-
Chais denied knowing about fraud and wasn’t charged in case
-
Prosecutors say Chais bailed Madoff out in exchange for cash
The estate of one of Bernard Madoff’s oldest friends agreed to pay the con man’s victims $277 million to settle claims that the Beverly Hills money manager, who died in 2010, got rich from Madoff’s fraud at the expense of thousands of investors, including his own clients.
Stanley Chais, who was well-known in the U.S. and Israel for his donations to Jewish charities, was also one of Madoff’s earliest investors. But after the Ponzi scheme collapsed in 2008, Chais denied knowing about it, insisting he’d been duped along with everyone else. That didn’t stop the lawsuits against him, which his estate has been battling for years…
This is a preview of
Madoff Friend’s Estate Agrees to Pay $277 Million to End Suit
.
Read the full post (136 words, estimated 33 secs reading time)
The Bethesda, Md.-based company will add roughly $1.7 billion in life insurance company servicing to its portfolio.
Willy Walker, Walker & Dunlop
Bethesda, Md.—Walker & Dunlop Inc. will acquire George Elkins Mortgage Banking Co., with approximately $1.7 billion in life insurance company servicing expected to be added to Walker & Dunlop’s $57.3 billion servicing portfolio.
Complete terms of the transaction were not disclosed, but the acquisition will add 14 commercial real estate originators to Walker & Dunlop’s Capital Markets group and the deal is expected to close before the end of 2016…
Walker & Dunlop to Acquire Elkins Mortgage
Permanent link to this post (99 words, 1 image, estimated 24 secs reading time)
-
Franklin, Waddell, Alliance had biggest quarterly redemptions
-
Investor shift from active to passive funds accelerating
The business of picking stocks and bonds for clients is getting smaller by the day.
Seven top asset managers this week reported a total of $50 billion in third-quarter net redemptions, most of it from active funds, company filings show. The biggest losers: Franklin Resources Inc. with $22.1 billion, AllianceBernstein with $15.3 billion and Waddell & Reed Financial Inc. at $4.9 billion.
This is a preview of
Asset Managers Bleed $50 Billion as Industry Crisis Deepens
.
Read the full post (153 words, estimated 37 secs reading time)
The new 271,000-square-foot store will open at the end of 2016, in Memphis, IKEA’s first store in the state.
IKEA Memphis, Tenn.
Memphis, Tenn.—IKEA, the global Swedish retailer, recently announced that its new Memphis store will open on Dec. 14, 2016. The home furnishings retailer is expanding its presence in the southeastern United States, with the new store being its first one in Tennessee and its 43rd in the U.S.
Photographer: Chris Ratcliffe/Bloomberg
-
Financial firms can grow following cuts to ‘Brussels red tape’
-
Report stands in stark contrast to warnings of global leaders
The U.K.’s biggest banks and financial firms could gain an additional 12 billion pounds ($14.6 billion) a year in revenue from Britain leaving the European Union, according to a report from a pro-Brexit lobby group.
This is a preview of
U.K. Banks May Gain $14.6 Billion Yearly Leaving EU, Says Lobby
.
Read the full post (144 words, 1 image, estimated 35 secs reading time)
Cushman & Wakefield negotiated the sale of LeeVista Business Center between McDonald Development Co. and Colony Capital.
LeeVista Business Center
Orlando—Cushman & Wakefield has negotiated the sale of LeeVista Business Center, a 479,100-square-foot warehouse and distribution center adjacent to Orlando International Airport. The property traded for $47.9 million, or $100-per-square-foot, achieving record pricing for an Orlando multi-tenant warehouse and distribution facility.
The Capital Markets brokerage team of Executive Director Mike Davis and Senior Directors Michael Lerner and Rick Brugge represented Atlanta-based seller McDonald Development Co. in the disposition. LeeVista Business Center was acquired by Los Angeles-based Colony Capital…
This is a preview of
Multi-Tenant Distribution Facility Trades for $48M in Orlando
.
Read the full post (107 words, 1 image, estimated 26 secs reading time)
-
Loan-loss coverage ratios for two big banks are below minimum
-
ICBC may face hit to profit if pressed to lift coverage ratio
Two of China’s biggest banks, Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp., are testing their regulator’s tolerance by protecting profits at the expense of bad-loan buffers.
ICBC and Construction Bank both reported loan-loss coverage ratios below a regulatory minimum of 150 percent of existing nonperforming loans when they disclosed third-quarter earnings…
Chinese Banks’ ‘Scramble’ for Profit Sees Bad-Loan Buffers Slide
Permanent link to this post (89 words, estimated 21 secs reading time)
-
Firms turn to resume-disrupting service to identify talent
-
Goldman Sachs, BlackRock, Two Sigma are HackerRank clients
For almost five years, Gregory Furlong worked 50-hour weeks as a shipping clerk at a Best Buy two miles from his childhood home in Wilmington, Delaware. It was a kind of employment purgatory for a computer obsessive who tinkers with motherboards in his free time.
So last year, Furlong, 30, enrolled in a three-month coding boot camp that uses HackerRank, a web platform that trains and grades people on writing computer code. After earning a top ranking for Java developers globally, Furlong was hired by JPMorgan Chase & Co. in December for its two-year technology training program…
This is a preview of
Wall Street’s Frantic Push to Hire Coders
.
Read the full post (122 words, estimated 29 secs reading time)
Smith will assume the role of managing director & head of originations in late November.
Golden Gate Bridge of San Francisco
Fort Worth, Texas & San Francisco—
TPG Real Estate Finance Trust Inc. has announced that Peter Smith will be joining the company as managing director & head of originations. Most recently serving as managing director at Ladder Capital Corp., Smith brings to TRT more than 25 years of commercial real estate lending experience, having previously worked with Credit Suisse, UBS and Heller Financial.
Smith’s position is the latest key addition to TRT’s leadership team, which is headed by Greta Guggenheim, who joined as CEO in January 2016. “Peter is an accomplished investor with an extensive relationship network and a unique knowledge of the real estate and debt sectors, making him a highly talented, valuable addition to our team,” said Guggenheim. “I have enjoyed knowing and working with Peter and look forward to the opportunity to work with him again.”…
Permanent link to this post (167 words, 1 image, estimated 40 secs reading time)
AT&T’s audacious $85 billion bid for Time Warner may help more independent advisory companies handle mergers and acquisitions.
The year’s biggest merger enlisted the services of two boutique firms, Perella Weinberg and Allen & Company, alongside their bigger Wall Street brethren. If it emboldens other chief executives, the likes of Lazard and Moelis should benefit. They could use the help as the advice market goes through a rough patch…
AT&T’s Bid for Time Warner Could Bolster Boutique Advisers
Permanent link to this post (79 words, estimated 19 secs reading time)
Joint venture owners The Swig Co. and Himmel + Merringoff Properties placed the 10-year loan with Citigroup.
8 Times Square
New York—The Swig Co. and Himmel + Merringoff Properties, the joint owners of Manhattan’s 8 Times Square building, recently secured a $200 million refinancing loan for the mixed-use property. The partnership worked with Eastdil Secured of New York to arrange the 10-year, fixed-rate loan, which was placed with Citigroup.
The loan was used to pay off a $132.4 million refinancing that was provided in 2014 by Aareal Capital Corp. and was used to recapitalize the asset as part of Swig’s move to acquire the 49 percent stake it had not owned in the building from Blackstone Group.
Photographer: Gallo Images/Getty Images
-
China commissioned study to boost weak private investment
-
Implementation of recommendations would accelerate reforms
After weak first-quarter investment figures added to concerns about the outlook for China’s economy, one of the government’s most powerful policy-making bodies commissioned a study of private businesses to discover how to turn it around.
That report, seen by Bloomberg, contained a slew of policy proposals that altogether would amount to one of the biggest openings to private businesses in China since the 1990s. Recommendations include allowing private companies greater access to restricted industries, introducing rules to protect the rights of private investors, reducing official meddling and encouraging business people to participate in the policy-making process…
This is a preview of
China’s Leaders Weigh Private Sector Opening as Investment Slows
.
Read the full post (127 words, 1 image, estimated 30 secs reading time)
David Rubenstein, left, and William E. Conway Jr. of Carlyle. Mr. Conway said hedge fund results did not meet expectations. CreditSimon Dawson/Bloomberg
Prominent public pension funds have turned their backs on hedge funds, and so have a few big insurance companies. Now, one of the world’s biggest private equity firms, the Carlyle Group, is walking away, too.
Carlyle told investors this week that it was pivoting away from its hedge fund investments, once worth $15 billion. Speaking to investors, the Carlyle co-founder William E. Conway Jr. said the firm’s performance in hedge funds did not meet the expectations of its investors. “And when our performance falls short, it is critical for both our fund investors and for the firm that we deal with the consequences,” Mr. Conway said…
This is a preview of
Carlyle Group Turns Focus From Hedge Funds to Lending
.
Read the full post (138 words, 1 image, estimated 33 secs reading time)
The iconic Atlanta office tower will continue to be managed by the previous owner, Cousins Properties Inc.
One Ninety One Peachtree Tower, Atlanta
Atlanta—One Ninety One Peachtree, downtown Atlanta’s iconic 50-story office tower and one of the premier office buildings in the Southeast, has new owners, with Cousins Properties Inc. selling it to a partnership between Banyan Street Capital and funds managed by Oaktree Capital Management LP for $268 million.
But Cousins, which has owned the 1.2 million-square-foot, Class A, LEED Silver-certified tower since 2006, will stay on as the property manager. The new ownership has retained Cushman & Wakefield as leasing agent.
This is a preview of
Banyan Street, Oaktree Take 191 Peachtree for $268M
.
Read the full post (168 words, 1 image, estimated 40 secs reading time)
-
Higher provisions against struggling oil and gas sector
-
Year earlier result helped by sale of investment securities
United Overseas Bank Ltd., Southeast Asia’s third-largest lender, said third-quarter profit fell 7.8 percent from last year, when the bank booked a one-off gain, as allowances for soured assets jumped as a result of loans to the struggling oil and gas industry.
Net income fell to S$791 million ($567 million) in the three months to September from S$858 million a year earlier, the Singapore-based bank said Friday in a filing to the stock exchange. That was slightly better than the S$771 million average forecast in a Bloomberg survey of five analysts. While net interest income was little changed, provisions for bad debts increased by almost 16 percent to S$185 million, UOB said…
This is a preview of
UOB Third-Quarter Profit Falls 7.8% as Soured Assets Rise
.
Read the full post (140 words, estimated 34 secs reading time)
The two properties are in well circulated areas with high household income.
Marketplace at Kingsmill, 240 McLaws Circle
Hampton Roads, Va.—Cushman & Wakefield | Thalhimer has been appointed by KCE Properties as exclusive agent and property manager for two retail centers in the Hampton Roads metro area. The team handling the leasing consists of Drew Haynie and Wick Smith, while Juli Corbett and Joann Gasking, also with Thalhimer, will act as portfolio managers for Marketplace at Kingsmill and Old Town Square respectively.
This is a preview of
C&W to Lease and Manage Two Williamsburg Retail Centers
.
Read the full post (165 words, 1 image, estimated 40 secs reading time)
-
In beachfront towns, deals for less than $1 million jump 22%
-
Yearly bonuses for NYC financial employees poised to decline
Home prices in New York’s Hamptons fell the most in almost three years as buyers in the beachfront towns sought out less-expensive properties and shunned the middle of the market, priced from $1 million to $5 million.
Homes in the area, a second-home mecca favored by Wall Street executives, sold for a median of $825,000 in the third quarter, down 13 percent from a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the biggest annual decline since the fourth quarter of 2013…
This is a preview of
Hamptons Home Prices Fall the Most Since 2013
.
Read the full post (122 words, estimated 29 secs reading time)
-
Full-year profit to be in line with last year’s record result
-
Dividend payout increased to A$1.90 per share from A$1.60
Macquarie Group Ltd., the world’s largest manager of infrastructure funds, reported first-half profit fell less than estimated, and forecast full-year earnings will be broadly in line with last year’s record result.
Net income in the six months ended Sept. 30 declined 2 percent to A$1.05 billion ($797 million) from A$1.07 billion a year earlier, the Sydney-based bank said in a regulatory filing on Friday. That topped the A$994.5 million mean estimate of four analysts surveyed by Bloomberg…
This is a preview of
Macquarie Group Profit Beats Estimates on Asset Sales
.
Read the full post (107 words, estimated 26 secs reading time)
University Place at City Center’s owner, Bristol Group, and manager selected the firm to manage leasing efforts for the asset.
University Place at City Center
Coral Springs, Fla.—Cushman & Wakefield has been recently named exclusive office leasing agent for University Place at City Center, a 205,000 square-foot Class A office building in Coral Springs.
Building owner Bristol Group and manager Butters Construction & Development selected the office leasing team of Executive Director Deanna Lobinsky, Executive Director Travis Herring, Managing Director Donna Korn and Director Jennifer Gemma. Bristol acquired the asset in 2013 for $12.6 million in cash, according to Yardi Matrix…
This is a preview of
C&W Named Leasing Agent for 205 KSF Miami Office Building
.
Read the full post (110 words, 1 image, estimated 26 secs reading time)
Contracts to purchase previously owned U.S. homes increased in September for a second month in the last three, the National Association of Realtors said Thursday in Washington, signaling strong job growth and rising wages are supporting housing demand.
Key Points
- Pending home sales rose 1.5 percent (median estimate was for 1 percent gain) after a revised 2.5 percent decline in August
- Seasonally adjusted index climbed to 110 from 108.4
- Contract signings were up 2 percent from September 2015 on an unadjusted basis…
Pending Sales of U.S. Existing Homes Increased 1.5% in September
Permanent link to this post (92 words, estimated 22 secs reading time)
-
Lenders said concerned deal would affect financial health
-
Talks between newspaper companies said to be ongoing
Banks financing Gannett Co.’s potential takeover of Tronc Inc. have backed out, according to people familiar with the matter, putting a merger of the newspaper companies in doubt.
Gannett and Tronc had agreed to a deal price of about $18.75 a share, but several lenders withdrew over concerns about the health of the two companies’ businesses at that valuation, said the people, who asked not to be identified because the discussions are private. Talks between Gannett and Tronc continue in the hopes of salvaging their effort to merge, the people said…
This is a preview of
Gannett-Tronc Deal in Doubt as Banks Pull Financing
.
Read the full post (116 words, estimated 28 secs reading time)
Ten-X’s latest retail outlook report identifies the top five “buy” and “sell” retail real estate markets in the U.S.
Peter Muoio, Ten-X
Irvine & Silicon Valley, Calif.—Ten-X has presented its insight on the current state of the retail real estate sector with the release of its latest U.S. Retail Market Outlook. The online real estate marketplace highlights the top five metro areas where investors would be wise to buy—or sell—and why.
This is a preview of
Ten-X Retail Report: The Good Buys and the Bad Buys
.
Read the full post (142 words, 1 image, estimated 34 secs reading time)
A look inside the high-pressure job of selling workplace annuities to public schoolteachers.
Bradley Bergeron’s first professional job out of college was selling retirement savings investments to public schoolteachers in Connecticut. The applications he carried in his black leather briefcase, however, were for one type of product only: a high-priced variable annuity.
“From the teacher’s standpoint, they really miss out getting quality advice,” said Mr. Bergeron, 27, who sold the plans for Axa Advisors’ retirement benefits group. “People who are in the schools pitching them and positioning themselves as retirement specialists are really there just to sell them one product.”…
Industry veteran Kevin Robert brings in over 16 years of experience with franchisors such as Hilton, Marriott, Starwood and IHG.
Kevin Robert
Winston-Salem, N.C.—Atlanta-based Hospitality Ventures Management Group (HVMG) has announced the appointment of a new area general manager of the firm’s new acquisitions in the Twin City Quarter complex. Kevin Robert will transition HVMG into the Winston-Salem market and will manage all operations at the recently acquired 315-key Marriott, 147-key Embassy Suites and 100,000-square-foot Benton Convention Center.
This is a preview of
HVMG Appoints New Area General Manager of Winston-Salem Assets
.
Read the full post (202 words, 1 image, estimated 48 secs reading time)
-
Move could come in the coming weeks, people familiar say
-
Turnaround plan after previous bankruptcy never took hold
American Apparel Inc. is preparing for its second bankruptcy filing in as many years, according to people familiar with the situation, capping a tumultuous stretch that included tumbling sales, red ink and a split with controversial founder Dov Charney.
The filing may come as soon as the next few weeks, according to the people, who asked not to be identified because the discussions aren’t public. The move could help set the stage for a sale of the Los Angeles-based company by letting it exit leases and shutter part of the retail operation, according to the people. Still, the plan isn’t yet final and could change as the holiday season approaches…
This is a preview of
American Apparel Prepares to File for Bankruptcy, Again
.
Read the full post (138 words, estimated 33 secs reading time)
A branch of Lloyds Bank in London, in July. CreditPeter Nicholls/Reuters
LONDON — British banks continue to pay a heavy price for a contentious product they sold to millions of consumers, years after the practice ceased.
On Wednesday, the Lloyds Banking Group became the latest firm to take another hefty provision — this time 1 billion pounds, or about $1.2 billion, in the third quarter — to compensate consumers who were improperly sold payment protection insurance. The lender has so far set aside £17 billion to cover claims…
Lloyds Profit Weighed Down in 3rd Quarter by Insurance Provision
Permanent link to this post (99 words, 1 image, estimated 24 secs reading time)
The 77,568-square-foot property is located 3 miles west of Interstate 275, within a three-building campus-style complex.
Buschwood Park III, Tampa, Fla.
Tampa, Fla.—Richmond, Va.-based Commonwealth Commercial Partners was recently awarded asset and property management duties for Buschwood Park III, an office building located within a 15-minute drive of the Tampa International Airport. CCP will provide services in support of the repositioning of the asset.
Situated at 3350 Buschwood Park Drive, the 77,568-square-foot office property is part of a three-building complex. The property’s current tenant roster includes Global Employment Solutions, CoAdvantage, the U.S. Army Tampa Recruiting Battalion and the U.S. Food & Drug Administration. The building features an atrium lobby with central stairway, and provides easy access to a plethora of nearby restaurants and retail destinations…
What coin-tossing can teach us about investment.
“You’re invited to a talk by a hedge fund manager who was a partner at a fund that famously flopped about 20 years ago. You turn up, hoping to hear some valuable insights, or at least some entertaining tales, but instead you are offered a stake of $25 to take out your laptop to bet on the flip of a coin for thirty minutes. You’re told the coin is biased to come up heads with a 60 percent probability, and you can bet as much as you like on heads or tails on each flip. You will be given a check for however much is in your account at the end of the half hour.”
This is a preview of
The Co-Founder of Long-Term Capital Management Wants You to Learn Your Financial Formulas
.
Read the full post (207 words, estimated 50 secs reading time)
Your bank really wants to chat.
This week Bank of America, MasterCard and several financial start-ups announced new tools — known as chatbots — that will allow customers to ask questions about their financial accounts, initiate transactions and get financial advice via text messages or services like Facebook Messenger and Amazon’s Echo tower.
The early versions of the financial chatbots generally do little more than answer basic queries about recent transactions and spending limits…
Banks Bet on the Next Big Thing: Financial Chatbots
Permanent link to this post (84 words, estimated 20 secs reading time)
The new sublease will enable UM to reposition non-medical staff to a location off the downtown medical campus.
Building 1300
Miami—Savills Studley recently announced that it has arranged a long-term, 18,300 square-foot office sublease with the University of Miami (UM) at Flagler Station, a 10.5 million-square-foot business park in Miami.
This new sublease enables the University to consolidate space and reposition non-medical staff to a location off the downtown medical campus. UM will occupy space on the third floor of Flagler Station’s Building 1300…
University of Miami Leases Space at Flagler Station
Permanent link to this post (93 words, 1 image, estimated 22 secs reading time)
Harmonic Capital sticks to bullish trade even after losses.
Macro hedge fund Harmonic Capital Partners LLP bought the pound about six weeks after the U.K.’s June 23 vote to part ways with the European Union. The fund has lost money on this bet, but it’s not about to give up now.
Chief Investment Officer Patrik Safvenblad said Harmonic Capital is sticking to the position, which is held mostly against the euro, because it sees sterling’s fair value as much higher than current levels. A stronger growth and inflation outlook for Britain compared with the euro area also suggests relative gains for the U.K. currency, he said.
This is a preview of
This Hedge Fund’s Contrarian Pound Long May Soon Find Company
.
Read the full post (152 words, estimated 36 secs reading time)
The Beijing-based conglomerate has acquired a 25 percent stake in Hilton Worldwide.
Hilton Shanghai Hongqiao, (c) 2016 Hilton Worldwide
Beijing, McLean, Va., and New York—Chinese tourism conglomerate HNA Group has made another major move to expand its reach in the global hospitality market, agreeing to pay about $6.5 billion to Blackstone for a 25 percent stake in Hilton Worldwide Holdings Inc.
The stake will also give Beijing-based HNA Group a long-term strategic investment in Hilton and two spin-off companies planned by Blackstone for later this year–Park Hotels & Resorts and Hilton Grand Vacations. The deal is expected to close in the first quarter of 2017 and will reduce Blackstone’s interest in Hilton to approximately 21 percent. It will give HNA Group 25 percent ownership in Hilton, Park and HGV…
While either the Chicago Cubs or Cleveland Indians will successfully end their long-standing World Series championship drought this year, both U.S. cities are lagging the competition when it comes to home prices. The two Midwestern metropolitan areas have each seen bigger drops from their pre-recession peaks, and smaller gains during the recovery, compared with the 20-city composite index compiled by S&P CoreLogic Case-Shiller. Cleveland’s values are closer to their pre-crisis high, while Chicago’s are up more from their post-recession low…
Win or Lose, World Series Cities Still Lag on Home Prices: Chart
Permanent link to this post (93 words, 1 image, estimated 22 secs reading time)
-
Property prices in U.K. capital to fall 5.6% next year: Cebr
-
Inflation, unemployment, migration curbs may weigh on market
London property prices are set to fall next year as uncertainty about Britain’s exit from the European Union damps the U.K. housing market, according to the Centre for Economics and Business Research.
London, and especially the priciest areas of the capital’s housing market, will be most affected, with prices dropping 5.6 percent in 2017, according to the consultancy’s predictions. Across the U.K., while property value growth will accelerate to 6.9 percent in 2016, it’s set to slow to 2.6 percent next year…
This is a preview of
London House Prices Forecast to Plunge as Brexit Chokes Market
.
Read the full post (113 words, estimated 27 secs reading time)
-
Growth defies calls Australia housing boom has passed its peak
-
Median house price in Sydney climbs to A$1.068 million
Sydney and Melbourne house prices rose to a record last quarter, suggesting the nation’s property boom isn’t over yet.
The median house price in Sydney, the nation’s biggest city, rose 2.7 percent in the three months ended Sept. 30 to A$1.068 million ($822,000), real-estate listing firm Domain said in its quarterly house price report. Melbourne’s median house price jumped 3.1 percent to a record A$773,669….
Sydney, Melbourne House Prices Rise to Record as Perth Falls
Permanent link to this post (96 words, estimated 23 secs reading time)
You’ll never be homeless in America if you’re a car.
Inventory has been a major theme of U.S. housing markets in recent years, as a shortageof homes for sale has pushed prices higher and low vacancy rates have increased rents. So it might be surprising to hear that Americans are building plenty of housing—for their cars.
Twenty-four percent of new homes completed in 2015 included a garage with room for three or more cars, according to census data highlighted in a blog post last week by Robert Dietz, chief economist for the National Association of Home Builders. That’s the highest share since the Census Bureau started keeping track of large garages in 1992. In every year since the Census has kept track, U.S. homebuilders have built more three-car garages than one-bedroom apartments...
This is a preview of
America Is Building More Three-Car Garages Than One-Bedroom Apartments
.
Read the full post (139 words, estimated 33 secs reading time)
TD Ameritrade’s $4 billion takeover of Scottrade merely delays the inevitable. Uniting the two American online stockbrokers stacks up financially, because of cost cuts, a tax break and a sale of a banking unit. Income and margins should rise, too. But it still leaves TD Ameritrade and rivals like Charles Schwab facing the longer-term competition of index investing and robo advice.
These two forces could upend the business of so-called discount brokers — those charging just a few dollars a trade. That is because they can obviate the need for either individual stock trading or a broad suite of tools to help investors play in the market — or both…
This is a preview of
TD Ameritrade’s Deal With Scottrade Is a Temporary Fix
.
Read the full post (120 words, estimated 29 secs reading time)
The new owner plans to optimize the office asset for medical use.
Bent Tree Commercial Center, 13926 SW 47th St., Miami, Fla.
Miami—Marcus & Millichap‘s Institutional Property Advisors division recently negotiated the sale of Bent Tree Commercial Center, a 52,664-square-foot commercial campus located at 13926 SW. 47th St. in Miami. Built in 1999, the property is situated on 5.5 acres and traded for $11.5 million.
According to Yardi Matrix, the seller was Innovative Development Group, which bought the property at the end of 2015 from Mattia College. The buyer remains undisclosed. Marcus & Millichap Senior Vice President & IPA Senior Director Douglas Mandel, together with Marcus & Millichap Vice President of Investments & IPA Director Benjamin Silver represented the seller in the transaction, which closed Oct. 14…
Marco Morelli, second from left, chief executive of Banca Monte dei Paschi di Siena, announced a new turnaround plan for bank on Tuesday in a news conference in Milan. CreditAlberto Bernasconi/Bloomberg
LONDON — Banca Monte dei Paschi di Siena, the beleaguered Italian lender, said on Tuesday that it would slash jobs, close branches and sell some businesses as it seeks to convince investors to back its plan to raise new capital.
The latest turnaround plan, unveiled by the new chief executive, Marco Morelli, comes at a critical time for the bank, which was the worst performer in stress tests conducted this year by the European Banking Authority, which regulates lenders in the European Union…
This is a preview of
Monte dei Paschi to Cut Jobs and Close Branches in Turnaround Bid
.
Read the full post (127 words, 1 image, estimated 30 secs reading time)
The association will continue to operate its headquarters at the 51-story tower for another 15 years.
Olympic Tower, New York City
New York—Oxford Properties Group and the Chera family’s Crown Acquisitions have completed a 175,000-square-foot lease extension with the NBA at New York City’s Olympic Tower in Midtown Manhattan.
As per the lease renewal agreement, the NBA will continue operating at the 419,000-square-foot tower at 645 Fifth Ave., until 2035. The Olympic Tower has been home to the association’s headquarters since the mid-1970s, according to The Real Deal. Crown Acquisitions and partner Oxford Properties purchased a 49.9 percent stake in the tower in 2012, valued at roughly $1 billion, and then acquired the other 50.1 percent in 2015, the New York Post reported at the time…
-
ANZ Bank may report lowest cash profit in four years: survey
-
Some analysts trimmed earnings forecasts earlier this month
It’s going to be a “tough” earnings season for Australia’s biggest banks, according to Goldman Sachs Group Inc.
Full-year results due from three of the lenders — starting with National Australia Bank Ltd. on Thursday — are poised to show that a record-breaking run of profits is coming to an end amid higher funding costs, lower interest margins and rising bad-debt charges…
‘Tough’ Earnings Season Looming for Australia’s Banking Giants
Permanent link to this post (90 words, estimated 22 secs reading time)
President Obama signing the Dodd-Frank Act in 2010. The law empowered a group of regulators to designate some nonbank firms as so-called systemically important financial institutions. CreditDoug Mills/The New York Times
WASHINGTON — Three judges at Washington’s federal appeals court on Monday questioned the government’s analysis that led to MetLife’s designation as a “too big to fail” financial company, as the Justice Department appeals a lower court’s decision to strip the insurance giant of that label.
This is a preview of
MetLife Again Faces Off With Regulators Over Its Too-Big-to-Fail Status
.
Read the full post (134 words, 1 image, estimated 32 secs reading time)
The building offers more than 103,000 square feet of space and is situated in Stamford’s central business district.
750 East Main Street
Stamford, Conn.—Colliers International closed the sale of 750 E. Main St., a 103,367-square-foot Class A office property located in Stamford’s CBD. Darien-based Forstone Capital purchased the asset in an off-market transaction for $8.1 million, according to Property Shark data. Colliers’ Al Gutierrez, executive managing director, Enzennio Mallozzi, Stamford-based managing director, as well as Cynthia Foster, New York-based office services president, represented the seller and procured the buyer.
This is a preview of
Colliers International Closes Office Property Sale in Stamford
.
Read the full post (156 words, 1 image, estimated 37 secs reading time)
-
Regulators want to ensure Wells Fargo scandal isn’t repeated
-
Agencies said to start bank exams within the coming days
To ensure Wells Fargo & Co.’s scandal over unauthorized customer accounts isn’t being repeated at other lenders, regulators are poised to start reviewing data and talking to employees inside the biggest U.S. banks, according to a person familiar with the matter.
This is a preview of
Wall Street Banks to Face On-Site Reviews of Sales Practices
.
Read the full post (147 words, estimated 35 secs reading time)
The transaction will allow for an adaptive reuse of a former historic site as well as a ground-up development of high-end market-rate apartments.
The Forest City Savings and Trust building in Cleveland (image via Google Street View)
Cleveland—Brown Gibbons Lang & Co. Real Estate Advisors (BGL) has completed a $60 million residential and commercial mixed-use financing for Snavely Group. The multi-faceted financing will support the adaptive reuse conversion of the former historic Forest City Savings and Trust building, as well as the ground-up development of a high-end, market-rate apartment community in Cleveland.
This is a preview of
BGL Completes $60M Financing for Mixed-Use Project in Cleveland
.
Read the full post (172 words, 1 image, estimated 41 secs reading time)
-
Housing curbs will drive funds into equities: JPMorgan Asset
-
Shanghai Composite heads for biggest monthly gain since March
China’s speculative investors may finally be contemplating a return to stocks.
That’s according to JPMorgan Asset Management, which has been buying mainland shares in a bet that a real-estate lending crackdown and lower valuations will draw investors to equities, more than a year after a rout that wiped out $5 trillion in value. Chinese shares are beginning to perk up, with the benchmark Shanghai index headed for its best month since March…
This is a preview of
China Stocks Coming In From the Cold Amid Property Shakeout
.
Read the full post (102 words, estimated 24 secs reading time)
Home prices in 20 major U.S. cities continued to rise at a steady pace in August, according to data Tuesday from S&P CoreLogic Case-Shiller.
Key Points
- 20-city property values index increased 5.1 percent from August 2015 (forecast was 5 percent) after climbing 5 percent in the year through July
- National home-price gauge up 5.3 percent from 12 months earlier
- On a monthly basis, the seasonally adjusted 20-city measure rose 0.2 percent from July…
Home Prices in 20 U.S. Cities Continue Rising at Steady Pace
Permanent link to this post (85 words, estimated 20 secs reading time)
The 58-story Two Liberty Place is the third-tallest skyscraper in Philadelphia.
Two Liberty Place
Philadelphia—
Coretrust Capital Partners LLC, through its investment fund Coretrust Value Fund I, has purchased the controlling interests in multiple Two Liberty Place ownership entities. The seller was
Cousins Properties, a partnership advised and led by Parkway Properties Inc. of Orlando. Parkway began looking to
exit the property last year.
Designed by Helmut Jahn of Murphy/Jahn Architects, the high-rise is an iconic feature on the Philadelphia skyline, totaling 1.2 million square feet across 58 floors. The property is part of the Liberty Place, a 3 million-square-foot complex that includes the 61-story One Liberty Place office tower,
The Shops at Liberty Place, an enclosed mall totaling 145,000 square feet of fashion and consumer retail space, and a 294-key Westin Hotel…
Permanent link to this post (141 words, 1 image, estimated 34 secs reading time)
Photographer: George Etheredge/The New York Times via Redux
-
Residents’ petition cites Trump’s treatment of women, racism
-
Landlord says it has a contractual obligation to use name
Marjorie Jacobs loves the apartment building where she lives on Manhattan’s Upper West Side. She just has one problem: It’s called Trump Place.
Jacobs is one of more than 360 people who have signed an online petition urging landlord Equity Residential, the largest publicly traded U.S. apartment owner by revenue, to “Dump the Trump Name.” Jacobs, who said she’s hated the building’s label ever since Donald Trump began his presidential campaign, and her like-minded neighbors may be gaining some traction. A member of the building’s staff told her this week that maintenance and concierge workers were being fitted for new uniforms that don’t bear the Republican candidate’s name…
This is a preview of
Manhattan Trump Place Tenants Push for Building Name Change
.
Read the full post (146 words, 1 image, estimated 35 secs reading time)
-
Company seeks piece of $1 trillion U.S. auto-debt market
-
Move comes amid signs of stress in automobile lending
LendingClub Corp. developed a popular way to refinance credit-card debt online. Now, the company wants to take on auto loans.
On Tuesday, it said it will start refinancing car loans at interest rates that could save the average borrower $1,350 over the term of their debt. To do so, LendingClub will draw on its experience finding potential customers and efficiently underwriting them to deliver instant offers online…
LendingClub’s New Pitch? Refinance Your Pricey Car Loan With Us
Permanent link to this post (97 words, estimated 23 secs reading time)
The central business district of Chengdu, China. The persistent rise in excess savings in China and elsewhere echoes the dangerous savings glut before the financial crisis. CreditQilai Shen/Bloomberg
European and Asian investors have been rushing into the United States bond market, spurred by a global glut of savings that has reached record levels.
Running from near-zero interest rates at home, foreign buyers are piling into the booming market for corporate bonds, including high-grade debt securities issued by the likes of IBM and General Electric and riskier fare churned out by energy and telecommunications companies…
This is a preview of
As Europe and Asia Hoard Cash, Economists See Echoes of Crisis
.
Read the full post (106 words, 1 image, estimated 25 secs reading time)
-
Changes are meant to allay concerns about repurchase demands
-
Lenders would get protection if appraisals get passing grade
Lenders will get a reprieve from the threat of some mortgage-related penalties under a new program announced by housing-finance giant Fannie Mae on Monday.
The program will shield lenders against penalties stemming from faulty appraisals as long as those evaluations pass muster under an automated tool designed by Fannie Mae to root out mistakes. Fannie Mae also said it will let lenders verify borrowers’ income and assets electronically in some cases…
This is a preview of
Fannie Mae to Give Lenders Relief on Some Mortgage Penalties
.
Read the full post (101 words, estimated 24 secs reading time)
Regulators struggle to manage an uneven boom.
Photograph: Qilai Shen/Bloomberg
Earlier this year, Mr. and Mrs. Cai, a couple from Shanghai, decided to end their marriage. The rationale wasn’t irreconcilable differences or even mild disagreements; rather, it was a property market bubble in China’s financial hub. The pair, who operate a clothing shop, wanted to buy an apartment for 3.5 million yuan ($519,000), adding to a couple of places they already owned. But the local government had begun, among other bubble-fighting measures, to limit purchases by existing property holders. So, in February, the couple divorced. “Why would we worry about divorce? We’ve been married for so long,” says Mr. Cai. (He requested that the couple’s full names be withheld to avoid potential legal difficulties.) “If we don’t buy this apartment, we’ll miss the chance to get rich.”…
TD Bank Group, one of TD Ameritrade’s largest shareholders, will acquire Scottrade Bank as the first step in TD Ameritrade’s purchase of Scottrade Financial Services. CreditShannon Stapleton/Reuters
TD Ameritrade announced on Monday that it would acquire Scottrade Financial Services, a rival discount brokerage, for $4 billion, in a bid for scale at a time when small investors are losing their taste for stock trading.
The deal reflects the ongoing evolution of the investment business.
This is a preview of
TD Ameritrade to Buy Scottrade in $4 Billion Deal
.
Read the full post (147 words, 1 image, estimated 35 secs reading time)
-
Construction investment was main driver of economic expansion
-
Consumption, exports growth slowed from previous quarter
South Korea’s economy grew slightly more than forecast in the three months through Sept. 30, supported by a property market boom, while exports and consumption were disappointing…
Property Boom Supported Korea’s Economy in Third Quarter
Permanent link to this post (52 words, estimated 12 secs reading time)
While PM May tries to head off a constitutional crisis
Banks will start moving operations out of the U.K. late this year and early next as they anticipate a hard Brexit. That’s according to Anthony Browne, chief executive officer of the banking lobby group BBA, writing in the Observer newspaper on Sunday.
International banks’ “hands are quivering over the relocate button,” he wrote. “Many smaller banks plan to start relocations before Christmas; bigger banks are expected to start in the first quarter of next year.”…
Brexit Bulletin: Bankers Prepare for Exodus From London
Permanent link to this post (93 words, estimated 22 secs reading time)
The office and industrial real estate association turns 75 as industry leaders share their strategies, challenges and concerns for the future.
From left to right: Francis Greenburger of Time Equities, Daniel Rashin of Rockefeller Group Intl. Inc., Whitfield Hamilton of Panattoni Development Co. and Larry Harmsen of Prologis
New York –Commemorating its 75th anniversary, the
Society of Industrial and Office Realtors (SIOR) met in New York City from Oct. 19-21 to discuss the changing face of commercial real estate and what lies ahead. Buzzworthy topics included trends impacting industrial and office developers, REITs and investment managers; game-changing technologies and the impending presidential election…
Permanent link to this post (110 words, 1 image, estimated 26 secs reading time)
Julius Baer Group Ltd., DBS Group Holdings Ltd. and LGT Bank are considering bids for ABN Amro Group NV’s private-banking business in Asia, people with knowledge of the matter said.
The banks have expressed interest in the ABN Amro unit and will study more detailed information on its business, according to the people, who asked not to be identified because the process is private. ABN Amro hopes to announce a deal by year-end to minimize uncertainty for its private bankers and clients, the people said…
Julius Baer, DBS Said to Mull Buying ABN Amro Asia Private Bank
Permanent link to this post (98 words, estimated 24 secs reading time)
-
Nation of 36 million owes $4.4 trillion, triple economy’s size
-
Households alone carry highest debt burden in Group of Seven
Canada’s debt, swelled by a decade-long housing boom to almost triple the size of its economy, is drawing increasing concern from an international banking community that says it threatens growth and financial stability.
The combined debt of Canadian governments, companies and households reached $4.4 trillion in the first quarter, or 288 percent of gross domestic product, exceeding the same gauge for the U.S., the U.K. and Italy, according to the Bank for International Settlements…
This is a preview of
Canada’s Record Household Debt Is Threatening Its Financial Stability
.
Read the full post (105 words, estimated 25 secs reading time)
