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Volume 2 - Number 12 | June 27, 2005
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TOP STORY: One-Stop Shop for CB Richard Ellis: Great for Firm, But Good for Clients?
By Benjamin Mark Cole
Mid-June's announcement by CB Richard Ellis that it had raised $300 million in equity through a private stock offering underwritten by Credit Suisse First Boston moves the company a step closer toward its goal of becoming a true one-stop shop for commercial real estate brokerage, banking and, now, specialty finance. But one-stop shopping in general demands caution so that such an arrangement doesn't generate conflicts of interest, experts advise.
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Ten Minutes With … Jim Riggs
By Erika Morphy
When you think office condo development—especially in the Southwest—you probably think "Shea Commercial." In the space of five years the broker-developer hybrid firm has registered phenomenal growth, becoming the country's largest office condo developer. Debt & Equity Journal spoke with president and CEO Jim Riggs to hear what the firm has planned for the rest of the decade.
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CMBS Watch: Are Condo Conversions Loans Too Risky for CMBS?
By Erika Morphy
Condo conversion loans have been increasingly capturing an ever-larger part of the underlying collateral of CMBS deals. Moody's Investors Service noted this phenomena earlier this year, along with the observation that a growing number of condo conversion loans are being included in commercial real estate CDOs. Now a new Fitch Ratings report underscores the potential risk in this trend.
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Pension Fund Seeks $360M in Class A Retail: Hunt Is On
By Benjamin Mark Cole
Henderson Global Investors LP, the London-based financial house with about 12% of its $133 billion under management in real estate, has announced it will manage a new $100 million allotment put up by a “major”—but undisclosed—US public employee pension plan. After leveraging up, the new fund, in a special account, expects to buy $360 million in property within the next two years.
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