vacations or complimentary closing costs. The latest marketing efforts from home builders centre around financing, with rock-bottom mortgage rates, delayed payments and mortgage insurance for job losses.

  • Washington property owners face refinancing predicament

    29 January 2009

    A third of the loans used to finance Washington area commercial buildings and then sold to Wall Street are coming due in the next five years, leaving investors scrambling to find.

  • US Fed promises to keep rates low

    29 January 2009

    The Federal Reserve said it was prepared to step into the financial markets to buy US Treasuries in an attempt to drive down interest rates, but it gave no clues yesterday about how soon or how broad such a programme might be.

  • Starbucks set to close more stores

    29 January 2009

    Starbucks is to close more stores, sell a newly delivered $45m corporate jet, and cut headquarters staff and worker benefits as it battles a slump in sales that has tracked the broader collapse in global discretionary spending.

  • Starwood to continue global expansion

    28 January 2009

    Starwood Hotels & Resorts, the US-based hotel operator, will open its 1000th hotel in 2009.

  • Fed uses mortgage power to stem foreclosures

    28 January 2009

    With its bailouts of Bear Stearns and American International Group, the Federal Reserve took a vast portfolio of mortgages onto its books. Now, it is trying to use its control of billions of dollars worth of home loans to help prevent foreclosures.

  • Medical offices: safety in storm?

    28 January 2009

    As the commercial real estate market limps along in the midst of a global recession, some investors say they believe that at least one sector — medical office buildings — might serve as a crutch, as it has in past economic downturns.

  • US Home Price Index fell again in November

    28 January 2009

    Battered home values in 20 of America’s biggest metropolitan areas fell even farther in November, according to a widely watched measure of housing prices released Tuesday.

  • Fannie Mae to seek $16bn from Treasury

    27 January 2009

    Fannie Mae said yesterday that it expects to request up to $16bn from the Treasury Department, marking the first time the federally run mortgage giant will tap the government's largesse.

  • Approval for Cuba resort

    27 January 2009

    The British leisure company has won final planning consent to develop Cuba’s first residential golf and country club, a 170- hectare resort. It is also planning a second resort at Rancho Luna, in the south of the island.

  • US prices dip again

    27 January 2009

    House prices fell by 15.3% last year to $175,400 (£126,000). This was the largest decline since records began. Analysts said that it could be the sharpest drop since the Great Depression.

  • US home sales get December fillip

    27 January 2009

    Sales of existing homes posted an unexpected increase last month, closing out the worst year for the real estate market in more than a decade.

  • Ex-Merrill chief calls $1.2m office refit ‘mistake’

    27 January 2009

    John Thain yesterday said that spending $1.2m (£859,000) to redecorate his office last year was 'a mistake' but rejected suggestions that he was solely responsible for speeding up bonus payments to Merrill Lynch employees ahead of its sale to Bank of America.

  • Freddie to seek more US funds

    26 January 2009

    Freddie Mac disclosed yesterday that it would ask for up to $35 billion in additional taxpayer dollars, eating up roughly half of the funds the government has pledged to keep the mortgage giant on firm financial footing.

  • US home sales down

    26 January 2009

    Figures due out today are expected to show that the annualised rate of sales of US existing homes fell to 4.4 million in December, from 4.49 million in November. The annual rate of US new home sales is tipped to have risen to 410,000 in December, from 407,000 in November.

  • US house building tumbles 33% to record low

    23 January 2009

    New residential building in the US hit a record low last year, said government data published yesterday.

  • Hilton to move HQ to Washington

    22 January 2009

    Hilton Hotels, one of the world's largest lodging firms, said yesterday that it is moving its corporate headquarters -- and several hundred jobs -- to the DC region this year, parking itself squarely in the back yard of a major competitor, Marriott International.

  • A dire year is predicted for US in credit squeeze

    22 January 2009

    The US property industry is heading for a dire year, with rising vacant space, increasing default rates on loans and further falls in prices, industry analysts warn.

  • US builders expect more housing woes

    21 January 2009

    The worst US housing downturn since World War II is likely to deepen further this year, with no broad recovery until at least 2010, according to a consensus of building-industry economists.

  • Circuit City collapse could drive down rents

    21 January 2009

    The collapse of electronics retailer Circuit City could drive down shopping and strip mall rents, and deal another blow to commercial mortgage-backed securities' investors who have already seen their bond prices slide.

  • Flexible terms the order of the day in NY

    21 January 2009

    Despite New York City’s depressed economy, there is a flurry of activity in at least one niche of the real estate industry: business center companies, also often known as executive suites.

  • Tensions at Freddie and Fannie

    20 January 2009

    Four months after the U.S. government takeover of home-mortgage giants Fannie Mae and Freddie Mac, their chief executives and regulators again find themselves with conflicting goals.

  • US banks foreclose on sound building firms

    20 January 2009

    Although the housing crisis is nearly two years old, many banks had refrained from cracking down on small home builders.

  • John Laing Homes reviewing funding option

    19 January 2009

    One of the largest privately held U.S. homebuilders said Sunday it is looking at all options to meet its funding needs and has reportedly shed jobs companywide to cope with the economic slump.

  • Sub-prime burden exposes social inequality

    19 January 2009

    When it comes to homeownership, Hispanics in New Jersey, single parents in California and senior citizens in Rhode Island all have something in common: More than a third have an unaffordable mortgage.

  • Wall Street layoffs batter landlords

    16 January 2009

    Wall Street's employment tsunami, most recently swamping Citibank Inc, is also undermining the island of Manhattan's 443 million square foot office market, threatening to drag rents down 35 percent from a second quarter 2008 high.

  • Multiple mortgage applications on rise in US

    16 January 2009

    As mortgage interest rates continue falling to new lows, a growing number of borrowers are applying to more than one lender to increase their chances of getting approved for refinancing.

  • JP Morgan chief slams mortgage modification plan

    16 January 2009

    Jamie Dimon, JPMorgan Chase’s chief executive, yesterday attacked a proposed law to allow US judges to modify mortgages, saying it would have a 'chilling effect' on consumer lending and lead to an increase in personal bankruptcies.

  • Mexico set for rate cut

    16 January 2009

    Mexico’s central bank is expected to cut interest rates today by as much as half a percentage point from their current 8.25%, as fears mount over the impact of the global recession on the country.

  • Obama urged to buy problem mortgages

    16 January 2009

    The Obama administration should buy problem mortgages from investors at a discount to facilitate the restructuring of these loans, Barney Frank, the chairman of the House financial services committee, has told the Financial Times.

  • US foreclosures up 81% in 2008

    15 January 2009

    More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81% increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices.

  • JPMorgan chief warns of bad 2009 for US

    15 January 2009

    The US financial and economic crisis will worsen this year as hard-hit consumers default on credit cards and other loans, Jamie Dimon, chief executive of JPMorgan Chase, has predicted in an interview with the Financial Times.

  • US bank sector shaken over BofA

    15 January 2009

    The US banking sector was shaken yesterday by deepening concerns over Citigroup’s financial health and the revelation that Bank of America was counting on a new multibillion-dollar capital injection from the government.

  • Financial crisis hits regional home loan banks

    14 January 2009

    The Federal Home Loan Bank of Seattle said it expects to fall short of one of its capital requirements because of a continuing drop in the value of certain mortgage-backed securities.

  • US home builder supplies data to rebut 'Ponzi' claim

    14 January 2009

    US homebuilder Lennar Corp again denied on Monday treating its joint ventures like a Ponzi scheme and tried to counter the allegation by providing fresh data on those ventures.

  • Manhattan store closures expected to rise

    14 January 2009

    Real estate brokers in New York say they expect store closings in the city to rise this year. But, they say, the market for retail space in Manhattan should still fare better than the national market as a whole, especially compared with the suburban shopping malls.

  • Citigroup launches break up plan

    14 January 2009

    Citigroup is to break itself up by separating higher-risk US consumer finance and securities businesses from its global commercial banking operations in an attempt to ensure its survival.

  • Judges welcome proposed mortgage powers

    12 January 2009

    Federal bankruptcy judges say they are eager to have the power to restructure mortgages for struggling debtors because it could save hundreds of thousands of homeowners from foreclosure.

  • Struggling Florida builders hit by drywall concern

    12 January 2009

    Some home builders already struggling in Florida's dismal housing market are facing another headache: The Chinese-made drywall they used is causing unpleasant odours and possibly leading to electric problems in dozens of homes constructed during the housing boom.

  • Rogers and Palumbo join US Embassy design panel

    9 January 2009

    British architect Lord Richard Rogers and property developer and patron of the arts Baron Peter Palumbo have joined a host of other high-profile names as a design ‘jury’ to choose how the new US Embassy in Battersea will look.

  • Fannie Mae explores 'short sales' as anti-foreclosure option

    9 January 2009

    Fannie Mae is testing a new program to stave off foreclosures by preapproving 'short sales' of homes, in which mortgage companies allow homeowners to sell houses for less than the value of existing loans, forgiving the difference.

  • US lenders overwhelmed by remortgage demand

    9 January 2009

    Borrowers are rushing to refinance their mortgages at record low interest rates but face unexpected delays as swamped lenders struggle to cope with the surge at a time when layoffs have sharply cut staffing.

  • Citi deal opens way for home loan aid plan

    9 January 2009

    In a move that would help troubled homeowners, Citigroup agreed to support legislation that would let bankruptcy judges adjust mortgages for at-risk borrowers, leading Congressional Democrats said on Thursday.

  • White House 'valued at $US308m'

    9 January 2009

    The White House is valued at more than $US308 million dollars, making it the most expensive residence in the United States, a real estate research firm said Thursday.

  • Church takes top Bank of America job

    09 January 2009

    David Church has been given the top real estate investment banking job in Europe at Bank of America following the bank’s purchase of rival Merrill Lynch.

  • Consortium buys out IndyMac

    09 January 2009

    IndyMac Federal Bank has been bought by a group of private equity investors for $13.9bn (£9.5bn).

  • Private eye: David Pearl

    09 January 2009

    I used to listen to the news on the radio all day long. And I read the papers and journals and watched TV. I wanted – needed – to know what was going on in the world every second of the day and the modern media was able to satisfy that need.

  • US commercial property feels mortgage pinch

    8 January 2009

    Delinquencies on mortgages for hotels, shopping malls and office buildings were sharply higher in the fourth quarter, as the weaker economy hit landlords and threatens to cause losses for investors in the $3.4 trillion market.

  • US house builders push aid plan

    8 January 2009

    With lawmakers angling to pass an economic recovery package by the middle of next month, desperate homebuilders from around the country flew to Washington to spend Wednesday pushing a $150 billion plan to revive the housing market.

  • Paulson urges Fannie And Freddie restructure

    8 January 2009

    In his final speech scheduled as Treasury secretary, Henry M. Paulson Jr. yesterday proposed replacing mortgage-finance companies Fannie Mae and Freddie Mac with highly regulated utilities that would play a more limited role in making money available for home loans.

  • US retailers press for rent relief

    7 January 2009

    Retailers, having just struggled through one of the worst holiday shopping seasons in recent memory, are now trying to share the pain with their landlords.

  • US home sales plunge to 7-year low

    7 January 2009

    Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday, as rising job losses and a deepening economic recession kept potential house buyers on the sidelines.

  • Manhattan commercial property sales plunge 66%

    7 January 2009

    Manhattan commercial property sales fell 66% to US$17.09bn last year, the lowest in four years, as the worldwide credit freeze sidelined buyers.

  • Manhattan office rents slide further

    6 January 2009

    Manhattan office rents slid during the fourth quarter of 2008, as companies exerted more caution in the wake of the collapse of Lehman Brothers.

  • Californian mortgage lender IndyMac bought for $13.9bn

    6 January 2009

    Californian mortgage lender IndyMac Federal Bank has been bought by a group of private equity investors for $13.9bn (£9.5bn).

  • US lawmakers push new mortgage bankrupcy bill

    6 January 2009

    Legislation designed to stem foreclosures by allowing bankruptcy judges to erase some mortgage debt will be introduced by Congressional Democrats on Tuesday, and hopes are high that it will pass after a similar plan failed last year.

  • Economists look for signs of life in US housing

    6 January 2009

    Top economists at the Allied Social Sciences Association's annual meeting have been searching -- in some cases, in vain -- for signs of life in the U.S. housing market, a key element for busting the country out of a deep economic downturn.

  • US rates for large mortgages jump

    5 January 2009

    Borrowers looking to take advantage of record-low interest rates may be out of luck if they need a home loan that exceeds $625,500.

  • Vacant office space threatens lender crises

    5 January 2009

    Vacancy rates in office buildings exceed 10% in virtually every major city in the country and are rising rapidly, a sign of economic distress that could lead to yet another wave of problems for troubled lenders.

  • Fannie in talks for force mortgage buyback

    2 January 2009

    Fannie Mae is in talks with the Federal Deposit Insurance Corp and IndyMac Bank to force the failed lender to buy back certain mortgages.

  • Oz fund manager sells four US assets

    2 January 2009

    Rubicon America Trust said today that it has agreed to sell four US properties to Kaufman & Jacobs for $US175 million to pay debt.

  • Manhattan offices a renters' market

    31 December 2008

    Even to industry veterans who have lived through other downturns, the precipitous decline in the Manhattan office market, especially in Midtown, has been startling.

  • Mortgage lenders fear 'Cram-Downs'

    31 December 2008

    Mortgage lenders who wake up Thursday with a New Year's hangover are likely to face another headache soon: The effort to give bankruptcy judges the power to rewrite mortgages is gaining steam.

  • Fed presses on with mortgage bond purchase plan

    31 December 2008

    The Federal Reserve pushed ahead with its plan to buy mortgage bonds issued by Fannie Mae and Freddie Mac yesterday, saying it would start buying early next month and purchase up to $500bn (£345bn) by the end of June.

  • US house prices slump again

    31 December 2008

    House prices in the United States slumped yet further during October, the latest S&P/Case- Shiller house price index, covering 20 key American metropolitan areas, showed. Prices dropped by 2.2 per cent in the month to stand a record 18 per cent down year-on-year.

  • Simon Property settles claim over US mall gift card scheme

    30 December 2008

    The owner of the Crystal Mall in Waterford, Connecticutt has agreed to pay nearly $309,000 to settle alleged violations of the state's gift-card laws, state Attorney General Richard Blumenthal said.

  • Ashford REIT cuts jobs and benefits

    29 December 2008

    Hotel real-estate investment trust Ashford Hospitality Trust Inc. said it will cut jobs, freeze its payroll and reduce benefits while suspending its common-stock dividend as it looks to boost its liquidity and cut costs.

  • Recession and tight credit deepen housing woes

    29 December 2008

    A deepening recession and tight credit conditions are compounding problems in the housing market, suggesting that declines in home prices may continue well into 2009.

  • US distressed loans seen as opportunity for some

    24 December 2008

    When the New York developer Harry B. Macklowe acquired the Drake Hotel almost three years ago and began buying up surrounding properties, market specialists expected him to include the site in a mammoth luxury office development.

  • US home sales dips despite price falls

    24 December 2008

    The pace of sales of existing homes in the US slowed by 8.6% last month, as buyers retreated from the market in spite of falling prices.

  • Bleak picture for US housing market

    23 December 2008

    A trio of reports due Tuesday are expected to paint a bleak picture of the nation's housing market and the broader economy, as the deepening recession sends more companies lining up for a piece of the government's $700bn bailout fund.

  • Brazilian growth set to accelerate

    23 December 2008

    The country’s central bank said that economic growth this year should be faster than expected, adjusting its estimate of GDP growth to 5.6%, from 5%.

  • US mortgage activity surges

    23 December 2008

    US banks are having trouble handling a surge of mortgage applications spurred by dramatically lower interest rates, after record loan defaults and thousands of job cuts have stretched mortgage industry resources to the limit.

  • US commercial property sector seeks Washington aid

    23 December 2008

    America’s commercial property industry got out the begging bowl yesterday as the credit crisis tightened its grip on the world’s biggest economy.

  • US developers turn government as debt mountain looms

    22 December 2008

    With a record amount of commercial real-estate debt coming due, some of the country's biggest property developers have become the latest to go hat-in-hand to the government for assistance.

  • Policymakers ponder Freddie and Fannie rejig

    22 December 2008

    Policymakers are looking to revamp the nation's home loan system next year after the collapse of U.S. housing and mortgage markets spurred the current economic crisis.

  • US house sales down

    22 December 2008

    Figures due out tomorrow are tipped to show that sales of existing US homes fell to an annual rate of 4.93 million in November, from 4.98 million in October. New home sales are tipped to have declined to an annual rate of 420,000, from 433,000.

  • US 30-year mortgage rates hit record low

    19 December 2008

    Interest rates on 30-year fixed rate mortgages dipped to their lowest level in at least 37 years after the Federal Reserve this week reaffirmed its commitment to a program designed to loosen consumer lending, according to a closely watched weekly survey released yesterday.

  • Panattoni set on Europe

    19 December 2008

    The European arm of US developer Panattoni is cutting costs and streamlining to ensure that it can continue its operations in the region

  • Savills’ 2008 results 20% lower than expected

    19 December 2008

    Savills warned this week its profits for this year will be ‘significantly below’ analysts’ forecasts

  • Multi closes Turkish retail fund

    18 December 2008

    Multi Corporation, the Dutch based retail developer, has closed its Turkish retail property fund with investment from the Canada Pension Plan Investment Board.

  • Borrowers rushing to refinance loans as rates drop

    18 December 2008

    Homeowners around the country are scrambling to refinance their mortgages at the lowest rates since the early 1960s as the economy staggers through what's likely to be the worst recession in decades.

  • US home loan activity gets rates boost

    18 December 2008

    There was renewed action in the US mortgage market last week, figures showed. However, mortgage experts said that it would take far more than Tuesday’s savage interest rate cut by the Federal Reserve to revive the stagnant housing sector.

  • At least $107bn of US property 'in distress'

    17 December 2008

    A New York research company, Real Capital Analytics, has compiled data showing that at least $107bn worth of income-producing property — including hotels, offices, apartment complexes and warehouses — is already in distress or is headed in that direction.

  • HUD Chief calls mortgage aid a failure

    17 December 2008

    Secretary of Housing and Urban Development Steve Preston said the centerpiece of the federal government's effort to help struggling homeowners has been a failure and he's blaming Congress.

  • US Fed slashes rates to historic low

    17 December 2008

    The US Federal Reserve moved deeper into uncharted waters yesterday, heralding further dramatic and unconventional measures to support the economy as it slashed interest rates from 1% to virtually zero.

  • US housing starts fall steepest for 25 years

    17 December 2008

    Figures showed that US housing starts fell to an annual rate of 625,000 in November, from 771,000 in October, the biggest fall in nearly 25 years. An annual rate of 740,000 had been forecast for November.

  • US home builder sentiment stuck at record low

    16 December 2008

    US home builder sentiment held steady in December but remained at a record low as deepening economic turmoil, a deteriorating job market, and a flow of foreclosed homes on to the market continued to hurt sales conditions, an industry group said on Monday.

  • Fed set to push rates down to 0.5%

    16 December 2008

    The US central bank looks poised to cut interest rates even closer to zero today as it steps up efforts to prevent the ailing US economy getting worse.

  • Obama appoints NY housing chief to run Federal housing body

    15 December 2008

    President-elect Barack Obama has picked New York City housing commissioner Shaun Donovan to be secretary of housing and urban development, a post that Obama said would play a lead role in his administration's efforts to stem the rising tide of foreclosures and rebuild the nation's efforts to expand homeownership.

  • Fannie Mae gives respite to renters

    15 December 2008

    In a move that provides relief to thousands of renters who face eviction but draws the federal government even deeper into the housing market, the loan giant Fannie Mae said Sunday that it would sign new leases with renters living in foreclosed properties owned by the company.

  • US policy makers ponder more house market aid

    15 December 2008

    An intensified effort to exploit government control of Fannie Mae and Freddie Mac to drive down US mortgage costs and cushion a decline in house prices could start soon.

  • Exemplar Properties to redevelop the Canadian High Commission

    12 December 2008

    Exemplar Properties has been selected by the Canadian High Commission as its preferred partner for the redevelopment of its MacDonald House building on Grosvenor Square building in London’s West End.

  • $500m ProLogis loan note offer

    12 December 2008

    Global logistics developer ProLogis has launched a tender offer to buy $500m (£334m) back of its loan notes at 70% of their nominal value.

  • City view: 12.12.08

    12 December 2008

    If you think things are bad over here for property investors, have a look on the other side of the pond.

  • Ratings agency Fitch lowers US REITs from stable to negative

    11 December 2008

    Ratings agency Fitch has lowered its 2009 outlook for some sectors of the US REIT market from stable to negative as property companies battle with recession, softening property fundamentals and weakened liquidity.

  • US mortgage rates 'could drop to 4%

    11 December 2008

    Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates 'well below 4%,' a federal regulator has said.

  • US Treasury 'should keep banks accountable'

    11 December 2008

    The US Treasury should scrutinise banks receiving public capital more closely to ensure the money is being used to support the economy and not hoarded, a watchdog said yesterday.

  • US chain closes 10% of stores

    11 December 2008

    Office Depot, the US office supplies retailer, is to close almost 10% of its 1,275 stores in the US and Canada with the loss of 2,200 jobs, becoming the latest leading national retailer to close outlets in response to the economic slump.

  • Office vacancy spreads beyond Manhattan

    10 December 2008

    The aftershock of the financial earthquake that hit Wall Street late in the summer is rattling two major suburban markets north of Manhattan. As elsewhere, office vacancy rates have been climbing in Westchester County, N.Y., and Fairfield County, Conn., which sit side by side.

  • Ex-Officer slams Freddie and Fannie over 'orgy of lending'

    10 December 2008

    Fannie Mae and Freddie Mac engaged in 'an orgy of junk mortgage development' that turned the two mortgage-finance giants into vast repositories of subprime and similarly risky loans, a former Fannie executive testified on Tuesday.

  • Fannie and Freddie chiefs accused over warnings

    10 December 2008

    US legislators lashed out yesterday at former chief executives of Fannie Mae and Freddie Mac, the collapsed mortgage financiers, saying they took risks despite warnings and made 'reckless bets'.

  • Fannie and Freddie chiefs 'told of subprime risk'

    9 December 2008

    Internal Freddie Mac documents show that senior executives at the company were warned years ago that they were offering mortgages that could pose dangers to the firm, hurt borrowers and generate more risky loans throughout the industry.

  • Mortgage woes hit record levels

    8 December 2008

    Despite government and industry efforts, the number of homeowners falling behind on their mortgages or already in foreclosure climbed during the third quarter and is poised to accelerate as the country's recession deepens, according to industry data released yesterday.

  • Washington targets home owners at last

    5 December 2008

    After pouring vast amounts of money into financial institutions of almost every type, and having little to show for it, the Bush administration and the Federal Reserve are suddenly taking a new look at ordinary homeowners.

  • Mubadala buys into US property firm

    5 December 2008

    Mubadala Development Company, the Government-controlled fund, has acquired 24.9% of the US property company John Buck, officials said on Thursday. The amount paid was “below US$50 million” (Dh183.7m) according to a source close to the company.

  • US Fed cheif urges action on foreclosures

    5 December 2008

    Ben Bernanke, chairman of the US Federal Reserve, yesterday urged more aggressive action to stem home foreclosures.

  • Citicourt secures funding for UK investment drive

    5 December 2008

    Citicourt Investment Partners has secured funding from investors in New York and the Middle East for a UK investment drive.

  • JEREMY NEWSUM: Postcard from Miami: property is for occupation, not investors

    Global December 2008

    As a long-distance traveller for work, I have often been accused of having a glamorous job. I demur politely, but never argue.

  • The death of old glory- America’s pension funds retire from property

    Global December 2008

    America’s pension funds were among property’s biggest investors, but the ‘denominator effect’ has stopped them in their tracks

  • Refinancing rush as rates fall

    4 December 2008

    The housing market may finally be getting some relief, with lower mortgage rates already encouraging refinancing and Treasury officials considering ways to entice new buyers.

  • US plan to push down new home laon rates

    4 December 2008

    The US Treasury is working on a new plan to help revive the ailing housing market by reducing mortgage rates on new home loans, according to people briefed on the situation.

  • Manhattan swamped with office space

    3 December 2008

    Last year, when the New York real estate market was still frothy, large blocks of office space were hard to come by. Not anymore.

  • Beazer 4Q loss grow as revenue dives

    3 December 2008

    Homebuilder Beazer Homes USA Inc. gave Wall Street a double-shot of discouraging news Tuesday: Its fiscal fourth-quarter loss more than tripled from a year ago and it expects to lose money throughout 2009.

  • Whitehall Funds struggle and face losses

    3 December 2008

    Goldman Sachs Group Inc.'s Whitehall family of real-estate funds is struggling with weak performance and potentially big losses on some investments made at the top of the real-estate market.

  • Mortgage securities set for overhaul

    3 December 2008

    Financial institutions are set to overhaul standards for mortgage securities to give investors, servicers and rating agencies greater certainty over credit quality and how home loans can be changed when borrowers fall behind on payments.

  • Anxiety as Fed extends emergengy lending

    3 December 2008

    The US Federal Reserve said yesterday it was extending the life of three emergency lending programmes aimed at thawing the credit markets.

  • REITs pounded as markets dive

    2 December 2008

    REIT stocks lost nearly one-fifth of their value in one of the worst trading days ever for real estate companies.

  • Challenge to BofA mortgage rejig

    2 December 2008

    Bank of America is facing a legal challenge over a multibillion-dollar promise to modify home loans for 400,000 borrowers, underscoring one of the biggest obstacles to efforts on reducing foreclosures.

  • Mall owner gets debt breather

    1 December 2008

    Debt-laden mall owner General Growth Properties Inc. won a two-week extension of its deadline to pay a $900m debt, avoiding for the time being what would be one of the largest real-estate bankruptcies in recent U.S. history.

  • New-Home sales down 5.3%

    28 November 2008

    New-home sales tumbled to the lowest level in 17 years during October, while prices kept retreating.

  • London’s West End is most expensive office location in the world

    28 November 2008

    London’s West End and Moscow remain the world’s two most expensive office markets, respectively, while Hong Kong’s CBD, Tokyo’s Inner Central District and Mumbai’s Nariman Point make the top five, according to CB Richard Ellis’s latest office rent research.

  • Mortgage rates fall on expanded rescue plan

    27 November 2008

    U.S. officials pledged to pump another $800 billion into ailing credit markets, much of it directly from the Federal Reserve -- a move that makes the nation's central bank a lender to almost every corner of American life.

  • Care home operators struggling

    26 November 2008

    The credit crisis is battering the two largest publicly traded operators of housing for the elderly. One of them, Sunrise Senior Living, is trying to stave off bankruptcy. The other, Brookdale Senior Living, is considered likely to resolve its short-term problems, but it faces a mountain of debt in the next few years.

  • Fed adds $800bn to borrowing aid

    26 November 2008

    The US Federal Reserve yesterday escalated its efforts to revive the financial system, pledging $800bn to bolster markets for loans to homebuyers, consumers, students and small businesses.

  • US house price slide continues

    26 November 2008

    The latest S&P/Case-Shiller index showed that US house prices fell at a record annual rate of 17.4% during September.

  • US homes sales down

    25 November 2008

    Sales fell by 3.1% in October. Sales of homes and apartments dropped to a seasonally adjusted annual rate of 4.98 million units, down from 5.14 million in September. This was below economists’ forecasts of 5.05 million sales.

  • US house prices in 40-year record fall

    25 November 2008

    The price of previously owned homes in the US fell in October by the biggest amount in at least 40 years and the volume of sales also dropped, in a sign of the still mounting problems in the housing market.

  • Builders beg for federal aid

    24 November 2008

    Struggling U.S. auto makers left Washington empty-handed after weeks of pleading for a handout, but that hasn't deterred home builders from stepping up to lobby Congress for help.

  • US launches Citi rescue plan

    24 November 2008

    Federal regulators approved a radical plan to stabilize Citigroup in an arrangement in which the government could soak up billions of dollars in losses at the struggling bank, the government announced late Sunday night.

  • Cushman and Wakefield's monthly report on the US economy

    24 November 2008

    It’s a Recession with a capital 'R'. The performance of the US economy continues to deteriorate.

  • MAPIC: Flagship stores should pay more rent for promotional opportunity

    20 November 2008

    Retailers with flagship stores on the world’s leading shopping streets are benefitting from a brand awareness vehicle stronger than traditional advertising.

  • MAPIC – New York’s Fifth Avenue to thrive despite US meltdown

    20 November 2008

    Amidst the sub-prime crisis, falling house prices, strengthening dollar and turmoil in the financial markets, New York’s Fifth Avenue is set to continue to thrive.

  • Mapic: Global retail rents soar, but Bond Street falters

    19 November 2008

    Retail rents in the world’s leading shopping streets continue to grow despite the global economic downturn, according to Cushman & Wakefield’s latest Main Streets Across the World report launched at MAPIC.

  • Mapic: Top retail locations globally still attract rising rents

    18 November 2008

    The downturn has polarised the rents achieved in primary and secondary locations across the globe according to CB Richard Ellis’ latest Global Retail Rents Survey.

  • Starwood to target UK for W hotel expansion

    18 November 2008

    Global hotels group Starwood Hotels & Resort plans to open up to 10 W hotels in the UK, including up to five in London within 10 years.

  • Cushman back in black for Q3

    14 November 2008

    Cushman & Wakefield returned to the black in the third quarter of 2008.

  • Las Vegas Sands’ $2bn throw of dice

    14 November 2008

    Casino operator averts collapse with development halt and fundraising

  • Prupim and LaSalle’s US pitch for Asia fund

    14 November 2008

    Prupim and LaSalle Investment Management are to approach US investors for the first time to invest in their Asia Property Fund.

  • ProLogis chief Schwartz resigns

    12 November 2008

    Jeff Schwartz, the chief executive and chairman of the world’s biggest logistics property company, ProLogis, has resigned from both positions as the company halts devlopment.

  • ProLogis leases mega-shed to Kimberly-Clark

    12 November 2008

    Shed giant ProLogis has signed up global health and hygiene company Kimberly-Clark at its ProLogis Park 55, southwest of Chicago, Illinois, in the US.

  • US and European institutional investors still growing property allocations

    28 October 2008

    Institutional investors in Europe and the US are increasing their allocation to property, according to private equity company JE Robert Companies.

  • Apollo Real Estate Advisors to change its name

    28 October 2008

    Apollo Real Estate Advisors said today it would change its name to AREA Property Partners in a move to ‘formalise the firm’s independence and mark a new chapter in its history’.

  • Cushman & Wakefield to cut 200 jobs

    23 October 2008

    Cushman & Wakefield is to slash 200 jobs in the US, as it faces a worsening economic climate.

  • Goldman Sachs to lay off 3,300 staff worldwide

    23 October 2008

    Goldman Sachs is to lay off around 3,300 staff worldwide and around 600 in London

  • American Embassy goes on sale

    23 October 2008

    The American Embassy building in Grosvenor Square, Mayfair has officially gone to market.

  • Savills forms 'distressed property' team

    15 October 2008

    Savills has formed a distressed property team at its New York office aimed at advising property companies and their lenders on how to improve their liquidity.

  • US Senate backs new bail-out bill

    2 October 2008

    The Senate has approved a new version of a $700bn (£380bn) rescue plan for the US financial system.

  • Ain’t no stopping US now

    International supplement 2006 Eng

    A new wave of American investors is ploughing money into commercial property across Europe. Sean McAllister reports from Manhattan. Illustration by Shonagh Rae

  • Manhattan transfers

    International supplement 2006 Eng

    At least two big US chains will be opening high-profile London stores next year. Sean McAllister reports from New York on cutting edge retail strategies we might soon be seeing

  • The pole Star

    International supplement 2006 Eng

    ING Real Estate is about to open a €400m shopping centre in Warsaw. Doug Morrison reports from Poland

  • It’s a small world

    04 March 2005

    The challenge of globalisation for Europe’s cities will be the focus at next week’s Global Cities conference in the south of France.


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