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SL Green, partner get Bank of China loan; Parkway bringing co-working to Houston

Commercial real estate

* SL Green Realty Corp. and Ivanhoe Cambridge landed a $375 million loan from Bank of China to refinance their stake in the 1745 Broadway office tower in Manhattan, N.Y., The Real Deal reported.

The partners previously mulled a sale of their stake in the 50-story property, but nixed the plans after publisher Penguin Random House extended its lease at the location, the report said, citing unnamed sources.

* Toll Brothers Inc. presented two designs for a planned 29-story luxury condominium project in Philadelphia's Jewelers Row, with a new brick facade, to the Washington Square West Civic Association, a neighborhood group, the Philadelphia Inquirer reported. A more contemporary-looking alternative Sansom Street facade, with more expansive windows and less brick, was also proposed. The 115-unit project will also have 2,600 square feet of retail space.

The project faces resistance from preservation groups over its proposed demolition of five historical buildings at the location, the report noted.

* The Mainland Cos. is planning to build a 30-story office tower on a 1.3-acre site in Nashville's SoBro neighborhood, the Nashville Business Journal reported. Armada Hoffler Properties Inc. is also involved in the development plans, the report said.

The project is slated to include approximately 400,000 square feet of office space, 20,000 square feet of retail space and around 1,200 parking spaces, the report said.

* The Houston Business Journal reported on recently spun off REIT Parkway Inc.'s plans to bring a New York City-based co-working tenant to each of its Houston properties. TechSpace's first entry into the market will comprise a 46,000-square-foot co-working space at the 2101 CityWest property, the report said, citing Parkway's senior vice president and managing director, Mike Fransen.

The report noted that the company is not approaching co-working leases as a temporary alternative. Instead, the plan is to allow building present tenants to have optional access to common areas.

* The U.S. Steel Tower, Pittsburgh, Pa.'s tallest building, is officially on the market, with an expected sale price of up to $350 million, the Pittsburgh Post-Gazette reported, citing Real Estate Alert. New York-based owner 601W Cos. acquired the 64-story, 2.3 million-square-foot downtown property at 600 Grant St. for about $250 million in 2011, according to the report.

The owner has spent $60 million on upgrades at the tower, which is 87% occupied at present. Tenants include UPMC and U.S. Steel, the report said.

* HD Cos. US Inc. is proposing a $250 million, 645-room hotel in Savannah, Ga., at 1147 E. President St., the Atlanta Business Chronicle reported, citing a Development of Regional Impact application submitted by the Chatham County-Savannah Metropolitan Planning Commission. The plan comes after Savannah in October 2016 took off the table a proposed moratorium on new hotel development, the report noted.

* The Urban Land Conservancy in Denver chose Zocalo Community Development Inc. to develop a six-acre transit-oriented development in the Elyria-Swansea neighborhood for a projected cost of about $200 million, the Denver Business Journal reported.

The multi-phase project is expected to have up to 560 residential units and around 80,000 square feet of commercial space, with the first phase expected to complete in late 2018.

* The Phoenix metropolitan statistical area's annual sales of multifamily properties with more than 10 units jumped 28% in 2016 to reach a record $4.97 billion, according to a report by ABI Multifamily.

* The Wall Street Journal carried a report on mall landlords' strategy of relinquishing ownership of struggling properties to lenders instead of restructuring their debts as the retail sector continues to be battered by competition from online commerce. Lenders are then forced to offload such properties at reduced prices.

* MetLife Real Estate Investors, MetLife Inc.'s third-party investment management arm, drew $800 million in capital for its MetLife Commercial Mortgage Income Fund, IPE Real Estate reported, citing unnamed sources.

* Real estate investor Behringer is planning a large expansion of the Frisco Square development in Texas' Collin County, and has filed plans with the City of Frisco for a 10-acre office and retail project with seven buildings, The Dallas Morning News reported. The buildings would be a combination of medical office, office and retail.

The development is expected to deliver 490,000 square feet of office space and more than 30,000 square feet of retail space, the report said, citing the plans.

After the bell

* Paramount Group Inc. entered into a 5%/95% joint venture with Singapore sovereign wealth fund GIC to acquire the U.S. headquarters of Deutsche Bank in downtown Manhattan, N.Y., for $1.04 billion.

* President Donald Trump's team released a priority Emergency & National Security Projects list of 50 initial infrastructure developments in the pipeline, with an investment cost of $137.5 billion, according to a report by The Kansas City Star.


* Single-family home sales in the Greater Boston area dropped 10.2% year over year in December 2016 to 1,122, compared to the December record of 1,250 homes sold in 2015, the Greater Boston Association of REALTORS reported. Condo sales slipped 1% year over year during the month.

The median sale price for single-family homes in the area increased 9.4% year over year and the median condo sale price increased 4.8%.

* The median sale price for single-family existing homes in Florida jumped 9.2% year over year in December 2016, according to data from Florida Realtors. The statewide median price for townhouse-condo properties increased 7.7%. Single-family home sales inched up 0.8% compared to December 2015.

The day ahead

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

In Asia, the Hang Seng was up 0.43% to 23,049.12. The Nikkei 225 rose 1.43% to 19,057.50.

In Europe as of midday, the FTSE 100 had climbed 0.26% to 7,168.66, and the Euronext 100 was up 0.86% to 939.43.

On the macro front

Mortgage applications increased 4% from a week ago on a seasonally adjusted basis for the week ended Jan. 20, according to the Mortgage Bankers Association's weekly survey.

The FHFA house price index and the EIA petroleum status report are also due out today.

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