According to January servicer data, the $47.9 million Novo Nordisk Headquarters took a $24.3 million appraisal reduction amount. The loan backs 5.4% of CGCMT 2005-C3, a deal that has taken 3.2% in cumulative bond loss. Back in September 2013 we wrote about the eponymous tenant's planned departure from the property. Novo Nordisk, which currently occupies 77% of space, will be vacating upon lease expiration in December of this year. Despite solid financial performance (1.75x DSCR in the first half of 2013), the loan...

Read more

Goldberg Segalla is pleased to announce it expanded its U.S. footprint into Chicago with the opening of its 12th office, launched by a team of prominent Chicago attorneys that includes David J. O’Connell, James W. Ozog, James M. Rozak, Brian J. Benoit, Ryan M. Frierott, and Jennifer L. Rediehs. Additional growth and new faces are anticipated in the coming months, and all of Goldberg Segalla’s diverse range of practice areas will expand into the Chicago office. The opening of Goldberg Segalla’s Chicago office highlights the dynamic organic...

Read more

New York Grant Company CEO, Ann Kayman, was recently admitted into the Entrepreneurs Organization, a global business network of 9,500+ business owners in over 40 countries. Entrepreneurs Organization connects and engages their community of expert entrepreneurs to learn and grow. In joining EO, Ann is delighted to work with a peer group of like-minded individuals, and to impart the entrepreneurial know-how for the benefit of clients, staff and the business community. "I can't wait to roll up my sleeves...

Read more

On January 16, 2014, the Office of the Comptroller of the Currency (OCC) released a proposal seeking comment on guidelines that would establish minimum standards of governance, risk management and board independence for certain large national banks, Federal savings associations, and Federal branches (collectively, “banks”). The guidelines are intended to become an integral part of the OCC’s safety and soundness regulations (12 CFR Part 30). The OCC would apply these guidelines to insured national banks, insured Federal savings associations, and...

Read more

They've advanced because you've advanced At AlixPartners, we care about results because our clients care about results, and we reward our people for delivering exceptional value to clients. The following 11 professionals were recently promoted to Managing Director in our firm. They have advanced for many reasons—but primarily for their track records of guiding clients to soaring successes. We're very proud of these 11, and we also know that they're just getting started. To read about the impressive backgrounds of AlixPartners'...

Read more

1. Two Phase II Merger Control Investigations In 2013, there were two Phase II merger control investigations, the first in-depth reviews since 2011, both of which involved trade buyers.  In April 2013, following a full investigation, the Competition Authority (the "Authority") unconditionally cleared Intersnack International B.V.’s acquisition of KP Snacks from United Biscuits (UK) Limited. The second Phase II case involved the acquisition by Uniphar plc. of Cahill May Roberts Limited, the Irish pharmaceutical distribution and wholesaling subsidiary of Celesio.  This was also...

Read more

1. Unified Patent System In February 2013, 24 EU Member States, including Ireland, signed an international agreement relating to a pan-European patent system, including the creation of a Unitary Patent and a Unified Patent Court  ("UPC"). The UPC will have exclusive competence to deal with all disputes relating to infringement and revocation of European Patents and the new Unitary Patents. Member States can elect to either host a local division of the UPC, or join a regional division. The Irish Government...

Read more

A report from The Real Deal on Tuesday indicated that New York's Chrysler East (a Tishman property) will be losing its second largest tenant. According to the piece, accounting firm Grant Thornton has inked a lease for 130,000 square feet at Aby Rosen's 757 Third. Grant Thornton occupies the 11th, 12th, and 13th floors at Chrysler East. That totals about 63,000 square feet, or approximately 8% of the space in the building. The lease ends in November 2014. The property backs $265 million of CMBS debt split...

Read more

The Egg-Graben Bridge in the Grossarl Valley (Salzburg) was designed and planned at the Vienna University of Technology. FIB, the international umbrella organization for concrete construction, recently named the Egg-Graben Bridge as one of only two bridges worldwide to receive the “fib Award for Outstanding Structures”. The prize will be bestowed in 2014 at the fib conference to be held in Mumbai, India. The award is only given every four years. This time around Austria will be given the “Concrete...

Read more

On 17 December 2013, the Irish Minister for Finance published the General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill which will allow for a new corporate structure to be used within the Irish fund industry, sitting alongside the existing public limited company (“PLC”) structure. This new structure, which will provide a greater choice for fund sponsors, will be known as the Irish Collective Asset-management Vehicle or “ICAV”. Although subject to change during the legislative process, the General...

Read more