Bank of America In 1999, financial giant Bank of America - the leading underwriter of commercial and residential construction projects in the United States - reported a whopping total real estate production volume of $116.4 billion. BA closed $14.6 billion in real estate loans and $105 billion in capital market, including production in advisory areas, such as mergers and acquisitions and corporate real estate; capital raising, such as equity, high-grade and high-yield paper; securitization, such as CMBS and several types of residential syndication; MBS secondary trading; and syndications, such as REITs and commercial and lodging syndications.
One of BA's newest ventures is its investment in Buzzsaw.com Inc., a business-to-business marketplace for the building, design and construction industry. The bank plans to use Buzzsaw.com to manage its commercial construction lending, thereby giving its developer and general contractor client base immediate access to its services.
Rochelle Dobbs, senior vice president and managing director,Capital Markets, Bank of America, accepted the award.>CNNREI Leadership Awards 2000>T I TOP REIT
Equity Office Equity Office is the largest publicly held owner and manager of office properties in the United States. Its U.S. portfolio consists of 293 buildings containing 76.8 million sq. ft. of space in 23 states and Washington, D.C. Equity Office reported total revenue in 1999 of more than $1.9 billion, compared to 1998's more than $1.6 billion. Funds from operations were $748,983,000 in 1999, compared to 1998's $662,585,000.
In 1999, Equity Office initiated a number of transactions in 1999. Some of the larger ones include:
* issued $1 billion in senior unsecured notes;
* acquired two office buildings totaling 730,000 sq. ft. in Dallas' Las Colinas;
* acquired a 473,000 sq. ft. office tower in the Seattle suburb of Bellevue;
* acquired the 425,000 sq. ft. Prominence in Buckhead office building in Atlanta;
* joined a consortium of real estate companies to form Broadband Office, a national telecommunications company; and
* entered into a $1.1 billion joint venture agreement with Lend Lease Real Estate Investments Inc. involving the partial sale of several properties totaling 5.6 million sq. ft., which raises $480 million in net proceeds for the company.
Tom Bakke, vice president marketing and leasing, accepted on behalf of Equity Office.