Monday, July 28, 2008

Sawbuck Realty Wins Most Innovative Brokerage Award From Inman News Service

Start-up Company Cited for Innovative Business Model

(Steve Barnes, left and Guy Wolcott, right, co-founders of Sawbuck Realty)

SAN FRANCISCO, July 28 /PRNewswire/ -- Sawbuck Realty ( was named the Most Innovative Brokerage of 2008 by Inman News Service at its Real Estate Connect Conference.

The prestigious Inman Innovator Awards honor forward-thinking technologies, Web services, business models and innovators in online real estate, brokerage and media companies.

The Washington, D.C.-based company was cited for its business model that connects buyers to top local agents while saving them money via low-cost mortgages and settlement services.

Finalists for this year's brokerage award included Chase International, Diamond Dwellings, Russ Lyon Sotheby's International Realty, and Redfin.

Past winners include Coldwell Banker, ReMax, and Century 21.

The brokerage award honors companies that demonstrate extraordinary levels of innovation through the use of technology or the Internet; that enhance the real estate transaction for consumers; that positively impact the real estate industry; and that redefine key business models within the market.

"We're extremely honored to receive the real estate industry's most prestigious award for innovation just six months after our launch. We set out to make buying or selling a home simpler and less expensive. This recognition by industry leaders tells us that we are on the right track with our pro-consumer approach," said Guy Wolcott, (top right photo) Sawbuck co-founder, who accepted the award at the conference.

Wolcott also participated in a panel during the conference where he discussed how Sawbuck matches buyers with outstanding real estate agents.

Unique among online real estate companies, Sawbuck combines sophisticated home search technology with personal service and access to the best local buyer's agents, while also offering tremendous savings.

Buyers save over $4,500 at closing plus hundreds of dollars every year with a below-market mortgage rate.

Other Winners
Other winners of this year's Inman Innovator Awards are Bob Hale, (bottom left photo) president and CEO for the Houston Association of Realtors (Innovator of the Year), Estately (Most Innovative Web Service), Roost (Most Innovative Technology), Agent Genius (Most Innovative Blog) and Frontdoor (Most Innovative Web Site).

About Sawbuck Realty

Sawbuck Realty ( is a web-based real estate broker headquartered in Washington, DC. Sawbuck's unique business model: empowers buyers with the best search tools, technology and information; connects buyers with the very best local agents; gives buyers a below-market mortgage with no closing costs; and negotiates the lowest possible settlement costs for buyers.

Sawbuck and its network of real estate agent partners currently serve the Maryland, Virginia and Washington, DC markets. The company plans to expand to other market areas, including Baltimore, Philadelphia and Chicago.


Stephen Cook of Sawbuck Realty, +1-202-257 3652,

GVA Advantis Presents Second-Quarter Report on Metro Orlando's Office and Industrial Markets

(Aerial photo above of Orlando's business section with Lake Eola in foreground.)

ORLANDO, FL--GVA Advantis presents its second-quarter reports on Metro Orlando's office and industrial markets.

Metro Orlando’s overall office vacancy rate climbed to 15.3% from 14.5% in the first quarter.

Predictably, effective rent suffered, losing $0.39 PSF over the first quarter. Net absorption took a big hit, landing at (372,251 SF). This is on top of the first quarter’s loss of (170,649 SF).

Eleven of the 12 submarkets measured, the exception being Northwest Orlando, suffered net absorption losses. About half the submarkets ended the quarter with a decrease in sublet space available.

Whereas Downtown Orlando’s average rental rate in the first quarter of 2008 was up over $1 PSF from the year end, it has dropped beneath that year-end level to a more manageable average of $25.54. This can be viewed as a positive reaction to headlines announcing that Florida has endured some of the country’s worst job losses, along with Arizona, California and Nevada, among others.

Market Close Up

· $24.38 Class A overall average asking lease rate on direct vacant space in Orlando

· 1.4 million Total square feet of 15,000 SF+ office space currently under construction

· 44,744 Fewer square feet available for subleasing in the Altamonte Springs/Longwood submarket over 1Q08

· 536 Number of office buildings at 15,000 SF+ being tracked in Orlando’s 12 submarkets

· $130.06 Average price per square foot paid for six Orlando area office properties sold during 2Q08

Industrial Market Highlights

For the quarter, Metro Orlando’s overall industrial vacancy rate climbed to 9.2%, up from 8.0% in the first quarter. Interestingly, effective rent increased approximately $0.29 psf over the first quarter.

Net absorption suffered, however, ending the quarter at (436,886) SF. This is on top of the first quarter’s loss of (267,110) SF. Flex space is experiencing the most substantial vacancy with double-digit availability percentages in all submarkets but one – Orlando Central Park, which is enjoying a low 4.4% vacancy rate.

In what could be an example of the housing market’s detrimental effect on commercial properties, the Airport/Southeast submarket lost a major tenant in Ashley Furniture, (middle right photo) which vacated a 350,000 SF warehouse in April.

The loss of that one tenant resulted in a 3.8% sublet vacancy rate in the bulk warehouse sector of that submarket. Ashley now occupies a much smaller warehouse space in Brandon, Fla., and in early 2007, purchased adjacent land on which to build more space, but ground has not yet broken.

Market Close Up

· $6.81 Overall average asking lease rate on vacant industrial space in Orlando

· 719,000 Total square feet of 20,000sf+ industrial space currently under construction

· 593,463 Increase over 1Q08 in square footage available for subleasing in all 11 submarkets over 1Q08, a 125% increase largely due to one vacating tenant

· 1,254 Number of industrial buildings at 20,000sf+ being tracked in Orlando’s 11 submarkets
$89.32 Average price per square foot paid for seven Orlando area industrial properties sold during 2Q08
For a complete copy of the Office and Industrial Reports, please contact

Shelli H. Browning
Director of Research and Marketing
Advantis Real Estate Services Company
255 South Orange Avenue, Suite 750
Orlando, FL 32801
Office 407.849.6600Direct 407.999.4775
Fax 407.849-6010

Cousins Announces New Leases at One Ninety One Peachtree

Deloitte expansion and Winter lease bring landmark Atlanta building to 88 percent leased

ATLANTA, GA--Cousins Properties Incorporated (NYSE:CUZ) has signed new or expanded leases totaling more than 75,000 square feet at One Ninety One Peachtree Tower (top right photo) , a landmark 1.2-million-square-foot office building in downtown Atlanta.

Deloitte, which signed a 260,000-square-foot renewal and expansion at One Ninety One earlier this year, has leased two additional floors totaling approximately 52,000 square feet.

In addition, Atlanta-based Winter Construction has signed at the building, leasing a full floor totaling approximately 25,000 square feet. Winter is relocating to One Ninety One from 1330 Spring Street in Midtown, joining Cooper Carry, Ogletree Deakins, Grey Global and othercompanies who have moved downtown to One Ninety One from Midtown orBuckhead.

"Winter and Deloitte are great companies that we've been fortunate to have long-term relationships with and we thank them for their commitments to One Ninety One," said Tom Bell,(middle left photo) Chairman and CEO ofCousins.

"Even as the economy has become more challenging, we are pleased to see good leasing momentum at One Ninety One and remainc onfident that companies will continue to see the benefits of downtown Atlanta."

Don Finkelstein of Finkelstein Associates represented Deloitte and Richard Bowers and Jim Davenport of Richard Bowers & Co. represented Winter in the transactions.

Since acquiring One Ninety One, Cousins has now signed more than 765,000 square feet in new leases to tenants including Il Mulino,Synergy Workplaces, HOK Group, Atlanta Equity Investors, Harold A.Dawson Company, Morgan & Morgan, Grey Global, Cooper Carry, Ogletree, Deakins, Nash, Smoak & Stewart P.C., Merchant & Gould, Fields, Howell,Athans & McLaughlin and Cousins Properties.


Investment Community: Jim Fleming, Chief Financial Officer, 404-407-1150 or

Media: Matt Gove, Senior Vice President, 404-407-1490

CB Richard Ellis Named Exclusive Sales Agent for 432-Unit Apartment Community in Jacksonville, FL

JACKSONVILLE, FL - CB Richard Ellis, the world's leading commercial real estate services provider, has been named the exclusive sales agent for Silver Springs Apartments (top right photo) located at 3737 St. John's Bluff Road in Jacksonville, Fla.
The 432-unit community encompasses 361,372 sq. ft and is situated on approximately 21.1 acres.

Dan Allen, Vice Chairman, Dhaval Patel, financial analyst, Grant Momberg, sales assistant and Trip Gillander, sales assistant, have been retained to exclusively represent the owner of the residential community, Equity Residential.

"Silver Springs is within minutes of Jacksonville's job-generating Butler-Baymeadows Corridor, which contains more than 15 million sq. ft. of office space and 50,000-plus jobs providing a deep pool of residents," said Allen. "By making interior capital improvements and possibly converting some buildings to student housing, we estimate rents could improve by $150 per unit, providing an excellent income opportunity for investors."

Built in 1985, •Silver Springs Apartments is positioned between St. Johns Bluff Road and Highway 9-A, approximately six miles southeast of downtown Jacksonville within the city's booming Butler-Baymeadows Corridor.
For more information about this investment opportunity, please visit:

Rebecca Thomas

Savills Ranked Fourth Largest Real Estate Company in the World

NEW YORK, NY -- July 28, 2008: Savills, an international real estate services company with its American headquarters in New York, has been ranked the world’s fourth-largest real estate firm based on a new global analysis of industry leader revenues.

The ranking appeared in an annual survey of world real estate leaders in the July 12 issue of Estates Gazette, one of the UK’s most widely read commercial real estate publications.

“Cross-border transactions play a critical role in today’s real estate investment market,” said Savills LLC president and CEO John D. Lyons (top right photo) . “This high worldwide ranking demonstrates Savills’ extraordinary global reach. With an experienced professional team who understands capital markets, Savills’ US headquarters in New York has rapidly emerged as a key crossroads for international investment.”

The survey –comparing 2007 revenues of the world’s largest real estate services firms -- found that Savills had risen to number four from number five last year. Savills achieved 2007 revenues of $1.02 billion. The firm has 171 offices with more than 18,000 staff worldwide.

In New York, Savills LLC recently advised a private Irish investor in the acquisition of a portfolio 47 Citibank properties valued at approximately $90 million. The deal represents one of 2008’s largest portfolio transactions in the region.

“This result reflects our global growth having moved into the US, and expanded teams in Europe and Asia over the past year,” said Jeremy Helsby, (top left photo) CEO of Savills Plc. “This international reach will enable us to maximize opportunities in the current challenging economic market.”

Savills LLC – formerly known as Savills Granite – recently expanded its New York headquarters into the entire 36th floor of 599 Lexington Avenue.

About Savills LLC

Savills LLC is a real estate investment banking firm offering investment sales, debt and equity placement, and advisory services. Its professionals have executed more than $21 billion in real estate transactions throughout their careers spanning the full range of property types, including office, medical office, retail, multifamily, industrial and hotels. Parent company Savills Plc is a global real estate services firm with 171 offices and more than 18,000 staff worldwide. The company, established in 1855, has a rich heritage with unrivalled growth.

Media contacts:

The Marino Organization 212 889 0808
Steve Vitoff - - x112
Parke Chapman - - x170

Arbor Closes $560,000 Fannie Mae DUS® 3MaxExpress® Loan for 196-200 Oak Street

UNIONDALE, NY (July 28, 2008) Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $560,000 loan under the Fannie Mae DUS® 3MaxExpress® product line to refinance the 17-unit complex known as 196-200 Oak Street Apartments (top left photo) in Holyoke, MA.

The 5-year loan amortizes on a 30-year schedule and carries a note rate of 5.99 percent.
The loan was originated by Alex Kaushansky,(top right photo) Director, in Arbor’s full-service New York, NY lending office. “Arbor helped a first-time borrower purchase this property under strict time constraints,” said Kaushansky.

Arbor Commercial Funding, LLC, Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other commercial real estate properties.

The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services approximately $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in real estate-related bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States.

CONTACT: Ingrid Principe, (516) 506-4298,
Arbor Commercial Mortgage, LLC
Arbor Realty Trust, Inc., 333 Earle Ovington Blvd, Suite 900, Uniondale, NY 11553

Marcus & Millichap Hires Dana Howland as Senior Associate in Salt Lake City Office

SALT LAKE CITY, UT-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Dana Howland (top right photo) as a senior associate in the Salt Lake City office, according to Richard Bird, regional manager of the Salt Lake City office.

In his new position, Howland will specialize in brokering the sale of office investment properties. He is also a member of the firm’s National Office and Industrial Properties Group.

“With more than 18 years of experience as a real estate developer and real estate specialist, Dana brings a wealth of knowledge and local expertise to our firm,” says Bird. “His established relationships and thorough understanding of the local market will make him a valuable asset to the Salt Lake City office.”

Prior to joining Marcus & Millichap, Howland served as a principal broker/real estate developer at OMNI Realty & Development LLC. He was responsible for development analysis, interviewing and hiring architects and engineers to implements designs, financing and construction and property management.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716