Improved Pricing Knocks Distressed Owners Off Top 2010 Sellers List
Wall Street Journal reports: Using the top sellers list of commercial real estate in 2010 presented in the Year in Review edition of Real Capital Analytics’ (RCA) US Capital Trends, the Wall Street Journal recently reported that RCA’s top three sellers had something in common. Taconic Investment Partners, Jamestown, and New York State Common Retirement Fund (NYSCRF) each held a portion of 111 Eighth Avenue, which Google recently purchased in December as its east coast headquarters for $1.8 billion. Amazingly, Jamestown and the NYSCRF placed second and third on the list of top sellers with only the Google sale under their belts in 2010, while Taconic ranked number one with two dispositions during the year.
The Journal also acknowledged that this year’s top sellers were in contrast to RCA’s 2009 list, which was populated mainly by companies disposing of distressed, underwater assets. RCA managing director Dan Fasulo clarified that, “Owners have recovered so much value especially on some of these troubled assets” that landlords, owners, and lenders “have much more wiggle room to negotiate out of…difficult positions.”
The following are the top 10 commercial real estate sellers in 2010, as ranked by RCA in US Capital Trends:
Taconic Investment Partners
Jamestown
New York State Common Retirement Fund
JP Morgan
Hines Interests LP
Normandy Real Estate Partners
Five Mile Capital
Shorenstein Properties
Prudential RE Investors
Beacon Capital Partners
View the full article on Wall Street Journal: Improved Pricing Knocks Distressed Owners Off Top 2010 Sellers List
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Posted by: Nina Turner