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Mar 19, 2013

Exclusive: Farallon hedge fund launches real estate vehicle

NEW YORK (Reuters) – Hedge fund firm Farallon Capital Management LLC is raising a new real estate fund of about $350 million to $400 million, the first time Farallon has set up a separate fund exclusively for the asset class, according to two sources familiar with the situation.

Farallon is pitching the fund to its existing investors and is targeting a 20 percent internal rate of return, said one of the sources, who was not authorized to speak publicly.

Mar 19, 2013

Farallon hedge fund launches real estate vehicle

NEW YORK, March 19 (Reuters) – Hedge fund firm Farallon
Capital Management LLC is raising a new real estate fund of
about $350 million to $400 million, the first time Farallon has
set up a separate fund exclusively for the asset class,
according to two sources familiar with the situation.

Farallon is pitching the fund to its existing investors and
is targeting a 20 percent internal rate of return, said one of
the sources, who was not authorized to speak publicly.

Mar 15, 2013

Sony closes US headquarters sale, biggest in two years -sources

NEW YORK, March 15 (Reuters) – Japan’s Sony Corp on
Friday completed the sale of its U.S. headquarters for $1.1
billion to a group led by real estate developer the Chetrit
Group, three sources familiar with the deal said.

SL Green Realty Corp initially provided the full
$925 million in loan financing for the deal for up to three
years, depending on how long Sony remains a tenant in the
building, one source said.

Mar 15, 2013

Empire State Building inches closer to IPO

March 15 (Reuters) – The company that controls New York’s
Empire State Building has garnered about three-quarters of the
investor votes it needs to realize a plan to roll the property
into a newly created real estate investment trust that could
eventually be taken public, according to regulatory documents
filed on Friday,

Malkin Holdings LLC, the company that manages the Empire
State Building — which for four decades after its completion
in 1931 ranked as the world’s tallest building — is seeking
investor approval to create a real estate investment trust,
called Empire State Realty Trust Inc. Of the investors
who have already cast votes, 90 percent have favored the Malkin
plan, according to a filing with the Securities and Exchange
Commission.

Mar 14, 2013

Exclusive – For sale: Chicago land, once site for tallest condo tower

NEW YORK (Reuters) – A prime Chicago parcel that was the site of an ill-fated project to build North America’s tallest residential building may again have a chance to be developed, albeit on a smaller scale and by a different owner.

An Irish government bank is selling off a bad loan made to Ireland’s Shelbourne Development Group, the developers of the Chicago Spire, a source familiar with the matter said on Wednesday.

Mar 14, 2013

For sale: Chicago land, once site for tallest condo tower

NEW YORK, March 14 (Reuters) – A prime Chicago parcel that
was the site of an ill-fated project to build North America’s
tallest residential building may again have a chance to be
developed, albeit on a smaller scale and by a different owner.

An Irish government bank is selling off a bad loan made to
Ireland’s Shelbourne Development Group, the developers of the
Chicago Spire, a source familiar with the matter said on
Wednesday.

Mar 8, 2013

Chinese parties in talks for stake in NYC’s GM building: sources

NEW YORK (Reuters) – A group of Chinese investors including Zhang Xin, the chief executive of commercial real estate developer Soho China Ltd (0410.HK: Quote, Profile, Research, Stock Buzz), are in talks to buy a 40 percent stake in the iconic General Motors building in Manhattan, two sources familiar with the matter said.

The deal would value the GM building at $3.4 billion, the sources said, making the 50-story office building on Fifth Avenue near Central Park the most valuable office building in the United States.

Mar 5, 2013

Vornado sale of JC Penney shares adds to growing pressure on CEO

March 5 (Reuters) – J.C. Penney Co Chief Executive
Ron Johnson has only to the end of the year to turn around the
ailing retailer and stem a massive decline in sales or risk
being fired, a person familiar with the board’s thinking said on
Tuesday.

Directors are leaving little doubt that there is a fresh
sense of urgency after Penney reported terrible holiday sales
numbers last week and board member Steven Roth’s Vornado Realty
Trust dumped 10 million shares in Penney.

Mar 5, 2013

Vornado selling nearly half its stake in Penney

By Ilaina Jonas and Olivia Oran

(Reuters) – Vornado Realty Trust (VNO.N: Quote, Profile, Research, Stock Buzz) is selling nearly half its stake in U.S. retailer J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz), a source familiar with the matter said on Monday.

The news, which saw Penney shares fall in after-hours trade, came less than a week after the department store chain reported its sharpest sales drop since announcing a grand transformation plan 13 months ago.

Mar 4, 2013

Insight – A casualty of the financial crisis: The corporate palace

By Ilaina Jonas

(Reuters) – In the past year, defense company SAIC Inc has shrunk the office space it either owns or leases by 306,000 square feet (28,428 sq meters), the size of about five football fields.

Now, it is thinking about tearing down many of the walls at its headquarters in McLean, Virginia, replacing private offices with open-floor layouts. Fewer offices mean the same space can accommodate more people, which will help cut costs further at a time when the defense industry is facing a downturn.