Real Estate Update

Archive for the ‘Business’ Category

Despite the decline in the real estate market, IRN Realty is not only alive but is actually looking to grow in 2008. With many area real estate companies closing its doors or downsizing, this Southern California real estate company is thriving.

”In the first quarter of 2008, we’ve had an almost 25% increase in sales from last quarter and a substantial amount of new agents joining our office”, said David Cheng, who founded the company in 1998.

In a time when foreclosures, short sales, and defaults dominate the news, the company offers a fresh breath of relief for both consumers and real estate agents. The management credits their success to their unique compensation system to their associates when they help a client buy or sell a home.

IRN Realty’s agent-centered system pays associates 25% or more than their previous companies for making a sale. In a time when sales are harder to find, this can make a huge difference in an agent’s income when they need it the most.

”We’re very different from the traditional Coldwell Banker, Century 21, and Re/Max offices. We focus on giving the agent more and in turn agents can use those additional resources to better serve their clients. That way, everyone’s happy.”

And that’s not all. The company is looking for even more ways to help better service their clients. They currently have a mortgage department, offer commercial real estate services, and have just completed a new, more user-friendly website at http://www.irnrealty.com so home buyers can search for homes more effectively.

The company works especially hard to provide agents with the tools and facilities necessary to deliver better service to their clients. They offer over a hundred workstations across their three locations for them to use, each complete with phone, computer, and real estate contract software, all at no charge. Other companies charge agents a monthly fee for a phone and desk and are required to provide their own computers.

However, the company’s dedication to the industry extends beyond its own agents. Currently, the company employs a policy that allows agents to roam to any of their three branch offices, enabling them to service a larger area. But they go even further, inviting agents from outside the company to use any of their offices, conference rooms, and computers if they happen to be servicing a client in the area.

”Many of the agents who come in to use our office while serving out of area clients end up actually joining after seeing how we operate. We’re always open to everyone, no matter what company”, he added.

These are only a few of the examples of why the company has grown so quickly. Since establishing the company in 1998, the company has gone from 7 real estate agents to over 500 at the beginning of 2008. Much of the growth can be attributed to the hard work and dedication of the management team who stand by their belief that by providing more, the company will attract more and better people.

Today, the company continues to grow rapidly. In the first quarter of this year over 50 new real estate professionals joined IRN Realty from other companies, many from the Coldwell Banker, Century 21, and Re/Max offices in the area. In 2008, the company hopes to reach 700 real estate professionals. And they might just do it.

PARSIPPANY, NJ and TORTOLA, BRITISH VIRGIN ISLANDS–(Marketwire – February 10, 2010) –  Sotheby’s International Realty Affiliates LLC today announced that British Virgin Islands Sotheby’s International Realty in Tortola, British Virgin Islands, has joined its luxury real estate network.

The firm is owned by Maritha Keil and will serve the British Virgin Islands, which consist of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with more than 50 other smaller islands and cays.

“The addition of British Virgin Islands Sotheby’s International Realty reinforces the strength of our presence in the Caribbean region, where we currently enjoy a strong presence,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. ”We look forward to growth in this market under the leadership of Maritha Keil, the firm’s managing director, and the team of professionals she is building.”

The firm is located at Road Town, Tortola and has plans for further expansion in 2010. ”With more than 19 years’ experience, we have strong partnerships and client relationships at home and abroad, a professional infrastructure and sales agents with strong local knowledge,” said Keil. ”The market in the British Virgin Islands remains stable and the demand is high in this unique region of the Caribbean known for its exceptional sailing and outstanding natural beauty.”

The Sotheby’s International Realty network currently has more than 10,700 sales associates located in approximately 500 offices in 40 countries and territories worldwide. British Virgin Islands Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global Web site. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.

About Sotheby’s International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.

Realty firm The 3C Company on Friday said it will invest about Rs 650 crore in next three years to develop a housing project in Noida and has raised Rs 85 crore from Kotak Realty Funds to partly meet its investment.

“We have launched a affordable housing project ’3c Lotus Zing’ in Noida where the company would develop 2,500 units,” The 3C Company Director Vidur Bharadwaj told reporters here.

This is the fourth housing project of the Noida-based firm, which focuses on development of green buildings.

Bharadwaj said the company would invest Rs 650 crore to build this project over the next three years and is expecting a realisation of Rs 850 crore from it.

He also announced that the Kotak Realty Funds has made an investment of Rs 85 crore in this project and could pump in more money in future.

“We have signed the term sheet with Kotak Realty Fund,” he said, but did not divulge details about how much stake it is offloading in the project.

Giving further details about the project, he said the company would sell units at a price of Rs 3,150 per sq ft all inclusive. The size of the units starts from 575 sq ft and the largest is 1,415 sq ft.

The company would start the construction of the project by December this year and is targeting to complete it in the next three years.

Setting up a benchmark of green development in Delhi/NCR, The 3C Company is the only Real Estate Development team in Asia to have Three operational Platinum Rated and Two Gold Rated LEED Certified Green Buildings from USGBC (United States Green Building Council). The 3C company is winning awards continuously for five years for the excellence & outstanding development in Real Estate Sector. It has set up the benchmark in Real Estate for the Green Development & quality construction.

STAMFORD, Conn. and LOS ANGELES — Building on its growth ambitions in the Western region of the U.S., GE Real Estate (NYSE:GE) announced the completion of its acquisition of Arden Realty, Inc. (NYSE:ARI) , the largest publicly-traded office landlord in Southern California. The purchase price of approximately .8 billion includes the assumption and refinancing of .6 billion of Arden’s outstanding debt. In connection with this transaction, Trizec Properties, Inc. (NYSE:TRZ) acquired 13 Arden properties for approximately .6 billion. The remainder of the Arden portfolio will stay intact and continue to operate as Arden Realty.

The GE and Arden leadership will leverage Arden’s premier presence and strong relationships in the region to quickly implement a strategic asset plan to expand further into its core markets. GE will also use the Arden platform to grow significantly in other California markets, Washington and Arizona.

One member of GE and four members of the Arden leadership teams have been appointed to oversee Arden:

– Joaquin de Monet, Managing Director at GE Real Estate, has been named President and CEO of Arden Realty.

– Robert Peddicord, formerly Executive Vice President, Leasing and Operations at Arden Realty, assumes the role of Chief Operating Officer.

– Andres Gavinet, formerly First Vice President and Chief Accounting Officer, has been named Chief Financial Officer.

– Howard Stern and David Swartz remain Senior Vice President and Chief Investment Officer and Senior Vice President and General Counsel, respectively.

“We invest where there are excellent opportunities for growth, both in asset value and portfolio size. This transaction significantly expands our footprint in a market that we think is one of the strongest markets in the U.S.,” commented Joe Parsons, President, North American Equity at GE Real Estate. “We will continue to assess opportunities to acquire quality assets in Southern California, and look forward to Joaquin and Robert’s leadership to help us expand Arden’s presence in the Western region.”

“GE and Arden are a dynamic force in one of the country’s most robust markets,” added Peddicord. “GE’s solid financial backing and global resources combined with Arden’s local market expertise and outstanding performance record will greatly enhance Arden’s ability to grow in the Western region of the U.S.”

The portion purchased by Trizec Properties includes 13 properties comprising approximately 4 million square feet.

Tim Callahan, Trizec’s president and chief executive officer commented, “Through this transaction, we have acquired a large, high-quality portfolio that is well located in markets that we believe have strong economies, positive employment trends and growing rental rates.” Mr. Callahan added, “We’re pleased to have partnered with GE in the execution of this transaction.”

Merrill Lynch acted as the financial advisor to GE Real Estate, and King & Spalding LLP provided legal advice. Lehman Brothers Inc., Wachovia Securities, and Secured Capital LLC served as financial advisors to Arden in this transaction. Wachovia Securities and Houlihan Lokey Howard and Zukin also rendered fairness opinions to Arden’s Board of Directors. Latham & Watkins LLP and Venable LLP provided legal counsel to the Company. Hogan & Hartson LLP provided legal counsel to Trizec.

About GE Real Estate: GE Real Estate is a world leader in real estate capital. Formed in 1972, the business has more than billion in core assets with 34 offices located throughout North America, Europe, Asia, and Australia/New Zealand. GE Real Estate, backed by its parent company’s AAA rating, offers a broad range of financing, equity and servicing solutions including: intermediate and long-term mortgage financing, restructuring and acquisition capital, niche equity investment/joint ventures, capital markets securitization and placements, and assert management. As one of the fastest growing units within GE Commercial Finance, Real Estate has experienced annual growth of more than 10% for the last ten consecutive years.

GE Commercial Finance offers businesses an extensive array of financial services and products worldwide. With approximately 7 billion in assets and an expertise in the mid-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE) , a diversified services, technology and manufacturing company with operations worldwide.

About Arden Realty Inc.: Arden Realty, Inc. is one of the largest office landlords in Southern California. After the close of the transaction with GE Real Estate, Arden will have 14.8 million square feet comprised of 103 properties and 175 buildings from Ventura to San Diego counties. Arden is also a nationally recognized leader in energy conservation and efficiency. For three consecutive years the Environmental Protection Agency cited Arden as the “Commercial Real Estate Owner of the Year” for its innovative energy initiatives and for owning the most energy efficient buildings in a single portfolio in the nation.

PARSIPPANY, NJ and WIESBADEN, GERMANY–(Marketwire – December 21, 2009) – Sotheby’s International Realty Affiliates LLC today announced that Peters & Peters Sotheby’s International Realty in Wiesbaden, Germany, has joined its luxury real estate network.

The firm is owned by Olivier and Jennifer Peters and will serve the Rhine main region, which includes the cities of Frankfurt and Wiesbaden. The Sotheby’s International Realty network already includes firms in Hamburg, Essen and Dusseldorf.

“The addition of Peters & Peters Sotheby’s International Realty reinforces the strength of our presence in Germany, one of the most important markets in Europe,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “We look forward to growth in this market with Olivier and Jennifer Peters and the team of professionals they are building.”

The firm is located in Wiesbaden and has plans to expand in 2010.

“We have strong partnerships and client relationships at home and abroad, a professional infrastructure and a focus on high-level training of sales agents,” said Olivier Peters. “The market in the Frankfurt region remains stable for high-end properties and the demand is still very high in this strong economic region of Germany.”

The Sotheby’s International Realty network currently has more than 10,700 sales associates located in approximately 500 offices in 40 countries and territories worldwide. Peters & Peters Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global Web site. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.

About Sotheby’s International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.

Sotheby’s International Realty Affiliates LLC
1 Campus Drive
Parsippany, NJ 07054