February 4, 2005 |
Bond Cos. and Canyon-Johnson Urban Fund have sold the Sunset+Vine apartment and retail complex in Hollywood to investor BlackRock Inc. for close to $160 million. Bond and Canyon-Johnson completed the project on the northwest corner of Sunset Boulevard and Vine Street in July at a cost of about $125 million. The 750,000-square-foot development includes 300 apartments, 87,000 square feet of shops, an 833-space parking garage and 19 billboards. About 60% of the apartments are leased.
October 18, 2006 |
MetLife Inc. said Tuesday that it had agreed to sell two adjoining Manhattan apartment complexes for $5.4 billion in one of the largest U.S. real estate transactions on record. The company said it would sell Peter Cooper Village and Stuyvesant Town to a joint venture of New York real estate developer Tishman Speyer and the realty unit of BlackRock Inc.
August 18, 2009 |
The Federal Reserve Bank of New York plans to get along without the help of bond giant Pimco or Goldman Sachs Group as the central bank continues its massive purchases of mortgage-backed securities. The New York Fed on Monday said it had "streamlined" its 8-month-old, $1.25-trillion program to buy mortgage bonds from four investment managers to two. Saying the changes were "not performance related," the bank said it was retaining Wellington Management Co. and BlackRock Inc. Newport Beach-based Pacific Investment Management Co. and Goldman Sachs Asset Management will exit.
July 15, 2012 |
A high-rise office building on Bunker Hill in downtown Los Angeles has been acquired by CBRE Global Investors, an affiliate of L.A. real estate brokerage CBRE Group Inc. CBRE Global bought 400 S. Hope St., a 26-story tower at the southeast corner of Hope and 4th streets. The price of the sale by New York investors Tishman Speyer and BlackRock Inc. was not disclosed, but downtown real estate experts familiar with the property valued it at $236 million. The 700,000-square-foot building was completed in 1982 to be the headquarters of law firm O'Melveny and Myers.
October 4, 2010 |
The California Public Employees' Retirement System, the largest public pension fund in the U.S., said it replaced a unit of BlackRock Inc. as the manager of its $1-billion apartment complex real-estate portfolio. The decision comes after CalPERS was forced to write off a $500-million investment with BlackRock in New York's Stuyvesant Town and Peter Cooper Village through a partnership with Tishman Speyer Properties. CalPERS said it was consolidating the apartment portfolio with GID Investment Advisers, an affiliate of General Investment & Development Cos. CalPERS suffered a 37% loss in its real-estate holdings in the fiscal year that ended June 30, a decline equivalent to 1.3% of the pension fund's market value at the time.
December 11, 2007 |
Bank of America Corp. said Monday that it would liquidate a $12-billion cash fund for wealthy clients and institutions, the largest investment of its type to close because of losses tied to the collapse of the sub-prime mortgage market. The fund, Columbia Strategic Cash Portfolio, was sold as an alternative to money-market funds, offering a higher yield by taking more risk.
July 17, 2008 |
Merrill Lynch & Co., the nation's third-largest securities firm, dropped efforts to sell a stake in BlackRock Inc. and struck a deal instead to sell its 20% share of Bloomberg LP, according to people familiar with the decision. Merrill, poised to report a second-quarter loss today, stood to gain about $2 billion on its 49.8% stake in BlackRock, the nation's largest publicly traded fund manager, based on its current market value. BlackRock stock has fallen 17.
July 25, 2011 |
Wrangling over the U.S. debt ceiling and questions over corporate earnings mean markets are unlikely to get a break any time soon. Wall Street is set to end its worst three months in a year as July draws to a close this week after a roller coaster ride for markets. The Standard & Poor's 500 index rallied 6% in the run-up to reporting season, but earnings misses from big industrial names such as Rockwell Collins Inc. and Caterpillar Inc. weighed on the Dow and S&P 500 on Friday.
November 3, 2010 |
Bank of America plans to sell more than half its stake in BlackRock Inc., the companies said Wednesday, putting an end to months of speculation about how the bank would begin to reduce its big investment in the world's largest asset manager. Under the share sale, BlackRock plans to sell some 42 million shares, allowing Bank of America and PNC Financial Services Group to reduce their stakes in the New York firm. BlackRock shares fell as much as 5.1% on Wednesday as analysts said it could be somewhat cumbersome for the company to push so many shares into the market.
June 3, 2011 |
Former Federal Reserve Chairman Paul Volcker and former Citigroup Inc. co-Chairman John Reed have been named to a Federal Deposit Insurance Corp. panel that will help the agency map strategy for unwinding too-big-to-fail financial firms when they collapse. Volcker, who advised President Obama during negotiations over what became the Dodd-Frank Act, was named to the FDIC's 18-member Advisory Committee on Systemic Resolutions along with Reed and current executives including BlackRock Inc. fixed-income chief Peter Fisher.