| A new co-owner and $35M in new equity has helped Tishman Speyer recap two of its huge Atlanta office properties that had been placed in special servicing. (To quote Peaches and Herb: "Reunited and it feels so good.") | ||
| Rialto Capital Management has purchased a majority stake in both Colony Square and Midtown Plaza from Tishman Speyer for an unspecified amount. In turn, special servicer CWCapital allowed for a modification of the underlying first mortgage financing that extends out the maturity date (originally slated for today). Tishman Speyer's managing director Jim Meyers (above, center) could not be reached for comment. But sources close to Tishman Speyer say the company has confidence in the Atlanta market, and was willing to make an additional investment based on the city's strong job creation history and recent office market trends. | ||
| It's a positive solution for a landlord with property loans tied up in the embattled CMBS market. Tishman Speyer got a $116M loan on Colony Square, the two-tower project involving 732k SF of office, 145k SF of retail, and a more than 1,800-space parking deck (also owned by the partners). According to a Trepp report, Tishman Speyer generated $9.1M in revenues on $5.4M in expenses during the first six months of 2011 (the latest stats available). Its largest tenants include AIG Aviation with 60k SF, WebMD with 42k SF, and CBS Radio with 30k SF. | ||
| Tishman Speyer also had a $65M loan on Midtown Plaza, the two-building, 500k SF office complex, where it generated $4.6M in revenues on $2.7M in expenses during the first six months of 2011, according to Trepp. Tenants include AECOM Techology Group with 53k SF and Colliers International with 23k SF. Both buildings were picked up by Tishman Speyer from Trizec Properties in 2006, its entry into Atlanta. |
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