Maybe there was more to the standstill agreement with Arbor Realty Trust than I thought. CBRE Realty Finance (CBF) disclosed today that it had amended its agreement with manager CBRE Melody & Company as follows:
- [The] modifications provide the Company with the right to terminate the management agreement without paying a termination fee to the Manager and with an option to acquire the Manager.
- The management agreement now also terminates automatically upon the closing of a strategic transaction by the Company without the payment of a termination fee.
- In addition, the restriction on CBRE's and CBRE Melody's ability to compete with the Company in the commercial finance debt space ends on April 30, 2008 (this restriction previously was to end on December 31, 2008).
With the stock still sagging and the opportunity to access CB Richard Ellis's commercial origination platform, a sale of CBF could be a win-win proposition for both parties.
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