Real Estate Market Update - January 6, 2011

In this Issue:

Deals Update: 300 S. Riverside Sale Closes at Around $194 Million; John Hancock Tower Sells for $930 Million; ProLogis to Sell Catellus Retail and Mixed-Use Assets for $505 Mil.; LA Private Equity Firm and Australian REIT Acquire 21 Property U.S. Portfolio; Gramercy Closes on $390M in SL Green Deals; Hudson Pacific Expands San Francisco Portfolio with 2 Office Property Transactions; KBS REIT Acquires Granite Tower in Denver; Google Completes Purchase of New York Office Building in Manhattan Expansion; National City Tower Sold for $115 Million; Iconic Downtown Miami Office Tower Trades for $105.5M; Healthcare Trust of America, Inc. Acquires $102,045,000 Multi-State Hospital Portfolio; Brookfield Acquires Houston Tower for $321.5 Million; HRE Capital Oversees $122.6M Disposition; First Potomac Buys Office in DC's Golden Triangle for $49.5M; Surge in Growth at Apple Prompts 100-Acre Cupertino Acquisition; Brookfield Sells Washington, DC property to World Bank for $ 216M; Navistar Closes on Alcatel-Lucent Campus; Tishman Speyer closes North River Tower sale for $385M; Hyatt Center Trades for $625 Million; Harbor Group International Acquires 1412 Broadway; ING Clarion Adds Millennium at Metro Park for $119M; and HCP to Acquire Assets of HCR ManorCare in $6.1B Sale- Leaseback.

Retail: TPG Capital Buys Catellus Sites for $505M; Equity One to Pay $72M for 3 Long Beach Retail Centers; Promenade Shops at Centerra Sold for $75M; Premier 352,000-SF Retail Center Commands $70M; Washington Real Estate Investment Trust Acquires Gateway Overlook Shopping Center for $88.35 Million; Temecula Shopping Center Purchased; Shopping Center Deal Closes in Arizona; Regency Buys Chicago Area Shopping Center for $64M; and PS usiness Parks Buys Tysons Portfolio for $140M.

Industrial: Duke Realty Beefs up Industrial Portfolio. Resort/Hotel Chesapeake Buys Le Meridien Hotel for $143M; NYC-Area Hotel Portfolio Sells for $164M; Sheraton Premiere Hotel in VA Sells for $84.5 Million; Chartres Lodging Completes Acquisition of 451 Room Ocean Resort Waikiki; Irvine Co. Buys Pacific Arts Plaza in Costa Mesa; LaSalle Adds Fourth Hotel in Market for $39M; Blackstone Acquires Westin San Diego; Radisson Boston Hotel Hooks $75M Financing; Aspen Hotel Management Group and AEW Capital Management Acquire Three San Francisco Hotels; and Hyatt Sells 3 Local Hotels for $51 Million.

Residential: Financing, Location Drive $53M Apartment Sale; CBRE Closes $74M in Apartment Sales; Magic Johnson Firm in $20M Purchase of Oakland Complex; and Fallon/Cornerstone JV Sells Boston Multifamily Complex for $194M.

EQUITY & DEBT UPDATES: Real Money: The FDIC Sells Four Loan Portfolios Totaling $1.22 Bil.; Starwood Property Trust Extends $271.9 in Loans; GE to Sell Mortgage Assets to Santander; Kennedy Wilson Acquires $82.5M Loan Portfolio; Partnership Acquires Two FDIC Portfolios; Charter Hill Retail REIT Sells Interest in U.S. Portfolio; CBRE Arranges $166.6 Million National Multi-Housing Portfolio Refinance; Hudson Realty Grabs $102M in Loans at FDIC Auction; Blackstone Said to Seize 14 Columbia Sussex Hotels it Sold Five Years Ago; Blackstone Said to Near Agreement on Restructuring of Equity Office Debt; and Beacon Capital Closes on Loan Modification.

Government Action & Analysis Updates: Riding the Unlikely Commercial Real Estate Rebound; Revival of CMBS Market Expected; and FDIC Plans to Sell $1B of Bonds Tied to Real Estate.

Special Features: $876.45 Million CMBS Issue from Goldman And Citigroup Announced; and CalPERS Transitions $1.9 Bil. U.S. Industrial Real Estate Portfolio to GI Partners.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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