Do a Few Good Weeks Mean a Good Year Ahead?

Clarion Partners, a leading New York-based global investment manager, epitomizes what has been occurring in the U.S. commercial real estate investment sales market over the past few weeks. Clarion has been on a tear, as has the investment market.

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· In a joint venture with MetLife Real Estate Investors, Clarion purchased the 1.4 million-square-foot Constitution Center, the largest, privately-owned, trophy office building in Washington, DC, for $734 million.
· Acting on behalf of a separate account client of the firm, Clarion paid $129.3 million for a six-property, 407,458-square-foot office portfolio in the Four Point section of Boston’s Seaport District.

In New Jersey, Clarion paid $76 million for the 353-room Hanover Marriott on behalf of an institutional investor.  Three huge deals that closed in a span of few short weeks, which has been the story for much of the CRE market as we’ve rolled into 2013. Cassidy Turley estimates the uptick in deal volume at the end of 2012 was close to 20% above historical norms.

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