Wednesday, November 19, 2008

Aloft Hotels Makes Landmark Debut in Asia Pacific

Aloft Beijing, Haidian Heralds the Brand’s Aggressive Global Growth as First Hotel Outside of North America

WHITE PLAINS, NY-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and its highly anticipated new lifestyle brand, Aloftsm hotels announce the opening of Aloft Beijing, Haidian.(top right photo)

The 186 room, new-build hotel owned by Yong Tai Real Estate Group (Beijing) Co. is the first Aloft in Asia Pacific and the first Aloft to open outside North America.

The Aloft Beijing, Haidian underscores the brand’s remarkable global expansion with more than 500 hotels scheduled to open in markets like China, United Arab Emirates, India, Thailand, Belgium, Canada and the U.S in the next five years. The Aloft Beijing, Haidian is the first of nine Alofts currently in development in Asia Pacific, and the first of two slated to open in China in the next two years.

“We are thrilled with the opening of the first Aloft hotel in Asia Pacific! Aloft Beijing, Haidian will bring a fun new way to play and stay to Beijing. As the first aloft in Asia Pacific, this hotel will also be the landmark in this dynamic market of Zhongguancun Hi Tech Science Park in Beijing,” commented Miguel Ko, (middle left photo) President of Starwood Hotels & Resorts, Asia Pacific.

“Guests traveling to Beijing for business or pleasure won’t have to settle for one or the other, thanks to Aloft. Our bar w xyzSM is sure to be a hub of activity for locals and visitors alike, and our meeting space and guestrooms will inspire even the most jet-lagged business travelers,” added Ko.


Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820;

CB Richard Ellis Capital Markets Group Secures $43M on Two Loans

Hawthorne Village in Port Orange, FL Receives $22M Loan

ORLANDO, FL– The Orlando office of CB Richard Ellis is pleased to announce, David Borge, (top right photo) Senior Vice President with CB Richard Ellis Capital Markets group has financed the Hawthorne Village Apartments (top left photo) in Port Orange, Florida.
Hawthorne Village is a newer 378 unit apartment community. The loan amount of $22,145,000 was placed with Freddie Mac.

Birch Landing Apartments in Georgia Gets $21M Loan

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that Dennis Jimenez, (middle right photo) Vice President with CB Richard Ellis Capital Markets Group, has arranged financing in the amount of $21,049,000 on behalf of a Florida investor for the acquisition of Birch Landing Apartments.(middle left photo)

Birch Landing is a 518-unit apartment community located in Austell, Georgia.

CBRE was able to accommodate the demanding time-frame required by the borrower and closed the loan within 21 days of loan application.

Terms of the financing included an interest-only period of 24 months, followed by 30-year amortization, and 80% loan to value

Contact: Angelique Greven, 407.839.3158


ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, (bottom right photo) CCIM, Retail Associate, has been selected by Chick-fil-A® as their exclusive representative in Central Florida.

Mr. Rodriguez will be responsible for Chick-fil-A's site selections within Central Florida's five counties of Orange, Seminole, Osceola, Volusia, and Polk.

Credited with introducing the original boneless breast of chicken sandwich and pioneering in-mall fast food, Chick-fil-A®, Inc., is one of the largest privately-held restaurant chains – with more than 1,400 restaurants in 38 states and Washington, D.C. – and the second-largest quick-service chicken restaurant chain in the nation, based on annual sales.

System-wide sales in 2007 reached $2.64 billion. These figures reflect a 16.09 percent increase over the chain's 2006 performance and a same-store sales increase of 8.47 percent.

Additional information may be found at

Contact: Angelique Greven, 407.839.3158,

Grubb & Ellis Realty Investors Awarded Multiple TOBYs by BOMA

SANTA ANA, CA– Grubb & Ellis Realty Investors, LLC announced that two Las Vegas area properties owned and managed on behalf of tenant-in-common investors, Sienna Office Park I (middle left photo) and City Centre Place, (top right photo) have received The Office Building of the Year (TOBY) award from the local chapter of the Building Owners and Managers Association International (BOMA).

“Grubb & Ellis Realty Investors strives to acquire buildings of the highest caliber and to manage the operations of these assets at a similarly high level on behalf of our program investors,” said Kent Peters, (top left photo) executive vice president of asset management, Grubb & Ellis Realty Investors.

“Grubb & Ellis Management Services has done an excellent job as the property managers, and our partnership speaks volumes about the strength of the newly integrated Grubb & Ellis Company.”

Acquired by Grubb & Ellis Realty Investors in June 2007, Sienna Office Park I consists of two newly developed Class A office buildings totaling more than 101,000 square feet in Henderson, Nevada.

Located at 2850 West Horizon Ridge Parkway, the asset received the TOBY in the category for buildings with less than 100,000 square feet of rentable area.

City Centre Place, acquired by the company in November 2004, is a 103,199-square-foot, Class A six-story, multi-tenant office building with ground retail space in Las Vegas. The asset was awarded the local TOBY in the 100,000 to 249,999-square-foot office building category; City Centre Place was similarly recognized in 2006.

Elizabeth Grossman, vice president of asset management, Grubb & Ellis Realty Investors, serves as the asset manager for each property. Andrea King and Mary Frankert, property managers with Grubb & Ellis Management Services’ Las Vegas office, make up the property management team responsible for the day-to-day operation of the properties. Jeff Goodwin is the building engineer for City Centre Place and Jarod Waisanen serves as the maintenance technician for Sienna Office Park I.

Julia McCartney, 714.975.2230,
Damon Elder, Phone: 714.975.2659. Email:

Matthew A. Engel Named SVP, Accounting and Finance, Chief Accounting Officer

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has named veteran finance executive Matthew A. Engel senior vice president, accounting and finance and chief accounting officer, effective immediately.

Engel, 41, will have responsibility for the company’s corporate accounting, tax, financial risk management and treasury functions. He reports to Richard W. Pehlke, (middle right photo) executive vice president and chief financial officer.

“Matt brings years of invaluable public company finance and accounting experience to the position of Grubb & Ellis’ chief accounting officer, said Pehlke. “We expect his leadership will be a great asset as we continue to transition our financial reporting operations and move forward with our growth strategy.”

Engel joins Grubb & Ellis from H&R Block, Inc., where he spent seven years in various senior finance leadership positions. Engel is a Certified Public Accountant and holds a bachelor’s degree from University of Northern Iowa.

Janice McDill, 312.698.6707,
Damon Elder, Phone: 714.975.2659. Email:

Commercial Real Estate Veteran David Wu from CB Richard Ellis Joins Grubb & Ellis Company as SVP
ONTARIO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that commercial real estate veteran David Wu has joined its Ontario office as a senior vice president with the Industrial Group.

Wu specializes in the marketing of large institutionally owned assets in the eastern San Gabriel Valley and western Inland Empire and the sourcing of opportunities for industrial developments and acquisitions. He also provides real estate advisory and brokerage services to public and private sector clients. Wu has been a commercial real estate professional for 13 years.

“We are very pleased to have a professional of David’s caliber join our team,” said Mano Leventakis, senior vice president and managing director for Grubb & Ellis in the Inland Empire. “He brings a unique skill set that will allow us to provide an enhanced level of service to our clients.” Wu comes to Grubb & Ellis from CB Richard Ellis where he was a first vice president.
Sharon Abar, 714.975.2185,
Damon Elder, Phone: 714.975.2659, Email:

Commercial Real Estate Veteran Richard Economou Joins Grubb & Ellis

SANTA ANA, CA (Nov. 19, 2008) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Richard Economou has joined the firm’s New York office as executive vice president. Specializing in the finance, insurance and real estate sectors, he brings over two decades of commercial and retail real estate experience to the firm, including experience with real estate turnaround transactions.

“I couldn’t be more pleased to make this move to Grubb & Ellis at this time in my career,” Economou said. “I’ve worked in this business for 20 years and I’ve seen a lot. This market is a particularly interesting one, because it brings real concrete opportunities for us. This is my kind of market, and Grubb & Ellis New York is perfectly poised to take advantage of it.”

Prior to joining Grubb & Ellis, Economou was senior vice president of New York and National Accounts for Equis Corporation. He recently won the Coldwell Colbert Circle Award, given to the top 3 percent of producers worldwide. Prior to joining Equis Corporation, Economou spent five years at CB Richard Ellis with a focus on tenant representation within the finance, insurance and real estate sectors.
Contact: Janice McDill, Phone: 312.698.6707. Email:

Grubb & Ellis Realty Investors Acquires Oak Park Office Center III in Houston

SANTA ANA, CA – Grubb & Ellis Realty Investors, LLC has acquired Oak Park Office Center III, (top right photo) a Class A office building in Houston, on behalf of tenant-in-common investors.

Oak Park Office Center III, an approximately 151,000-square-foot building, is located within Oak Park at Westchase, a 225-acre master-planned office park.

Situated on more than 11 acres, the building is adjacent Sam Houston Parkway (Beltway 8). Oak Park Office Center III features a two-story atrium complete with marble walls, wood accents, and both cove and pendant lighting. The building has open floor plans, card key access, two electric vehicle fueling stations and security cameras at all entries.

“Oak Park Office Center III is a brand new facility situated in a location that offers high visibility for its tenant,” said Jeff Hanson, (top left photo) president and chief investment officer of Grubb & Ellis Realty Investors. “The property is an excellent addition to Grubb & Ellis Realty Investors’ portfolio of assets under management.”

The property offers ample parking with 855 spaces, an overall ratio of 5.7 spaces per 1,000 rentable square feet. It is located 30 minutes from both of Houston’s major airports and 10 minutes from the Houston Galleria.

Jacobs Engineering Group Inc. is the sole occupant of Oak Park Office Center III and operates the building under a long-term triple net lease.

Grubb & Ellis Realty Investors purchased Oak Park Office Center III from Realty Associates Oak Park, L.P., represented by Robert Williamson and Jeff Hollinden of Holliday Fenoglio Fowler.

Julia McCartney, Phone: 714.975.2230,
Damon Elder 714.975.2659,

Grubb & Ellis Company Represents Veatch Carlson in 24,115 SF Office Lease in Downtown Los Angeles

LOS ANGELES, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that its Tenant Advisory Group represented Veatch Carlson, Attorneys at Law in the renewal of its lease for 24,115 square feet of office space in Downtown Los Angeles.

The consideration of the seven-year lease was not disclosed.

Veatch Carlson’s offices are located at 700 S. Flower St. (middle right photo) The law firm has been a tenant in the building since 2002.

Maury Gentile, Sean O’Leary and Brian Denton of Grubb & Ellis’ Tenant Advisory Group represented the lessee in the transaction. Peter Paik represented the lessor, 700 S. Flower LLC.

“We were able to help Veatch reduce its overall square footage requirement by approximately 20 percent while restructuring a longer term lease extension,” said Gentile. “It was a win-win for the tenant and the landlord.”

Grubb & Ellis Company Represents Fisher & Phillips in 24,942 SF Office Lease in Irvine, CA
IRVINE, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Fisher & Phillips LLP, a national labor and employment law firm, in the lease of 24,942 square feet of office space for its Irvine location. The consideration of the 10-year lease was not disclosed.

Fisher & Phillips is slated to occupy its space in Opus Center Irvine (middle left photo), located at 2050 Main St., in March 2009. The firm will be relocating from Irvine Center Towers in Irvine.

Fisher & Phillips is one of the oldest and largest firms in the country representing employers in the areas of labor, employment, civil rights, employee benefits and immigration law.

Jack McNutt and Chon Kantikovit of Grubb & Ellis’ Newport Beach office and Kay Davis of the firm’s Atlanta office represented the lessee in the transaction. Dean Chandler and John Weiner of CB Richard Ellis represented the lessor, Opus West Corporation.


Sharon Abar, Phone: 714.975.2185,

Damon Elder, 714.975.2659, Email:

Grubb & Ellis Represents NAVTEQ Corp. in 22,062-SF Expansion at 100 N. Riverside Plaza in Chicago

CHICAGO, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented NAVTEQ Corporation in the lease of 22,062 square feet of space at 100 N. Riverside Plaza (bottom right photo) located at 425 W. Randolph St.

Sven Sykes, director, senior vice president, Tenant Advisory Group and Tom Volini, senior vice president, Tenant Advisory Group, represented the lessee.

“NAVTEQ is truly a Chicago success story, and finding space that not only met its technological requirements but that could also support its growth was crucial,” said Sykes. “We’re proud to be involved with their growth.”

NAVTEQ relocated its headquarters from the Merchandise Mart to 425 W. Randolph in 2007, taking 227,000 square feet of space initially and another 44,000 square feet earlier this year before the current expansion.

It now occupies almost 300,000 square feet in the Class A building. Having once been occupied by SBC Communications, the space was equipped with substantial technological and operational infrastructure.

NAVTEQ Corporation is a leading global provider of digital map data, driving most in-vehicle navigation systems, the top routing web sites and the leading brands of top navigation devices.

Contact: Erin Mays, Phone: 312.698.6735. Email:

Arbor Closes $2,256,000 Fannie Mae DUS® Loan on Garden Court Apartments in Midland, TX

UNIONDALE, NY, Nov. 19, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,256,000 loan under the Fannie Mae DUS® product line to acquire the 74-unit complex known as Garden Court Apartments in Midland, TX. (bottom left photo)

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.68 percent.

The loan was originated by Stephen York, (top right photo) Director, in Arbor’s full-service Uniondale, NY lending office.

“The Sponsors on this transaction purchased Garden Court to add to their expanding Midland-Odessa portfolio,” said York. “Arbor was pleased to deliver competitive terms, which included 80% LTV.”

Contact: Ingrid Principe, Tel: (516) 506-4298