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August 12, 2009
Historic downtown office building in foreclosure fight
Lenders have posted a foreclosure notice for the historic Bosche-Hogg office building at 804 Congress Ave.
But the owners said they expect to iron out a dispute with their lender.
“We’re in the process of working through it,” said Stefan Whitwell, CEO of Tierra Capital LLC, whose affiliated holding company owns the property.
Whitwell said the dispute centers around a $500,000 loan with a private lender in California. But he said that the building is currently 95 percent leased and that the company has a “terrific operating plan.”
Whitwell says the company he represents has “millions in equity” in the building, which was built in 1897; he said the dispute was over a “relatively small lien.”
“You will not see it in foreclosure,” he said.
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March 30, 2009
Thomas Properties settles lawsuit with Lehman Brothers over Austin office buildings
Thomas Properties Group has refinanced its 10-building Austin office portfolio, resolving a lawsuit against Lehman Brothers, which is both a co-owner and lender to the properties.
The buildings include the Frost Bank Tower and other downtown and suburban office complexes totaling 3.5 million square feet.
Thomas Properties is a co-owner and manages the properties for a partnership that includes Lehman Brothers and the California State Teachers Retirement System.
Thomas Properties sued Lehman last November after Lehman refused to release money from a $100 million revolving loan to the portfolio to pay property taxes and other bills.
The lawsuit was entangled of the big Lehman Brothers bankruptcy case, and there was concern about how quickly it would be resolved and the impact of the uncertainty on the Austin properties.
Under the new agreement, the owning partners — including Lehman — are providing $60 million in new capital to replace the revolving loan. The partners earlier paid the property tax bill out of their own pockets.
John Sischo, executive vice president of Thomas Properties, said this morning that the new money will be used for capital improvements.
“This has been a very successful investment,” Sischo said. The downtown buildings, which represent 70 percent of the portfolio, are almost fully leased, he said.
He said the properties “are performing well” and generating enough cash flow to cover other expenses.
Lehman Brothers remains a 50-percent owner of the portfolio.
“We have great confidence in Austin and its future, and we remain committed to providing the best service to our tenants and being an involved member of the Austin community,” said a statement from James Thomas, chief executive of Los Angeles-based Thomas Properties.
Thomas Properties and its partners paid $1.1 billion for the buildings in 2007, the largest office transaction in Austin history.
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February 13, 2009
Chinatown Center posted for foreclosure
The Chinatown Center, an ethnic shopping center in North Austin, has been posted for foreclosure, according to rexreport.com, a San Antonio company that compiles foreclosure lists for investors.
The posting means the center could be sold at the March 3 Travis County foreclosure auction.
Alexander Tan, chairman of the developer, Tan International Group, did not return calls for comment.
Ben Broocks, attorney for Chinatown Center, said the center is in negotiations with its lenders and that the posting was a “typical strategy to gain leverage.” He said that he “fully expects” to reach an agreement with the lenders, adding that the center was “open, vibrant and not in danger of closing.”
The report said the center has an appraised value of $22.9 million.
The center at 10901 N. Lamar Blvd., includes an Asian supermarket and other shops totaling 165,680 square feet of space on 20 acres, according to the Travis Central Appraisal District.
Foreclosures rose 43 percent in Travis County in the first quarter compared to a year earlier, according to the Foreclosure Listing Service. But the vast majority are homes, with only a few commercial foreclosures.
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December 5, 2008
Heart Hospital proposes parking garage to replace Bookstop
The Heart Hospital of Austin is eyeing the closure of a popular neighborhood bookstore as an opportunity to expand parking.
The hospital is proposing a 400 to 500-space parking garage to replace Bookstop, which is closing at the end of the year at the Central Park shopping center at 4001 N. Lamar Blvd.
The garage would be available for free to shoppers at the center, which is anchored by Central Market, and would have reserved spaces for hospital employees.
“We are underparked at our campus,” said David Laird, president and chief executive of the hospital. “I genuinely believe if we put in a parking garage, the retail center would benefit tremendously because of the existing lack of parking.”
Hospital employees now park at a state-owned lot five blocks away and take shuttles to work. However, the state is not renewing the hospital’s lease for the lot.
The hospital presented its proposal this week to neighborhood representatives, the state’s General Land Office, and H-E-B Real Estate, which is the landlord to the retail tenants at the shopping center. The center is on state-owned land.
Before a parking garage could be built, a committee including the hospital, neighborhood groups, the GLO and other parties would have to vote on the issue.
Gina Allen, a member of the steering committee for Rosedale Neighborhood Association, said the loss of Bookstop has been a blow. She said she hopes the plan would include some retail space on the bottom floor of the parking garage.
The review committee may meet to determine whether to move forward with the plan within a few weeks.
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July 31, 2008
Office, hotel project under consideration for part of Barton Creek Square land
A developer is considering building a 275-room hotel and two multistory office buildings in the northeast parking area of Barton Creek Square in Southwest Austin.
Brad Greenblum, an Austin attorney representing the developer, declined to identify his client. Representatives from two neighborhood groups said Greenblum has contacted them about the project, and a meeting is scheduled for Tuesday evening for Greenblum to present the plan and get feedback from residents.
“We don’t have much detail,” said Jim Nash, chairman of the South Beecave Woods Neighborhood Association, which represents about 360 nearby households. “We want to to remain neutral until we know what the heck it’s about.”
However, Nash said the additional traffic such a project would generate will be a topic of discussion.
“We certainly have concerns,” Nash said. “People are trying to promote a denser downtown core, but at the same time, we have neighborhood needs to look after as well…We want to see their plan to make sure (traffic) doesn’t get any worse, and we want to make sure it won’t loom over our neighborhood.”
The South Beecave Woods newsletter said the association “was informed by representatives of Barton Creek Square Mall that they are working on a proposal” for the project, which would include up to 325,000 square feet of office space and a hotel with meeting and party facilities, an upscale restaurant and related parking facilities with underground, above ground and surface parking.
According to the newsletter, Greenblum told the association that a “signifcant amount of time and money” had been spent on design, traffic and parking studies and other preliminary efforts.
Les Morris, a spokesman for Simon Property Group, which owns Barton Creek Square, declined to comment on possible expansion at the mall.
About a month ago, Nash said, Greenblum told him he hoped to file plans with the city within the next 90 days.
The new office buildings are being considered at a time when Austin’s office vacancy rate has been ticking up, as several new buildings have been construction but are wanting for tenants.
However, office brokers say that with Austin being a comparatively small market, the situation can change quickly with just two or three major corporate expansions or relocations.
Jeff Coddington, a senior vice president with Oxford Commercial, a member of the Cushman & Wakefield Alliance, said the Barton Creek mall site would make “an interesting hotel and office building location simply because the views off that corner are fantastic.”
The neighborhood meeting will be at 7 p.m. Tuesday at Shepherd of the Hill Lutheran Church, 3525 Bee Cave Road
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August 6, 2007
Temple Inland to sell timberland for $2.38 billion
A new release from Temple-Inland Inc.
Temple-Inland Inc. (NYSE: TIN) today announced that it entered into a definitive agreement with an investment entity affiliated with The Campbell Group, Inc. to sell 1.55 million acres of timberland for $2.38 billion. The acreage included in the sale consists of 1.38 million acres of land owned in fee and leases covering 175,000 acres.
The transaction is expected to close in fourth quarter 2007. The total consideration is expected to consist almost entirely of installment notes. Roughly 30 days after the sale is closed, the Company expects to pledge the installment notes as collateral for a non-recourse loan. The net cash proceeds from these transactions, after current taxes and transaction costs, are anticipated to be approximately $1.8 billion. Following the pledge of installment notes, the Company expects to use the majority of these proceeds to pay a special dividend, which is currently estimated to be approximately $1.1 billion, or $10.25 per share, to its common stockholders. The remaining approximately $700 million of the cash proceeds will be used to reduce debt.
The transaction includes a 20-year fiber supply agreement for pulpwood and a 12-year fiber supply agreement for sawtimber, the terms of which are both subject to extension. Fiber will be purchased at market prices. The agreements further require that the timberlands will continue to be managed and third-party certified under the requirements of the Sustainable Forestry Initiative® Standard. In addition, The Campbell Group and its investors have agreed to continue Temple-Inland’s high conservation standards and focus on environmental stewardship.
“The sale of our timberland is a milestone in the execution of our previously announced transformation plan,” said Kenneth M. Jastrow, II, chairman and chief executive officer. “The fiber supply agreements will enable us to capture a significant portion of the fiber grown on these lands. The quality of our forest is a tribute to our forest team’s superb management of these timberlands for many years. We are pleased that many of our current forest employees will have the opportunity to continue managing these lands under new ownership.”
John Gilleland, president of The Campbell Group, said, “The Temple-Inland forests represent some of the best managed, highest quality industrial timberlands in the world. Acquiring these forests enables our firm to further its strong commitment to timberland as a long-term asset class, and to continuing our history of sound environmental stewardship. We are looking forward to managing these lands responsibly and to producing the best product for our customers and quality results for our clients.”
Transformation Update
As previously announced, Temple-Inland’s transformation plan includes:
Retaining its manufacturing operations - Corrugated Packaging and Building Products - as Temple-Inland Inc.; Spinning off its financial services operation, Guaranty Financial Group, in a tax-free distribution to shareholders; Spinning off its real estate operation, Forestar Real Estate Group, in a tax-free distribution to shareholders; and Selling the Company’s strategic timberland. Temple-Inland reiterated that it is on track to complete its transformation plan by the end of 2007.
Goldman, Sachs & Co., and Citigroup Global Markets Inc. served as financial advisers and Sutherland, Asbill & Brennan LLP served as legal advisor to Temple-Inland in connection with the transaction. Morrison & Foerster LLP and Schwabe, Williamson & Wyatt served as legal advisors to The Campbell Group in connection with the transaction.
Temple-Inland Inc. operates four business segments: corrugated packaging, forest products, real estate and financial services. Temple-Inland’s common stock (TIN) is traded on the New York Stock Exchange. Temple-Inland’s address on the World Wide Web is www.templeinland.com.
The Campbell Group, LLC (www.campbellgroup.com) is a full-service timberland investment management company headquartered in Portland, Oregon. The company is focused exclusively on acquiring and managing high quality, investment grade forestland on behalf of institutional investors to produce superior risk-adjusted returns.
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April 23, 2007
Concordia buyers get financing to redevelop campus
A news release from Capmark Finance Inc.
Capmark Finance Inc. (Capmark Finance) originated the interim financing for the acquisition by East Avenue Investment Group (East Avenue) of the Concordia University site in Austin, Texas.
Austin-based East Avenue plans to redevelop the 22-acre site, located just north of downtown in proximity to the University of Texas, into a 2.75 million square foot high density, pedestrian-friendly, mixed-use community. When completed, the community will include a diverse mix of class-A multifamily, residential, office and retail properties as well as a small luxury hotel.
Vice President Mike Hooks of the Capmark Finance Austin office originated the floating-rate financing for the acquisition and pre-development of the site. Lehman Brothers funded the loan.
Andy Sarwal, principal of East Avenue said, “The redevelopment of the Concordia University site represents a unique opportunity to create a new urban community just outside of downtown Austin. With ground-floor retail, extra-wide sidewalks and green buildings, this community will be an outstanding place for families to live, shop, eat, play and work.”
“This redevelopment is the largest private/private development in the urban core of Austin and we plan on making it the bellwether for all future developments in central Texas,” said Sarwal.
In conjunction with the redevelopment, East Avenue will pay for the preservation and creation of several parks in the surrounding neighborhoods.
According to Jay Lamy, who represented Concordia in the sale while with the Staubach Co., ”This transaction was extremely difficult because it required a developer who could work within his own return threshold; Concordia’s pricing, timing and move expectations; a neighborhood’s density expectations and a lender’s credit expectations.”
“As successful as he was in the re-zoning/entitlements process, there is no doubt in my mind that that Andy Sarwal will be extremely successful in the development of this project,” said Lamy.
Concordia University will maintain its campus on the site for approximately one year while it prepares to move to its new location at the former Schlumberger campus in northwest Austin, now known as the Austin Reserve. Construction on the redevelopment project at Concordia’s current campus is expected to begin in mid-2008 and be complete in three to five years.
Hooks said, “This is an exciting project, and Capmark Finance was pleased to be able to arrange financing that gave the Andy the flexibility he needed in this redevelopment process.”
Capmark is a leading real estate financial company with three core businesses: lending and mortgage banking, investments and funds management, and loan servicing. Capmark operates in North America, Europe and Asia.
Capmark Finance Inc., the U.S. real estate lending and mortgage banking operations of Capmark, has access to multiple capital sources and offers a full range of financing solutions and resources. Capmark Finance is a direct lender, a correspondent for insurance companies, pension funds and other capital markets conduits and one of the leading approved lenders for Fannie Mae, Freddie Mac and HUD/FHA.
With a servicing portfolio of approximately $310.9 billion as of Dec. 31, 2006, Capmark Finance is one of the industry’s leading loan servicers.
Capmark Investments LP, the investments and funds management operation of Capmark, is an established manager of equity real estate and mortgage-related investments in the public and private markets with approximately $13.7 billion in investments under management and supervision as of Dec. 31, 2006.
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March 21, 2007
Seton to move headquarters to Mueller site
A news release from Seton Family of Hospitals
Representatives with the Seton Family of Hospitals today announced plans to consolidate administrative offices at a new building to go up on the Robert Mueller Municipal Airport site. Negotiations are underway with Catellus Development Group for Seton to become the primary tenant in the new office building. The facility is scheduled to open in 2008, across the street from Seton’s Dell Children’s Medical Center of Central Texas, which is opening this summer.
“As the second largest private employer in Central Texas, we are proud to make this commitment to Central Austin and join in the exciting things happening east of I-35,” said Charles Barnett, President and Chief Executive Officer for the Seton Family of Hospitals. “We wanted to be a part of furthering the vision of a mixed-use development at the former airport site. Our associates will be able to work in this unique new community, as well as shop and eat here. I’m sure some will even live nearby and walk to work.”
“Seton is a preeminent example of a strong partner who puts actions behind its words,” said Jeffrey Richard, President and Chief Executive Officer of the Austin Area Urban League. “This intentional decision to be an anchor in this part of the community is the latest example of Seton’s heart and passion by doing.”
“Seton began serving Central Texas over a century ago.” added Barnett. “We don’t plan on going anywhere for another 100 years or more. In fact, to keep up with our region’s growth, we’re investing and growing faster than ever before in our history.”
Catellus Development Group will design, build and own the new approximately 150,000-square-foot building to be constructed on 3.25 acres south of the Dell Children’s Medical Center of Texas across from Philomena Street and bound by James Wheat and Robert Browning streets). Seton anticipates relocating between 650 - 750 associates to the new offices. Proposed departments to be consolidated at this location include Seton administrative leadership, human resources, facilities, legal services and communications, advocacy, marketing and planning, among others. Catellus plans to break ground on the new building summer 2007, and, with a final agreement reached, Seton would move in by the fall of 2008.
Seton’s headquarters are currently located at Seton Medical Center Austin. Once vacated, the network office space will be redesigned to accommodate patients. In addition, two Seton-owned office buildings, which have been home to several of the departments that will move to Mueller, will eventually be sold to raise capital for the new Clinical Education Center at Brackenridge. Seton, the University of Texas and Austin Community College are collaborating to provide interdisciplinary, team-based educational experiences at the Center for students and graduate trainees in medicine, nursing, pharmacy, public health and other health-related disciplines.
The Seton Family of Hospitals is the leading provider of health care services in Central Texas with 23 clinical locations throughout the region. The Seton Family of Hospitals includes the only Heart Transplant Center in Central Texas; the busiest Level II Trauma Center in the state; and the first two Designated Stroke Centers in Texas to receive a Gold Seal of Approval by the Joint Commission on Accreditation of Healthcare Organizations. The Seton Family of Hospitals has been awarded four Magnet Designations, the highest award for nursing excellence given by the American Nurses Credentialing Center (ANCC). The ANCC is an independent subsidiary of the American Nurses Association, the nation’s largest organization of nursing professionals. In FY 2005, Seton, a member of Ascension Health, the largest not-for-profit health network in the nation, provided more than $247 million in charity and community benefit to Central Texans.
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March 15, 2007
Austin investor, Chicago firm buy 129 acres in Cedar Park
A news release from Strategic Capital Partners
Commercial growth continues in Cedar Park Texas, with the acquisition of 129 acres of undeveloped land by Dennis McDaniel, co-founder of Merit Texas Properties, a Texas-based real estate company,. The acquisition was completed in partnership with a commingled fund managed by Strategic Capital Partners, a real estate investment management company based in Chicago. The site will have 2,700 square feet of frontage on the new 183A tollway, which will be completed in March 2007. The immediate area has a number of large developments under construction totaling $250 million, including the 151-bed Cedar Park Hospital, the Cedar Park Town Center and a Target-anchored retail center. Over the next several years, the site will be developed for medical, commercial and retail purposes to serve the city of Cedar Park. “With more than one-half mile of frontage on the newly opened 183A, our site offers the best commercial and corporate development opportunities in Cedar Park,” said Dennis McDaniel. “I am pleased and proud that I can bring these opportunities to fruition with Strategic Capital Partners.” “This acquisition represents an opportunity to purchase land in the path of growth with an experienced local partner, added Robb Bolhoffer, vice president of acquisitions at Strategic Capital Partners. An Austin resident and community leader, Mr. McDaniel has been responsible for the acquisition, development, disposition and management of more than 5,000 apartment homes and 4 million square feet of office and light industrial properties. Strategic Capital Partners LLC is a privately held real estate investment management firm that employs a value-added investment strategy of acquiring multi-family, office, industrial and retail properties via joint ventures with experienced local real estate operators. SCP is focused on properties across the United States that can be repositioned, re-leased and/or redeveloped. The company is headquartered in Chicago with offices in Indianapolis and New York.
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December 11, 2006
Transwestern to develop Southeast Austin industrial park
A news release from Transwestern Austin
Transwestern Austin today announced the development of Phase IV of Southpark Commerce Center Industrial Park, which will add 417,400 square feet of industrial space to the Southeast Austin submarket.
Transwestern will begin construction in February on the fourth phase of Southpark Commerce Center, on the Southeast corner of I-35 and Ben White. This phase will consist of three buildings on approximately 29 acres – one 78,850 square foot flex building and two bulk warehouse buildings, 169,275 square feet each. The estimated completion for the project is late 2007.
Southpark Commerce Center offers attractively designed bulk warehouse and service center space with excellent accessibility to IH-35, Highway 71, US Highway 183 and Highway 290. The convenient location, high visibility, and state-of-the-art design and construction combine to make Southpark Commerce Center one of Austin’s premier business environments. “We are excited about the next phase of Southpark because the first three phases have been so successful and have shown that the demand for high quality functional space remains very strong”, says Hale Umstattd, Senior Vice President for Transwestern.
Transwestern developed the initial three phases of southeast industrial park for State Farm Insurance Company. Built between 1998 and 2002, the existing three phases are comprised of eleven buildings totaling approximately 1.2 million square feet.
The design team working on Southpark Commerce Center phase four includes RKP Architects and Bury+Partners engineering firm. Zapalac/Reed Construction Co. is the general contractor.
Transwestern, one of the largest privately held commercial real estate firms in the U.S., is focused on creating value for our clients in each local market we serve. Transwestern’s unique business model offers fully integrated real estate services and operates through six distinct functional lines of business: development, tenant advisory, investment services, agency leasing, property management and research for a broad range of property types including office, industrial, retail, healthcare and multifamily. For more information on Transwestern, please visit transwestern.net.
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November 20, 2006
Blackstone buys Equity, top office landlord in Austin
A news release from Equity Office Properties Trust
Equity Office Properties Trust (NYSE:EOP) today announced that it has signed a definitive merger agreement to be acquired by Blackstone Real Estate Partners, an affiliate of The Blackstone Group, in a transaction valued at approximately $36 billion.
Chicago-based Equity is the top office landlord in Austin; Blackstone’s real estate arm is part of a private equity group that is leading the $17.6 billion buyout of Austin-based Freescale Semiconductor Inc.
Under the terms of the agreement, Blackstone will acquire all of the outstanding common stock of Equity Office for $48.50 per share in cash. The purchase price per share represents an 8.5% premium over Equity Office’s closing share price on November 17, 2006, and a 20.5% premium over the company’s three-month average closing price.
Equity Office’s Board of Trustees has unanimously approved the merger agreement and has recommended the approval of the transaction by Equity Office’s common shareholders. Completion of the transaction, which is currently expected to occur in the first quarter of 2007, is contingent upon customary closing conditions and the approval of Equity Office’s shareholders, who will be asked to vote on the proposed transaction at a special meeting that will be held on a date to be announced. The transaction is not contingent on receipt of financing by Blackstone. Neither Management nor the Trustees of Equity Office are participants in the buying group.
“We’ve built a great company — epitomized by the caliber of our employees, the quality of our assets and the markets where we operate,” said Richard Kincaid, president and CEO of Equity Office. “Our ultimate goal has always been to maximize shareholder value, and we believe we have done that through this transaction with The Blackstone Group, one of the world’s premier private equity firms. The value created by this transaction reflects the hard work and dedication of our employees who have driven our success over the past 10 years.”
“We are extremely excited about this landmark transaction with Equity Office, which represents the largest private equity deal in history,” said Jonathan D. Gray, senior managing director of The Blackstone Group. “We believe that the skills and strengths of Equity Office will greatly enhance our existing office platform, which has been expanded through our recent acquisitions of CarrAmerica and Trizec.”
quity Office Properties Trust, operating through its various subsidiaries and affiliates, is the nation’s largest publicly held office building owner and manager with a total office portfolio consisting of whole or partial interests in 580 buildings comprising 108.6 million square feet in 16 states and the District of Columbia. Equity Office has an ownership presence in 24 Metropolitan Statistical Areas and in 100 submarkets, enabling it to provide a wide range of office solutions for local, regional and national customers. For more company information visit the Equity Office website at http://www.equityoffice.com.
About The Blackstone Group
The Blackstone Group, a global private investment and advisory firm, was founded in 1985. The firm has raised a total of more then $67 billion for alternative asset investing of which almost $13 billion has been for real estate investing. The firm has a long track record of investing in office buildings, hotels and other commercial properties. The Real Estate Group has approximately 40 experienced professionals who have a deep understanding of real estate across all product classes and geographic areas. In addition to Real Estate, The Blackstone Group’s core businesses include Private Equity Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund Management, Private Placement, Marketable Alternative Asset Management, and Investment Banking Advisory Services. Further information is available at http://www.blackstone.com.
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October 31, 2006
Trammel Crow to be acquired by CB Richard Ellis
A news release from Dallas-based Trammell Crow Company
Trammell Crow Company (NYSE: TCC) today announced the execution of a definitive agreement whereby CB Richard Ellis Group, Inc. (NYSE: CBG) would acquire the Company in a transaction valued at approximately, $2.2 billion, including the assumption of corporate debt and transaction and integration costs. Under the terms of the agreement, Trammell Crow Company’s stockholders will receive $49.51 in cash for each share of Trammell Crow Company common stock they hold.
Robert Sulentic, the Company’s Chairman and Chief Executive Officer, stated, “We are committed to providing outstanding value for our shareholders, and this combination accomplishes that objective. Our shareholders will receive value through the purchase of their shares at a very attractive price. We also believe our clients will benefit from the capabilities and resources of this expanded global platform.?
The Board of Directors of Trammell Crow Company has unanimously approved the merger agreement and has recommended to its stockholders that they approve and adopt the agreement. Completion of the transaction is conditioned on, among other things, regulatory review and approval by the Company’s stockholders. The transaction is not conditioned on the receipt of financing by CB Richard Ellis Group, Inc. The transaction is expected to close late 2006 or early 2007.
Lazard Freres & Co. LLC acted as financial advisor to the Company and provided a fairness opinion to the Board of Directors of the Company in connection with the transaction.
Founded in 1948, Trammell Crow Company is one of the largest diversified commercial real estate services companies in the world.
The Company provides brokerage, project management, building management, and development and investment services to both investors in and users of commercial real estate.
In addition to its full service offices located throughout the United States, the Company has offices in Canada, Europe, Asia and Latin/South America focused on the delivery of real estate services to user clients. The Company delivers brokerage services outside the United States through strategic alliances with leading providers.
The Company delivers building management, brokerage, and project management services in India through Trammell Crow Meghraj, India’s leading property services company jointly owned by the Company and certain international partners.
Trammell Crow Company is traded on the New York Stock Exchange under the ticker symbol “TCC” and is located on the World Wide Web at www.trammellcrow.com.
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