Texaco/UK completes HQ sale-leaseback in UK In a major London sale-leaseback transaction, Texaco Corp. has sold its Westferry Circus building in Canary Wharf outside London to Canary Wharf Group for $136 million. As part of the deal, the firm is leasing back six floors of the office space, or 143,707 sq. ft., in the building. Cushman & Wakefield brokered the transaction.
Texaco relocated from the Knightsbridge area to Westferry Circus in 1993, having purchased the building from the original developers of Canary Wharf after they went into receivership.
Kennedy-Wilson snatches Japanese RE loan portfolio Beverly Hills, Calif.-based Kennedy-Wilson Inc., an international real estate marketing and property management firm, has purchased a loan portfolio with a Japanese office affiliate with a face value at $250 million from a major Japanese bank. One interesting aspect of the deal - the purchase price represents less than $0.10 on the dollar.
"This transaction represents our eighth loan pool purchase in the last 12 months," says Richard Mandel, president of the commercial group at Kennedy-Wilson. "The purchase of this portfolio follows our strategy to increase the size and value of our assets in Japan.
According to Mandel, Kennedy-Wilson will continue to aggressively pursue non-performing loan pools of all sizes as well as larger single-asset investments. "Right now, we have many new deals which we project will close before the end of the Japanese fiscal year," says Mandel.
Crow JV wins Hungarian telecom FM assignment Trammell Crow Wallis (TCW) - a joint venture between Dallas-based Trammell Crow Co. and Wallis Ltd., a local Hungarian facilities management company - has signed the first long-term facilities-management outsourcing contract of its kind in Hungary and Central/Eastern Europe with MATAV Hungarian Telecommunications Co. Ltd.
MATAV, the largest telecommunications company in Hungary, selected TCW to provide comprehensive facilities-management and engineering servicesto more than 2,500 telephone and power supply sites covering 5 million sq. ft.
Time Warner signs HK's largest lease this year Time Warner has just signed on to lease 12 floors, or 133,000 sq. ft., in Hong Kong's Oxford House, in a deal reported to be the largest single lease agreement in Hong Kong this year. CB Richard Ellis advised Time Warner in the negotiations.
The lease allows Time Warner to house most of its business units in one location in Asia.
"We accomplished our goal, which was to secure attractive financial terms and to negotiate technical upgrades allowing CNN to construct a state-of-the-art broadcasting studio on the 40th floor of the building," says John Falkiner, executive director of CB Richard Ellis' Greater China business.