I hope you will excuse the recharging I have had the last few weeks. Sometimes bloggers need that, you know, especially when you put out a solo effort without co-writers or guests writing with you. Let's face it: 2009 wasn't a great year for the legal profession or for real estate. The predictions of the bottom keep coming, but there is one problem: notwithstanding all the talk, try to get a loan for any decent size project, especially in development. Good luck.The big story for lawyers was cutting, cutting and more cutting. Rates, associates, partners -- you name it, and it got cut. I have...
Still more on GGP - up for sale?
According to Adam Metz per this article, GGP is exploring options with "multiple parties." We've been talking about that for a while.The good news is for those who bought low when it was uncertain whether shareholders would be wiped out. Take a look at its share price today. (We're talking less than $.50 at the low up to $10.67 Friday. Wow.)The suitors? According to James Sullivan at Green Street Advisors, count on Simon (the Prime acquisition notwithstanding), Brookfield and Westfield. I would still not be surprised if a "dark horse" emerged from the hedge fund, private equity or other...
Simon buys Prime. Is that all there is?
John Reeder has a good blog post on the Simon acquisition of Prime Outlets. I agree with his thoughts on market timing. I think buying before market bottom is fine as long as the numbers work. And Simon obviously believes that.If I recall, Simon had billions of dry powder. This is an 80% cash deal, so there is money left for other acquisitions. While valued at $2.33 billion, Simon is only paying ~$560MM cash and assuming debt and preferred stock obligations. Todd Sullivan says that antitrust problems may have played a role with multiple bidders and that Simon is out, with Brookfield the...
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Thursday Tidbits - December 3, 2009 Edition
Sorry for the lack of posting lately -- a lot going on at work and otherwise and I haven't been inspired to write much. But there is much going on.Yet another (small) CMBS deal for Inland Western properties? That's the word.The NYT weighs in on the Block 37 situation.The Chicago real estate and zoning boutique firm Schain Burney Ross & Citron, Ltd. is apparently losing roughly half its lawyers to Thompson Coburn LLP after merger talks break down, including Messrs. Ross and Citron. I have always liked and respected the Schain Burney firm for their work, although I'm not sure why I never...