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January 14, 2010 
 
 
BUCK STARTS HERE;
THE DEAL SHEET

 
Yesterday, our ears followed the jangle of serious coin to The Langham, where the Real Estate Lenders Association met to ponder the future for retail real estate.
 

We snapped the panelists, Dartmouth Group’s Scott Black, Kraft Group’s Randy Goldstein, and WS Capital Partners’ Gambhir Kaushek. Scott says retailers are downsizing, rents are halved, tenants have transformed from apparel to dollar stores, and everything is being re-traded, but (never have we been happier to see that conjunction), the worst is over. At Patriot Place, Randy is seeing “more people coming through the doors.” As an investor, Gambhir is being “very conservative” and expects an uneven three to five year recovery; he says he'll probably work with lenders and borrowers “to preserve value.”

 

Meet the lenders: Euro Hypo’s Kip Sanford, Allstate’s David Craig, and Sovereign/Santander’s Peter Olivier. David says Allstate spent ‘09 paring down its mortgage portfolio from approximately $11B to about $8B. Now, they’ll separate assets into borrowers with whom they want to continue to do business and those that need work-outs or restructuring. Peter said Sovereign is “looking for opportunities” but “construction is out of the mix, except for multifamily.”


 

Sustainability

Davis Marcus partners and National Grid announced on Thursday that the energy company’s Waltham office in Reservoir Woods has won LEED Platinum certification. One of the property owners, Paul Marcus, said the office is one of only two single-tenant buildings in the world to earn LEED Platinum designation for both core and shell construction and for its commercial interior.

 

Financing

Holliday Fenoglio Fowler’s Boston office arranged $8.6M in financing for 300 Crown Colony, a 118k SF Class A office in Quincy. HFF’s Bob Herron, Greg LaBine, and Porter Terry worked for the borrower, Campanelli Companies. They secured a fixed rate loan through Boston Private Bank & Trust, which Campanelli used for the acquisition, building improvements, and leasing expenses.

***

HFF’s Fred Wittmann and Lauren O’Neil arranged $5.45M in refinancing for the Town Green at Wilton Center, a 34,730 SF specialty shopping center in Wilton, Ct. for Boylston Properties, through the Ocean Bank Division of People’s United Bank. Town Green is fully occupied by the US Postal Service, Webster Bank, Kreg Corp., Hunan Café, and Subway. At the same time, HFF also arranged $11.6M in refinancing with the same lender for Boston-based Boylston’s CityPlace property in Boston’s Theater District.

Leasing

Grubb & Ellis’s Dan Krysiak and Jack Kerrigan subleased 18k SF of office space at 1210 Washington St., Newton to Continuum from Euro-Pro. Landmark Real Estate Advisors’ Eric Solem repped the lessor.

***

Grubb’s George Nugent and Phil Giunta represented M+W Zander US in its lease of 10,573 SF of offices at 24 St. Martin Dr, Marlborough, from Contos Management. Colliers, Meredith & Grew’s Wayne Spiegel repped the landlord.

***

G&E’s Karyn McFarland represented both sides in Boston Sand & Gravel’s renewal of 6,730 sf of office space at 100 N. Washington St, Boston, from Synergy Real Estate Investment & Development.

 

Assignment

Colliers Meredith & Grew has been appointed exclusive leasing agent of 300 Crown Colony in Quincy by Campanelli, which acquired the 118k SF, Class A office earlier this month. Crown Colony Park is an 11-building business center with 1.5M SF of office and medical space. Amenities include a Marriott hotel and restaurants and Bright Horizons daycare facility.

 

Management

Longtime Jones Lang LaSalle managing director Bill Collins is leaving the firm’s Boston office to work on a development deal in Montana. “It’s all about an opportunity to attack a new challenge in a totally different environment,” Bill wrote in an email to JLL colleagues. Good luck, Bill.

 
Send deals to Susan Diesenhouse, susan@bisnow.com
 
 
 
 
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