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Volume 3 - Number 7 | April 5, 2005

TOP STORY: SL Green To Buy Part of CSFB HQ Campus; CSFB Big Net-Lease Tenant By Michelle Napoli The credit of its principal tenant is undoubtedly a factor in the price being paid for Manhattan’s One Madison Ave. office property. SL Green Realty Corp., a REIT based here, agreed last week to a $918 million tab for the two-building, 1.4-million sf property, which is being sold by the Metropolitan Life Insurance Co. after almost 100 years of ownership.

INSIDER: The Emergence of a New Generation of Net-Lease REITs By Merrie S. Frankel In this exclusive NET LEASE forum guest column, Merrie S. Frankel examines some of the similarities and differences between the older and newer REITs to specialize in the net-lease sector.

Merger Closed: Off-Mall Strategy ‘Accelerates,’ Sears Essentials Ready For Rollout By Michelle Napoli The merger of the former Kmart Holding Corp. and Sears, Roebuck and Co. closed on March 24, with the new company, Sears Holdings Corp., emerging. Now the country’s third-largest retailer (behind Wal-Mart Stores Inc. and the Home Depot Inc.), Sears Holdings has about 3,800 stores in the US and Canada. And what will happen to those stores, be they freestanding locations or mall anchor spaces, is the big question that remains to be fully answered.

The Big Picture: 1031, Net Lease, Non-Listed REIT and TIC Market Data By Michelle Napoli Among the presentations at last month’s Tenant-in-Common Association symposium was an informative and numbers-filled discussion, “State of the TIC/1031 Market,” which offered a broader look at the converging 1031, net-lease and TIC markets.