At a glance
- The three closings came to $629.7 million.
- The average closed deal was $209.9 million against $147 million for the announced set, 43% higher.
- Advisors whose clients hold private real estate funds have three completed Oct. 27 prices to check manager marks against and four announcements that are not yet prices.
Seven real estate transactions dated Oct. 27 totaled $1.22 billion, and 52% of that money sat in deals that had already closed. The three closings came to $629.7 million. The four announcements came to $588 million.
The average closed deal was $209.9 million against $147 million for the announced set, 43% higher. The largest of the seven was the $333.3 million closing that named JLL Capital Markets, Greystar and Crow Holdings Capital. The smallest was a $130 million announcement naming Seven Equity Group and San Francisco Centre, a spread of 2.6 times from top to bottom.
Advisors whose clients hold private real estate funds have three completed Oct. 27 prices to check manager marks against and four announcements that are not yet prices. Counting the full $1.22 billion as traded volume treats a stated intention as a completed transaction.
| Parties | Status | Size |
|---|---|---|
| JLL Capital Markets · Greystar · Crow Holdings Capital | Closed | $333.3 million |
| Takenaka Corporation · Rockwood Capital · Midtown Equities | Announced | $170 million |
| Russo Development · Kushner Real Estate Group · PCCP | Closed | $163.9 million |
| Truist · Carmel Partners | Announced | $152 million |
| Alexandria Real Estate Equities | Announced | $136 million |
| Tishman Speyer · Shorenstein Properties | Closed | $132.5 million |
| Seven Equity Group · San Francisco Centre | Announced | $130 million |
Sizes and status above are as reported in the Oct. 27 deal records. The largest announced transaction, $170 million from Takenaka Corporation, Rockwood Capital and Midtown Equities, ranks second in the full set. In dollars the two halves are close: the $588 million of announcements equals 93% of the $629.7 million of closings, though the announced group has one more deal.
The status gap is widest at the top of the range
The average across all seven, closed or not, is $174 million, 17% below the $209.9 million average of the three that have closed. A manager picking comparables from the same seven records can land on either figure, depending on whether the pending deals count. At the bottom of the range the labels barely matter: the smallest closing, $132.5 million from Tishman Speyer and Shorenstein Properties, is within 2% of the smallest announcement. At the top they diverge, and the largest closing is 96% bigger than the largest announcement.
Iberdrola closed a $1.6 billion transaction on Oct. 27, more than the seven property deals combined. For the property set, the next milestone is the four announcements, each of which becomes a checkable price on the day it closes.
Reported by PWD Editors from Oct. 27 deal records (closings and announcements). Published . Corrections