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Metro Loft to pay $270M for AIG's HQ; Bulfinch buys Mass. property for $138.8M

Commercial real estate

* Metro Loft Management is in contract to buy the 31-story headquarters of American International Group Inc. at 175 Water St. in Manhattan, N.Y.'s Financial District for $270 million, The Real Deal reported, citing unnamed sources and confirmation from Metro's Nathan Berman. The 684,000-square-foot property was placed on the market earlier in 2019 with a $275 million price tag.

The buyer plans to convert the building's top half into residential space after AIG's lease expires in 2021. AIG is slated to move to the former Time-Life Building in Midtown Manhattan.

The Vanbarton Group is taking a preferred equity position in the deal in the range of $70 million to $75 million, according to sources. Blackstone Group Inc. is providing a $175 million senior mortgage.

* The Bulfinch Cos. Inc. bought the Cambridge Discovery Park office, laboratory, and research and development campus in Cambridge, Mass., through an affiliate for about $138.8 million, the Boston Business Journal reported, citing a Middlesex County deed record.

An affiliate of CBRE Global Investors Inc. sold the six-story, 193,000-square-foot property, and the transaction includes the property's accompanying parking garage.

* A joint venture between Sun Holdings Group and The Barvin Group LLC paid $78.5 million for a 341-unit apartment complex in Sandy Springs, Ga., the Atlanta Business Chronicle reported, citing Fulton County property records. The property at 1125 Hammond Drive was rebranded as Sync at Perimeter.

* A Bloomberg analysis of the economic composition and GDP changes of all 50 U.S. states based on 20 broad sectors indicates that the real estate sector logged the biggest annual gain in 2018 since 2008. During the year, 20 states counted the real estate sector as the biggest contributor, twice the number of states from 2008.

* BMC Investments Co LLC CEO Matt Joblon and his business partners at Bow River Capital sold the eight-story Financial House building at 205 Detroit St. in Denver's Cherry Creek North neighborhood for $55 million, reflecting a citywide office sale record of $721 per square foot, the Denver Business Journal reported. The 76,249-square-foot fully leased property was acquired by EverWest Real Estate Investors.

* The Real Deal featured a report on the flurry of hotel development in Chicago's Fulton Market that saw four hotels totaling 581 rooms come online since 2014 and now has another seven projects in various stages that will boost the area's total room count to roughly 1,500 in upcoming years. Of the four existing hotels, two opened in 2019.

The newly proposed hotels are expected to face stiff competition as the area is seeing a high rate of development and it is too early to say if the new developments will be successful, the report noted, citing CBRE's Nate Sahn and TR Mandigo & Co.'s Ted Mandigo.

* Taurus Investment Holdings bought the 340-unit Mezzo of Tampa Palms community in Tampa, Fla., for $59 million from Preston Giuliano Capital Partners, Multi-Housing News reported. The property at 15210 Amberly Drive, which was more than 95% occupied at the time of the sale, was completed in 1992 and previously traded for $32 million in 2013, the report noted, citing Yardi Matrix data.

Housing

* Citing Zillow, Bloomberg News reported that the price for a typical home in San Jose, Calif., dropped 10.5% year over year in July, and fell 1.1% in San Francisco. The two Bay Area markets are the most expensive in the U.S., and San Jose had an annual home price growth rate of 24% in the previous year.

The news outlet noted that among the top 50 markets, San Jose and San Francisco were the only ones with price declines while the other 48 markets logged increases.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng grew 2.17% to 26,291.84, and the Nikkei 225 was up 0.71% to 20,563.16.

In Europe, as of midday, the FTSE 100 was up 1% to 7,188.07, and Euronext 100 had climbed 1.11% to 1,042.75.

On the macro front

The e-commerce retail sales report is due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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