Brookfield Properties Corp. has launched foreclosure proceedings an real estate portfolio known as CarrAmerica of 20 office buildings in Washington, D.C., owned by Tishman Speyer Properties, the owner of the Rockefeller Center and the foreclose Stuyvesant Town/Peter Cooper residential enclaves east of First Avenue between 14th and 23rd Streets, according to an article by Lingling Wei published Saturday in The Wall Street Journal.
A Tishman Speyer spokesman was reported to have said in a statement Friday that it has the funds to restructure $570 million in debt on the properties:
"By starting foreclosure proceedings, Brookfield is trying to pressure our ownership group in an attempt to take over the portfolio. The portfolio has terrific assets and we are not surprised Brookfield wants them. That said, we have the funds needed to restructure the portfolio debt and we're confident that we can implement a restructuring that will maintain our partnership's ownership."
The Blackstone Group LP had acquired the portfolio from the CarrAmerica real estate investment trust and sold it to the Tishman group in 2006 "at a big profit," according to the article, which added that "As part of the $2.8 billion deal, Tishman brought in about a dozen partners to provide equity, including Lehman Brothers Holdings Inc., according to people familiar with the matter."
The portfolio includes three 11-story buildings known as International Square located near the White House.
A Tishman Speyer spokesman was reported to have said in a statement Friday that it has the funds to restructure $570 million in debt on the properties:
"By starting foreclosure proceedings, Brookfield is trying to pressure our ownership group in an attempt to take over the portfolio. The portfolio has terrific assets and we are not surprised Brookfield wants them. That said, we have the funds needed to restructure the portfolio debt and we're confident that we can implement a restructuring that will maintain our partnership's ownership."
The Blackstone Group LP had acquired the portfolio from the CarrAmerica real estate investment trust and sold it to the Tishman group in 2006 "at a big profit," according to the article, which added that "As part of the $2.8 billion deal, Tishman brought in about a dozen partners to provide equity, including Lehman Brothers Holdings Inc., according to people familiar with the matter."
The portfolio includes three 11-story buildings known as International Square located near the White House.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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