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It's A Jungle Out There

Published Monday, August 01, 2005

The stakes keep rising for buyers hunting office properties in a crowded commercial real estate market. An excess of capital and persistently low long-term interest rates have given sellers the upper hand. Despite high prices, some buyers appear willing to go to any length to grow their portfolios. This just summer, a joint venture of Hines Real Estate Investment Trust and Willette Acquisition Corp. paid a whopping $733 per sq. ft. for the 119,344 sq. ft. Unilever headquarters in Greenwich, Conn., reports Real Capital Analytics. Record sale prices have already been set in 18 markets this year. “Investors ...

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