Empire State Building IPO is a go, and Boston office sale hints at hotter market
May 31, 2013
Here are the top stories that you may have missed this week:
The New York Times’ DealBook: “I.P.O. for Empire State Building wins backing of shareholders”
New York City’s Empire State Building has been approved for an initial public offering. The iconic building will be part of a company with 19 other properties in the area, and the offering is predicted to raise funds as high as $1 billion. Head to The New York Times for the rest of the story.
The Wall Street Journal: “Morgan Stanley gears up for property fund”
Morgan Stanley Real Estate Funds (Msref) is preparing a $1 billion to $3 billion global property fund, and is seeking foreign investors such as China Investment Corp. This is the first major fund since Msref took a hit in the recession, and many investors are cautious about leaping in. Jump over to The Wall Street Journal to see a list of Morgan Stanley’s real estate funds and their performances.
Boston.com: “Commercial real estate market stays hot with $110 million sale of Financial District office building”
Boston’s 40 Broad Street recently sold to TIAA-CREF for $110 million. Analysts are predicting that a sale of this caliber reveals that the city’s commercial real estate transaction market is beginning to heat up and that property values are going to continue to rise. Read the full story over at Boston.com.
The Real Deal: “This month in real estate history”
This week in 1909, Frank and John Burton paid a record-breaking $265 per square foot for the future home of Lord & Taylor on Fifth Avenue. Click over to The Real Deal to get more details.