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Commercial Real Estate News

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It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: New York City, Boston, Chicago, Dallas / Ft. Worth, Toronto, Charlotte, Atlanta, Houston, Washington DC and San Diego. NEW YORK CITY Newmark Grubb Taps Former Colliers Exec Craig Robinson to Lead Global Corporate Services By Randyl Drummer
Blackstone Group this week sold a pair of Santa Monica office buildings totaling about 292,667 square feet to a joint venture of Los Angeles-based Douglas Emmett, Inc. and the Qatar Investment Authority, commanding a premium sale price of approximately $352.8 million. At about $1,205 per square foot, the office deal ranks as one of the priciest in Southern California to close this year. Blackstone has owned the buildings since its 2007 acquisition...
Publicly traded apartment REITs that have led the surge in downtown luxury apartment construction since 2009 are trying to adjust as rents in higher-end urban markets continue to decline, prompting some large developers such as AvalonBay Communities Inc. (NYSE: AVB) to shut down new construction starts in the CBD to pursue projects in better-performing suburbs. Having borne the brunt of declines in U.S. apartment rents since the third quarter of...
The U.S. office vacancy ticked up 0.1% in the first three months of 2017 to 10.3% marking the first quarterly increase since 2010. Total net absorption in the US office market slipped approximately 9% from the same period a year ago as developers added an additional 19 million square feet of new office space across the country. Reflecting the increasing competition for tenants as supply ramps up, average office rent growth came in at 2.3% in...
Not one but two Wall Street sharpshooters have announced plans to sponsor new commercial mortgage-focused real estate investment trusts, seeing opportunity in the growing demand for nonbank lenders from real estate investment borrowers. Just as private equity firm KKR & Co. (NYSE: KKR) yesterday officially launched its initial public offering for a new commercial real estate finance REIT, one of its competitors, global alternative funds manager...
National Real Estate Investor
Many regional lenders began to break out their exposure to retailers and the underlying real estate that supports it after investors and analysts voiced concerns about credit quality.
Multifamily developers are increasingly accommodating a more mobile workforce by adding both communal and quiet workspaces as amenities, according to The Wall Street Journal. Bankrupt builder Westinghouse has asked a judge to let it borrow $800 million from Apollo Management to fund completion of two nuclear power plants, reports Reuters. These are among today’s must reads from around the commercial real estate industry.
First-quarter transaction volume totaled $94.8 billion, an 18 percent year-over-year decline, according to data from Real Capital Analytics.
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JPMorgan economists cut their economic growth forecast for the first quarter to 0.4 percent, reports CNBC. Treasury Secretary Mnuchin promised that the overhaul of Fannie Mae and Freddie Mac will be next on the President’s agenda, according to MarketWatch. These are among today’s must reads from around the commercial real estate industry.
Wall Street Journal
New Jersey office leasing for the first quarter hit a multiyear low, as tenants avoid dated corporate campuses and demand proximity to transit and urban amenities.
Global retail landlord Gazit-Globe is planning to open a private U.S. subsidiary to invest in real estate in New York and other major metropolitan areas, the company said.
The seven-year expansion in the U.S. office market slowed in many big cities in the first quarter.
Mall landlords faced with declining sales and disappearing stores are deploying smartphones, social media and other technology to lure customers—and then keep them spending.
Internet retailing is eating into mall revenue, but competition from newer shopping centers was the most common cause of death for malls over the past decade, according to a recent study.
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