Commercial Real Estate Update

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The Wall Street Journal Commercial Real Estate

February 25, 2009 -- 11:01 a.m. EST

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Bank of America avoided the excesses of many rivals during the housing boom, but its performance isn't nearly as impressive with regard to mortgage-backed securities.

http://online.wsj.com/article/SB123552887436966255.html?mod=djemRealEstate_Commercial

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General Growth Properties posted declining fourth-quarter results, showing that the recession is hampering the mall owner's operations as it works to avoid bankruptcy.

http://online.wsj.com/article/SB123545234570357281.html?mod=djemRealEstate_Commercial

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IStar Financial, the commercial-mortgage REIT, is in danger of violating certain bank-debt covenants.

http://online.wsj.com/article/SB123553015484766439.html?mod=djemRealEstate_Commercial

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St. Joe Co. swung to a loss as Florida's largest private-property owner recorded $55.8 million in write-downs and write-offs on goodwill and the value of projects under development.

http://online.wsj.com/article/SB123547913940358761.html?mod=djemRealEstate_Commercial

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The Federal Reserve reported that banks have placed more than 2% of the value of commercial-real-estate loans in "charge-off," the first time that has happened since 1992.

http://online.wsj.com/article/SB123551970557864357.html?mod=djemRealEstate_Commercial

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Losses on mezzanine debt are sending shock waves through the rough-and-tumble world of office buildings, shopping centers, hotels and other commercial properties.

http://online.wsj.com/article/SB123491174266103567.html?mod=djemRealEstate_Commercial

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CB Richard Ellis Group's deal to acquire property manager Trammell Crow a few years ago still looks like a smart move, but the burden of the debt from the transaction is taking a toll.

http://online.wsj.com/article/SB123492095940205221.html?mod=djemRealEstate_Commercial

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CB Richard Ellis Investors is back in the bidding for the office portion of 1540 Broadway, a skyscraper in New York's Times Square connected to landlord Harry Macklowe.

http://online.wsj.com/article/SB123492083239105181.html?mod=djemRealEstate_Commercial

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As Europe's recession hits office markets, owners of the Coeur Defense office complex in Paris and their creditors are engaged in a standoff that could leave note holders big losers.

http://online.wsj.com/article/SB123489896488502341.html?mod=djemRealEstate_Commercial

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Bondholders to Trump Entertainment Resorts are planning to force Donald Trump's Atlantic City casino group into involuntary Chapter 11 bankruptcy.

http://online.wsj.com/article/SB123457343573486589.html?mod=djemRealEstate_Commercial

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AIG wants to sell its Japanese headquarters to help repay its U.S. loan. The building could fetch over $1 billion.

http://online.wsj.com/article/SB123446257190978385.html?mod=djemRealEstate_Commercial

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Spring Air Company's plan to open its new facility in Durant, Okla., will create 300 jobs.

http://online.wsj.com/article/SB123454060526283541.html?mod=djemRealEstate_Commercial

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A Dubai real-estate developer's detention offers a rare window into the murky business world that helped transform this city from an empty coastline into a metropolis.

http://online.wsj.com/article/SB123457503562586691.html?mod=djemRealEstate_Commercial

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Home builder Toll Brothers reported more bad housing news, including signs that its bet on New York City real estate market is producing some bad apples.

http://online.wsj.com/article/SB123435262909672531.html?mod=djemRealEstate_Commercial

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Foster + Partners, the architecture firm famous for the pickle shaped "Gherkin" tower in London, plans to lay off 300 employees, reducing its staff by nearly one-quarter.

http://online.wsj.com/article/SB123437609287373871.html?mod=djemRealEstate_Commercial

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The developers of the Mall of America are watching a bet on retail property in Las Vegas sour.

http://online.wsj.com/article/SB123432107838371479.html?mod=djemRealEstate_Commercial

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The new management of warehouse firm ProLogis is scrambling to undo much of its recent global expansion.

http://online.wsj.com/article/SB123432083802971465.html?mod=djemRealEstate_Commercial

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Mall owner General Growth Properties received a 24-hour extension of its deadline on a $95 million loan as it negotiates for a longer reprieve

http://online.wsj.com/article/SB123423666268766709.html?mod=djemRealEstate_Commercial

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Lehman Brothers' partners, creditors and vendors are fighting for what is left of the bank's real-estate carcass.

http://online.wsj.com/article/SB123370812821745783.html?mod=djemRealEstate_Commercial

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Debt-laden mall owner General Growth postponed its earnings release date by two weeks, adding more uncertainty about its future viability.

http://online.wsj.com/article/SB123395796715958407.html?mod=djemRealEstate_Commercial

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Corus Bankshares is weighing a sale as the condo boom it helped fuel is beset by mounting defaults.

http://online.wsj.com/article/SB123370784462445737.html?mod=djemRealEstate_Commercial

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The payment deadline on General Growth's $225 million loan passed without the debt-laden mall owner announcing an extension.

http://online.wsj.com/article/SB123371040112346029.html?mod=djemRealEstate_Commercial

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When a veteran fund manager left AEW Europe to launch his own property-investment company, unhappy investors intervened.

http://online.wsj.com/article/SB123369849675945055.html?mod=djemRealEstate_Commercial

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