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Iron Mountain reports results; Chinese group sells NYC office asset for $300M

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Iron Mountain reports results; Chinese group sells NYC office asset for $300M

Commercial real estate

* Iron Mountain Inc. reported total revenues for the fourth quarter of 2017 of $991 million, up 4.1% on a constant dollar basis from $934 million in the same period in 2016.

For the full year, total revenues came in at $3.85 billion, compared to $3.51 billion in the year-ago period, representing an increase of 9.0% on a constant dollar basis.

* Chinese conglomerate HNA Group Co. Ltd. and partner MHP Real Estate Services sold the 1180 Sixth Ave. office building in Midtown Manhattan, N.Y., for more than $300 million to Northwood Investors, The Real Deal reported. The 22-story, 384,000-square-foot property is one of the 20 commercial properties HNA is understood to be selling on the back of Beijing's heightened scrutiny of overseas investments.

In 2017, HNA was in talks with Nightingale Properties to sell the property for around $320 million, the publication said, noting that the negotiations fell through later in the year.

* Equity Commonwealth sold the 1600 Market St. office building in Philadelphia to American Real Estate Partners for $160 million, the Philadelphia Business Journal reported. The office real estate investment trust, which agreed to sell the 39-story, 825,968-square-foot tower in January, is now left with just one property in Philadelphia, the Mellon Bank Center at 1735 Market St.

* AEW Capital secured a $180 million loan from Massachusetts Mutual Life Insurance Co. for its purchase of the Hudson Square office tower at 330 Hudson St. in Manhattan from Canadian pension fund manager Ivanhoe Cambridge, The Real Deal reported.

The lender assumed an existing debt of $178 million on the property from a group of lenders led by American General Life Insurance.

* Also in Manhattan, the Feil Organization landed a $180 million refinancing package from MetLife for the GE Building office tower at 570 Lexington Ave., The Real Deal reported, citing records filed with the city. The package replaces previous debt from Northwestern Mutual Life Insurance.

* Union Investment, the investment arm of Germany-based DZ Bank, is under contract to acquire a three-story, 18,000-square-foot Meatpacking District retail condominium at 412 W. 14th St. in New York City for $88 million, The Real Deal reported.

The property, which is part of a larger five-story, 80,000-square-foot retail and office building, is being sold by Thor Equities and Premier Equities.

* The EdgeCore Internet Real Estate LLC entity, which was recently formed by Denver-based Mount Elbert Capital Partners, Canadian pension fund manager OPTrust and Singaporean sovereign wealth fund GIC, plans to develop a multi-building, $1 billion data center campus in Texas' Dallas-Fort Worth area, the Dallas Business Journal reported. EdgeCore plans to start construction on the campus in the summer.

After the bell

* Digital Realty Trust Inc. reported funds from operations for the 2017 fourth quarter of $316.8 million, or $1.48 per share, a 24.1% increase in the aggregate from $255.4 million, or $1.58 per share, in the 2016 period.

The day ahead

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

In Asia, the Hang Seng was up 1.97% at 31,115.43 and the Nikkei 225 was up 1.19% at 21,720.25.

In Europe, as of midday, the FTSE 100 had risen 0.56% to 7,275.10, and the Euronext 100 had climbed 0.88% to 1,108.42.

On the macro front

The housing starts report, the import and export prices report, the consumer sentiment report, the e-commercial retail sales report and the Baker-Hughes Rig Count report are due out today.

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