Archive for June, 2009

Westfield Pitches Plan for WTC

Westfield Group is offering to foot the $1.3 billion bill to build a retail complex at the World Trade Center site in a bid to seize a bigger role in its redevelopment.


Relief for Commercial Real-Estate Debt Possible

The Treasury is considering issuing rules that will make it easier for property developers and investors and their loan servicers to restructure debt.


Troubled N.Y. Office Tower Finds Buyer

A group of investors led by RCG Longview and George Comfort & Sons signed a contract with Deutsche Bank to purchase troubled New York City office tower Worldwide Plaza.

Equity-Rich Property Buyers Get Richer

In the U.K., equity-rich buyers and those with good banking relationships are benefiting from the commercial real-estate market's woes, buying assets at prices below book value.

Extended Stay Legal Battle Erupts

Extended Stay creditors sued lenders behind the hotel chain's takeover, a symbol of the easy-money era.

Barclays Turns Developer

As struggling landlords hand back their keys to lenders, firms like Barclays are being forced into the unappetizing business of real-estate development.

Phoenix Hotels Bear Brunt of Downturn

For the past two years, Phoenix has wrestled with the fallout from the most severe housing bust in decades. Now comes the hotel bust.