Reno, NV Office-Warehouse Building Gets $1.55M Loan

Miami, Florida—September 14, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on September 10, 2009, in the amount of $1,550,000 for the 1320-1350 Freeport Office/Warehouse Building in Reno, Nevada.

Steve Wood, (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed 1320-1350 Freeport through Thomas D. Wood and Company’s correspondent relationship with Symetra Financial.

The loan term is nine years, and the interest rate can be reset every three years, based on a 25-year amortization and a loan-to-value of 56%. The interest rate is 6.445%. The 47,893 square-foot office/warehouse building was built in 1990 and is located at 1320-1350 Freeport Boulevard, Reno, Nevada.

For further information, please contact:
Steve Wood, (305) 447-782, swood@tdwood.com
Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

Senior Hospitality Executive Joins Wyndham Development Team

PARSIPPANY, N.J. (Sept. 14, 2009) – Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels and 11 brands, has appointed Matthew Sparks as senior vice president of development for the Wyndham Hotels and Resorts® brand.

In his new role, Sparks will be responsible for the growth and development of the Wyndham Hotels and Resorts brand’s portfolio through management and franchise agreements throughout the Western United States and Western Canada.

Prior to joining Wyndham Hotel Group, Sparks served in senior and executive level development roles for some of the world’s most well-known hotel companies and brands, including Fairmont Hotels & Resorts Worldwide, Starwood Hotels & Resorts Worldwide, Marriott International and Westin® Hotels and Resorts.

Most recently, he was senior vice president of global development for Fairmont Raffles Hotels International, where, based in Singapore, he directed development efforts for growth of the company’s portfolio in The Americas and Asia Pacific regions.

“With his impressive background of growing hotel brands around the world, Matt is a great addition to our team,” said Jim Alderman, (top left photo)  Wyndham Hotel Group executive vice president of global development. “He has extensive knowledge of North American markets and broad experience in deal structuring for management contracts and other complex transactions. These strong assets coupled with Matt's ability to build lasting client relationships will help us greatly as we continue to grow the Wyndham portfolio.”

CONTACT: Rob Myers, 973-753-6590, rob.myers@wyndhamworldwide.com

Gary Womack Returns to Grubb & Ellis as Vice President, Industrial Group

ONTARIO, Calif. (Sept. 14, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Gary Womack has rejoined the company as vice president, Industrial Group. Womack will specialize in industrial sales and leasing throughout San Bernardino County and Riverside County.

"Gary has been a part of the Inland Empire commercial real estate market for nearly 30 years," said Mano Leventakis,(top right photo)  executive vice president and managing director of Grubb & Ellis' Inland Empire operations. “We’re pleased that he is again part of our team.”

Womack began his commercial real estate career in 1980 with Johnson Shelton Commercial Real Estate Services. He worked at Grubb & Ellis from 1983 to 1992, during which time he ranked as one of the company’s top brokers in 1985, 1987, 1990 and 1991.

He spent the next 10 years as an owner and principle of California Asset Management, which provided asset management services to clients within the Inland Empire. Prior to returning to Grubb & Ellis, Womack was a vice president at DAUM, where he provided corporate and local real estate representation to companies in the industrial sector.

Womack holds a bachelor’s degree from California State Polytechnic University. He is a member of the American Industrial Real Estate Association and is a licensed California real estate broker.

Contact:  Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Grubb & Ellis Tapped as Leasing Agents of Prime Group Realty Trust’s East/West Corridor Office Portfolio

ROSEMONT, IL (Sept. 14, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Prime Group Realty Trust has selected the company as the leasing agent for seven office buildings totaling nearly 408,000 square feet and located in the East/West Corridor office submarket.

Michael Fortuna, senior vice president, and Brett Ratay, vice president, both of the company’s Office Group, will assist Prime Group in leasing the available space in the buildings, with the focus of their efforts being The Olympian Office Center in Lisle and Brush Hill Office Courte in Westmont.

The team has also been selected as the listing agents for Enterprise Center II in Westchester and The Atrium in Naperville.

“These quality office buildings offer excellent opportunities in the East/West submarket,” said Fortuna. “We’re pleased to have been selected to assist Prime Group in leasing the balance of its East/West suburban portfolio.”

The Olympian Office Center is a seven-story 167,756-square-foot office building located at 4343 Commerce Court in Lisle.

 Built in 1987, the Class A facility offers amenities including an atrium, conferencing facility, fitness center, food service and on-site management. Approximately 46,000 square feet is currently available for lease in the building.

Brush Hill Office Courte, located at 740, 750, 760 and 770 Pasquinelli Drive in Westmont, comprises four Class B buildings totaling 108,445 square feet. Built in 1986, the complex offers a campus-like setting and easy access to I-290, I-294, I-88 and I-355. Approximately 34,650 square feet is currently available.

Built in 1986, Enterprise Center II is a single-story 62,580-square-foot office building located at 2305-2315 Enterprise Drive in Westchester. The Class B facility, which is currently 100 percent leased, offers a central dock, 24-hour access, individual HVAC control and convenient access to I-88, I-290 and I-294.

The Atrium is a Class B, handicap-accessible facility offering access to public transportation and ample parking. Complete with a distinctive two-story lobby/common area, the 69,077-square foot building is located at 280 Shuman Blvd. in Naperville and currently has 7,365 square feet available.

Contact:  Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com

Fitch: U.S. CREL CDO Delinquencies Hold Steady on Extensions & Loan Sales

Fitch Ratings-NY-Sept. 14, 2009: Asset managers continue to extend maturing loans with 54 extensions (4.8% by number) reported in August, which helped to bring U.S. CREL CDO delinquencies down slightly last month, according to the latest CREL CDO Delinquency Index results from Fitch Ratings.

‘While these extensions reduce the number of matured balloon loans entering the CREL DI, they are in many cases merely deferring eventual losses to the CDOs,’ said Senior Director Karen Trebach.

The Fitch CREL CDO Delinquency Index (CREL DI) for August declined to 7.5% from 7.6% last month, with the removal of six loans offsetting the addition of 10 new delinquent ones. Realized losses on the removed loans were $65 million, including a total write off of a $26 million mezzanine loan interest backed by an office portfolio. The average recovery on loans resolved in August was 55.8%. Had the loans that were resolved at a loss over the past four months (1.9%) remained in the transactions, the CREL DI would have been 9.4% this month.

In August, a total of 11 of the 35 Fitch rated CREL CDOs were failing at least one overcollateralization (OC) test, which is one higher than last month. Failure of OC tests leads to the cutoff of interest payments to subordinate classes, including preferred shares, which are typically held by the CDO asset managers.

 Fitch is concerned about the additional stress these asset managers face as their cash flow continues to be
cutoff. If a manager loses its financial wherewithal, it may no longer be able to effectively manage the collateral of the transaction. For example, less financial capacity could lead to the loss of experienced staff, the inability to make protective advances or the weakened ability to defend its position in litigation or foreclosure.

Assets that are 30 days or less past due totaled 2.8% in August led by delinquent interests in the Resorts International Portfolio loan  (41 bps).

Fitch anticipates high default rates and low recoveries on the loans within the CDOs as these loans mature into the trough of the current commercial real estate cycle. Fitch is finalizing review methodology and anticipates significant downgrades to all Fitch rated CREL CDOs in the coming months.

The universe of 35 Fitch rated CREL CDOs currently encompasses approximately 1,100 loans and 350 rated securities/assets with a balance of $23.8 billion. The CREL delinquency index includes loans that are 60
days or longer delinquent, matured balloon loans, and the current month's repurchased assets.

Contact: Karen Trebach,  +1-212-908-0215, or Stacey McGovern, +1-212-908-0722, New York.

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278; sandro.scenga@fitchratings.com

Cousins Announces Impairment Charge

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) today announced that it intends to recognize in the third quarter of 2009 an impairment charge of $39 million, or approximately $0.74 cents per share, related to the Company’s joint venture interest in Terminus 200, (top right photo)  a 565,000-square-foot office tower located in the Buckhead submarket of Atlanta.

The impairment charge does not impact the Company’s ownership interest in the venture, and the Company continues as property manager and leasing agent.

The Company owns a 50% joint venture interest in Terminus 200, which was substantially completed in August 2009. During the second quarter of 2009, the venture executed a 50,000-square-foot lease for the property and is in ongoing negotiations with several potential tenants, but no additional leases have been executed.

Based on the Company’s current expectations of the amount and timing of cash flows from Terminus 200 and other considerations, the Company has determined that the estimated fair value of the investment is lower than the book value.

Pursuant to Accounting Principles Board Opinion No. 18, this difference must be recorded as an impairment because the Company deems it to be other than temporary.

The impairment charge includes the Company’s full investment in the venture (approximately $21 million as of June 30, 2009), a $17.25 million loan repayment guarantee under the project construction loan, and obligations under the existing lease.

In addition, the Company today filed with the Securities and Exchange Commission a current report on Form 8-K containing additional information regarding the Terminus 200 project, information regarding an anticipated impairment from the sale of its corporate airplane and information regarding anticipated outparcel and tract sales in the third quarter of 2009. This filing is available on the investor relations page of the Company’s website.

Contact: Cameron Golden, 404-407-1984, camerongolden@cousinsproperties.com