United states : Credit Suisse Buys Boston Property for $106 Million.Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Group has acquired Independence Wharf WHARF. A space of ground artificially prepared for the reception of merchandise from a ship or vessel, so as to promote the convenient loading and discharge of such vessel. in Boston, right, for $106 million from GE Real Estate. In Boston's biggest office deal this year, Credit Suisse Group has acquired Independence Wharf, a waterfront office building, for $106 million. The seller, GE Real Estate, a unit of General Electric Co., purchased the 340,000-square-foot building for $82 million in 2002. The purchase, which closed Friday, was the second U.S. office investment for Credit Suisse's Real Estate Asset Management Core fund, which invests and manages property in Europe, Asia and the Americas. Last week, the Zurich fund paid Tishman Speyer Properties Tishman Speyer Properties is a leading real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman. Overview $90.5 million for a Washington, D.C., office building. Located at 470 Atlantic Ave. on Boston Harbor, the structure was originally built as a warehouse in 1927 and is believed by some to be the site of the Boston Tea Party Boston Tea Party, 1773. In the contest between British Parliament and the American colonists before the Revolution, Parliament, when repealing the Townshend Acts, had retained the tea tax, partly as a symbol of its right to tax the colonies, partly to aid the . The 14-story building was 90% leased. The deal's capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. , a tool real-estate investors use to calculate a buyer's annual return on their purchase, was just over 8%, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a person familiar with the matter, roughly the going rate today for a prime, stable property in a major market. In 2006, yields were typically 4% to 5%. The transaction is good news for the Boston commercial real-estate market, as it suggests demand for fully leased buildings, particularly in the prime central business district, which is set to get only about 1.4 million square feet of new construction. Still, values are off their peak by at least 35% to 40%, brokers said. Details of the sale were provided by Cushman & Wakefield, the real-estate services firm that represented GE. The lead brokers were Robert Griffin Jr., Edward Maher Jr., and Marci Griffith Loeber. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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