Commercial real estate
* Citing unnamed sources familiar with the transaction, Commercial Observer reported that 601W Cos. received a $677.5 million refinancing for the Aon Center property in Chicago. The senior portion of the financing was provided by JPMorgan Chase & Co. and Brookfield Asset Management Inc. provided the mezzanine portion. The deal was brokered by Meridian Capital Group Inc.
601W Cos. acquired the 83-story, 3.6 million-square-foot skyscraper for $713 million in 2015 from Piedmont Office Realty Trust Inc.
* Amsterdam-based Brack Capital Real Estate BV signed a $162.5 million agreement to divest its holdings in the Hotel Indigo on Manhattan, N.Y.'s Lower East Side to MRR Development. It was reported earlier that Brookfield Property Partners LP had signed a letter of intent for the purchase of the 293-room hotel at 171 Ludlow St. for $160 million.
InterContinental Hotels Group PLC and Brack Capital jointly opened the hotel in November 2015.
* Private equity firm Taurus Investment Holdings LLC paid $201 million to acquire an industrial property portfolio across the Chicago area from Venture One Real Estate LLC, The Real Deal reported. The 51-building portfolio is 92% occupied.
* Facebook Inc. is looking to lease more space in Redmond, Wash., where it already occupies almost 700,000 square feet of office space, the Puget Sound Business Journal reported, citing industry sources who asked not to be named to protect business relationships.
* The Boston Civic Design Commission approved the 17-story, 525,000-square-foot Seaport Square Parcel L4 project that will be occupied by Amazon.com Inc., the Boston Business Journal reported. The development, located in Boston's Seaport District, will offer 444,000 square feet of office space across 15 levels and 81,000 square feet of retail space across two levels.
Construction is expected to commence later in 2018, with completion slated for early 2021.
* Crescent Real Estate LLC acquired the Brown Palace hotel complex at 321 17th St. in Denver for $125 million, the Denver Business Journal reported, citing deed records. The property comprises a 126-year-old hotel and the adjacent Holiday Inn Express. Both hotels will be managed by HEI Hotels & Resorts.
Dallas-based Crow Holdings, through a Delaware-based limited liability company, is the seller, according to the publication.
* The University of Cincinnati is seeking a developer for a $54 million project to renovate the 1967-built Calhoun Hall dormitory, the Cincinnati Business Courier reported. The renovation of the 173,000-square-foot building is expected to extend its life by 50 years. Responses from interested developers are due July 6.
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng was up 0.34% to 31,063.70. The Nikkei 225 rose 0.48% to 22,804.04.
In Europe as of midday, the FTSE 100 was up 0.91% to 7,750.65, while the Euronext 100 rose 0.43% to 1,062.12.
On the macro front
No notable reports are due out today.
Now featured on S&P Global Market Intelligence
Data Dispatch: US REIT capital markets activity remains low in May, down 56% YTD: Chart Watch: Terreno Realty Corp. completed the largest offering during the latter half of May, raising $88.8 million through its at-the-market program.
The Daily Dose has an editorial deadline of 7 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
