Friday, May 8, 2009

Arbor Closes $2,430,400 Fannie Mae DUS® Small Loan for 81 Olive Street in Brooklyn, NY

UNIONDALE, NY (May 8, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,430,400 loan under the Fannie Mae DUS® Small Loan product line for the 9-unit property known as 81 Olive Street in Brooklyn, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.05 percent.

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

“The borrower’s existing loan was approaching maturity and came to Arbor looking for long-term fixed-rate financing,” said York. “We were pleased to deliver competitive terms, which included sizeable cash out.”

(Brooklyn Bay Bridge, bottom left photo)
CONTACT: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/

Thomas D. Wood & Co.Brokers $6.8M Loan for Extra Space Storage


SARASOTA, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on May 4, 2009, in the amount of $6,800,000 for the Extra Space Storage (top right photo) facilities in Pasadena and Annapolis, Maryland.

Brad Cox, (middle left photo) CCIM, CPM, Company Vice President, along with Peyton Cross of Cross Capital Advisory, LLC, from Northern Virginia, financed the Extra Space Storage in Pasadena, Maryland in the amount of $3,000,000 through a community bank.

The loan has an interest rate of 6.25% for the first three years, then floating at 250 basis points over the then current three-year Treasury, fixed for the balance of the loan term. The loan term is six years, based on a 30-year amortization and a loan-to-value of 65%.

The 47,905 square-foot self-storage facility was built in 1992 and is located at 8919 Ft. Smallwood Road, Pasadena, Maryland.

Together they also financed the Extra Space Storage in Annapolis, Maryland, in the amount of $3,800,000 through a community bank.

The loan has an interest rate of 6.25% fixed for three years, then floating at 250 basis points over the then current three-year Treasury, fixed for the balance of the loan term. The loan term is six years, based on a 30-year amortization, and a loan-to-value of 65%.


The 64,084 square-foot self-storage facility was built in 1994 and is located at 2000 Trout Road and 2023 Renard Court, Annapolis, Maryland.
For further information, please contact:
Brad Cox (941) 552-9731 bcox@tdwood.com

Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Industrial Team at Southern Commercial Completes 22,720 SF Lease

ORLANDO, FL--Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 22,720 square foot new lease at 8810 Boggy Creek Road, (top right photo) Orlando, Florida.

McFadden and Bradford negotiated the three year new lease, representing the Landlord, DCT Industrial.
The tenant, Kenco Logistic Services, Inc. was represented by Wilson McGinness with JDK Real Estate, LLC out of Chattanooga, TN.

Media Contact: Celeste MacKenzie, 321-281-8503, cmackenzie@southercommercialre.com

Thursday, May 7, 2009

Grubb & Ellis Selected to Market for Sale Edgewater Park Plaza in Oakland, CA

SAN FRANCISCO, CA (May 7, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it has been selected to market for sale Edgewater Park Plaza (top right photo) in Oakland.

The property consists of four two-story office buildings totaling nearly 205,000 square feet.

Located at 7700 Edgewater Drive, Edgewater Park Plaza is currently home to more than 50 tenants, including the American Postal Workers Union and Girl Scouts of America.

It is within close proximity to the Oakland International Airport and the Wal-Mart-anchored Hegenberger Gateway Shopping Center which was recently completed.

“Edgewater Park Plaza is one of the only office projects in the Oakland Airport submarket that offers tenants a premier amenity base within a business park setting,” said Edward Suharski,(middle left photo) executive vice president, Grubb & Ellis.
“The property also provides investors the opportunity to acquire one of the leading office projects in the area at a substantial discount to replacement cost.”

Completed in 1976, the property offers excellent street visibility for tenant monument signage, onsite property management and onsite storage. The grounds include landscaped courtyards and water features that create an inviting business park environment.

“The Oakland Airport submarket has seen an increase in tenant demand over the past few quarters,” said Steven Golubchik, associate vice president. “It has been attracting tenants looking for low rent alternatives, outperforming many other East Bay submarkets during the current economic cycle.”

In addition to Suharski and Golubchik, the San Francisco-based sales team includes vice president Seth McKinnon.

Contacts:
Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Stirling Sotheby's International Realty in Orlando Claims Home Sales Hottest in Three Market Sectors

ORLANDO, Fla. - Central Florida home sales may still leave a lot to be desired but three market segments are warming up fast, according to Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty in Orlando.

“About half of all home sales in the Central Florida market today qualify as distressed sales,” said Soderstrom. “These include short sales and foreclosures,” he said.

That’s no secret, Soderstrom said, but two emerging market segments are much more promising.

“First-time home buyers seeking houses priced under $400,000 are mostly younger buyers, under 34, who were priced out of the market from 2004-2007, but are now able to purchase a home due to a 40-50 percent drop in the median sale price,” Soderstrom said.

Today’s up to $8,000 tax credit for first time home buyers is also enhancing current sales activity, he said.

Families seeking vacation homes, pre-retirement and retirement homes are starting to heat up the market, Soderstrom added.

“Many Americans, Canadians and U.K. residents are looking for homes priced from $125,000 to just under $300,000,” Soderstrom said, “and generally they prefer new homes or recently built homes and condominiums.”

“We are seeing substantially more activity in all three of these market sectors, but at the same time we’re seeing some recovery in the upper tier – $1,000,000 to $3,000,000 range – that Stirling Sotheby’s International Realty (www.StirlingSIR.com) is most recognized for.

"There are some amazing values and opportunities in the market right now and I don’t know when it will be a better time to buy a home,” he explained.

“It will be many years before we see a return to 2005 levels but we are seeing many bright spots here and there,” Soderstrom said.

For more information, please contact:

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty, 407-588-1260

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Regency Centers Reports First Quarter Results

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG)has announced financial and operating results for the quarter ended March 31, 2009.

Funds From Operations (FFO) for the first quarter was $55.0 million, or $0.78 per diluted share, compared to $61.2 million and $0.87 per diluted share for the same period in 2008.

(Top left photo, Downtown Jacksonville at night, highlighting 30-story Independent Life and Accident Insurance Co. Building)

Excluding a one-time severance charge of $2.24 million in March in connection with the Company's ongoing cost savings initiatives originally planned to occur later in the year, first quarter FFO per share would have been $0.82.

Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental earnings measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry.

Net income attributable to common stockholders for the quarter was $19.6 million, or $0.28 per diluted share, compared to $26.7 million and $0.38 per diluted share for the same period in 2008.

For a complete copy of the company's news release and its financials, please contact Lisa Palmer, 904-598-7636. http://www.regencycenters.com/

Cushman & Wakefield promotes Orlando industrial broker Lee Morris


ORLANDO, FL –Cushman & Wakefield, Orlando (C&W) has announced the promotion of Lee Morris (top right photo) from Associate Director to Director in the firm’s industrial brokerage.

In this role, Morris will continue to lead a team of brokers assisting owners, tenants, and developers with all aspects of property ownership, including sales, leasing, site selection, development, sale/leasebacks, 1031 exchanges, and build-to-suits
A 25-year veteran of commercial real estate, Morris has facilitated more than $1 billion in sales and leasing transactions, and has been consistently recognized as a top producer by the Central Florida Commercial Association of Realtors, the Orlando Business Journal and CoStar.

Lake Mary, FL to be home to Florida’s greenest commercial buildings

ORLANDO, FL – The greenest commercial buildings in the state of Florida are slated for construction in Lake Mary later this year.

Located at 4903 CR 46A, The Hills of Lake Mary Professional Centre (bottom left rendering) will consist of four buildings totaling 72,400 square feet, spread out in a corporate campus over seven acres.

The development is the first in Florida designed to meet the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) highest standard: Platinum-certification.

Developed by Mariner Asset Management Services headquartered in West Palm Beach, the 4-building campus designed by internationally recognized architects at Gensler, will not only attain LEED’s highest level of certification, but is also engineered to be 100% carbon neutral, meaning that carbon emissions are balanced by a measured amount of carbon released with an equivalent amount sequestered or offset.

For more information, please contact:
Brook Hines Marketing and Public Relations Associate 407.541.4401 brook.hines@cushwake.com

Betsy Owens Office Brokerage 407.841.8000 betsy.owens@cushwake.com

Douglas Eber Office Brokerage 407.841.8000 douglas.eber@cushwake.com

The Dow Hotel Co.Names Joseph G. Coursolle, General Manager

Hotel is Undergoing $6 Million Renovation

SEATTLE, WA—The Dow Hotel Company, LLC, (DHC) a hotel ownership, investment and management company, announced that Joseph G. Coursolle, (top right photo) CHA, has been named general manager of the 227-room Hilton San Antonio Hill Country Hotel and Spa. (bottom right photo)

He will report directly to Steven Falciani, (middle left photo) regional vice president of operations.

The hotel is owned by a joint venture between New Jersey-based Prudential Real Estate Investors and DHC, which also manages the property.

The hotel converted to the Hilton hotel brand at the beginning of 2009 and is undergoing a $6 million renovation, which is being conducted in phases in order to eliminate guest disruptions.

“Joe brings with him nearly three decades of hospitality industry experience, as well as a working knowledge of the San Antonio area,” said Murray Dow, (bottom left photo) president of The Dow Hotel Company.

“In addition to experience as a general manager, he also has extensive experience with the Hilton brand. We expect his expertise and skillset to enhance an already successful resort-style property, and that his operating experience in a variety of economic climates will benefit the hotel.”

Previously, Coursolle was general manager at the Embassy Suites Hotel Indianapolis in downtown Indianapolis.

During the course of his career, he has served as general manager of four different properties, including the Embassy Suites Austin–North and two other hotels in San Antonio. He has a Bachelor of Arts degree in Business Administration from the University of St. Thomas, St. Paul, Minn.

Contact: Jerry Daly, Chris Daly, (703) 435-6293, jerry@dalygray.com

Cushman & Wakefield Tampa Promotes Angell and Lanning

TAMPA, FL– Cushman & Wakefield is pleased to announce that Mercedes Angell (top right photo) and Jeffrey W. Lanning (bottom left photo) in the Tampa, FL office of Cushman & Wakefield of Florida Inc. have been promoted to the title of Senior Director.

Mercedes Angell joined the Tampa office of Cushman & Wakefield as a Leasing Manager in 1995. In 2005, Ms. Angell was promoted to Director.

Ms. Angell primarily represents landlords and building owners with assets throughout the Tampa Bay area and is responsible for a portfolio of office parks totaling more than 2.4 million square feet. The properties range from Class "A" buildings to single-story, garden-style office parks. Since 2000, Ms. Angell has leased 2.9 million square feet of office space.

In response to Ms. Angell’s recent promotion, Larry Richey, (bottom right photo) Senior Managing Director for Cushman & Wakefield of Florida, was quoted as saying, “Mercedes is exceptional as the head of our Office Landlord Agency Group in the Tampa Bay market. She is one of our top producers, and this promotion is well deserved.”

Jeffrey W. Lanning has been promoted to the title of Associate Director.

Mr. Lanning provides agency leasing and tenant representation throughout the Tampa Bay area and is responsible for leasing an office portfolio of approximately two million square feet.

These properties range from Class "A" buildings and single-story garden-style office parks to flex service center facilities.

During 2008, Mr. Lanning and his business partner, Mercedes Angell, leased an astonishing 561,000 square feet worth over $65,000,000 in transaction value.

In response to Mr. Lanning’s promotion, Larry Richey, Senior Managing Director for C&W’s Florida office, was quoted as saying, “Jeff is one of the most talented younger emerging brokers in our Tampa office. This recognition, which is based upon certain production thresholds, is well deserved.”

Contact: Marcianne Foster, 813-204-5345, Marcianne.Foster@cushwake.com

Wednesday, May 6, 2009

D.R. Horton Plans to Sell $400M in Convertible Senior Notes to Ease $3B Debt Load


FORT WORTH, TX—D.R. Horton Inc., which calls itself the largest homebuilder in the U.S., could be staring at voluntary bankruptcy protection before the year is out, according to industry sources in a position to know.

Their most recent evaluation of the 31-year-old, Fort Worth, TX-based company comes as the builder announces plans to offer and sell $400 million in convertible Senior Notes.

Citi of New York is handling the sale. The notes would be due in 2014.
In a prepared statement today, D.R. Horton says it plans to grant the underwriters of the notes an option to purchase up to an additional $60 million aggregate principal amount of notes solely to cover over-allotments, if any.

The company says it will use the net proceeds of the offering for general corporate purposes, including repayment or repurchase of outstanding indebtedness.
D.R. Horton in 2008 reported a net income loss of $2.633 billion. In 2007, the loss was $712.5 million. The company faces repayment of about $3 billion in loans due in 2010. About a half billion is now due but could be extended at current terms, according to previous company statements.

The new notes would be general unsecured senior obligations of D.R. Horton, Inc., guaranteed by the subsidiaries that currently guarantee the company’s outstanding public debt.

The notes would pay interest semi-annually at a fixed rate, and would be convertible at any time prior to the close of business on the second trading day preceding the maturity date.

Upon conversion, holders of the notes would receive, at the election of the company, cash, shares of D.R. Horton, Inc.’s common stock or a combination of cash and shares.
Holders of the notes would also have the right to require the company to repurchase for cash all or some of their notes “upon the occurrence of certain fundamental change events,” according to the company’s statement.

The interest rate, conversion rate and other terms of the notes are to be determined by negotiations between the company and the underwriters.

The company’s common stock was trading today at $10.88, down $1.47 from yesterday.

D.R. Horton says it delivered more than 26,000 homes in its fiscal year ended September 30, 2008. Founded in 1978 in Fort Worth, D.R. Horton has operations in 77 markets in 27 states in the East, Midwest, Southeast, South Central, Southwest and West regions of the United States.

The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $90,000 to over $900,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.

EastGroup Properties Announces Closing of $67M Loan

JACKSON, MS, May 6, 2009– EastGroup Properties (NYSE-EGP) today announced the closing of a $67 million limited recourse mortgage loan discussed in the first quarter earnings press release.

The note has a fixed interest rate of 7.5%, 20-year amortization schedule, a 10-year term and is secured by properties containing 1.7 million square feet.

The proceeds were used to reduce variable rate bank borrowings to approximately $98 million as of May 6, 2009.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 27 million square feet.

Contact: David H. Hoster II, (top left photo) President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer(601) 354-3555

J.W. Marriott, Jr. Wins Cornell Icon of the Industry Award

White Lodging is Title Sponsor; Joe Scarborough and Mika Brzezinski of MSNBC's 'Morning Joe' to Co-emcee Special Awards Dinner


NEW YORK and WASHINGTON, May 6, 2009 /PRNewswire/ -- Cornell University School of Hotel Administration has announced that its dinner, honoring J.W. "Bill" Marriott, Jr. (top right photo) as the winner of the Cornell Icon of the Industry Award, now features White Lodging as the title sponsor of the event.

The award honors J.W. "Bill" Marriott, Jr., chairman and chief executive officer, Marriott International, Inc. for his transformational leadership and lifetime achievements.

The special event will become an annual gathering of the world's most influential hoteliers to raise funds in support of Cornell University School of Hotel Administration scholarships and programs.

The event will begin with a reception at 6:30 p.m. followed by dinner and an awards ceremony at 7:30 p.m. on June 2, 2009, at the New York Marriott Marquis, 1535 Broadway, New York, NY.

In addition, Michael D. Johnson, (top left photo) Dean of the School, announced that Joe Scarborough (middle right photo) and Mika Brzezinski, (middle left photo) of MSNBC's Morning Joe and ABC News Radio's "The Joe Scarborough Show," will be the masters of ceremonies.

Johnson stated, "We are delighted that Joe Scarborough and Mika Brzezinski, exemplary members of the national media, are partnering with us on this event."

"The name Bill Marriott has been synonymous with hospitality, innovation, quality and integrity for more than five decades, and I cannot think of a more deserving inaugural recipient of this prestigious award than Bill," said Bruce White, (bottom right photo under Joe Scarborough photo) White Lodging CEO, who will co-present the award with Dean Johnson.

"Bill has been a lifelong leader in the hospitality industry and has contributed vast amounts of time and resources to civic and philanthropic organizations. He has grown Marriott International from a family restaurant business into a global lodging company with more than 3,100 properties in 66 countries and territories."

Joe Scarborough is host of MSNBC's Morning Joe, a popular morning news show which features interviews with key newsmakers and politicians and in-depth analysis of top news stories.

Scarborough also anchors "The Joe Scarborough Show" on ABC News Radio. He is the former host of MSNBC's Scarborough Country and was the publisher and editor of The Florida Sun.

Scarborough served as a member of Congress between 1994 and 2001 where he was a member of the Judiciary and the Armed Services Committees. He was named by President Bush to the President's Council on the 21st Century Workforce, where he served with Labor Secretary Chao, national labor officials and business leaders.

Co-emcee Mika Brzezinski is co-host of Morning Joe and "The Joe Scarborough Show." Previously, Brzezinski was an anchor for CBS News Up To The Minute. During the September 11, 2001 terrorist attacks, she served as principal "Ground Zero" reporter. In addition, Brzezinski was an anchor for CBS Evening News Weekend Edition, and contributed to CBS Sunday Morning and 60 Minutes.

A special logo to commemorate the award, prominently featuring the pineapple, the universal symbol of hospitality, in the center of the Cornell shield, was created by Ypartnership, the marketing services firm headed by Cornell alumnus Dr. Peter C. Yesawich, (bottom left photo under Mika Brzezinski photo) '72, MS '74, Ph.D. '76.

The event already has attracted more than 40 sponsors and 350 attendees, according to Jon Denison, (bottom right photo) Associate Dean of External Affairs, Cornell University School of Hotel Administration.

"Having one of the industry's premier owner/operators, Bruce White, help us honor J.W. 'Bill' Marriott, Jr., with the first Cornell Icon of the Industry Award sets a high standard for what we expect to become one of the hotel industry's premier annual events," says Denison.

To RSVP, please contact Ashlee Mills at am754@cornell.edu. Admission prices are $500 for Provost tickets; $250 for Dean's; and $195 for Cornell Young Alumni Limited Seating.

Interested sponsors may contact Joe Strodel, Jr., director of corporate & foundation affairs at js343@cornell.edu.

For additional information, please go to the event's official Web site: www.hotelschool.cornell.edu/industry/events/awardsdinner.html.

About the Cornell University School of Hotel Administration

(Statler Hall, Cornell University, bottom left photo)

The Cornell University School of Hotel Administration is shaping the global knowledge base for hospitality management through leadership in education, research and industry advancement.

The School provides management instruction in the full range of hospitality disciplines, educating the next generation of leaders in the world's largest industry.


Founded in 1922 as the nation's first collegiate course of study in hospitality management, the Cornell Hotel School is recognized as the world leader in its field.

For more information, visit http://www.hotelschool.cornell.edu/

Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293

Grubb & Ellis Realty Investors Names Mathieu Streiff, Senior Vice President, Investment Operations

SANTA ANA, CA– Grubb & Ellis Realty Investors LLC, the real estate investment and asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), announced that Mathieu Streiff (top right photo) has been appointed to the newly created position of senior vice president, investment operations. Streiff will also continue in his role as the firm’s chief real estate counsel.

As senior vice president, investment operations, Streiff plays a key role in the development of new investment platforms and in the structuring and strategic management of securitized real estate investment offerings sponsored by Grubb & Ellis Realty Investors.

“Mat has demonstrated exceptional judgment and expertise during his tenure at Grubb & Ellis Realty Investors,” said Jeff Hanson, (bottom left photo) president and chief investment officer of Grubb & Ellis Realty Investors. “He is a keen intellect and one of our most important senior executives.”

Streiff joined Grubb & Ellis Realty Investors in 2006 and has since provided in-house legal advice for property acquisitions, financings, management and dispositions. He has extensive experience negotiating complex commercial real estate transactions, both with Grubb & Ellis Realty Investors and during his time as an associate in the real estate department of Latham & Watkins LLP in New York.

Streiff received a juris doctorate from Columbia University Law School and a bachelor’s degree from the University of California, Berkeley. He is a member of the New York State Bar Association.

Contact: Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Interstate Hotels & Resorts Reports First-Quarter 2009 Results

ARLINGTON, VA, May 6, 2009 /PRNewswire-FirstCall/ -- Interstate Hotels &Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today reported operating results for the first quarter ended March 31, 2009.

(1) Total revenue excludes other revenue from managed properties (reimbursable costs).

(2) Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS are non-GAAP financial measures and should not be considered as an alternative to any measures of operating results under GAAP.

(3) Includes the company's share of adjusted EBITDA from investments in unconsolidated entities in the amounts of $1.2 million and $1.6 million in the first quarter of 2009 and 2008, respectively.

(4) The first quarter 2009 results include a $0.8 million charge for restructuring primarily related to severance costs as a part of the company's 2009 cost reduction program, and $8.9 million of tax expense relating to the company's global tax planning strategy. These charges are excluded from the calculation of Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS.

(5) The first quarter 2008 results include (i) a $2.4 million gain on the sale of the Doral Tesoro Hotel & Golf Club, and (ii) $1.1 million of write-offs of intangible assets related to the sale of certain hotels in 2008. Each of these items has been excluded from the calculation of Adjusted EBITDA, Adjusted net loss and Adjusted diluted EPS.

"The first quarter was an extremely difficult operating period, a trend that we anticipate will continue through most of 2009, and possibly into 2010," said Thomas F. Hewitt, (top right photo) chief executive officer. "While our visibility remains limited, we expect to see the decline in RevPAR begin to moderate in the second half of the year."

For a complete copy of the company's news release and its financials, please contact:
Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, mailto:703-435-6297julie@dalygray.com

HFF secures $16.5M financing for office buildings in Boston’s Financial District

HARTFORD, CT – The Hartford and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured $16.5 million in financing for 24 Federal Street and 3 Post Office Square, (above centered photo) office buildings totaling 139,473 square feet in Boston’s Financial District.

Working exclusively on behalf of Cornerstone Real Estate Advisers LLC, HFF senior managing director Dana Brome (top right photo) placed the four-year fixed-rate loan with Ocean Bank, a division of People’s United Bank, to refinance an existing mortgage, which became due.

Located adjacent to Post Office Square, 24 Federal Street and 3 Post Office Square offer tenants access to public transportation at South Station, Downtown Crossing and Park Street Stations as well as Interstate 93, the Massachusetts Turnpike and the Ted Williams Tunnel.

24 Federal Street has 12 stories with 74,406 square feet and 3 Post Office Square has 65,067 square feet in 11 stories.

Both properties have ground floor retail space and are 93.5% occupied by tenants including BancWare, CVS, Dunkin Donuts, Century Bank and TD Ameritrade.

“The buildings are positioned in one of the most sought after areas in the Financial District – Post Office Square.
This location provides easy access to Downtown Crossing, Faneuil Hall, (top left photo) City Hall and Boston’s waterfront (bottom right photo) as well as several commuting options such as the MBTA red, green and orange lines at a variety of stops,” said Brome.

Cornerstone Real Estate Advisers LLC provides private real estate equity investment management services for its parent corporation, Massachusetts Mutual Life Insurance Company and tax-exempt and taxable institutions.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.

Contacts:
DANA E. BROME, HFF Senior Managing Director, (860) 275-6198, dbrome@hfflp.com
KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com