Commercial News for 11/24/14
WSJ.com: Commercial Real Estate
Paramount Prices Biggest U.S. REIT IPO
Office-building landlord Paramount Group Inc. raised $2.29 billion in its initial public offering Tuesday, becoming the largest-ever IPO by a U.S. real-estate investment trust and helping breathe life into an anemic year for new property stocks.
Home Builders Hold Off on IPOs
Home builders are shelving plans for initial stock offerings after a flurry of deals earlier this year, as the housing market slows and share prices in the sector slump.
Plaza Hotel Sale Draws Crowd, but Deal Is Elusive
A blue-chip roster of real-estate investors, financial firms, and even a Grammy-winning rap artist are angling to buy New York?s landmark Plaza Hotel, but the owner, India?s Sahara Group, has been playing hard to get.
Single-Building IPO Is in Works
A New York startup, ETRE Financial, plans to take individual buildings public.
Plots & Ploys: Banking On It
SL Green Realty?s plans for a skyscraper by Grand Central Terminal advances...CompStak raises $4.4 million from about a dozen investors...Mack-Cali Realty?s Roseland division gains traction in its East Boston project.
Fund Manager Litt Targets Associated Estates for Management Shakeup
Fund manager Jonathan Litt is launching an activist campaign to replace the board of directors of Associated Estates Realty, a real-estate investment trust based in Ohio that specializes in multifamily apartment buildings.
Blackstone to Sell Manhattan Skyscraper for About $2.25 Billion
Blackstone Group has reached a deal to sell a Midtown Manhattan office tower for about $2.25 billion to a venture led by Canadian property investor Ivanhoe Cambridge.