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Jan 29, 2013

Empire State Building investors go to court to stop deal

NEW YORK, Jan 28 (Reuters) – A group of investors in the
company that owns the Empire State Building filed a motion on
Monday to block a proposed settlement of a lawsuit against a
group looking to create a public company with the historic
building as its centerpiece.

Several investors in Empire State Building Associates
(ESBA), which owns the building, said their skyscraper and
investment are vastly different than the other properties
involved in the settlement. As such, they believe they should
not be bound by the proposed settlement.

Jan 28, 2013

General Growth buys warrants from Blackstone, Fairholme

NEW YORK (Reuters) – General Growth Properties Inc (GGP.N: Quote, Profile, Research, Stock Buzz), the No. 2 U.S. mall owner, said on Monday it purchased warrants from The Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz) and Fairholme Funds Inc for $633 million, leaving its main investor, Brookfield Asset Management Inc as the only holder of warrants.

The warrants were exercisable into 52 million General Growth common shares at a weighted average exercise price of about $9.37 per share, General Growth said. The warrants were scheduled to expire in November 2017. The sale means Blackstone and Fairholme no longer hold any warrants to acquire General Growth’s common shares.

Jan 22, 2013

Empire State Building investors to vote on first step to IPO

NEW YORK, Jan 22 (Reuters) – The company that controls the
Empire State Building has asked investors to approve a key step
in selling the iconic New York skyscraper to the broader public
in an initial offering.

Malkin Holdings LLC, which manages the building, is asking
investors to approve transferring ownership to a company that
can then go public.

Jan 22, 2013

Empire State Building investors to vote on REIT proposal

NEW YORK (Reuters) – The company that controls the Empire State Building has begun asking investors to vote on a plan to fold the iconic building into a new real estate investment trust (REIT) that will eventually be publicly traded, according to regulatory documents filed Tuesday.

Malkin Holdings LLC is asking investors in one of the world’s most recognizable buildings to vote on the plan to make the building the centerpiece of more than 18 properties in Empire State Realty Trust Inc, according to a filing with the U.S. Securities and Exchange Commission.

Jan 7, 2013

Exclusive: Property investors keen on U.S. and Turkey

NEW YORK (Reuters) – The United States dominates the list of places that global commercial real estate investors would prefer to put their money this year, while China has lost some luster and Turkey has added sparkle, according to a survey of international investors.

For the first time since 2001, four of the top five cities that investors said they favor were in the United States, according to an annual survey that the Association of Foreign Investors in Real Estate (AFIRE) released Monday.

Jan 7, 2013

Exclusive: Property investors keen on U.S., Turkey; China stumbles: survey

NEW YORK (Reuters) – The United States dominates the list of places that global commercial real estate investors would prefer to put their money this year, while China has lost some luster and Turkey has added sparkle, according to a survey of international investors.

For the first time since 2001, four of the top five cities that investors said they favor were in the United States, according to an annual survey that the Association of Foreign Investors in Real Estate (AFIRE) released Monday.

Jan 7, 2013

Property investors keen on US, Turkey; China stumbles-survey

NEW YORK, Jan 7 (Reuters) – The United States dominates the
list of places that global commercial real estate investors
would prefer to put their money this year, while China has lost
some luster and Turkey has added sparkle, according to a survey
of international investors.

For the first time since 2001, four of the top five cities
that investors said they favor were in the United States,
according to an annual survey that the Association of Foreign
Investors in Real Estate (AFIRE) released Monday.

Dec 20, 2012

Norwegian fund to buy real estate stake from Prologis

NEW YORK/OSLO (Reuters) – Norway’s sovereign wealth fund has agreed to buy a 50 percent stake in a portfolio of European warehouses for 1.2 billion euros ($1.6 billion) from U.S.-based Prologis (PLD.N: Quote, Profile, Research, Stock Buzz) as it ramps up its still-small property investments.

The deal announced on Thursday for a stake in 195 properties spread across 11 European countries represents the first steps of what could be large global investments of real estate by the $685 billion Norwegian wealth fund, which has been built up from surplus oil and gas revenue.

Dec 17, 2012

Mackenzie Capital offers to buy Empire State Building units

NEW YORK (Reuters) – MacKenzie Capital Management LLC is offering to buy up to 170 ownership units in Empire State Building Associates LLC, which owns the iconic New York skyscraper, for $110,000 a unit, and said it would support a plan to fold the building into a proposed real estate investment trust (REIT), according to regulatory documents filed on Monday.

MacKenzie’s offer comes at a time when Malkin Holdings LLC is trying to persuade investors in Empire State Building Associates to back its plan to make the Empire State Building the centerpiece in a publicly traded REIT. The proposed REIT, to be called Empire State Realty Trust Inc (ESB.N: Quote, Profile, Research, Stock Buzz), would contain more than 18 other properties, with most located in Manhattan.

Dec 13, 2012

MetLife, partner buy Washington, D.C. building for $730 million: source

NEW YORK (Reuters) – MetLife Inc (MET.N: Quote, Profile, Research, Stock Buzz) and an undisclosed joint-venture partner have bought Washington, D.C.’s largest, privately-owned office building, the insurance company said on Thursday.

The purchase price for Constitution Center at 400 7th Street SW was about $730 million, a person familiar with the transaction said. The price would be a record for an office building in the district, according to real estate information provider Real Capital Analytics.