- Posted at 11:01, December 20, 2013
- By Russ Bleemer
New York-based Clarion Partners bought a stake in Alexandria, Va.'s Carlyle Overlook office building for $65.75 million. GlobeSt.com has an item that says that Clarion gets the top five floors for its stake, along with the retail and parking, while another tenant has a $50 million stake. The item says that Massachusetts Mutual Life Insurance Co. retained Cassidy Turley earlier this year for the Clarion sale, and earned $15.75 million on its five-year investment—it had bought the top floors from MRP Realty.
Two Deutsche Bank AG-related deals were announced Thursday:
- Deutsche Asset & Wealth Management acquired the Results Way Corporate Center in Cupertino, Calif., on behalf of one of its international clients, a 383,000-square-foot office complex.
- RREEF Property Trust Inc., a publicly registered, non-traded, company that “intends to qualify as a real estate investment trust” bought Wallingford Plaza, a mixed-use retail and office property in North Seattle, for about $12.75 million. RREEF America L.L.C. is the sponsor and adviser of RREEF Property Trust. As noted in the Deutsche Bank release, RREEF America L.L.C., together with its affiliates in Europe and Asia, comprise the global real estate investment business of Deutsche Asset & Wealth Management--formerly RREEF Real Estate, with $1.26 trillion of real estate investment business assets under management as of Sept. 30.
Deutsche Bank, whose New York office is the home base for both of the entitities involved in the deals, did not respond to an email requesting the names of the sellers for both transactions and the terms of the California deal.
- We just caught up to the week-old survey of commercial real estate professionals by New York financing and consulting company CIT Group and Forbes. Interesting results: Only about one-third say their market is strong; 51% view the market as mixed, with 7% saying its flat, and 5% for weak. See the worries and complaints and the opportunistic plays HERE.
- Savanna, a New York-based real estate private equity firm and asset management company, is moving its headquarters to 430 Park Ave., and has leased about 11,400 square feet to move into. Savanna took part of the 12th floor in the 300,000-square-foot, 19-story office building, according to the article on the Commercial Observer. The article says that Gus Field, Kevin Daly, and Clark Finney of Cushman & Wakefield represented the landlord, 88-year old real estate investment firm Midwood Management, in the transaction, and Gordon Ogden of Byrnam Wood represented Savanna.