Archive for Uncategorized
Transwestern Closes 17 KSF Lease in DC
Posted by: | Comments
Washington—Transwestern has arranged a 16,809-square-foot lease for law firm O’Donoghue & O’Donoghue for the full top floor of Chevy Chase Plaza in Washington, D.C.
The 163,405-square-foot office asset built in 1988 is located at 5301 Wisconsin Ave., in the city’s Friendship Heights micromarket. The space was on the market for about 60 days, which is well below the 13-month average for office properties located within a half-mile of the Friendship Heights Metro Station, according to Transwestern research…
In Silicon Valley, Caltrain Upgrade Is Imperiled as Trump Withholds Funds
Posted by: | Comments
Construction was under way last month in Fresno, Calif., on the first leg of the high-speed rail line connecting San Francisco to Los Angeles. The high-speed rail project and Caltrain are administratively separate, but a 2013 agreement to share tracks as a cost-saving measure raised Republican ire. CreditJim Wilson/The New York Times
SAN FRANCISCO — The engineers of Silicon Valley are fine-tuning driverless cars, building robots designed to replicate the human brain and shaving milliseconds off internet response times.
Their trip to work, however, can be a throwback to the predigital age. The region’s commuter rail line is saddled with aging, smoke-spewing, diesel-powered locomotives.
How a $26 Billion Hedge Fund Lures the Beautiful Minds
Posted by: | Comments-
Citadel to host 18 competitions at universities worldwide
-
Demand for scientists and engineers has never been higher
On the warmest February day on record in Cambridge, about 60 students at the Massachusetts Institute of Technology opt to stay inside a dimly lit lobby, crunching data and churning out pages of analysis, rather than enjoy the sunny, summer-like Friday afternoon.
No, it isn’t mid-term time. The students — handpicked from 400 applicants — are competing in a datathon hosted by the $26 billion hedge fund Citadel. Ken Griffin’s firm is upping the ante in the industry’s chase for data scientists and engineers, hosting 18 competitions at universities across the U.S., Britain and Ireland this year. The prize in the final data championship: $100,000…
Detroit’s Stone Soap Building Set for Redevelopment
Posted by: | CommentsThe transformation of the East Riverfront district continues with the revival of this 88,369-square-foot industrial property.
Detroit—The City of Detroit, in collaboration with the Detroit Economic Growth Corporation (DEGC), has launched the request for proposals to acquire and redevelop the historic Stone Soap Building. The former industrial property comprises three contiguous structures–totaling 88,369 square feet–built on a 0.76-acre lot.
Located between Franklin and Riopelle Streets, in Detroit’s East Riverfront district, the western the middle sections of the Stone Soap property were built in 1907, while the eastern section was added between 1927 and 1929…
Detroit’s Stone Soap Building Set for Redevelopment
Gordmans Stores Is Said to Prepare for Bankruptcy Filing
Posted by: | Comments-
Shares of Midwestern retailer have fallen 75% in past year
-
Broader industry hit by sluggish traffic, e-commerce pressure
Gordmans Stores Inc., a Midwestern department-store chain founded more than a century ago, is preparing to file for bankruptcy, according to people familiar with the matter.
The filing could come as soon as this month, said the people, who asked not to be identified because the process isn’t public. Shares of the Omaha, Nebraska-based company have fallen more than 75 percent in the past year, battered by losses in five of the last six quarters.
KKR Gets Record $13.9 Billion for North American Buyout Fund
Posted by: | Comments-
Firm, employees commit $1.4 billion to KKR’s 12th fund
-
Apollo, Carlyle, Silver Lake also in midst of fundraising
KKR & Co. amassed $13.9 billion for its latest private equity fund, the most ever raised for a buyout pool focused on North America.
The firm gathered the maximum $12.5 billion agreed to with investors and added $1.4 billion from its balance sheet and employees, according to a statement Monday from New York-based KKR. The fund, its 12th focused on the region, will target traditional buyouts as well as minority stakes, growth investments and toe-hold positions in public companies, KKR said…
Stocks Are Up 5 Percent Under Trump. So How Long Will the Rally Last?
Posted by: | Comments
Richard Cohen, a trader on the floor of the New York Stock Exchange, wore a cap on Wednesday marking the milestone of the Dow Jones industrial average exceeding 21,000 points. CreditRichard Drew/Associated Press
Stocks have marched higher and higher — up 5 percent since President Trump took office six weeks ago — and the rally has become one of his favorite boasts. And there is plenty of economic data to justify the ebullience.
So why are some hedge fund managers bracing for a sell-off?
It’s all in the details.
Bridgewater Associates Responds
Posted by: | CommentsOver the past year, Ray Dalio, the founder of Bridgewater Associates, has aggressively defended the hedge fund’s culture after critical reports in the media. Mr. Dalio has criticized coverage of his firm by The New York Times and The Wall Street Journal, complaining about what he has called “the fake and distorted news.”
Here is a copy of a statement the firm provided to The Times in response to a series of questions…
Bridgewater Associates Responds
Deutsche Bank to Raise $8.5 Billion and Reorganize Some Operations
Posted by: | Comments
Deutsche Bank’s chief executive, John Cryan, said new capital and a reorganization would create “a simpler, stronger and growing bank.” CreditKai Pfaffenbach/Reuters
LONDON — Deutsche Bank said on Sunday that it planned to raise an additional $8.5 billion in capital, reorganize its retail business in Germany and combine its markets business with its corporate and investment bank in the latest reshaping under its chief executive, John Cryan.
The latest capital raising — the company’s third in four years — came after the bank disclosed a loss of 1.9 billion euros, or about $2 billion, in the fourth quarter after a multibillion-dollar settlement with the United States Justice Department over the bank’s sale of toxic mortgage securities…
Creative Offices Create Value: Transwestern Report
Posted by: | Comments“Converting retail and industrial properties is a profitable value-strategy,” according to the study.
Houston—Creative office projects are proving to be quite the money-maker, according to Transwestern’s new report, Creative Office Projects: Adaptive Reuse Generates Staggering Returns for Investors. And an increasing number of owners are choosing to capitalize on the big bucks these properties are commanding today.
“The conversion of a property from industrial or retail use to creative office has become an increasingly popular value-add strategy for investors,” Michael Soto, director of research with Transwestern and co-author of the report, said in a prepared statement. Developers are merely giving the people what they want, and what they want is creative office space…
World’s Biggest Pension Fund Posts Record $92 Billion Gain
Posted by: | Comments-
Investment result for December quarter comes amid Trump rally
-
Japan stocks surged while drop in yen boosted overseas assets
The world’s biggest pension fund posted the biggest quarterly gain in its history as Japanese stocks surged and a plunge in the yen boosted overseas investments after Donald Trump’s election victory.
The Government Pension Investment Fund returned 8 percent, or 10.5 trillion yen ($92 billion), in the three months ended Dec. 31, increasing assets to 144.8 trillion yen, it said in Tokyo on Friday. Domestic equities added 4.6 trillion yen after the benchmark Topix index recorded its best quarterly performance since 2013, outweighing a loss on Japanese bond holdings. Foreign stocks and debt jumped as the yen fell the most against the dollar in more than two decades…
New $90M Mixed-Use Development Underway in Atlanta
Posted by: | Comments
Atlanta—Bolton Atlanta LP joined hands with Gallman Development Group LLC to announce the groundbreaking of Castleberry Park, a new mixed-use development in Atlanta. The $90 million development is slated to come online in 2019.
Million-Dollar Home Contagion Spreads to Toronto Suburbs
Posted by: | Comments-
First time average suburban detached home passes C$1 million
-
Active listings cut in half in February from last year
Toronto home prices jumped more than 20 percent in February for the sixth straight month as listings dried up, pushing the price of a suburban house beyond C$1 million ($750,000) for the first time.
The average home in Canada’s biggest city, including condominiums, detached and townhouses, climbed 28 percent to C$875,983 last month from the prior year as active listings were cut in half to 5,400, according to a report from the Toronto Real Estate Board released Friday.Sales rose 5.7 percent to 8,014 deals…
Playa Resorts to Go Public with $500M Infusion
Posted by: | CommentsThe merger between Pace Holdings Corp. and the luxury hospitality firm will deliver an enterprise value of $1.75 billion.
Fairfax, Va.—Playa Resorts & Hotels, a leading owner, operator and developer of premier all-inclusive resorts, will be going public soon and have an infusion of $500 million in capital to continue its growth now that shareholders of Pace Holdings Corp. have agreed to allow the two companies to merge. The combined company will keep the Playa name and trade on the NASDAQ as PLYA once the transaction is completed. The firms will have an enterprise value of $1.75 billion.
Sympathy for the Hong Kong Property Devil
Posted by: | CommentsChinese companies have been gorging themselves on land in Hong Kong, outbidding the local developers that have long dominated the market and raising fears that apartment prices in the world’s least affordable city will become even more stretched.
Aspiring home buyers need not panic just yet. While prices will inevitably rise a little further, what’s driving these mainland Chinese firms isn’t just pursuit of gains. They are buying land in the former British colony to diversify away from a home market where profits are shrinking amid government cooling measures, and to hedge against a depreciating yuan. On that front, Hong Kong, with a currency that’s pegged to the dollar and a stable legal framework, makes perfect sense. The city also offers the allure of being a stepping stone to investments in the U.S. and the U.K…
Finmarc Closes $5M NoVa Office Sale
Posted by: | Comments
Washington—Finmarc Management Inc. sold a three-story, 78,327-square-foot commercial office building for $4.9 million. The asset situated at 4100 Lafayette Center Drive, within the Enterprise Center in Chantilly, Va., was acquired by Better Lafayette LLC. Caulley Deringer of Transwestern represented the seller and Jue Wang of Premiere Realty LLC represented the buyer in this transaction.
Located near US Route 50/John Mosby Highway and State Route 28, the property is located south of Washington Dulles International Airport and approximately 30 miles from downtown D.C…
Deutsche Bank Board to Meet on $8.5 Billion Capital Raise
Posted by: | Comments-
Company confirms possible sale of equity, part of fund unit
-
Bank may reverse plan to sell Postbank, shake up top managers
John Cryan
Photographer: Krisztian Bocsi/Bloomberg
Deutsche Bank AG’s supervisory board will meet Sunday to discuss a plan to raise more than 8 billion euros ($8.5 billion) as Chief Executive Officer John Cryan tackles concerns about capital levels, a person familiar with the matter said.
Chinese Property Investors Could Exit U.S. as Asia Beckons
Posted by: | CommentsBut Hong Kong might not be on their wish list.
Chinese real-estate investors are losing interest in the U.S. as their concern over yuan depreciation eases and questions swirl around President Donald Trump’s stance on protectionism.
That’s the view of Andrew Haskins, executive director of Asia research and advisory services at Colliers International, who expects Chinese capital to return to Asia as investors pull out of America.
“The bulk of yuan depreciation has probably already happened, and if that’s the case there is less incentive for Chinese investors to place money in dollar-denominated assets,” Haskins said in an interview…
Capital Square 1031 Completes 3 Retail DST Offerings
Posted by: | CommentsRichmond, Va.—Capital Square 1031 recently announced that three of its Delaware statutory trust offerings, comprising five grocery-anchored shopping centers in North Carolina and South Carolina, and one fitness center in Columbus, Ohio, have been fully subscribed by investors.
Sydney Housing Worries May Mean RBA Will Hold Rates
Posted by: | Comments-
All economists surveyed expect no change after Tuesday meeting
-
Australia mortgage-lending standards under the microscope
Philip Lowe has some high-powered backing if he leaves interest rates on hold Tuesday as widely expected.
Days after the Reserve Bank of Australia governor signaled that rate cuts weren’t in the national interest amid record household debt, the securities regulator said it was looking at mortgage lending standards across the banking sector. The Organisation for Economic Co-operation & Development last week highlighted risks posed by Australian property and private debt…
Sydney Housing Worries May Mean RBA Will Hold Rates
Deutsche Bank’s Cryan Has New Strategy: Reverse His Old Strategy
Posted by: | Comments-
Schenk, Sewing elevated to deputy CEO roles under Cryan
-
Lender to abandon Postbank sale, offer $8.5 billion in stock
John Cryan.
Photographer: Jason Alden/Bloomberg
Deutsche Bank AG Chief Executive Officer John Cryan tore up his own turnaround plan in an admission that the 17-month-old effort flopped.
Directors at Germany’s largest bank late Sunday approved measures — most crucially, plans to raise about $8.5 billion in a share sale — that effectively restart what has already been the most turbulent transformation in its recent history. Among the moves: naming two deputy CEOs who may now be positioned to succeed Cryan; selling a piece of the asset-management business and abandoning the sale of the consumer-banking unit, which was the linchpin of the blueprint he scrapped…
Related Cos. Steps Up with $80M for Ladder Capital
Posted by: | CommentsNew York—Related Cos. has made a strategic investment in Ladder Capital Corp., purchasing $80 million of Ladder stock from certain pre-IPO shareholders of Ladder, including affiliates of TowerBrook Capital Partners and GI Partners. The investment was made by Related Real Estate Fund II, an opportunity fund with equity commitments of more than $1 billion…
Equus Nabs 106 KSF Silicon Valley Office Portfolio
Posted by: | CommentsThe Philly-based firm purchased Walsh Bowers, a two-building Class-B office/R&D property, for $32 million.
Santa Clara, Calif.—Equus Capital Partners Ltd. recently announced that an affiliate acquired Walsh Bowers, a two-building Class-B office/R&D portfolio totaling 106,500 square-feet. The company purchased the asset from Swift Real Estate Partners for $32 million in a transaction in which Cushman & Wakefield represented the seller. The acquisition was made on behalf of Equus Investment Partnership X LP, a $361 million discretionary equity fund managed by Equus.
Mayo Says Investors Must Be Vigilant If Bank Regulations Eased
Posted by: | Comments-
Analyst dismissed by CLSA says reforms can’t sacrifice safety
-
Still sees room to eliminate red tape and unnecessary burdens
Mike Mayo, the banking analyst formerly with CLSA Ltd., said investors will have to be more diligent in assessing the strength of the industry if the Trump administration follows through on promises to ease regulatory burdens.
“We collectively, especially investors, need to hold corporations and their managements and boards of directors more accountable” now that the push is on to roll back government rules meant to protect consumers and shareholders, Mayo said Thursday in an interview on Bloomberg Radio. “What I’ve been proud of is holding truth to power — holding managements accountable.”…
Transwestern Tapped to Lease 300 KSF of Office Space in NorCal
Posted by: | CommentsThe company will be providing leasing services to four properties located in Walnut Creek and Concord.
Walnut Creek, Calif.—Transwestern has been retained to provide Agency Leasing services for more than 300,000 square feet of office space in the Walnut Creek and Concord submarkets of California. Matt Hurd, Scott Ellis and Terry Vani, senior vice presidents, will represent the new assignments.
The company will be providing services to 1600 Riviera Ave., a 113,190-square-foot office asset, as well as 925 & 2700 Ygnacio Valley Road, which offer 17,120 square feet and 107,146 square feet of office space in Walnut Creek. 2600 Stanwell Drive in Concord, a 48,548-square-foot medical building, is also on the list of assignments…
Australia Mortgage Lending Standards in Regulator Crosshairs
Posted by: | Comments-
Westpac case should send a message, ASIC’s Greg Medcraft says
-
ASIC announcement on other Aussie banks expected within weeks
Australia’s securities regulator said Thursday it is looking at mortgage lending standards across the banking sector after taking civil court proceedings against Westpac Banking Corp.
The Westpac case “sends a message to the broader sector’’ that the Australian Securities & Investments Commission is prepared to “take anyone on,’’ Chairman Greg Medcraft told a parliamentary committee…
Australia Mortgage Lending Standards in Regulator Crosshairs
Marijuana Helped the World’s Top Hedge Fund Gain 145%
Posted by: | Comments-
Tribeca fund also gained from salmon, lithium, cobalt rallies
-
Australian resources fund started by ex-Macquarie managers
Bets on marijuana companies helped an Australian manager soar 145 percent last year to become the world’s best-performing hedge fund.
Stock and credit investments in North American marijuana producers contributed to 22 percentage points of last year’s gain for the $200 million Tribeca Global Natural Resources Fund, said Sydney-based Ben Cleary, who co-manages the pool with Craig Evans. The fund has advanced 4 percent this year through February, Cleary said…
Marijuana Helped the World’s Top Hedge Fund Gain 145%
Houston-Area Office Park Lands $5M Refi
Posted by: | Comments
Stafford, Texas—Hunt Mortgage Group recently announced that it has provided a first mortgage bridge loan in the amount of $5 million to refinance Park Place Business Park in the Fort Bend County/Sugar Land submarket of Houston. The loan is structured as a 24?month floating rate loan with three one-year options to extend the term. Proceeds from the loan will refinance the existing first lien mortgage, reimburse shareholders for recent contributions to re?tenant the property and fund additional tenant improvements.
The Secret to Selling Manhattan’s Biggest Condo Project: Raise Prices
Posted by: | Comments-
Extell’s new tower on the Lower East Side has 815 apartments
-
Luxury developer broadening its reach with $1.2 million homes
Manhattan’s biggest new condo tower has reached a milestone: Buyers have signed contracts for 100 units at the property that Extell Development Co. is building on the Lower East Side. Only 715 more sales to go.
In a market brimming with luxury construction and wealthy buyers holding back amid so many choices, Extell is tasked with selling out a veritable neighborhood at its One Manhattan Square project on South Street. At 815 units, the tower has the second-largest number of condos in any single Manhattan building and the most for a newly built property…
World’s Biggest Banks Fined $321 Billion Since Financial Crisis
Posted by: | Comments-
European, Asian regulators to step up pace of fines, BCG says
-
Regulation to keep increasing despite Trump, consultancy says
Banks globally have paid $321 billion in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing, according to data from Boston Consulting Group.
That tally is set to increase in the coming years as European and Asian regulators catch up with their more aggressive U.S. peers, who have levied the majority of charges to date, BCG said in its seventh annual study of the industry published Thursday. Banks paid $42 billion in fines in 2016 alone, a 68 percent rise on the previous year, the data showed…
Royal Oak Retail Project Gets the Green Light
Posted by: | Comments
Royal Oak, Mich.—The Royal Oak City Commission approved the zoning change necessary for the redevelopment of the former Northwood Shopping Center. Beaumont Health will transform the property at Woodward Avenue and 13 Mile Road into a 183,000-square-foot retail development. Construction is scheduled to begin this summer. Demolition, abatement and soil remediation of the old shopping center buildings and townhouses on the 15-acre property has already started.
BCBG Max Azria Gets Bankruptcy Loan as Chain Plots Asset Sale
Posted by: | Comments-
Judge allows fashion house to borrow $15 million in financing
-
Company plans to sell ‘some or all’ assets at auction in May
Fashion house BCBG Max Azria got court permission to borrow $15 million to help carry it through a bankruptcy process that will culminate in an asset auction.
U.S. Bankruptcy Judge Shelley C. Chapman said at a hearing Thursday in Manhattan that she would approve the initial debtor-in-possession financing. Vernon, California-based BCBG will to return to her court later to seek an additional $30 million.
Behind the Bridgewater Shakeup: Ray Dalio’s Unusual Culture
Posted by: | Comments-
Co-CEO Jon Rubinstein departs after just 10 months on the job
-
Dalio steps down from co-CEO role, remains co-CIO at the firm
Ray Dalio says he’s not everyone’s idea of a great boss.
But Dalio, founder of Bridgewater Associates, is starting to look like the Steve Jobs of hedge funds: exacting, infuriating and — there’s no way to sugarcoat it — kind of odd.
The singular culture Dalio has fostered inside Bridgewater, the world’s largest hedge fund, was on full display Wednesday, when he announced that the man he’d hired to help run his $160 billion firm, and presumably set the stage for a smooth succession, had abruptly departed…
Savant Investment Partners Buys 2 Las Vegas Office Buildings
Posted by: | Comments
Las Vegas—Savant Investment Partners, a Las Vegas-based commercial real estate investment and development company, has announced its purchase of the Siena Office Park, a medical and office park located in Henderson, Nev. Jordan Wirsz, principal & CEO of Savant Investment Partners, led the portfolio transaction, which fetched $12.6 million. According to Yardi Matrix data, undisclosed loan–held by Garrison Investment Group–funded the sale.
PropertyGuru to Turn Profitable This Year After Expansion Spurt
Posted by: | Comments-
CEO says no plans for an IPO this year but not ruling out 2018
-
Focus on artificial intelligence to pay off for company: CEO
Hari Krishnan.
Photographer: Nicky Loh/Bloomberg
PropertyGuru Pte, the top Southeast Asian real estate website backed by TPG Capital, expects to become profitable this year as it digests a clutch of acquisitions and rides growth in markets such as Indonesia and Vietnam.
“We have hyper-growth, our revenues are growing over 30 percent,” Chief Executive Officer Hari Krishnan, 39, said in an interview in Singapore. “We are a market leader in four of the five markets and the largest in the region by any measure whether traffic, total listings, revenues.”
Goldman Irks Bankers With New Rules on Mobile Perks
Posted by: | Comments-
Bank introduces new mobile data, voice reimbursement plan
-
Dealmakers are said to wince over latest cost-cutting measure
Goldman Sachs Group Inc.’s dealmakers endured job cuts and a tough bonus season. Then the penny pinchers turned to their beloved phones.
In a push to cut costs and shift employees from BlackBerry devices to personal mobile phones, the firm is imposing a new policy around the world for reimbursing data and calling expenses, according to an internal memo seen by Bloomberg.
Snap Prices I.P.O. at $17 a Share, Valuing Company at $24 Billion
Posted by: | Comments
A sign at the New York Stock Exchange in October directed passers-by to Snapchat, whose parent company, Snap, will begin trading on the exchange on Thursday. CreditMichael Nagle/Bloomberg
Millennials, those 14 to 35 years old, may be as exuberantly hyped a demographic as any in recent memory.
That generation has now helped power one of the biggest and most eagerly awaited stock market debuts in recent memory, making billionaires of the founders of the disappearing-message service Snapchat.
Foundry Commercial to Manage 1.5 MSF Industrial Office Park
Posted by: | CommentsRaleigh, N.C.—Foundry Commercial recently announced that it is now the leasing agent and manager of one of the largest commercial properties in the Raleigh-Durham metro— the 1.5-million-square-foot Research Tri-Center industrial office park.
Located near Interstates 40 and 85, the Durham Freeway and the I-540 outer loop of Raleigh, the Research Tri-Center provides easy access to Raleigh, Durham, Chapel Hill and Cary. The 10-building property is situated within the heart of the Research Triangle area…
EB-5 Funding Approved for JFK Airport Redevelopment
Posted by: | CommentsNew York—The New York City Regional Center, which helps secure EB-5 funding for real estate and infrastructure projects in New York City, has received approval to provide foreign investments in a redevelopment project at JFK International Airport that has transformed a vacant building into The ARK at JFK, an animal handling cargo terminal that recently completed its first phase…
Medical Institution Buys Detroit Office Park
Posted by: | Comments
Troy, Mich.—Friedman Integrated Real Estate Solutions arranged the sale of North Troy Corporate Park, a 141,464-square-foot office property located at 5505 Corporate Drive in Troy, Mich. Friedman CEO & executive managing director and Associate Broker Robert Gagniuk represented the seller, 5505 NTCC LLC, in this transaction.
The building was acquired by the Oakland County Community Mental Health Authority (OCCMHA), which plans to move its headquarters from Auburn Hills to Troy in late summer. The relocation was planned due to space challenges, which resulted from transitions in service delivery protocols. Over the past two years, OCCMHA assumed several delegated functions from its contracted service network, the organization explained in a news release…
Bridgewater Associates, World’s Biggest Hedge Fund, Shakes Up Leadership
Posted by: | Comments
Ray Dalio, the founder of Bridgewater Associates, at the World Economic Forum, in Davos, Switzerland, in January. He will remain co-chairman and co-chief investment officer at Bridgewater but give up his co-chief executive post. CreditRuben Sprich/Reuters
Ray Dalio, the 67-year-old billionaire founder of Bridgewater Associates, is stepping down from the helm of the world’s biggest hedge fund in a management shake-up at the firm.
He will step down as co-chief executive, but will remain co-chairman and co-chief investment officer, he wrote in a letter on LinkedIn.
Severino Predicts Positive CRE Investment Performance in 2017
Posted by: | CommentsJLL’s chief economist shares his expectations for CRE fundamentals and investment in 2017.
With a new administration in place in the U.S., Europe dealing with Brexit and coming elections in France and Germany, the national and international political context is defined by change. How will this influence capital markets and CRE investment? Ryan Severino, chief economist at JLL, shared with CPE his views on how things will stand in 2017 with regard to market fundamentals, the impact of potential new policies and other market dynamics…
Severino Predicts Positive CRE Investment Performance in 2017
BCBG Max Azria Files for Bankruptcy as Retail Glitz Fades
Posted by: | Comments-
Chain founded by celebrity designer renews tunraround effort
-
Company started closing 120 stores in January in rescue bid
BCBG Max Azria Group Inc., the glitzy fashion house founded by designer Max Azria, filed for bankruptcy in a third attempt in two years to rescue a business beset by changing consumer habits.
The latest turnaround effort began in January when the chain started closing 120 of its stores, Chief Restructuring Officer Holly Felder Etlin said in court papers filed Wednesday in Manhattan federal court…
BCBG Max Azria Files for Bankruptcy as Retail Glitz Fades
The bread and butter of any healthy housing market is having a good amount of first time home buyers. That is what drives new home building and also allows for the homeownership rate to go up. Most of the new household formation since the bubble burst was largely done through new rental households. Institutional investors pulled back from the market starting in 2014. Yet the homeownership rate continued to decline. So who stepped in to fill in this gap? Some of it was filled by first time buyers going in with low down payments thanks to FHA insured loans. But a large percentage was made up by mom and pop investors with a lust for HGTV and their dreams of becoming flippers or landlords. In most manias, once mom and pop are diving in with gusto you really need to think about what is going on. I know Taco Tuesday baby boomers are looking for a little “excitement” in their lives and putting habanero salsa on your Chipotle burrito isn’t going to cut it. So why not take the biggest risk by buying real estate when prices are near a new high?…
ReadyTech Expands HQ at Historic Breuner Building
Posted by: | CommentsTMG Partners leased the online training software provider 9,200 square feet of office space in Oakland.
The Breuner building in Oakland, Calif.
Oakland, Calif.—TMG Partners recently announced the firm leased 9,200 square feet of office space to ReadyTech, a technology company that will relocate from the second to the seventh floor of the Breuner building. TMG Partners is implementing extensive renovations to the building, including a full lobby, common area and facade upgrade, as well as a complete HVAC, elevator and fire safety modernization.
What’s Driving Australia’s Property Boom: QuickTake Q&A
Posted by: | CommentsHouse prices in Australia’s biggest cities are on a tear. In the financial capital, Sydney, they’ve risen 73 percent over five years, ranking it second only to Hong Kong as the world’s least affordable housing market. Melbourne prices are up 52 percent. As in global cities from London to Vancouver, the property boom has increasingly pushed the traditional norm of homeownership beyond the reach of average earners. Residential property accounts for 40 percent to 60 percent of loans by the major banks, making house prices a matter not just of politics but financial stability…
What’s Driving Australia’s Property Boom: QuickTake Q&A
Ashley Capital Sells Chicago Industrial Park
Posted by: | CommentsChicago—Ashley Capital has sold Calumet Business Center, a 12-building industrial park located south of the Chicago CBD.
NAI Hiffman represented the seller in the transaction. Pat Sullivan, NAI Hiffman’s senior vice president, Chris Gary, the company’s executive vice president, and Ryan Chambers, the company’s vice president, represented Ashley Capital…
Hill Lands High-Profile Contract in Germany
Posted by: | CommentsThe construction consulting firm will provide project management and site supervision services for the $1 billion Überseequartier Süd mixed-use development in Hamburg.
Hamburg, Germany—Hill International just added to its European business with a new contract for the $1 billion Überseequartier Süd project in Hamburg, Germany. Paris-based commercial property company Unibail-Rodamco recently selected the construction consulting firm to provide project management and site supervision services for the approximately 2.8 million-square-foot mixed-use development….
Hill Lands High-Profile Contract in Germany
London Homeowners Are Desperately Slashing Prices
Posted by: | CommentsThese are the places to look if you want to see the worst-affected areas.
More London home sellers are having to cut the asking price of their homes, and they’re offering deeper discounts as political uncertainty and high values dampen demand.
“Price cuts seen in prime central London in the immediate aftermath of Brexit are now filtering through to outer boroughs,” said Savills Plc residential research director Lucian Cook. “Affordability issues are now a problem after a decade of house-price growth, and buyers are finding they increasingly come up against mortgage-lending limits.”…
London Homeowners Are Desperately Slashing Prices
Shareholder Activism at Arconic Points to a New Wave
Posted by: | Comments
CreditHarry Campbell
Arconic, the aerospace and automotive parts manufacturer formerly known as Alcoa, is brawling with Paul Singer’s hedge fund, the activist Elliott Management, which owns 13 percent of Arconic.
It’s a battle that shows not just how hard activism is becoming, but how difficult it is for the average person to know exactly what is going on.
The old Alcoa split last year, spinning off its aluminum production business into a new company with the old name of Alcoa. The parent company became Arconic, one of those corporate-speak names, probably meant to invoke an Epcot-like future in some marketing manager’s mind…
Tech Leader Breaks Ground on $47M HQ
Posted by: | CommentsWatchGuard Video will also design, engineer and manufacture body cameras and in-car video systems at its new corporate campus in Allen, Texas.
Allen, Texas—WatchGuard Video, the company that serves a third of the law enforcement agencies across the U.S. and Canada, recently started construction on a $47 million corporate headquarters in Allen, a suburb 24 miles north of Dallas. GFF Architects designed the company’s new office and manufacturing facility, while Adolfson & Peterson has been tapped as the general contractor for the first phase of the project…
Tech Leader Breaks Ground on $47M HQ
Home Prices in 20 U.S. Cities Climbed at Faster Pace in December
Posted by: | CommentsHome prices in 20 U.S. cities rose in the 12 months through December at the fastest pace in almost a year, while nationwide the gain in values was the biggest since 2014, according to S&P CoreLogic Case-Shiller data reported Tuesday.
Key Points
- 20-city property values index advanced 5.6 percent from December 2015 (forecast was 5.4 percent) after climbing 5.2 percent in the year through November
- National home-price gauge climbed 5.8 percent in the 12 months through December, the most since June 2014
- The seasonally adjusted 20-city measure rose 0.9 percent from a month earlier (forecast was 0.7 percent)…
Even Hedge Fund Royalty Comes Under Pressure Over Fees
Posted by: | CommentsEven hedge fund royalty isn’t immune to weak performance.
Paul Tudor Jones’s $10 billion firm, Tudor Investment Corporation, is cutting fees to 1.75 percent of assets and 20 percent of gains, according to The Wall Street Journal. That is a bit less than the archetypal “2 and 20” — fees of 2 percent of assets under management and 20 percent of a fund’s annual gain — but it is still above the industry average…
Even Hedge Fund Royalty Comes Under Pressure Over Fees
World Class Forms Commercial Mortgage-Lending Operation
Posted by: | CommentsAustin, Texas—World Class Capital Group has launched World Class Mortgage Capital, the firm’s commercial mortgage lending business.
“Given the changing regulatory environment, large banks continue to deleverage and reduce commercial real estate risk, creating a need for alternative lending solutions,” Sheena Paul, World Class Capital Group’s chief operating officer, told Commercial Property Executive. “This is the driving force behind the launch of World Class Mortgage Capital.”
World Class Mortgage Capital will originate senior mortgages, mezzanine loans and preferred equity on a fixed-rate and floating-rate basis…
India Reforms Will Boost Stressed-Asset Deals, Top Dealmaker Says
Posted by: | Comments-
JM Financial’s Kampani sees strategic, private equity interest
-
Cites bankruptcy code, foreign control of asset overhaul firms
Indian stressed-asset deals will increase this year as bad loans rise and reforms pushed by Prime Minister Narendra Modi’s government start to bear fruit, according to the nation’s top investment banker.
Interest will come from both strategic buyers and private equity firms, said Vishal Kampani, managing director of JM Financial Ltd., the former joint venture partner of Morgan Stanley in India. JM Financial was the No. 1 adviser on Indian mergers and acquisitions in each of the past two years, working on $51.6 billion of deals over the period, data compiled by Bloomberg show…
Savills Studley Arranges Lease for Amtrak in DC
Posted by: | CommentsThe national rail operator has signed an 11-year lease at the National Guard Memorial building.
Washington—Savills Studley has recently arranged an 11-year, 85,000 square-foot lease with national rail operator Amtrak for its U.S. headquarters at 1 Massachusetts Ave. NW, also known as the National Guard Memorial building.
Savills Studley’s executive vice presidents Bill Quinby, Tim Foley, David Cornbrooks and Project Management Director David Simmons represented Amtrak in the lease transaction. OPX provided workplace strategy services and is the designer/architect of record for Amtrak’s premises. Bert Donohoe at Donohoe Real Estate Services represented the landlord, the National Guard Association of the United States…
Meridian Nabs $227M Suburban DC Office Campus
Posted by: | CommentsWashington, D.C.—No stranger to multitasking, HFF recently played dual roles in the change of ownership of the 764,000-square-foot Tysons Metro Center office complex in Tysons, Va., just outside Washington, D.C. Acting on behalf of Beacon Capital Partners, HFF sold the four-building, Class A property to Meridian Group for $227 million, and the commercial real estate and capital markets services provider also orchestrated $175 million in acquisition financing for the buyer…
Biggest Wealth Fund Returns $53 Billion After Trump Rally
Posted by: | Comments-
oldings in emerging markets rose to $92 billion in 2016
-
Fund now invested in 77 countries, added Argentina last year
Norway’s sovereign wealth fund, the world’s biggest, gained 447 billion kroner ($53 billion) last year after stocks rallied following the election of Donald Trump and as the investor plowed deeper into emerging and frontier markets.
The $900 billion Government Pension Fund Global returned 6.9 percent in 2016, after rising 2.7 percent the previous year, the Oslo-based investor said on Tuesday. Stocks gained 8.7 percent, bonds rose 4.3 percent, and real estate investment grew 0.8 percent…
Engel & Völkers Grows Gulf Presence
Posted by: | CommentsThe international real estate company has announced the opening of four new locations in Louisiana.
New Orleans—Less than two months after opening their second location in New Orleans, Engel & Völkers has announced that the company is expanding its gulf presence with its newest shops in Slidell, La., Mandeville, La., Framklinton, La., and Chalmette, La.
The expansion comes as a result of the partnership the company has with ABEK Real Estate, a local real estate firm serving the entire New Orleans area…
Engel & Völkers Grows Gulf Presence
Regency Centers Stockholders OK Merger with Equity One
Posted by: | Comments
Jacksonville, Fla. & New York—Get the party balloons ready, because the largest U.S. shopping center REIT by equity value is almost here. At a special meeting on Friday, Regency Centers Corp. stockholders approved the company’s merger with Equity One, Regency has announced.
As previously reported, the post-merger company, which will retain the Regency name and its NYSE symbol (REG), will have an equity value of $15.6 billion. The merger is expected to close Wednesday.