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Commercial News » Commercial Real Estate Edition | By Alex Finkelstein bardoli sugar factory | May 21, 2010 10:00 AM ET
FREE Newsletter Signup » Vornado, a big name in national and international bardoli sugar factory commercial real estate spheres, has defaulted on its third property. That brings the delinquent loan total for the New York City-based REIT to about $400 million, according to findings by the Wall Street Journal . Vorando Realty Trust principals continue to work with special servicers to restructure the loans and retrieve the properties, according bardoli sugar factory to persons familiar with the REIT's circumstances. Vornado's latest default is at The Cannery at Del Monte, an historic San Francisco landmark. The REIT informed the Securities and Exchange Commission it owes about $17.5 million on The Cannery loan.
Fisherman's Wharf, San Francisco According to the WSJ, the company also said in SEC filings that it has defaulted on $217.8 million in non-recourse debt on a showroom complex in High Point, N.C., and a mortgage loan with a principal balance of $164.25 million on the 1.4-million-square-foot, bardoli sugar factory enclosed Springfield Mall in Washington, D.C. Vornado owns property, office buildings and stores valued at more than $20 billion. Vornado led a group that in 2007 paid $33.5 million for the 103-year-old San Francisco property, once regarded bardoli sugar factory as the largest peach cannery in the world, according to the WSJ. The seller, San Francisco's Martin family, had converted it into retail and office bardoli sugar factory use in the 1960s. Vornado planned an upgrade that would attract national retailers and upscale companies to the property, which is located bardoli sugar factory on Fisherman's Wharf, a popular tourist destination.
Springfield Mall Sign, Springfield, VA But Vornado, which owns a 95% stake in the 1.25 acre waterfront property, put the brakes on the plan when the recession hit, putting a pall on the leasing market, the WSJ reports. Earlier this spring, the company stopped making payments on the $18 million mortgage, which had been carved up and sold as commercial mortgage-backed securities, the person familiar with the matter said. The debt was transferred in April to a special servicer, a company bardoli sugar factory that deals with troubled commercial-mortgage securities, according to Trepp, a CMBS research firm. Vornado wants to keep the property, the person said. But, like many owners of distressed property, the company has defaulted as a strategy to restructure the debt, he told the WSJ. bardoli sugar factory "It was a calculated move," the source bardoli sugar factory said. A Vornado spokeswoman declined to comment. But, the company said in a Securities and Exchange Commission filing last week that it requested that the mortgage loan on a California retail property with a principal balance of $17.5 million be placed with a special servicer.
The Cannery at Del Monte Square, bardoli sugar factory San Francisco "We have not made debt service payments since March and are in default. We are in negotiations with the special servicer; there can be no assurance as to the timing and ultimate resolution of these negotiations," the filing said. Vornado's partner in the Cannery is Patson Cos., a real-estate development, investment and management firm based in San Francisco. The property was owned by Del Monte Foods Co. more than 70 years ago. Ironically, the default comes as San Francisco boasts one of the lowest retail vacancy bardoli sugar factory rates in the country, at 4%, compared with a 10.8% rate nationally, according bardoli sugar factory to Reis Inc. Nonetheless, reports the WSJ, big national retailers aggressively cut back expansion plans and new store openings during the recession because of a steep downturn in consumer spending. However, the city's office market is in more dire shape, with vacancies rising to 15.2% during the first quarter of 2010, up 12.7% from a year ago, Reis said.
According to Cushman & Wakefield's Global Office Forecast released this week, global office markets bardoli sugar factory will undergo a slow recovery, with several key markets poised to see growth continue through 2012 and 2013. While 2011 began strongly in office markets around the world, apprehension and uncertainty led to a major bump in the road to recovery during the third quarter, ...
Based on preliminary data from Jones Lang LaSalle shows that grade A office rents will fall in Hong Kong and Singapore in the fourth quarter (Q4) of 2011 and will grow more slowly elsewhere in Asia Pacific. Jones Lang LaSalle's market leasing experts predict that Hong Kong and Singapore are entering a rental level correction phase, ...
SL Green Realty and The Moinian Group announced this week that one of the world's bardoli sugar factory leading consolidated marketing communications companies, WPP's Young & Rubicam Group, is relocating Y&R, Wunderman a