Financial Services Industry
Industry: Email Alert RSS FeedWorld Trade Center destruction bad news for trophy buildings; But some realty executives say prices won't decrease.(Terrorists attacks impact on property values, insurance costs)
Pensions & Investments, September, 2001 by Feinberg, Phyllis
Trophy office properties in which pension funds invest could see their values decimated in the aftermath of the World Trade Center's destruction. Property values could be hit by: * Increased insurance costs; * Tenants refusing to pay a premium for upper floors; and * Tenants negotiating lower lease rates.
In addition, GMAC Commercial Mortgage, which lent $563 million to Silverstein Properties, New York, to pay for its 99-year lease on the trade center, and issued $483 million in commercial mortgage-backed securities to pay for the lease, could lose its entire investment. Pension funds and other institutional investors that bought the GMAC bonds, which were rated AAA by Standard & Poor's Corp., also could lose their investment. Some are optimistic...
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