March 06, 2008 - March 12, 2008
Provided by Commercial Real Estate Direct
Commercial Mortgage Sector Going Strong
The commercial mortgage industry is on the offensive in explaining that many of the issues impacting the residential mortgage market don't apply to it. The Commercial Mortgage Securities Association, which represents the industry, held an unusual press briefing to explain the differences and why an implosion of the market is unlikely. The biggest reasons are that commercial mortgages are backed by income-producing properties, and that unlike during the late 1980s, the industry is not out of balance, in terms of construction activity.


GM Building Sees At Least 3 Offers of $3B Each
Reports say that at least three investment groups have turned in offers of more than $3 billion each for Manhattan's General Motors Building. Macklowe Properties, which owns the 1.9 million sf office building, recently hired CB Richard Ellis to field offers. According to a report in the Wall Street Journal, a group led by Joseph Cayre, who also owns a stake in Chicago's Sears Tower, is among those who have offered more than $3 billion for the property. The newspaper also reported that Larry Silverstein might have turned in an offer as well. The New York Sun, reports that Silverstein likely has teamed with the California State Teachers' Retirement System on a similar bid

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2006 CL500
1969 280SE
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2007 Tiara 3200