The new office marks the company’s 28th location in the Windy City area.
Jim Psyhogios of Baird & Warner
Chicago—Residential real estate services company Baird & Warner has signed a lease for a new office location in Chicago’s South Loop neighborhood. Located at 620 S. Dearborn St., in the Transportation Building, the new office will be focused on providing brokerage, mortgage and title services primarily to the neighborhood and its surroundings. The office marks the company’s 28thlocation in the Chicago area, and is slated for occupancy at year-end 2016.
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AB InBev will pay $1.74 billion in fees, expenses, taxes
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SABMiller to pay $202 million in fees to advisers on deal
Banks, law firms, accountants, public relations companies and the tax man are lining up for about $2 billion in fees and expenses from Anheuser-Busch InBev NV’s $103.8 billion takeover of rival SABMiller Plc.
AB InBev will pay out $1.74 billion, the company said in a statement Friday. That includes:
Megabrew a Boon for Bankers and Lawyers, With $2 Billion in Expenses
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Guy Spier, an investor in Horsehead Holding, asked the judge for an equity committee.CreditRichter Frank-Jurgen
In large and complex corporate bankruptcies, shareholders are usually kicked to the curb, left with nothing of any value to show for their investments. Normally, that’s the way it should be: Bankruptcies, after all, involve companies whose assets are worth far less than their obligations.
But what if those assets are actually worth more than the company contends? Then shareholders are forced to leave money on the table for other stakeholders to grab, particularly the company’s dominant creditors who typically drive the bankruptcy process…
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How Bankrupt Is Horsehead Holding? Its Investors Want to Know
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The general contracting firm was awarded a $196 million contract to build the North Block phase of the $1.3 billion project.
Capitol Crossing, North Block Phase
Washington—Balfour Beatty’s relationship with Capitol Crossing in Washington, D.C., continues as the company lands yet another contract for the 2.2 million-square-foot mixed-use development. Property Group Partners, developer of Capitol Crossing, just awarded the general contracting firm a $196 million contract to build the North Block phase of the $1.3 billion project.
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Balfour Beatty Lands Capitol Crossing Contract in DC
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Wait for it…
Carl Icahn has recently discussed selling his stake in Herbalife Ltd. to a group including the company’s arch-nemesis William Ackman, another surprising twist in a battle between billionaires that has riveted Wall Street for years.
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Bill Ackman Finds Way ‘To Get Carl Out Of The Stock’
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The 38-story tower at One Post St. might fetch as much as $275 million.
One Post St., San Francisco
San Francisco—JLL is marketing One Post St. in San Francisco, the corporate headquarters of healthcare giant McKesson Corp., in what is expected to be a major sale-leaseback deal.
Located at the corner of Post and Market streets adjacent to the Montgomery BART station in the city’s Financial District, the 38-story office building was completed in 1969. McKesson had a 50 percent stake in the property when it was built and acquired the remaining 50 percent in 2012. It paid $90 million for the stake in 2012, according to data provided by Yardi Matrix…
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McKesson Plans Sale-Leaseback of San Francisco HQ
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GPIF’s domestic equity holdings tumbled last quarter in rout
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Fund’s investments fall short of its target for the asset
The world’s biggest pension fund has room for a Japan stock shopping spree after the value of its investments tumbled last quarter.
The $1.3 trillion Government Pension Investment Fund would need to spend $53 billion on domestic shares to meet its target for the asset, according to Bloomberg News calculations, after the fund said Friday that holdings fell to 21 percent of investments at the end of June. Its goal is a quarter of the portfolio. The fund also has scope to offload $56 billion in domestic bonds after falling yields boosted their weight to 39 percent of the total, above the 35 percent level it seeks to hold…
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Japan Pension Giant’s Losses Imply a $53 Billion Stock Spree
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The aging asset offers the new owner an opportunity to be part of a market with very high barriers to entry.
Tukwila Commerce Center – aerial view
Seattle—A Tukwila, Wash.,
light industrial park is the subject of
BKM Capital Partners’ latest move in the Pacific Northwest market. The institutional fund manager paid a total of $45.2 million for the Tukwila Commerce Center, in a deal arranged by
CBRE representatives Darla Longo and Brett Hartzell.
Located at 601-699 Strander Blvd. and 800-1164 Industry Drive, the industrial park consists of 27 buildings that offer a combined total of 476,765 square feet of space. According to BKM CEO & Co-Founder Brian Malliet, the asset was purchased at a significant discount to replacement cost and peak pricing. Tukwila Commerce Center is located in a submarket that boasts high occupancy numbers and strong fundamentals for industrial real estate…
Permanent link to this post (151 words, 1 image, estimated 36 secs reading time)
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Bad-loan coverage ratio drops to lowest since late 2010
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Capital-adequacy ratio declined to 12.81% in second quarter
Agricultural Bank of China Ltd., the nation’s third-largest lender by assets, posted a 0.5 percent profit gain in the second quarter as bad loans climbed.
Net income rose to 50.46 billion yuan ($7.6 billion) in the three months through June, according to a statement released by the Beijing-based bank on Friday. That compared with the 50.1 billion-yuan median estimate of four analysts in a Bloomberg survey.
The bank pared back its bad-loan buffer, setting aside 18.6 billion yuan in provisions, down 3 percent from a year earlier…
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Agricultural Bank Grinds Out 0.5% Profit Gain as Bad Loans Climb
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Borrowing to buy phones is leading to high personal debt
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Applicants don’t need credit history or parental approval
Across college campuses in China, a small army of marketers is recruiting students to borrow money at interest rates many times that charged by the nation’s banks.
Those without a credit history or parental approval can borrow money to buy a smartphone, pay for holidays, or get the latest sneakers through a raft of apps such as Fenqile. The market leader, whose name literally means Happy Installment Payments, has 50,000 part-time marketers across more than 3,000 universities and proudly touts the slogan “Wait no more; love what I love.”…
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China’s Murky World Where E-Commerce Meets Student Lending
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Citic Bank’s core Tier-1 ratio fell to 8.89 percent as of June
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Lender’s balance-sheet expansion ‘unsustainable’: analyst
China Citic Bank Corp. plans to raise as much as 40 billion yuan ($6 billion) by selling bonds convertible into yuan-denominated shares after an expansion in assets that one analyst describes as “unsustainable.”
The money will fund growth and ultimately replenish the bank’s core Tier-1 capital, the Beijing-based lender said Thursday, after its core Tier-1 ratio fell to 8.89 percent as of June 30 from 9.12 percent six months earlier.
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China Citic Bank to Raise $6 Billion After Rapid Asset Expansion
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Martin Shkreli, the former chief executive of Turing, sits with Nancy Retzlaff, its chief commercial officer, at a House Oversight and Government Reform hearing. CreditZach Gibson/The New York Times
The Securities and Exchange Commission has been scrutinizing private equity for several years, concerned that firms are not always transparent with their investors.
They’ve had plenty to chew on, but it seems the misbehavior has continued nevertheless.
On Tuesday, the S.E.C. fined Apollo Global Management about $53 million over accusations the firm misled investors on two issues and failed to supervise a senior executive suspected of misconduct. The executive was caught “improperly charging personal items and services” to Apollo funds, the S.E.C. said. The Financial Times identified the executive as Ali Rashid, a former partner…
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Morning Agenda: Fining Apollo, When Deals Go Sour, and Controversy at Turing
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The housing recovery has really been an odd one. It has been driven by low inventory, anxious builders, and an army of investors. In the end what has occurred is that the homeownership rate is near a generational low, we have 10 million new renter households over the last decade, and home prices are up on relatively low sales volume. How can there be big sales volume when inventory is so constrained? It is a good question to ask. In any market you will have periods of capitulation, where people simply give in. You see it happening in this market where people purchase crap shacks as if taking their medicine when they were a child. The place physically sucks and is overpriced but hey, you need to do it because mommy told you it was the right thing to do. We’ve been in a holding pattern for a couple of years yet last month, sales did take a rather big drop. It was the biggest drop since April 2011. Is this simply an anomaly or are people priced out?…
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Something happened in the latest home sales figures: Biggest national sales decline since April 2011.
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HARP program will continue through September 2017, FHFA says
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Companies will launch a new refinance program in October 2017
Fannie Mae and Freddie Mac are extending one of the most successful federal programs enacted in response to the mortgage crisis into next year, even as the pool of borrowers who could benefit from it continues to shrink.
Borrowers can continue to use the Home Affordable Refinance Program, or HARP, though September next year, the Federal Housing Finance Agency, which regulates the mortgage-finance companies, said Thursday. HARP allows some borrowers to refinance to a lower rate even if the equity they have in their home is less than 20 percent, the typical cutoff for some refinances…
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Fannie Mae, Freddie Mac Extend Crisis-Era Refinance Program
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Viacom has one good reason to keep its interim chief executive, Thomas Dooley: a breakup of the media company.
Mr. Dooley, the company’s former chief operating officer, who has close ties to his predecessor, Philippe Dauman, makes an odd choice if the $17 billion company plans to do anything else. A veteran who has been at Viacom on and off since 1980, though, Mr. Dooley may be well suited to finding the best value for Viacom’s various assets.
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Thomas Dooley Is Viacom’s Best Bet for a Breakup
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Gramercy District will be the first ‘smart city’ in the D.C. area and one of the first in the country.
Jim Yong Kim in June. CreditSaurabh Das/Associated Press
WASHINGTON — President Obama on Thursday nominated Jim Yong Kim for a second five-year term as president of the World Bank despite persistent complaints among employees about his leadership at a time when the mission of the global development institution is in question.
The bank’s board announced two days earlier that it was beginning to consider who would be its next president, inviting nominations as it did for the first time in 2012. While many World Bank watchers expect Mr. Kim to be reappointed, given the seven-decade tradition of choosing an American picked by the United States, the bank’s largest contributor, they say he will have to work to solidify support…
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World Bank President Jim Yong Kim Is Nominated for a Second Term
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The Tempe submarket has been growing in leaps and bounds, leading to unsolicited deals such as the one completed by a three-party partnership.
1330 W. Southern Ave.
Phoenix—A two-building office complex in the Phoenix MSA recently changed hands for a total of $29.3 million. A partnership between Angelo, Gordon & Co., Douglas Allred Co. and David Warren acquired the asset from seller Cordia Capital Management. Part of the fast-improving Tempe submarket, the asset was acquired amid what is a very high demand market.
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Two-Building Office Complex in Tempe Sold by Cordia
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Workers’s group criticizes Fed structure, Richmond Fed answers
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Fed presidents slated to meet with activists Thursday evening
As Federal Reserve officials and top economists meet in Jackson Hole this week, the Fed Up coalition will be criticizing the central bank’s structure from the sidelines.
The pro-worker group, an initiative of the Center for Popular Democracy, expects to have 120 workers and activists at the annual economic symposium in Wyoming. On Thursday evening, representatives will meet with Kansas City Fed President Esther George and her fellow bank presidents William Dudley, Neel Kashkari, Loretta Mester, Robert Kaplan, Eric Rosengren and John Williams, along with Fed Governor Lael Brainard, said Fed Up organizer Jordan Haedtler…
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Out West, Debate Asks Whether Fed Is Serving Bankers or Busboys
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Hobby Lobby will take over 55,000 square feet of retail space in Ottumwa.
Aerial view of Quincy Plaza, Ottumwa, Iowa
Ottumwa, Iowa—Phillips Edison & Co. has signed a lease with Hobby Lobby to open a 55,000-square-foot store at Quincy Plaza in Ottumwa, Iowa, in the fall. The city of Ottumwa is contributing up to $300,000 toward the asset’s revitalization.
“The Ottumwa Economic Development Corporation’s efforts to attract Hobby Lobby go back to 2014, in response to customer demand for a hobby/craft store,” Sharon Stroh, executive director of the Ottumwa Economic Development Corp., said in a statement.
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Phillips Edison Lands New Tenant at Iowa’s Quincy Plaza
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Los Angeles County is massive. It is also a renting majority county. L.A. County is the least affordable county based on price-to-income ratios. And when things get out of control, all of a sudden every area is gentrifying and every property is one step away from being a Taj Mahal. This summer the housing hounds have been released and all of a sudden real estate is the greatest deal in town. Housing can do no wrong and for those priced out, you must dig deep in those wallets and make that bet! You only live once! Carpe diem. No one ever regretted buying California real estate aside from all those that regretted buying California real estate. Today we’ll take a trip to Huntington Park. According to the real estate gods, gentrification should be happening in every niche of L.A. County.
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Real Homes of Genius 2016 Edition: Searching for Deals in “Prime” Huntington Park.
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An affiliate of the Qatar Investment Authority has acquired a 9.9 percent interest in Empire State Realty Trust.
Jim Costello, Real Capital Analytics
New York—A 9.9 percent interest in Empire State Realty Trust Inc. has been acquired by an affiliate of the Qatar Investment Authority through a new $622 million investment, the New York–based REIT announced late Tuesday.
QIA purchased approximately 29.6 million worth of newly issued Class A common shares of ESRT at $21.00 per share, equivalent to a 9.9 percent economic and voting interest on a fully diluted basis. This interest represents a 19.4 percent ownership of Class A shares, but QIA can only vote shares equivalent to 9.9 percent of all voting securities, with the balance of their shares to be voted by ESRT in accord with the votes of all other voting securities…
Keith Meister holds a large stake in the Williams Companies. CreditAndrew Harrer/Bloomberg
The Williams Companies, which recently lost a court battle to preserve a takeover by another pipeline operator, is facing a new fight. This time, it is from a former director who owns a big stake in the company and has an unconventional plan to overhaul the entire board.
Keith Meister, the managing partner of Corvex Management, which holds a 4 percent stake in Williams, issued an open letter to the rest of the shareholders on Wednesday and submitted the names of 10 nominees for directors at Williams. Investors will vote on board nominees at the company’s annual meeting in November…
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Former Director Unveils Disputed Plan for Williams Board
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Pent-up demand by a growing U.S. population driving the market
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Homebuilder CEO says housing recovery still in early stages
Housing demand will keep riding high even if prices continue to rise and mortgage rates go up, the chief executive of homebuilder Hovnanian Enterprises Inc. said.
“Actually and amazingly, there were more homes sold in 1981 when mortgage rates were 17 percent,” Ara Hovnanian said in an interview on Bloomberg Television. “The reality is there’s a lot of pent-up demand, demographics are building, the population is growing and they need shelter.”
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Housing Boom to Keep Going Even If Rates Rise, Hovnanian Says
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Source: Pool via Getty Images
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Pro wrestler claims lease plan won’t cover monthly costs
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Manhattan property worth $4.25 million in December appraisal
Hulk Hogan helped bring down Gawker Media. Now he’s throwing a wrench into the personal bankruptcy proceedings of company founder Nick Denton.
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Hogan Says Gawker’s Denton Is Lowballing Condo in Bankruptcy
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It is not just coincidence that after 147 years of serving institutions and the ultra-wealthy, Goldman Sachs has decided that it will start catering to the common man: It is opportunism borne of necessity.
The years since the financial crisis have not been particularly kind to Goldman Sachs’s moneymaking machine – not that anyone is weeping for the company or the people who work there — despite an improving economy and record numbers of corporate financings and mergers and acquisitions. In the last three fiscal years, Goldman has made a cumulative pretax profit of about $33 billion. By contrast, JPMorgan Chase, the nation’s biggest bank by assets, has had cumulative pretax profit of $87 billion, nearly three times more. In 2007, Goldman and JPMorgan were much more evenly matched when it came to profitability. Goldman made $17.6 billion in pretax profit in 2007; JPMorgan made nearly $23 billion…
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Goldman Sachs, Banker to the Elite, Turns to the Common Man
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Monthly increases reflect more-modest pace of gains, FHFA says
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Price appreciation cutting into affordability for many buyers
Home prices in the U.S. rose 5.6 percent in the second quarter from a year earlier, extending gains that have cut into affordability for many buyers.
Prices increased 1.2 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a report Wednesday. In June, prices climbed 0.2 on a seasonally adjusted basis from May. The average estimate of 21 economists was for a 0.3 percent gain…
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U.S. Home Prices Rose 5.6% in Second Quarter From Prior Year
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Internet lending to U.S. consumers fell 34% in second quarter
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‘Everyone had to hit a reset,’ says CEO of firm tracking data
LendingClub Corp. wasn’t alone in its suffering during the second quarter.
Online lending to U.S. consumers tumbled 34 percent industrywide from the first quarter as investors pulled back from funding loans, according to a report Wednesday from Orchard Platform, a data provider tracking the sector. That’s even worse than the 29 percent drop at LendingClub, where the surprise resignation of its leader in May rattled confidence…
Online Lending’s Ugly Quarter Stretched Far Beyond LendingClub
Permanent link to this post (98 words, estimated 24 secs reading time)
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Inventory of properties decline year-to-year for 14th month
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Purchases of homes less than $250,000 fell from July 2015
Sales of previously owned homes dropped more than forecast in July from a nine-year high, restrained by limited choices for buyers, National Association of Realtors data showed Wednesday…
U.S. Existing-Home Sales Drop for First Time Since February
Permanent link to this post (57 words, estimated 14 secs reading time)
Student loan companies that don’t meet the Consumer Financial Protection Bureau’s expectations face the risk of lawsuits.
An American defaulted on a student loan direct from the U.S. Department of Education every 28 seconds over the past year. Nearly all of those more than 1.1 million defaults were avoidable, because almost every borrower is eligible for a repayment plan based on affordability.
Too few borrowers in distress know they can reduce their payments simply by sharing a few recent pay stubs or a copy of their most recent tax return. Something in the repayment system is clearly broken, and so last month federal education officials moved to scrap it—slowly. In a few years, the Education Department hopes, loan companies to which it outsources collections will prioritize showing debtors how little they can pay to remain current over collections…
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The Government Can’t Agree With Itself on Policing Student Loan Companies
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Nearly 650,000 square feet of speculative space is currently underway in the Baltimore area.
Building under construction at Annapolis Junction Town Center in Howard County
Baltimore—St. John Properties Inc. is currently constructing 10 separate buildings comprising nearly 650,000 square feet of speculative space situated throughout Maryland’s Anne Arundel, Baltimore, Carroll and Howard Counties.
“This spec development spans across multiple counties in Maryland, in areas where our clients are currently looking to move or expand,” Richard Williamson, St. John Properties’ senior vice president of leasing, told Commercial Property Executive. “In addition, some of the development is in new mixed-use communities, designed for a live-work-play lifestyle.”
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St. John Properties Invests in Maryland Office Market
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Detached home sales down 66% in first two weeks of August
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Price gains slowing this year, even before foreign buyer tax
British Columbia’s measures to cool off North America’s hottest real estate market are starting to have the desired effect.
Early data from the Real Estate Board of Greater Vancouver suggest the 15 percent foreign buyer’s tax, which was unveiled July 25 and took effect Aug. 2, may be curbing sales and limiting price gains, adding to a slowdown that started in May amid concern a housing bubble was forming in Canada’s third-biggest city…
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Vancouver Foreign Tax Slowing an Already Cooling Home Market
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July outflow tallied at $25.2 billion by tracker eVestment
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Annual flows could be negative for only third time on record
For hedge funds, the news is getting worse.
Investors pulled an estimated $25.2 billion from hedge funds last month, the biggest monthly redemption since February 2009, according to an eVestment report.
The withdrawals were the second straight for the beleaguered industry, which saw $23.5 billion pulled in June. They bring total outflows this year to $55.9 billion, driven by “mediocre” performance after a number of funds lost money last year, according to Wednesday’s report…
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Hedge Funds See Biggest Redemptions Since ’09 as Returns Lag
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The two-building Champion Office Park, completed last year, is already fully occupied.
Champion Office Park
Austin—It’s brand new, it’s fully leased and now it belongs to Menlo Equities. Acting on behalf of its recently launched Menlo Equities Absolute Return Fund, the vertically integrated commercial real estate company just acquired the 221,000-square-foot Champion Office Park, a premier two-building complex in Austin, Texas, from Endeavor Real Estate Group and Granite Properties Inc.
Menlo knows how to pick ‘em. “We’ve been at this for 22 years and have stayed focused on what we know best—exceptionally well-located office properties in tech-driven submarkets that we know very well,” Kevin Kujawski, president & CEO of MEARF, told Commercial Property Executive…
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Menlo Equities Nabs Brand-New Austin Office Asset
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Carillion lobbies government after July plunge in spending
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Construction stocks rally on hopes for post-Brexit stimulus
U.K. construction companies are urging the government to give the sector a boost after infrastructure spending plummeted following the country’s vote to leave the European Union.
Hopes for a stimulus have lifted the share prices of builders like Balfour Beatty Plc and Carillion Plc, which plunged after the June 23 Brexit referendum. Carillion, whose shares slipped Wednesday as it reported flat first-half pretax profit, is up 34 percent from its low after the vote, while Balfour Beatty has risen 46 percent…
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U.K. Builders Bet on Infrastructure Spending From Government
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ESG and environmental investing booms to $223 billion
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Lack of standards for what counts as ethical starts G-20 probe
Thinking of putting your money into a fund that describes itself as ethical? You’d better read the fine print if backing Exxon Mobil Corp. and British American Tobacco Plc isn’t your idea of doing good.
The oil company accused of misleading investors by hiding evidence about climate change and Europe’s biggest cigarette maker are among the holdings of some of the 30 biggest funds that invest following environmental or social governance guidelines, according to data compiled by Bloomberg…
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Anything Goes With Ethical Funds Holding Exxon to Big Tobacco
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More new homes were sold in July than in nearly a decade. CreditMax Whittaker for The New York Times
It has been an excruciatingly long time coming, but the housing sector in the United States is finally getting healthy. Thank millennials and thank homebuilders who are starting to produce more of the starter houses young people demand.
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The Housing Market Is Finally Starting to Look Healthy
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The Williams Companies, the American pipeline operator, is getting the proxy fight it deserves.
Keith Meister, an aggressive investor who recently quit as a director, is back challenging the board with a whole new slate. Because of a deadline, however, his hedge fund’s nominees are merely stand-ins until real candidates can be found. The year of merger and acquisition helter-skelter for Williams makes this new madness somehow fitting.
Mr. Meister, the Carl Icahn protégé whose Corvex Management owns about 4 percent of the $21 billion Williams, said on Monday that he planned to put forward 10 of his employees to serve on the Williams board. If voted in, they would be replaced by independent directors whom Corvex intends to identify before shareholders submit their ballots on Nov. 23…
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Investor Adds a New Twist to Williams’s Bizarre Tale
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Expect more takeover bids, especially by insurance companies
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Capital from shadow banking system is fueling transactions
The long-running hostile raid on China’s biggest real estate developer isn’t short on drama: There’s a swashbuckling, Mount Everest-conquering company chief who courts controversy; a relatively unknown raider using leverage to increase its heft; a white knight; and surprise new potential suitor jumping in.
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Hostile Raid on China’s Biggest Developer Marks New Takeover Era
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Leon Black, chief of Apollo Global Management. CreditPatrick T. Fallon/Bloomberg
Federal regulators on Tuesday delivered the latest blow to a giant private equity firm, announcing an enforcement action against affiliates of Apollo Global Management for an array of securities law violations.
The Securities and Exchange Commission issued a roughly $53 million punishment to Apollo, one of Wall Street’s most prominent private equity firms, and Apollo agreed to settle the case.
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Apollo Global Settles Securities Case as S.E.C. Issues $53 Million Fine
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The Denmark-based jewelry manufacturer joins the 125 stores now open in the Financial District.
PANDORA Jewelry charm bracelet
New York—Westfield World Trade Center has recently become PANDORA’s choice of venue for its most recent flagship store in Lower Manhattan. The new 1,109-square-foot indoor retail space is located under the Oculus structure of the transportation hub in New York City, and features elements such as a 368-charm display showcasing the brand’s collection. The grand opening—which will be open to the public—will take place Friday, Sept. 30, and Saturday, Oct. 1.
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New PANDORA Jewelry Store Opens at Westfield WTC
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Lags behind Silicon Valley, London, New York in some areas
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Central bank head speaks at launch of new fintech initiative
Singapore is reviewing the rules for venture capital firms as it attempts to draw more capital to the country’s financial technology startups, according to the head of Singapore’s central bank.
Though Singapore rivals other major fintech centers such as Silicon Valley, London or New York in terms of startup activity and innovation, it still lags behind in terms of the firms’ access to capital, said Ravi Menon, managing director of the Monetary Authority of Singapore…
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Singapore Reviews Venture Capital Regime to Push Startup Funding
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Bremer losses may endanger payments on additional Tier 1 notes
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No bank has missed AT1 coupons in bonds’ three-year history
The bond market created by regulators to avoid panic and state bailouts when lenders get into trouble has come roaring back. It may soon become clear whether that confidence will last.
The first test of the riskiest type of bank debt may may come this month as Bremer Landesbank is likely to disclose losses that could force it to skip coupon payments on additional Tier 1 notes, according to two bondholders, Berlin Portfolio Management GmbH and Degussa Bank GmbH. No bank has missed the optional payments on these bonds since their introduction three years ago, and the market reaction will show whether AT1s are steadying capital buffers for weak lenders or a minefield of unappreciated risks for holders…
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Riskiest Bank Debt May Face First Test at German Shipping Lender
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The company moved its offices to a historic building in Minneapolis’ North Loop.
Arctic Cat New Headquarters
Minneapolis—Recreational vehicle company Arctic Cat announced the relocation of its headquarters from Plymouth, Minn., to the North Loop area of downtown Minneapolis. The company will occupy the historic six-story building formerly known as the Western Container site, at 500 N. 3rd St.
The new location offers 55,000 square feet of space, allowing the company to expand over time with another 150 to 200 new personnel. The renovation of the new headquarters was entirely funded by the building’s owner…
Arctic Cat Relocates North Star State HQ
Permanent link to this post (98 words, 1 image, estimated 24 secs reading time)
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Gains driven by purchases in South, lower-priced houses
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Unbuilt homes climb, inventory down in boost to construction
Purchases of new U.S. homes unexpectedly jumped in July to the highest level in almost nine years, led by soaring demand in the nation’s south and adding to signs of persistent housing-market strength.
Sales increased 12.4 percent to a 654,000 annualized pace, the fastest since October 2007, Commerce Department data showed Tuesday in Washington. That exceeded the most optimistic forecast in a Bloomberg survey. Purchases in the South were the strongest since before the start of the last recession…
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U.S. New-Home Sales Unexpectedly Surge to Almost Nine-Year High
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Mutual funds argue SEC proposal would save millions of trees
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Paper companies say going digital would harm elderly investors
Like many Americans, Ken Winterhalter wants the financial industry to pay for its past recklessness. His favored punishment, however, isn’t jail time for CEOs or bigger corporate fines.
Instead, the president of Twin Rivers Paper Co. has zeroed in on something a bit closer to home: stopping a U.S. Securities and Exchange Commission plan that would spur more investors to get mutual fund reports online.
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The Pitched Battle Over Mutual Fund Reports You Probably Don’t Even Read
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Shanghai-based DOBE Group has entered the U.S. market with the opening of a co-working space in Newark, Calif.
8407 Central Ave., Newark, Calif.
San Francisco—The DOBE Group of Shanghai has just opened a 40,000-square-foot co-working site in Newark, Calif., on the edge of Silicon Valley, the company announced Friday. DOBE leases the building, at 8407 Central Ave. in Newark, only a short distance from Palo Alto by way of Hwy. 84 and the Dumbarton Bridge, from Smart Business Solutions.
DOBE Group reportedly sees itself as a “business embassy,” that is, “helping overseas companies in the cultural and creative industry enter the Chinese market and helping their Chinese counterparts go international.”…
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Oslo Asset Management’s AAM Absolute Return grew 58.5% in 2015
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Companies paying dividends rewarded with generous valuations
The world’s top performing hedge fund is shorting companies that are juicing their valuations by promising investors big dividends.
AAM Absolute Return Fund, which according to HSBC Holdings was the world’s best performing hedge fund in 2015, is betting on declines for energy companies that “even short term will struggle to uphold dividends,” according to Harald James-Otterhaug, who oversees the fund as the chief executive officer at Oslo Asset Management AS.
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The World’s Top Performing Hedge Fund Is Shorting Big Dividends
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Shoddy construction, ostentatious design—and low resale values.
In the late 1990s, Americans started referring to tract-built luxury homes popping up in the suburbs as McMansions, a biting portmanteau implying that the structures were mass-produced and ugly. There was also the implied snark that their denizens, however wealthy, lacked the sophistication to tell filet mignon from a Big Mac.
Lately, these homes have been the subject of fresh scorn, thanks to an anonymously authored blog that breaks down the genre’s design flaws in excruciating detail. Posts lambasted builders for erecting garages bigger than the homes they’re attached to, dropping giant houses on tiny lots, plus shoddy construction and a mishmash of contrasting styles. (Gothic Tudor, anyone?)…
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McMansions Define Ugly in a New Way: They’re a Bad Investment
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Kilroy Realty’s Columbia Square has earned two LEED Gold certifications from the USGBC.
Columbia Square, Los Angeles
Los Angeles—Kilroy Realty Corp. has earned two LEED Gold certifications for 469,000 square feet of its office component of the Columbia Square mixed-use development project in Hollywood, Calif.
“This designation means that we successfully executed the sustainability vision that we put in place at the project’s inception,” Sara Neff, Kilroy Realty’s senior vice president of sustainability, toldCommercial Property Executive. “It shows excellence and dedication on the part of the architect, MEP, consultants, and Kilroy over a number of years.”
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Shinji Ogawa hired from Evolution Japan Asset Management
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JPMorgan is seeking to beef up its Japan stock business
JPMorgan Chase & Co. hired Shinji Ogawa from Evolution Japan Asset Management Co. to head Japanese equity sales as it strengthens its hedge fund coverage.
Ogawa, a former hedge fund manager at Evolution Japan, will report to Chiyo Aoshima, head of equity sales at JPMorgan Securities Japan Co., and corporate access and client relationship management in Asia, the brokerage said in an e-mailed statement to Bloomberg News.
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JPMorgan Hires Ex-Hedge Fund Manager to Head Japan Stock Sales
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Managing directors in Hong Kong may leave bank this month
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Kiely, Firth to start cross-asset fund under Rafiki Capital
Two Hong Kong-based managing directors at Credit Suisse Group AG plan to leave the bank to start a macro hedge fund, according to people familiar with the matter.
Lucas Kiely, Credit Suisse’s head of cross-market trading, and Charles Firth, the Asia Pacific head of equity structuring, may leave the bank as soon as this month, the people said. They will depart to start a new cross-asset fund which will use instruments including derivatives to take investment positions based on macroeconomic views, according to the people, who asked not to be identified as the information is private…
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Credit Suisse Asia Markets Bankers Plan Macro Hedge Fund
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If you pay rent to a property management company with the aim of eventually owning the place, are you a renter or a homeowner? Some companies are blurring that line.
Rent-to-own contracts allow dwellers in the United States who lack good credit or cannot qualify for a mortgage to pay rent to a landlord with the eventual promise of owning the home.
But the renters are responsible for repairs, and they do not receive a legal title to the home until the last payment is made. Unlike a contract for deed, they also still need to find financing to complete the deal…
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Morning Agenda: Tenants Struggle in Win-Win Contracts for Landlords
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The company’s relocation, facilitated by Colliers International, will bring about 100 jobs to the city center.
BNY Mellon building, Philadelphia
Philadelphia—Working on behalf of Carpenter Technology Corp.,Colliers International has secured a 22,000-square-foot lease of class A office space in Philadelphia’s CBD.
Carpenter will be relocating its corporate headquarters to the BNY Mellon building at 1735 Market St., this fall. The company’s primary manufacturing plant in Reading, Pa., will remain in Berks County, along with 2,300 jobs. The plant is part of the company’s Specialty Alloys Operations segment.
The second-largest retail center in the country completed a 155,000-square-foot expansion.
King of Prussia Mall
Philadelphia—Simon wraps up one of the most notable projects on its 30-plus redevelopment list with the opening of a 155,000-square-foot expansion at the King of Prussia Mall in suburban Philadelphia. The new square footage takes the shape of a connecting corridor, and solidifies the now 2.9 million-square-foot mall’s position as the second-largest shopping center in the country.
Forest City Realty Trust Inc. said it’s exploring strategic alternatives for its retail properties, and would use proceeds from any real estate sales for apartment and office buildings.
The retail holdings include 14 regional malls around the U.S. and 19 specialty retail centers located primarily in New York City, the company said Monday in a statement. The Cleveland-based firm’s retail properties include Brooklyn’s Atlantic Terminal Mall, stores on 42nd Street near Times Square in Manhattan, enclosed regional malls in California and Pennsylvania, and smaller neighborhood shopping centers, according to Forest City’s website…
Forest City Plans to Explore Alternatives for Retail Properties
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PACE, a program to help keep older people out of nursing homes, allows Vivian Malveaux, 81, to live at home in Denver. InnovAge, which runs her program, converted to a for-profit company last year.CreditNick Cote for The New York Times
DENVER — Inside a senior center here, nestled along a bustling commercial strip, Vivian Malveaux scans her bingo card for a winning number. Her 81-year-old eyes are warm, lively and occasionally set adrift by the dementia plundering her mind.
Dozens of elderly men and women — some in wheelchairs, others whose hands tremble involuntarily — gather excitedly around the game tables. After bingo, there is more entertainment and activities: Yahtzee, tile-painting, beading…
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Private Equity Pursues Profits in Keeping the Elderly at Home
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Gramercy District rendering
Here’s the latest sign of recovery in the overall U.S. housing market: Distressed sales, comprised of foreclosures and short sales, accounted for just 5 percent of total purchases of previously owned homes in July. That’s the smallest share since the 
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Denver—The