Archive for Uncategorized
Bets Against Japan Megabanks Soar as Investors Polarized
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Short positions surged to a six-year high earlier this month
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Retail investors skeptical as foreigners pile in: Tokai Tokyo
Bearish bets on Japan’s largest banks have swelled to a six-year high as their recent surge fuels speculation that the shares have risen too far, too fast.
Margin-account holdings that profit when shares of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. fall reached 109 million shares on Dec. 2, the most since July 2010, according to weekly data from the Tokyo Stock Exchange. The lenders rallied over the past month as Donald Trump’s election victory drove up bond yields in the U.S. and Japan, attracting overseas buying while failing to impress individual investors who see the rebound as overdone, according to Tokai Tokyo Financial Holdings Inc…
Ricoh USA Inks Lease Renewal in Georgia
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6700 Sugarloaf Parkway, Duluth, Ga.
Atlanta—Ricoh USA Inc. has inked a lease renewal for 90,350 square feet at Sugarloaf I in Duluth, Ga.
“A mix of amenities and easy access from major roadways contributes to the Sugarloaf office market’s ability to attract and keep quality companies like Ricoh. Class A properties in the Sugarloaf submarket are in demand and we expect to see the momentum continue into 2017,” Matt Davis, vice president of Lincoln Property Company Southeast, said in a prepared statement…
HFF Orchestrates Sale, Financing in Orange County
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Brea Corporate Plaza, courtesy of HFF
Brea, Calif.—Commercial real estate and capital markets services provider HFF recently worked overtime in Orange County, Calif., securing both a buyer and financing for a 291,000-square-foot office portfolio in Brea.
Acting on behalf of The PRES Cos. and Mariner Real Estate Management, HFF orchestrated the $55.6 million sale of Brea Corporate Plaza and Brea Park Centre to a new partnership of JCR Capital and PRES, and secured a $39 million acquisition loan for the buyer…
Wells Fargo’s Hometown Penalizes Bank Amid Fake-Accounts Scandal
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San Francisco bars lender from some city business for 2 years
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City says customers must be made whole before sanction ends
Wells Fargo & Co., the bank working to contain a scandal over bogus accounts, was suspended from doing some business with its hometown of San Francisco.
The city’s Board of Supervisors on Tuesday suspended the firm for two years from providing services as a broker dealer, in commercial banking and in commercial paper. The measure, sponsored by Supervisor John Avalos, also removed Wells Fargo from securities investments and counterparty/repurchasing agreements. San Francisco had barred the lender in September from a banking program for low-income residents…
Constellation Expands Solar Portfolio with 9.3MW Project
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Brendon Quinlivan
Tucson, Ariz.— Constellation, a subsidiary of Exelon Corp., and the Amphitheater Public School District announced the completion of a 9.3-megawatt (DC) solar project in Tucson, Ariz. The systems are located across 25 school sites and support facilities, and are expected to generate more than 60 percent of the district’s electricity needs in the first year of operation.
San Roman Wind Farm Begins Commercial Operation
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San Roman Wind Farm
San Antonio—The San Roman Wind Farm, a 93-megawatt renewable energy project located near Brownsville, Texas, has begun commercial operation. The facility is owned and operated by Spanish ACCIONA Energy.
“ACCIONA is proud to complete this latest addition to our U.S. renewable energy portfolio and become a part of the community here in Cameron County,” Ilya Hartmann, CEO of ACCIONA Energy North America, said in prepared remarks. “ACCIONA’s expertise as a global leader in renewable energy, along with the great work of our local partners and contractors, helped make this project a success.”…
Wells Fargo’s ‘Living Will’ Plan Is Rejected Again by Regulators
Posted by: | CommentsWells Fargo has run afoul of banking regulators once again: On Tuesday, for the second time this year, the bank did not pass a key regulatory test that was created after the 2008 financial crisis to reduce the threats that large banks pose to the broader economy.
In April, regulators announced that they had rejected the “living will” plans proposed by Wells Fargo and four other major banks. Each bank had been required to submit a plan to unwind itself in a way that would safeguard the economy in case of the bank’s failure. Since then, all five banks have resubmitted their disaster-preparedness plans; only Wells Fargo’s plan did not pass muster…
Mid-Atlantic Version of Vegas Opens in DC Area
Posted by: | CommentsTrump’s Wall Street Embrace Powers Banks En Route to Dow 20,000
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Goldman Sachs, JPMorgan are up at least 20% since election
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The two banks account for about a third of Dow’s increase
With the Dow Jones Industrial Average on the cusp of completing its fastest trip between 1,000 point milestones, two bank stocks whose market value has increased by $76 billion since Donald Trump’s election stand out as the engine behind the surge.
Goldman Sachs Group Inc. and JPMorgan Chase & Co., the best performers since the Nov. 8 vote with gains exceeding 20 percent, account for roughly one-third of the 1,578-point increase in the 120-year-old gauge. The 30-member gauge closed Tuesday within 0.5 percent of 20,000 less than a month after it broke through 19,000…
UniCredit to Cut 14,000 Jobs and Raise Nearly $14 Billion in Overhaul
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The UniCredit Tower in Milan. Italy’s largest bank by assets plans to raise $14 billion and cut nearly a tenth its work force. CreditGiuseppe Cacace/Agence France-Presse — Getty Images
LONDON — UniCredit, Italy’s largest bank by assets, said on Tuesday that it planned to cut 14,000 jobs over the next three years and that it would seek to raise nearly $14 billion, part of a strategic overhaul that comes at a crucial time for the country’s troubled banking sector.
London Home-Price Growth Slows to Three-Year Low as Demand Ebbs
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House values grew an annual 7.7% in Oct. vs 9.2% in Sept.
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Property prices in the capital rose at slowest pace since 2013
London house prices rose at their slowest annual pace in more than three years in October.
Home values in the capital dropped 1.2 percent from September, taking the annual gain to 7.7 percent from 9.2 percent in September, the Office for National Statistics said in a release in London on Tuesday. That’s the slowest year-on-year increase since June 2013. Nationally, annual price growth eased to 6.9 percent from 7 percent…
Hattie B’s to Open First Atlanta Location
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Cal Marsh, director of National Restaurant Accounts with Falcon’s Restaurant & Entertainment Group
Atlanta—Dallas-based Falcon Realty Advisors teamed up with Nashville-based Hattie B’s Hot Chicken to arrange the lease for the franchise’s first Atlanta location. The 2,800-square-foot lease destination is slated for opening by late 2017 at 299 Moreland Ave.
Housing Will Soon Weigh Down Canadian Growth, Watchdog Says
Posted by: | CommentsCanada’s housing sector will soon become a drag on growth as the number of new homes decline, according to the country’s budget watchdog.
The independent Parliamentary Budget Officer forecast in a report Tuesday that residential investment will subtract from economic growth from 2018 to 2020…
Housing Will Soon Weigh Down Canadian Growth, Watchdog Says
The Aspen Institute to Relocate DC Headquarters
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2300 N. St. NW Washington, D.C.
Washington. D.C.—Lincoln Property Co. has announced the completion of a 91,395-square-foot lease with the Aspen Institute at 2300 N. St. in Washington, D.C. The company will consolidate offices located on several floors at One Dupont Circle NW and 1333 New Hampshire Ave. NW.
Manhattan Site for Supertall Condo Finds New Owner at Auction
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Lender poised to take control after $86 million winning bid
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Developer Bauhouse planned 950-foot tower, angering neighbors
3 Sutton Place. Source: Cushman & Wakefield
A development site slated for an almost 1,000-foot condo tower on Manhattan’s far east side found a new owner through a bankruptcy auction Tuesday, removing a hurdle for construction after about a year of delays.
Gamma Real Estate, the lender to the project, won the auction with a credit bid of $86 million and is poised to take control of the site, pending approval from the bankruptcy court, said David Schechtman, a broker with Meridian Investment Sales, which handled the auction with another brokerage…
Vancouver Home Prices Jump a Quick 40%. So Why Is No One Building?
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Solutions have focused on capping demand, not boosting supply
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Livable but unaffordable, Canadian cities risk boutique status
When something becomes more expensive, people will produce more of it. According to that pillar of Econ 101, new homes should be springing up all over Vancouver. Which they aren’t.
The property market on Canada’s west coast is one of the world’s hottest, or most unhinged, depending on your perspective. From local tech whizzkids to wealthy Chinese scouting for safe havens, and other investors just seeking returns on a quick flip, demand for Vancouver houses seems endless. Meanwhile, thanks to strict land-use rules and lobbying by existing homeowners, supply has stalled…
New Office Space Coming to Charlotte’s South End
Posted by: | CommentsU.S. Seizure of 1MDB Assets Moves on With Jho Low’s Family Sidelined
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Federal judge won’t let Low’s relatives fight on his behalf
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Government seeks to confiscate investment stakes, private jet
Jho Low Photographer: Dimitrios Kambouris/Getty Images for Gabrielle
A U.S. effort to seize about $1 billion in assets allegedly acquired with funds siphoned from 1Malaysia Development Bhd. is moving ahead over objections from relatives of the Malaysian financier at the center of the scandal.
When Your Hedge Fund Manager Buys a Ferrari, Find a New Manager
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Study shows link between sport car owners, volatile returns
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Funds more likely to terminate, report fraud, paper finds
Maybe David Einhorn was on to something when he bought his Honda Odyssey.
It turns out that the car your hedge fund manager drives says something about his capacity for risk taking — and his ability to generate market-beating returns. Minivan owners in particular run funds that tend to take on far less risk and exhibit lower volatility than sports-car driving managers, according to a new study by academics Yan Lu, Sugata Ray and Melvyn Teo…
Allstate Leases CenterPointe I at Bridgewater
Posted by: | CommentsInvestment Funds Worth Trillions Are Dropping Fossil Fuel Stocks
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Climate change campaigners at a demonstration in Paris in Dec. 2015. 688 institutions and nearly 60,000 individuals in 76 countries have divested themselves of shares in at least some kinds of oil, gas and coal companies, according to a new report. CreditRex Features, via Associated Press
Investors controlling more than $5 trillion in assets have committed to dropping some or all fossil fuel stocks from their portfolios, according to a new report tracking the trend.
Don’t Blame Us for Greek Austerity, IMF Says as Loan Talks Drag
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IMF willing to give new loan if Greece’s fiscal goals relaxed
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Greece needs to reform taxes and pensions, IMF officials say
Customers withdraw cash from automated teller machines (ATM) operated by the National Bank of Greece SA in Thessaloniki, Greece, on Thursday, Dec. 1.
Photographer: Konstantinos Tsakalidis/Bloomberg
The IMF repeated its call for Greece to adopt credible budget goals, saying the nation’s current targets would require levels of fiscal austerity that would choke off growth.
Hedge Fund Driven by Anonymous Ideas Gets New Investments
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Numerai received $6 million in new investments from a group including Union Square Ventures, headed by Fred Wilson. CreditLucas Jackson/Reuters
SAN FRANCISCO — A hedge fund powered by ideas from anonymous contributors is attracting some prominent investors.
The San Francisco-based hedge fund Numerai is to announce on Monday $6 million in new investments from a group including Union Square Ventures, the New York-based venture capital firm led by Fred Wilson.
Union Square Ventures is joining Numerai’s previous partners, which include Peter Diamandis, a founder of Singularity University, and Howard Morgan, a founder of the unusually successful hedge fund firm Renaissance Technologies…
East End Hipster Home Gains Beat West London in Price Flux
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New builds in Aldgate are now 8% cheaper than in Kensington
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Younger home buyers like edgy vibe on City of London fringe
London’s top earners are bypassing the millionaire enclaves of west London for homes on the fringes of the City of London financial district, causing the value of new properties to soar in areas favored by hipsters and technology workers.
The regeneration of Aldgate through Internet start ups, the opening of gastropubs and improved transport links has made the neighborhood popular with millennials who want to live near where they work. Cheaper office space has enticed companies including Uber Technologies Inc. and Aecom Technology Corp. to move to the area, a seven-minute walk from the financial district, boosting demand for homes…
Hedging Is an Afterthought for Traders With S&P 500 Near Record
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VIX down in December, at lowest monthly average since August
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Strategists see more gains for the S&P 500 next year
Fresh off three straight record closes and with call volume at all-time highs, options traders are adding to bullish bets on the S&P 500 Index. They’re paying the least since July 2014 to protect against a decline in the SPDR S&P 500 ETF Trust before Wednesday’s Federal Reserve rate decision…
Hedging Is an Afterthought for Traders With S&P 500 Near Record
C&W Negotiates $15M in Office Leases at 777 Brickell
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777 Brickell Ave.
Miami—Cushman & Wakefield has announced its negotiation of approximately 30,000 square feet of long-term office leases valued at more than $15 million at 777 Brickell Ave. in Miami. The building, a 13-story, 288,457-square-foot office tower built in 1980, offers floor plates with views of Biscayne Bay, 24-hour security, a state-of-the-art communications infrastructure, on-site management and covered parking.
Renewed Housing Optimism Boosts Canadian Consumer Confidence
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Share of optimists on real estate prices now double pessimists
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Benchmark confidence index has biggest increase since October
Canadian household confidence rose, boosted by improving sentiment about the national housing market, weekly telephone polling shows.
The Bloomberg Nanos Canadian Confidence Index climbed to 56.2 in the week ended Dec. 9 from 55.6, for the biggest gain since October. The indicator reached a 2016 high of 59.9 in August, but had been falling steadily since.
Some 37.4 percent of those surveyed expected higher local real estate prices over the next six months, up from 35.9 percent the prior week. That’s more than double the 17.3 percent of people who predict lower prices…
JPMorgan Traders Back Risky Property Deals as Bank Shows Caution
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Photographer: Michael Nagle/Bloomberg
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CMBS group said to make loans on development projects
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Real estate market sparking concerns after price surge
Real estate developers who can’t get funding from JPMorgan Chase & Co.’s commercial bank may have another option: a JPMorgan trading desk.
A group of traders in JPMorgan’s investment bank has expanded from selling commercial mortgage-backed securities to underwriting loans that are unsuitable for bonds, such as those for big construction projects, according to people with knowledge of the matter. In recent months, the desk has helped fund developments including Manhattan condominiums, a Times Square hotel and New Jersey’s troubled American Dream mega-mall…
Blackrock to Move NYC HQ to 50 Hudson Yards
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50 Hudson Yards, New York
New York—Related Cos. and Oxford Properties Group just reeled in a big fish by the name of BlackRock for its 2.9 million-square-foot 50 Hudson Yards office tower on Manhattan’s West Side. Seeking a new site for its global headquarters, BlackRock signed a letter of intent to lease 850,000 square feet across 15 floors at the 58-story high-rise, which will pop up at the partners’ $20 billion mixed-use Hudson Yards development.
How the Wealthy Avoid Paying Hong Kong Property Tax to Save Millions
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Methods include using shell companies, first-time buyer status
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Home prices continue to rise to near-2015 record levels
Here’s how billionaire Edwin Leong, one of Hong Kong’s largest retail landlords, and his family, got around Hong Kong’s new property curbs and saved almost $17 million on their tax bill.
They managed to qualify as first-time homebuyers, purchasing three luxury apartments on the Peak for HK$1.2 billion ($155 million) on the same day last month. Previously Leong had held no real estate in his name — despite owning more than 300 other properties, including apartments, hotels and shopping malls, through his company, Tai Hung Fai Enterprises Co., and having an estimated net worth of $4 billion…
London House Prices Are Having Their Worst December in Years
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Weakness in housing market led by prime areas of the capital
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Rightmove forecasts declines will continue into 2017
London home prices are having their worst December in six years, led by weakness in prime areas in the capital that is likely persist into 2017.
Rightmove said on Monday that asking prices fell 4.3 percent from November to 616,160 pounds ($775,500), with inner London dropping 6 percent. The property website operator said the bubble in prime London “continues to deflate,” and it sees prices there declining 5 percent next year…
CBRE Boosts Retail Presence with Skye Group Acquisition
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The Oswald Centre in Cleveland is the home base of Skye Group, a retail project manager that is now part of CBRE’s retail service offerings.
Cleveland—CBRE Group Inc. recently announced the acquisition of Skye Group, a provider of retail project management, shopping center development and tenant coordination services in the U.S. and Canada. This acquisition enhances CBRE’s position in the retail market by boosting its retail project management service offerings. Terms of the deal were not disclosed.
China’s Housing Market Isn’t a Bubble, Says One Strategist
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Workers at a construction site of a residential skyscraper in Shanghai.
Photographer: Johannes Eisele/AFP via Getty Images
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Matthews strategist says new home sales to fall 10% in 2017
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Debt situation ‘serious’ but government can manage bad loans
A financial crisis in China is no more likely in the coming decade than it was in the past 10 years, and pessimists predicting one have long done so without regard for fundamentals.
The Goldman Bankers Considered Most Likely to Replace Gary Cohn
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Schwartz, Solomon, Chavez among those said to be on short list
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Cohn accepts offer to become Trump’s top economic adviser
As Goldman Sachs Group Inc.’s Gary Cohn prepares to decamp for a Trump administration job in Washington, there’s no shortage of bankers lined up to replace him.
Cohn, the firm’s president and chief operating officer, will become assistant to the president for economic policy and director of the National Economic Council, President-elect Donald Trump said Monday in a statement…
The Goldman Bankers Considered Most Likely to Replace Gary Cohn
Goldman Sachs to Extend Its Reach in Trump Administration
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Gary D. Cohn, the president of Goldman Sachs, is expected to be named director of the National Economic Council, which oversees economic policy in the White House. CreditSam Hodgson for The New York Times
Goldman Sachs’s outsize influence in Washington is about to get larger.
The longtime second-in-command at Goldman Sachs, Gary D. Cohn, is expected to be named director of the National Economic Council, which oversees economic policy in the White House.
Coming fast on the heels of the nomination of Steven Mnuchin, a former Goldman partner, as Treasury secretary, it will mean that economic policy under the president-elect, Donald J. Trump, will be shaped chiefly by veterans of the Wall Street firm…
Velocis Sells $20M Office Building Near Denver
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Flatiron Parkway
Boulder, Colo.—Velocis Advisors recently announced the sale of Flatiron Parkway, a 96,267-square-foot office building located in Boulder’s Flatiron Business Park. Velocis Advisors sold the building on behalf of its client, Dallas-based Menlo Equities, for $20.4 million according to Yardi Matrix data.
“Velocis Advisors sourced this acquisition for our client based on its strong tenancy and income-producing potential,” Paul Smith, Velocis Advisors principal, said in prepared remarks. “By identifying the opportunity to evolve the property into a true, single-tenant building, we were able to add significant value to the asset. Ultimately, that value was realized through the sale of the property to Menlo Equities.”…
Brookfield to Welcome NHL to One Manhattan West
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One Manhattan West, Overlooking Plaza
New York—Brookfield Property Partners LP just added a new name to the early tenant roster at One Manhattan West, a 2.1 million-square-foot office tower in the latest neighborhood to take shape on Manhattan’s west side. In need of a new headquarters, the National Hockey League staked a claim to 160,000 square feet at the building, which is under construction at Brookfield’s $8.6 billion Manhattan West mixed-use project.
How the Twinkie Made the Superrich Even Richer
Posted by: | CommentsBehind the financial maneuvering at Hostess, an investigation by The New York Times found a blueprint for how private equity executives have amassed some of the greatest fortunes of the modern era.
As fans gathered on Rockefeller Plaza in Manhattan, Al Roker pulled up in a big red delivery truck, ready to give America what it wanted: Twinkies.
The snack cakes flew through the air into the crowd pressed against metal barriers. One man shoved cream-filled treats into his mouth. Another “Today” host tucked Twinkies into the neckline of her dress.
CBRE Arranges Sale of 300-Key Columbus Hotel
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The Crown Plaza Hotel in Columbus, Ohio
Columbus, Ohio—CBRE Hotels announced that it has arranged the sale of the 300-suite Crowne Plaza, an IHG branded hotel, to TJM Properties Inc. CBRE represented the seller, VWI Columbus LLC, a joint venture of Varde Partners, Waramaug Hospitality and Interstate Hotels and Resorts. The price of the transaction was not disclosed.
U.S. Limits on Wall Street Bonuses Appear Doomed Ahead of Trump
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Obscure regulator of credit unions said to be hurdle for rules
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New restrictions clash with Trump pledge to rip up Dodd-Frank
For years the White House has pushed U.S. regulators to finish writing tough new rules that would restrict bonuses for Wall Street executives, one of the most contentious parts of the Dodd-Frank banking reform law. The chances of that actually happening are becoming slimmer by the day.
Wall Street Is Europe’s Landlord. And Tenants Are Fighting Back.
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A local child rode a bike in Tyrrelstown, a suburb northwest of Dublin, where dozens of tenants had been served with eviction notices after being told their homes had been purchased by a Goldman Sachs investment fund. CreditPaulo Nunes dos Santos for The New York Times
DUBLIN — The Tobun family never missed a rental payment on their modest brick rowhouse in eight years. But in February, the couple, who have two young children, received a letter warning that they would be evicted when their lease expired. Forty of their neighbors got the same notice.
Phillips Edison Grocery Center REIT II Buys Arizona Shopping Center
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Alameda Crossing
Phoenix—Phillips Edison Grocery Center REIT II Inc., a public non-traded REIT focusing on the acquisition and management of grocery-anchored shopping centers, has announced the purchase of Alameda Crossing, a grocery-anchored shopping center in Avondale, Ariz.. The financial details of the transaction were not disclosed.
Located at the intersection of N. Dysart Road and W. Mcdowell Road, Alameda Crossing is a 132,338-square-foot Sprouts-anchored shopping center. In addition to Sprouts, the property’s tenant roll includes Tuesday Morning, Big 5, JoAnn Fabrics, Papa Murphy’s, Bank of America, Sports Clips and a variety of local retailers…
Gold ‘Getting Hit From All Directions’ as Investors Flee Funds
Posted by: | CommentsEverything’s against gold at the moment.
Gold futures closed at the lowest level since February as the Federal Reserve gears up to raise rates, while U.S. equities at record levels lure money out of havens and fund holdings wither. Assets in bullion-backed exchange-traded funds contracted for a 20th straight day as of Thursday, the longest stretch since May 2013…
Gold ‘Getting Hit From All Directions’ as Investors Flee Funds
Just How Much Do the Top Private Equity Earners Make?
Posted by: | CommentsThere is C.E.O. pay. Then there is private equity C.E.O. pay.
When large corporations disclose how much money their top executives make each year, the companies list salary, bonus and, in many cases, stock options or grants. It can add up to tens of millions of dollars.
Top executives at the publicly traded private equity firms get all that, and a whole lot more. They often pocket money from a variety of additional sources that can total hundreds of millions of dollars a year…
Just How Much Do the Top Private Equity Earners Make?
Playa Jefferson Expands with a New Gensler-Designed Office
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Playa Jefferson Campus
Los Angeles—Rockwood Capital and Marshall Development announced work has begun on the 55,000-square-foot, Gensler-designed building at Playa Jefferson. The new building will increase the size of the office campus to approximately 250,000 square feet. Building E will accommodate a variety of requirements ranging from approximately 18,000 to 55,000 square feet of contiguous space.
“Playa Vista continues to be the ‘it’ place for emerging companies,” said Paul Marshall, president of Marshall Property & Development, in prepared remarks. “Playa Jefferson provides firms with the most dynamic campus environment surrounded by abundant housing, retail and entertainment.”…
Five London Homes Where Asking Prices Have Tumbled by 20% or More
Posted by: | CommentsLondon’s housing market is in a state of flux, as a combination of Brexit and increased stamp duty lead to forecasts that values will drop. In many parts of the capital, though, those falls are already happening.
Luxury home prices in some of the most expensive districts fell by more than 10 percent in the 12 months through November, according to broker Knight Frank LP. In Chelsea, they’re down 12.6 percent, Kensington values are down 9.1 percent and north of Hyde Park, the priciest homes are selling for 11.2 percent less than a year ago…
PAC to Acquire Iconic Atlanta Office Tower
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Three Ravinia Drive
Atlanta—Preferred Apartment Communities Operating Partnership LP, Preferred Apartment Communities Inc.’s (PAC) operating partnership, has committed to acquire Three Ravinia Drive, a Class A office building in the Central Perimeter submarket of Atlanta. The deal is pursuant to a signed Agreement of Purchase and Sale with SPUS6 Three Ravinia LP.
Spring 2017 Start Eyed for Giant Nashville Project
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Fifth + BroadwayGlencore, Qatar Commit $3 Billion in Equity to Rosneft Stake
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Russia sells 19.5% stake to No. 2 oil trader, wealth fund
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Rosneft leaves door open for more deals with the two investors
Glencore Plc and Qatar’s sovereign wealth fund are using 2.8 billion euros ($3 billion) in equity and $7.8 billion in financing from a bank consortium led by Italian lender Intesa Sanpaolo SpA to buy their stake in Russian oil company Rosneft PJSC.
Much Ado in Cooperstown, N.Y., Over Vote to Dump Fossil Fuel Stocks
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Louis Allstadt at Otsego Lake in Cooperstown, N.Y. A former oil executive and a town trustee for Cooperstown, he is credited with influencing a move to divest a pension fund of fossil fuel stocks.CreditEmma Tannenbaum for The New York Times
The trustees of Cooperstown, N.Y., hardly expected their village (population 1,834) to emerge as a flash point in a national debate over climate change and socially responsible investing.
But when they voted in October to divest the pension fund they oversee of all fossil fuel holdings, Cooperstown became the first community in the nation to do so — not just coal (like Stanford University), but also oil and gas.
UVI Preps for Mixed-Use Redevelopment Project in Seattle
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Pioneer Square, Seattle, rendering
Seattle—Something old, something new. Urban Villages Inc. plans to transform three buildings from a bygone era into a mixed-use destination in Seattle’s re-emerging Pioneer Square neighborhood. But this won’t be your traditional redevelopment; UVI and partner Manchester Capital Management will create a lively new community while maintaining the historic character of the nearly 200,000-square-foot group of buildings and their alleyway location.
Manhattan Apartment Landlords Prop Up Market With Incentives
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Move-in sweeteners given on a record 25% of leases last month
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Median rent fell 1.6% to $3,264, with concessions subtracted
Manhattan apartment landlords are offering potential tenants more perks to avoid cutting rents further in a softening market.
Incentives, such as a month’s free rent or payment of broker fees, were given on 25 percent of new leases last month, up from 14 percent a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the biggest share for any month since the firms began tracking the data six years ago, topping the record of 24 percent set in October. Landlords also gave discounts averaging 3.8 percent off their asking rents, compared with 3.2 percent in November 2015…
BlackRock Reaches a Deal for a Move to Hudson Yards
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A view from 10 Hudson Yards. The Hudson Yards project is being built on platforms over rail yards on the Far West Side of Manhattan. CreditPablo Enriquez for The New York Times
BlackRock, the giant financial company that manages $5 trillion in assets, reached an agreement on Wednesday to move from a prestigious Park Avenue address to a neighborhood on the Far West Side of Manhattan that was once home to warehouses, rail yards, tenements, dockworkers and teamsters.
Equinix Signs $3.6B Deal to Acquire 24 Data Centers
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Steve Smith, Equinix
Redwood City, Calif., and New York—Verizon Communications, which continues streamlining its operations to focus on its core businesses, has agreed to sell 24 data center sites in the United States and Latin America to Equinix Inc. for $3.6 billion in an all-cash deal.
The 24 sites consist of 29 data center buildings totaling approximately 2.4 million square feet across 15 metro areas and will increase Equinix’s global footprint to 175 data centers in 43 markets and about 17 million square feet across the Americas, Europe and Asia-Pacific. The transaction is expected to close by mid-2017…
For Lampert, Another Loss at Sears Adds Pressure to Sell Assets
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Company’s 13 percent revenue decline is worst in a year
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Retailer has already unloaded real estate, well-known brands
Edward Lampert won’t find what he wants in the 2016 Sears Wish Book: a quick end to the pain at Sears Holdings Corp., his long-faded icon of American retailing.
Lampert, the billionaire behind the hedge fund ESL Partners, has spent years propping up the department-store chain by selling off its household brands and real estate in hopes that retail business he bought more than a decade ago will return to profitability…
For Lampert, Another Loss at Sears Adds Pressure to Sell Assets
Despite Sanctions, Russia Finds Buyers for $11 Billion Stake in Rosneft
Posted by: | CommentsMOSCOW — The Russian government announced Wednesday that it will sell nearly 20 percent of its state oil company, Rosneft, to the Swiss commodity trading firm Glencore and the sovereign wealth fund of Qatar.
The deal defies expectations that no investor would dare buy a share in the Russian asset, given Western sanctions against the government of President Vladimir V. Putin.
But the emergence of foreign money suggests that investors are reassessing the sanctions after the election of Donald J. Trump, who has advocated warming ties with authorities in Moscow and is considering the chairman of Exxon Mobil, Rex W. Tillerson, as a candidate for secretary of state…
Adient’s New Motor City HQ
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Adient (pictured) will receive $2 million from the Michigan Business Development Program.
Detroit—Adient announced its purchase of the Marquette Building in Motor City where it plans to establish its global headquarters. The world’s largest global automotive seating supplier planned a $50 million renovation for the 10-story, 164,000-square-foot property located at 243 West Congress St.
Toll Brothers Finds Chinese Partner for Latest NYC Condo Project
Posted by: | CommentsToll Brothers Inc., the biggest U.S. luxury-home builder, is bringing in a Chinese partner for its latest Manhattan condo development.
Toll is forming a joint venture with an affiliate of Gemdale Corp., one of China’s largest residential developers, to build 133 luxury condominiums across two towers at 121 E. 22nd St., the companies said in a statement Thursday. The project, one block north of Gramercy Park, has obtained a $237 million construction loan from a syndicate of five banks including Bank of New York Mellon, Capital One and China Merchants Bank New York…
Toll Brothers Finds Chinese Partner for Latest NYC Condo Project
Magna International Invests $29M in Fourth SC Plant
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Tyger River Industrial Park in Spartanburg County, S.C.
Spartanburg, S.C.—Magna International, a global automotive supplier, recently announced its intention to build a new seat manufacturing plant at Tyger River Industrial Park in Spartanburg County. The project will mark the firm’s fourth facility in South Carolina. Magna is expected to invest $29 million in the facility and create 480 new jobs over the next five years. As an incentive, the Coordinating Council for Economic Development has approved job development credits related to this project.
NYCEEC Finances Energy Storage for a Low-Income Housing Microgrid in Brooklyn
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Marcus Garvey Apartments
New York—The New York City Energy Efficiency Corp. made a 10-year project loan of more than $1 million to Demand Energy to bring large-scale battery storage technology to a privately-owned low-income housing development in Brooklyn, NY. The project will be the first battery storage microgrid installation at a low-income property in greater New York.