| Tuesday, we hit up RELA’s June Breakfast Meeting, where DC-based Perseus prez Paul Dougherty offered updates on the capital markets. (Paul may look surprised in this photo, but it’s our fault for making any sudden movements with someone usually focused on measured, long-term thinking.) In that department, very little good news: Pension funds were hit hard in ’09— $1 trillion in losses; also, debt maturities could swell to $2.6 trillion this year. Flip side: It’s once in a lifetime for acquisitions. Perseus just landed two distressed properties in Beverly Hills for a 9.4% cap rate or around $200 per square foot. More importantly, they are the buildings where Entourage is filmed. |
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