Hoover's reports big IPO dropoff;

California firm buys Austin office complex.

Thursday, October 05, 2006

INITIAL PUBLIC OFFERINGS

Initial public offerings down 50% in quarter, Hoover's says

Third-quarter initial public offerings were down 50 percent from a year ago, according to Hoover's Inc., an Austin-based business information company.

Thirty-two U.S. companies went public during the quarter, raising a total of $6.1 billion.

A year earlier, 63 companies raised $9.7 billion with IPOs.

The third quarter of this year also saw a sharp slowdown from the second quarter, when 47 companies raised $10.4 billion with initial public offerings.

COMMERCIAL REAL ESTATE

Trammell Crow to take over management of 100 Congress

Trammell Crow Co. will take over management of 100 Congress, one of downtown's biggest office buildings, as well as New Orleans and Houston properties, all owned by MetLife.

The Austin building, at Congress Avenue and Cesar Chavez Street, has 411,000 square feet of office space. MetLife has started work on a 28-story apartment tower just west of the office tower.

Amber Oaks V sold for 32% more than its 2004 price

A Northwest Austin office complex has been sold for $46.8 million, 32 percent more than its 2004 purchase price.

G REIT Inc. sold Amber Oaks V, a five-building complex with 282,000 square feet. It's 93 percent leased to tenants including URS Corp. and ACS State Healthcare.

The buyer was Chase Merritt, a real estate and investment firm based in Newport Beach, Calif.

Compiled from staff reports