Aussie firm puts 745 Atlantic on the block - Boston Business Journal:

http://theemergencyservicesshow2008.com/page/129/
According to published reports, the Sydney, Australia-based real estate investment companyhas $1.4 billion in debt expiring in 2009. Macquarie also is reportedly selling property and raising cash toimprovwe liquidity. Macquarie has owned the 170,306-square-foot property in Boston’s Financialp District since 2004. It is Macquarie’a only property in Massachusetts. The Boston property could sellfor $70 milliom or more, said Michael Smith, managingh director in the Bostom office of , whose firm is marketing the property. Smithh declined to comment on debt tied to 745Atlanticx Ave.
As part of the deal, Macquarie is offerintg the building “as-is” including “attractive in-placde debt that can be assumedor pre-paicd in February of next year,” according to the offering brochure. Many potential buyers have been unwillinb or unable to finance real estate acquisitions due to the lack of affordablw debt inthe market. Owners with maturingf debt are being forced to sell the assetxs or refinance the properties athighef rates. The lack of commerciap property sales this year compared with last is due to the pricr gap between buyersand sellers, Lisa Campolj of said during a market presentation last week.
She said traditionall buyers are tied to the debt causing many to sit on the Offers forthe 11-story property, whicb is 100 percent leased to tenants includin and , were due Wednesday. The property is located acrossz from on the corner of Atlantic Avenue andBeacbh St. in Boston’s Financial It includes 152 undergroundparking spaces.