Rosalind Herman, 61, was also sentenced to three years of supervised release and to pay $1.8 million to the investors….
Archive for Uncategorized
Aug
10
Brexit Hits U.K. Housing as Property Sales Drop Most Since 2008
Posted by: | Comments-
RICS price-growth index falls to lowest level in three years
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Sales balance at minus 34, weakest since financial crisis
Brexit is undermining the near-term outlook for the U.K. housing market, with both demand and sales dropping in July, according to the Royal Institution of Chartered Surveyors.
The London-based group said new buyer inquiries fell for a fourth month, while its index of sales is pointing to the fastest decline in transactions since the global financial crisis in 2008. Prices continued to rise, but at the slowest pace in three years. Just 5 percent more surveyors recorded an increase than a fall, compared with 15 percent in June…
Aug
10
Bridgewater Hedge Fund Settles Harassment Claim That Described a ‘Caldron of Fear’
Posted by: | CommentsThe world’s biggest hedge fund, Bridgewater Associates, said it had resolved a harassment claim filed against it by an employee who recently left the firm.
Christopher Tarui, 34, who worked as an adviser to several large institutional investors in Bridgewater, filed his harassment complaint in January and had been on paid leave since the beginning of the year. He took a job this week as a director with Kohlberg Kravis Roberts & Company, the large private equity firm, a move it confirmed on Wednesday…
Bridgewater Hedge Fund Settles Harassment Claim That Described a ‘Caldron of Fear’
Aug
10
GNL’s Global II Acquisition Good for ‘Future Growth’
Posted by: | CommentsOfficials of both REITs said the $3.3 billion merger would benefit both companies and it seems very likely to move forward.
Scott Bowman, president & CEO, Global Net Lease
New York—The head of Global Net Lease said a planned merger between GNL and American Realty Capital Global Trust II “brings together two high quality strategically aligned portfolios and sets a stronger foundation for GNL’s future growth.” The merger would also create a global net lease mega-REIT with a combined enterprise value of $3.3 billion.
Aug
10
The New Wall Street: Even Big Banks Want Help Navigating Markets
Posted by: | Comments-
Algo-driven firms like Virtu, Citadel have transformed trading
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Bank retreat after financial crisis created an opportunity
After JPMorgan Chase & Co.’s shares plunged 21 percent in the opening minutes of trading on Aug. 24 last year, the world’s largest investment bank sought out an unlikely ally, Virtu Financial Inc., to help it understand what happened.
The lion was turning to a mouse for help navigating the jungle where it has long been king. JPMorgan spends more on technology in six months than Virtu’s equity is worth. It has 240,000 employees to Virtu’s 148…
Aug
10
Corrigan Station Lands Chef Michael Corvino as Restaurant Tenant
Posted by: | CommentsChef Michael Corvino will put down roots in Kansas City with the opening of Corvino Supper Club and Tasting Room in the Crossroads in early 2017.
Corrigan Station
Kansas City, Mo.—The Corrigan Station in Kansas City will house Chef Michael Corvino’s first restaurant. The facility, dubbed Corvino Supper Club and Tasting Room, will open in early 2017. Copaken Brooks and 3D Development are co-developers in the project.
“After considering several cities, Christina and I agreed there was nowhere else we wanted to be than Kansas City. The Crossroads felt like the perfect location, and the Corrigan Building offered us a space that we literally could not find anywhere else,” Corvino said in prepared remarks…
Aug
10
Fewer Housing Markets in the U.S. Have Double-Digit Price Gains
Posted by: | Comments
A man exits a model home at a development site in Albuquerque, New Mexico.
Photographer: Sergio Flores/Bloomberg
Fewer U.S. housing markets are seeing double-digit gains in prices as affordability becomes more of a challenge in some areas.
In the second quarter, prices rose 10 percent or more from a year earlier in 25 metropolitan areas, down from 28 markets in the first quarter and 34 in the second quarter of 2015, the National Association of Realtors said Wednesday…
Fewer Housing Markets in the U.S. Have Double-Digit Price Gains
Aug
10
VC Funding Is Drying Up for Media Startups
Posted by: | CommentsEven as funding rounds hit 4-year low, some VCs remain bullish. ‘The media landscape is being transformed,’ says Eric Hippeau
As venture capitalists exercise more caution and place fewer bets, they’re leaving media startups behind.
Venture funding to media-tech companies slid for the third consecutive quarter to $91.7 million, the lowest amount since mid-2013, according to data from industry researcher CB Insights. Investment activity followed a similar trend, declining to the fewest number of deals since the second quarter of 2012.
Aug
10
Terreno Nabs Industrial/Flex Portfolio in DC Area
Posted by: | CommentsThe three buildings in Capitol Heights total approximately 135,000 square feet.
Hampton Overlook, Capitol Heights, Md.
Washington—Terreno Realty Corp. recently announced the acquisition of Hampton Overlook, an industrial/flex property situated in Washington D.C.’s Capitol Heights area, close to the eastern Capital Beltway. The San Francisco-based firm shelled out approximately $14.1 million for the 135,000-square-foot, three-building asset.
Sitting on 12.1 acres at 9150-9250 Hampton Overlook in Capitol Heights, Md., the property was completed in 1990 and comprises two industrial distribution buildings and one light industrial flex building. Featuring 42 loading positions, Hampton Overlook is 81 percent occupied by nine tenants…
Aug
10
India’s Cash-for-Gold Shadow Lenders May Be Headed for Shakeout
Posted by: | Comments-
India consumer lenders’ market values exceed their loan books
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Best-performing India fund to cut exposure to non-bank lenders
A shakeout may be looming for investors in India’s enormous cash-for-gold and personal finance shadow-lending firms.
Three of the largest, trading with market values of more than $1.5 billion, may be facing an imminent plunge in their share prices after becoming overvalued, according to IIFL Asset Management Co., whose investments in the firms helped make its fund the country’s best performer, and analysts at Credit Suisse Group AG…
India’s Cash-for-Gold Shadow Lenders May Be Headed for Shakeout
Aug
10
There Are All Kinds of Signs of a High-End Real Estate Slowdown
Posted by: | CommentsAerial view of Lower Manhattan on Friday, June 19, 2015.
Photographer: Craig Warga/Bloomberg
Tough times for the high end market.
According to real-estate website StreetEasy, 12 of the condos in Manhattan currently listed at over $20 million have had their prices cut by 5 percent or more in recent months, while only 2 of them have seen any increase in their listing price. Among the cuts is a condo at 1 Central Park South. It’s been on the market for more than 250 days, and is now on sale at $45.5 million, $6.45 million less than its price a few weeks ago.
Aug
09
Strategic Storage Trust II Acquires Las Vegas Facility
Posted by: | CommentsThe 745-unit facility offers value-add opportunities in both rents and occupancy.
SST II Buys 590 E. Silverado Ranch Blvd., in Las VegasAug
09
What Happened on Wall St. Ahead of the Crisis? We May Yet Find Out
Posted by: | Comments
Will we ever discover what caused the financial crisis? Andy Dufresne in “The Shawshank Redemption” may have the answer. CreditColumbia Pictures, via Photofest
The eighth anniversary of the 2008 financial crisis is almost upon us, making this as good a moment as any to take stock of how little we know still about the bad behavior and deception that occurred inside the big Wall Street banks that helped to cause it — and how little we may ever know.
Aug
09
Global Net Lease Acquisition to Create $3.3B Mega-REIT
Posted by: | CommentsThe move will combine two portfolios comprising 23 million square feet.
ING Bank in Amsterdam, an American Realty Capital Global Trust II property
New York—Global Net Lease Inc. (GNL) is set to acquire American Realty Capital Global Trust II, the two companies announced upon both of their board of directors unanimous approval. The acquisition will create a global mega-REIT with an enterprise value of approximately $3.3 billion. Upon closing, Global II shareholders will own a 14 percent slice of the resulting company.
Aug
09
Jefferies, Free of the Restraints of Bigger Banks, Is Emboldened
Posted by: | Comments
Under the leadership of Richard Handler, Jefferies had the best stock performance of any investment bank through 2012. CreditPeter Foley/Bloomberg
When the activist investor Carl C. Icahn bought 15 percent of the organic and natural products maker Hain Celestial in 2010, the company’s chief turned for advice to Mr. Icahn’s own Wall Street banker, Richard Handler, the chief executive of the investment bank Jefferies.
When Mr. Icahn decided to sell that stake at a big profit three years later, Jefferies was the buyer. It quickly resold the shares to its clients in two bites for a total of $611 million.
Aug
09
Poland Starts Work on Toughening Banks’ Swiss-Franc Loan Burden
Posted by: | Comments-
Financial Stability Committee to discuss Duda’s plan Wednesday
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Poland aims to lessen franc debt burden for borrowers
Poland’s Financial Stability Committee will kickstart work Wednesday on stepping up capital requirements for banks holding foreign-currency home loans, part of a plan to unwind the country’s $36 billion in non-zloty mortgages.
The proposal, presented by President Andrzej Duda’s office last week, envisages a gradual conversion of mortgages as regulatory changes make holding loans denominated in currencies like the Swiss franc unattractive, as well as a draft law forcing lenders to repay clients as much as 4 billion zloty ($1 billion) for “excessive” exchange-rate spreads. Stocks and the Polish currency rallied on the day the proposal was unveiled as investors bet the solution will be less costly than assumed under an earlier plan…
Aug
09
Hedge Funds All In on VIX Plunge as S&P 500 Hovers Near Record
Posted by: | Comments-
Large speculators most bearish since 2013 on ‘fear gauge’
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S&P 500 hit fresh all-time high intraday before trimming gains
Professional speculators are making record bets in volatility markets that U.S. stocks will keep rallying.
Hedge funds and other big traders tracked by the Commodity Futures Trading Commission have pushed net short positions on CBOE Volatility Index futures to 115,000 contracts, the most since 2013, data compiled by Bloomberg show. Shorting volatility is effectively a bet equity prices will rise since the VIX and stocks move in opposite directions 80 percent of the time…
Aug
09
Unique Lending Platform for Due Diligence Deposits Launched by Startup
Posted by: | CommentsRandy Morell and Ben Cohn started a business after seeing a gap in the real estate financing industry and are looking to attract talented investors for due diligence deposit loans.
Randy Modell, co-founder BCRM Group
After years in the real estate industry, in various roles, Columbia University graduate Randy Modell and British realtor Ben Cohn have seized a one-of-a-kind opportunity for a new business: loans for due diligence deposits. That is how they created BCRM Group, a startup looking to fund earnest money deposits for real estate purchases within the United States. The company aims to help buyers sign contracts and close on properties by offering immediate financing for soft deposits at a reasonable price.
Aug
09
Mobster or Central Banker? Spanish Cops Allege This Russian Both
Posted by: | Comments
Russian Prime Minister Vladimir Putin, Federation Council Deputy Chief Alexander Torshin, and State Duma Speaker Boris Gryzlov.
Photographer: Konstantin Zavrazhin/Getty Images
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Torshin called ‘boss’ by alleged mafia members, police say
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‘I’m a public individual and I’m not hiding anywhere’: Torshin
A former senator in Vladimir Putin’s United Russia party directed dirty-money flows for mobsters in Moscow before he was named a deputy head of the central bank last year, according to investigators in Spain.
Aug
09
JLL Completes $46M Sale of Boston Area Office Asset
Posted by: | CommentsThe 288,528-square-foot, Class A property was sold by Normandy Real Estate Partners.
Lexington Corporate Center, Lenxington, Mass.
Boston—JLL Capital Markets recently closed the sale of Lexington Corporate Center in Lexington, Mass., on behalf of Normandy Real Estate Partners. The 288,528-square-foot, Class A office property traded for $46 million. JLL also secured $32 million in acquisition financing for Burlington-based buyer RJ Kelly Co.
JLL managing directors Frank Petz, Chris Angelone and Jessica Hughes spearheaded the sale efforts, with SVP Jonathan Schneider securing the financing.
Aug
09
Top Chinese Fund Buys Automaker Shares in Bet Economy Recovering
Posted by: | Comments-
A new ‘bust-to-boom cycle’ is starting, fund manager says
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Tianhong is China’s largest fund with $192 billion in assets
Xiao Zhigang is betting China’s automakers will be among the biggest beneficiaries of a resurgent economy.
Xiao, a top-performing money manager at Tianhong Asset Management Co., has been adding Great Wall Motor Co. and SAIC Motor Corp. while reducing holdings of liquor shares. His $30 million Tianhong Stable Growth Mixed Fund has returned 12 percent this year, beating 99 percent of its competitors, compared with a 15 percent drop by the benchmark Shanghai Composite Index…
Aug
09
Barclays Debunks the Prevailing Wisdom on Hedge Fund Returns
Posted by: | CommentsBigger isn’t always better.
Photographer: Simon Dawson/Bloomberg
Barclays Plc just upended one of the most common narratives for why hedge funds are struggling to repeat the glory years: they found it’s not the number of funds that’s causing returns to languish. It’s their size.
That calls into question a piece of wisdom so well received that even the industry itself has started to repeat it. Barclays polled 340 investors with about $8 trillion in assets under management, and 74 percent of them said the primary reason for meager returns is that the industry itself has become too big…
Barclays Debunks the Prevailing Wisdom on Hedge Fund Returns
Aug
09
IBM Subsidiary to Move Cleveland Base
Posted by: | CommentsHemingway Development Co. hopes to build Explorys’ new home right next to the Cleveland Clinic.
Frank Jackson, mayor, City of Cleveland
Cleveland—Sixteen months after acquiring healthcare intelligence cloud company Explorys, IBM Corp. is angling to land a permanent home for its new subsidiary in the form of a 43,000-square-foot office building. Hemingway Development Co. is hoping to construct, according to a Cleveland Plain Dealer article. The project’s future hinges on a decision by the Cleveland City Council on incentives for the planned office destination.
Aug
09
Commonwealth Bank Profit Rises 3% to Record on Retail Earnings
Posted by: | CommentsCommonwealth Bank of Australia, the nation’s largest lender, posted a 3 percent increase in full-year profit to a record for the seventh consecutive year, driven by higher earnings at its retail banking unit.
Cash profit, which excludes one-time items, rose to A$9.45 billion ($7.25 billion) from A$9.14 billion a year earlier, the Sydney-based lender said in a regulatory filing Wednesday. That compared with the A$9.5 billion mean estimate of 13 analysts surveyed by Bloomberg…
Commonwealth Bank Profit Rises 3% to Record on Retail Earnings
Aug
09
Barclays Center Owner Prokhorov to Refinance Arena’s Debt
Posted by: | Comments-
Brookyln Nets, New York Islanders home may sell $480 million
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Sports-arena debt is backed by payments in lieu of taxes
Mikhail Prokhorov, the Russian-born billionaire owner of the Brooklyn Nets and the Barclays Center, is taking advantage of rock-bottom interest rates in the U.S. municipal bond market to refinance about $480 million of debt issued in 2009.
Aug
08
TIAA-EverBank Deal Offers a Lesson on Acquisitions
Posted by: | CommentsAn unorthodox American bank deal has provided the industry with a timely reminder on mergers and acquisitions. TIAA, the giant pension fund, is acquiring EverBank, a small bank that does business primarily online, for $2.5 billion.
TIAA, a nontraditional buyer, should be able to slash enough costs to justify the price tag, and regular lenders might find even more costs to cut. With earnings under pressure, such acquisitions are bound to become increasingly necessary.
Aug
08
Construction Underway for Delta Defense HQ
Posted by: | CommentsThe Opus Group has begun construction on the new 60,000-square-foot headquarters just north of Milwaukee.
Delta Defense headquarters, West Bend, Wis., renderingAug
08
LendingClub’s Quarterly Loss Widens; CFO Dolan Steps Down
Posted by: | Comments-
Firm names Coleman interim finance chief as Dolan leaves
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Fannie Mae CEO Timothy Mayopoulos to join company’s board
LendingClub Corp.’s loss widened to $81.4 million in the second quarter as the online loan venture sought to contain damage from a surprise leadership shakeup in May. On Monday, it announced the departure of its finance chief and bolstered its board.
The net loss compared with $4.1 million a year earlier. The adjusted per-share operating loss was 9 cents, missing the 3-cent loss estimated by analysts.
Aug
08
Barclays Agrees to Settle Libor-Rigging Inquiry for $100 Million
Posted by: | Comments
A Barclays bank branch in London. The multistate agreement announced Monday comes about four years after the bank paid $450 million to settle Libor manipulation claims with federal and British authorities.CreditKirsty Wigglesworth/Associated Press
Barclays is once again paying money to regulators to settle allegations that its employees sought to manipulate a major benchmark interest rate.
On Monday, the British bank agreed to pay $100 million to settle an investigation brought by 44 states into accusations of bid-rigging involving the London interbank offered rate, or Libor. Eric T. Schneiderman, the New York attorney general, announced the multistate settlement with Barclays, which comes roughly four years after the bank paid $450 million to settle claims of Libor manipulation with federal and British authorities…
Aug
08
Regency Centers Adds Retail to SoCal’s Tustin Legacy
Posted by: | CommentsSited at the core of the master-planned community, the shopping center will showcase a 44,000-square-foot Stater Bros. market as its anchor.
The Village at Tustin Legacy
Tustin, Calif.—Orange County’s new Tustin Legacy master-planned community continues to fill out and Regency Centers Corp. is among the latest developers to contribute to the 1,600-acre property’s growth. The grocery-anchored shopping center owner recently completed the acquisition of land for the development of The Village at Tustin Legacy, which will feature a $40 million, 112,000-square-foot retail center.
Aug
08
Deutsche Bank Fined $12.5 Million for ‘Squawk Box’ Failures
Posted by: | Comments-
Bank fined for not policing internal dissemination of research
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Lender ignored red flags despite warnings from compliance unit
Deutsche Bank AG was fined $12.5 million by an industry-backed U.S. regulator for failing to prevent the dissemination of non-public information over an internal speaker system.
Deutsche Bank Securities Inc. broadcasted confidential information through an internal speaker system known as “squawk boxes” without supervising certain employees’ access, according to a statement Monday from the Financial Industry Regulatory Authority. The Frankfurt-based bank repeatedly ignored red flags for years that its monitoring system was inadequate, Finra said…
Aug
08
Goldman Sachs’s Fight to Avoid Paying Employees’ Legal Fees
Posted by: | Comments
Sergey Aleynikov, center, a former programmer with Goldman Sachs, leaving court in New York City last year. CreditSam Hodgson for The New York Times
We know that paying for a lawyer can be an expensive proposition. The New York Times reported recently that a Turkish gold trader, Reza Zarrab, has hired a veritable who’s who of white-collar defense firms to defend him against charges of violating United States sanctions laws in dealings with businesses in Iran. Costs could rise to the tens of millions of dollars if the case goes to trial.
Aug
08
COPT Sells 137-Acre Philly-Area Office Campus
Posted by: | CommentsThe Class A redevelopment comprises four buildings that are 100 percent leased.
Hillcrest III at the Arborcrest Corporate Campus, Plymouth Meeting, Pa.
Philadelphia—Corporate Office Properties Trust, of Columbia, Md., has completed the sale of Arborcrest Corporate Campus, its Class A redevelopment office park in Plymouth Meeting, Pa., for $143 million.
The buyer was Spear Street Capital, of New York and San Francisco, JLL’s Mike Morrone, managing director, and Patrick Gallagher, senior VP, told Commercial Property Executive.
The campus comprises four office buildings that are 100 percent leased and total 654,000 square feet; plus the building at 785 Jolly Road, an approximately 190,000-square-foot “redevelopment opportunity;” and 27 acres of additional land…
Aug
08
JPMorgan Has More Than 20 IPOs Lined Up in September, Myers Says
Posted by: | Comments-
Bank has ‘a pretty broad swath of deals ready to launch’
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High-value tech, PE-backed companies to file in near future
The sluggish 2016 market for initial public offerings is poised for a more active third quarter, according to Liz Myers, global head of equity capital markets for JPMorgan Chase & Co.
The New York-based bank has more than 20 global IPOs lined up and ready to go in September alone, Myers said in an interview on Bloomberg TV on Monday.
Aug
08
Scuttled Home Purchases, Legal Risks Mount From Vancouver Tax
Posted by: | Comments-
More than 400 deals reported to face collapse after new tax
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15% tax on foreign buyers may violate international treaties
British Columbia’s decision to impose a 15 percent tax on foreign buyers to cool Vancouver’s scorching housing market is poised to derail more than 400 home purchases worth millions of dollars and may prompt calls for legal action.
At least 427 deals are likely to collapse due to the new measure, according to Dan Morrison, president of the Real Estate Board of Greater Vancouver, citing responses from 27 brokers to an e-mail inquiry. The group didn’t calculate the value of those sales, though they would be worth about C$404 million ($307 million) based on the average purchase by a foreign buyer of C$946,945…
Aug
08
Aeropostale Cleared to Seek Bankruptcy Rescue From Versa Capital
Posted by: | Comments-
Retailer, lenders resolve fight that threatened potential sale
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Company, Versa seek to reach ‘stalking horse’ deal by Aug. 11
Aeropostale Inc. settled a dispute with lenders that threatened to scuttle a potential bid from a Versa Capital Management unit to buy the teen-clothing chain out of bankruptcy.
Versa Capital Fund III is working with Aeropostale to make a binding opening offer for its assets at an auction. The retailer won court approval Monday to pay expenses the Versa affiliate has incurred preparing the so-called staking horse bid, clearing the way for the companies to possibly reach a deal on the offer by Aug. 11. Competing bids would be due by Aug. 18 and the auction would be held Aug. 22…
Aug
08
Yardi Matrix: Portland’s Promise
Posted by: | CommentsMultifamily Summer Report 2016: Broad-based job growth and a constant influx of Millennials have propelled apartment rent increases in Portland to among the highest in the nation.
Portland rent evolution, click to enlarge
Broad-based job growth and a constant influx of Millennials have propelled apartment rent increases in Portland to among the highest in the nation—though that growth is expected to decelerate as a result of a heavy development pipeline. Employment is boosted by industries such as education, health care, business and hospitality, while the tech sector is flourishing in the “Silicon Forest.“
Aug
08
Economy, Real Estate Drive Canadian Consumer Confidence Higher
Posted by: | Comments-
Bloomberg-Nanos index posts fifth consecutive weekly gain
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Optimists outnumber pessimists by widest margin since November
Consumer sentiment rose for a fifth week with Canadians becoming more optimistic about the economy and housing market, weekly polling showed.
The Bloomberg Nanos Canadian Confidence Index — derived from survey responses on personal finances, job security and the outlook for the economy and real estate prices — rose to 59.9 in the week ended Aug. 5 from 59.5 previously. That’s the highest since September 2014…
Economy, Real Estate Drive Canadian Consumer Confidence Higher
Aug
08
Hong Kong Property Stocks Are Hottest Since Eve of 1997 Collapse
Posted by: | Comments-
Gains outstrip Hang Seng Index despite supply, rate concerns
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‘The rally in share prices is over,’ says Bocom analyst
Hong Kong real estate shares haven’t been this hot since the city’s last housing bubble burst almost two decades ago.
The industry’s benchmark equity gauge has surged 37 percent from this year’s low in January, climbing to the highest level versus Hong Kong’s Hang Seng Index in 19 years on July 29. The last time property companies performed that well relative to the broader market was October 1997, just before the Asian financial crisis sparked a collapse in Hong Kong’s real estate market…
Aug
07
How Dell Raised $67 Billion for the Biggest Tech Deal Ever
Posted by: | Comments
Michael Dell, right, chief executive of Dell, with Egon Durban, managing partner of Silver Lake. The men used a “rolling thunder campaign” to raise money for the EMC deal. CreditBen Sklar for The New York Times
MENLO PARK, Calif. — When Dell first announced its $67 billion deal to buy the fellow technology giant EMC last year, the transaction faced no small amount of skepticism — in large part because it was simply so expensive.
Yet after months of complicated financial maneuvering, EMC shareholders voted overwhelmingly last month to approve the sale.
Aug
07
Trump’s Economic Team: Bankers and Billionaires (and All Men)
Posted by: | Comments
From left, Tom Barrack, Steve Mnuchin and John PaulsonCreditFrom left, Alex Wong/Getty Images, Jason Merritt/Getty Images for BWR and Fred R. Conrad/The New York Times
Donald J. Trump may rail against Wall Street and business elites at his campaign rallies, but that has not stopped him from turning to many of them for economic advice. On Friday, Mr. Trump announced his economic team, just days before he is expected to give a speech in Detroit on Monday about what he would do to improve American growth.
Aug
07
Phillips Edison Appoints New VP
Posted by: | CommentsDawn Stamper, the company’s new regional vice president, will be in charge of all Mid-Atlantic property management operations.
Dawn Stamper, Phillips Edison & Co.
Cincinnati—Phillips Edison & Co. recently announced the promotion of Dawn Stamper to the position of regional vice president of property management for the Mid-Atlantic region. In her new role, she will be in charge of all property management operations in the area. Stamper will also lead relations with third party and joint venture partners regarding all property management matters.
Aug
07
TIAA, GGP Go Shopping in Vegas
Posted by: | CommentsTIAA Global Asset Management purchased a 50 percent stake in the Fashion Show Mall for a whopping $1.25 billion.
Fashion Show Mall, Las Vegas
Las Vegas—TIAA Global Asset Management is teaming up for a third time with mall owner General Growth Properties Inc., as a partner on one of its high-end shopping centers. Under the latest joint venture deal, TIAA owns 50 percent of the Fashion Show Mall in Las Vegas, after purchasing its stake for $1.25 billion.
The information was made public this week by GGP CEO Sandeep Mathrani during the company’s second-quarter earnings conference call. Mathrani, who noted that the transaction values the 1.9 million-square-foot property at $2.5 billion, called Fashion Show a “one-of-a-kind asset.”…
Aug
07
R.B.S. Posts $1.43 Billion Loss in 2nd Quarter, as Litigation Costs Balloon
Posted by: | Comments
A Royal Bank of Scotland branch in Central London. The lender announced plans last year to dismantle its global investment bank. CreditStefan Wermuth/Reuters
LONDON — The Royal Bank of Scotland said on Friday that it posted a large loss in the second quarter on ballooning litigation costs, as it grappled with restructuring to shift away from being a lender with global ambitions.
The lender, which is 73 percent owned by the British government after a bailout during the financial crisis, announced plans last year to dismantle its global investment bank. It also wants to reduce the number of countries in which it operates, to focus on retail and corporate banking in Britain and Ireland. But it has struggled to rid itself of part of its branch network, and litigation costs have risen sharply…
Aug
07
Newmark, Olmstead Close $61M LIC Purchase
Posted by: | CommentsThe joint venture partners paid $61 million for a six-story office asset in Long Island City.
43-01 22nd St., Long Island City
New York—Newmark Holdings and Olmstead Properties have acquired 43-01 22nd St., a six-story, 225,000-square-foot office property in Long Island City, for a total of $61 million. The asset is located in the heart of the Courthouse Square section of the neighborhood, and had been previously family-owned since the 1920s. The joint venture partners now share equal ownership of the building, co-CEOs Eric Gural and Brian Steinwurtzel of Newmark Holdings announced.
Aug
07
Fake Hedge Fund Manager Gets Seven Very Real Years In Prison
Posted by: | CommentsAug
07
Best Market Settles Down in Long Island
Posted by: | CommentsThe company’s new Bay Shore headquarters will also serve as a distribution center and regional food hub.
Entenmann’s Bakery in Bay Shore, Long Island
New York—Local grocery chain Best Market announced its plans to move into a new 200,000-square-foot headquarters in Bay Shore, Long Island, and bring 125 new jobs to the area during the next five years.
Located in the former Entenmann’s factory, Best Market’s new headquarters will also serve as a distribution center and food incubator, and will anchor a proposed regional food hub at the site. The move will allow the company to expand its Long Island operations and retain 2,077 jobs throughout the region…
Aug
07
Hedge Funds Have Nothing On Huggably-Round Finnish Fairy Tale Characters In Japan
Posted by: | Comments![By kallerna (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons](https://dealbreaker.com/uploads/2016/08/moomin-300x232.jpg)
By kallerna (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons
In the 1980s, Robert Hirst helped pioneer yen swaps. For the last decade, he’s gotten to know Japanese investors intimately by trying to sell them hedge funds. Here is the sum of what he’s learned about Japan during his three decades in the country:
Japan loves “kawaii,” says Hirst, referring to the Japanese word for cute.
Aug
07
The latest homeownership rate figures show an interesting dichotomy to the housing market. While prices are up, the homeownership rate is down. And down significantly. The homeownership rate is now at levels last seen 50 years ago (the latest figures are the lowest in a generation – each update seems to bring a new low). This flies in the face of all the house humping that is being pushed out into the market. What we do know is that Millennials are simply not buying numbers in any “pent up demand” form. In fact, a record number of Millennials are living at home with at least one parent. The data is interesting since the drive is being pushed by older Millennials, those that should be buying. Younger Millennials are likely in college accumulating back breaking levels of debt. There has been research showing that student debt is a hindrance to buying a home. So are we simply creating a new generation of boomerang kids?…
Aug
07
Dollar Tree Moves Forward with $110M Virginia HQ
Posted by: | CommentsThe company intends to develop the tallest building in Chesapeake, Va., and bring 600 new jobs to the area.
Crossroads At Chesapeake Square and Chesapeake Commons, Chesapeake, Va.
Chesapeake, Va.—Dollar Tree Inc. will move forward with its existing $110 million plan to develop its corporate headquarters on a 70-acre site in Chesapeake, Va.
“Dollar Tree has seen tremendous growth over the past 30 years,” Bob Sasser, Dollar Tree CEO, said in a company release. “We have grown from a small number of stores to a leading retailer with more than 14,000 retail stores across North America. To facilitate our continued growth, we are investing in the development of corporate facilities.”…
Aug
07
Steve Cohen Preparing For Black Friday-esque Mob On Jan. 1, 2018
Posted by: | CommentsWhile the tourists and suckers ring in 2018 35 miles to the southwest, a crowd of besuited and discerning hedge fund investors will be lining Cummings Point Road, shivering both from the frigid winds whipping in from the Long Island Sound and from excitement, staving off frostbite beside the steaming vats of hot dog water (and hot dogs, if there are any left) at the Super Duper Weenie truck. Tough Mudder-style, they’ll each have a number scrawled across their forehead, which is the order in which—at 11:45 p.m. exactly, they’ll begin wailing away at the Preet Bharara piñata hanging in the lobby. He or she who breaks the papier mâché U.S. Attorney will be rewarded not just with the much-needed Stamford Harbor Capital fleece contained therein, but with the opportunity to award the liberated Steve Cohen with his first eight- or nine-figure check since The Unpleasantness. The rest will have to scratch and claw their way through the others in hopes of getting a few ducats in before the fund is closed and the disappointed are sent back out into the cold, empty-handed, losers in Donald Trump’s America…
Aug
07
One of the biggest pitches about buying real estate is the inevitable buildup of equity overtime. Of course the data usually used shows people staying put for 30 years instead of the real world figure of an average of 13 years. Lives change. People move. Jobs come and go. Millennials are largely staying with parents and there must be a way to get them out. In the Bay Area, you always hear politicians saying something like “it is hard for a teacher or fire fighter to buy a home” but rarely mentions that the typical crap shack will cost you $1.2 million. Since when did “middle class” jobs demand living like a millionaire? But never fear. The wonderful ideas of a mania are now popping up left and right like incredibly low down payment loans and a new one, crowd funding your down payment…
Aug
07
LA Plaza Village Breaks Ground in El Pueblo
Posted by: | CommentsThe 355-unit, transit-oriented multifamily development will also include 43,700 square feet of retail space.
LA Plaza Village
Los Angeles—High Street Residential, Principal Real Estate Investors and the Cesar Chavez Foundation have kicked off construction of LA Plaza Village, a 355-unit multifamily project that will meld the historic with the modern, and create a cohesive link in one of Los Angeles’ oldest neighborhoods.
Aug
07
U.K. House Prices Slide by Most in Five Months After Brexit Vote
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Values slipped 1 percent in July, falling most since February
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Halifax says too early to tell impact of Brexit on market
U.K. house-prices fell by the most in five months after Britain’s decision to quit the European Union, although it’s still too early to tell how much Brexit has damped the market, Halifax said.
Prices dropped 1 percent in July, the biggest slide since February, reversing a 1.2 percent gain in June, the mortgage lender said in a statement on Friday. Values were still up 1.6 percent in the three months through July and were up 7.8 percent from a year earlier, to an average 214,678 pounds ($281,765)…
Aug
04
Miami Dolphins Stadium Undergoes Major Makeover
Posted by: | CommentsThe Miami Dolphins Stadium will unveil major upgrades across the entire facility in time for the upcoming NFL season.
Rendering of The Miami Dolphins Stadium
Miami—Hunt Construction Group, an AECOM company, recently finished the second top-out phase of the 65,326-seat Dolphins Stadium, home to the NFL’s Miami Dolphins. Hunt is the construction manager for this multi-year renovation that will modernize the vibrant entertainment destination.
Aug
04
New San Jose Affordable Community Now Officially Open
Posted by: | CommentsThe community was built on the bones of the former Hitachi campus, now a large-scale master planned community.
Oak GroveAug
04
Antitrust Lawyer Who Handled Tech Collusion Case to Join Private Firm
Posted by: | CommentsJames J. Tierney, the government antitrust lawyer who oversaw the complaint accusing six major Silicon Valley companies of colluding not to recruit competitors’ employees, is leaving the federal job to join the law firm Orrick, Herrington & Sutcliffe.
The chief of the Justice Department’s networks and technology enforcement section, Mr. Tierney, 62, worked for the government for 26 years. He oversaw all civil antitrust enforcement and competition policy in the areas of computer hardware and software, high technology component manufacturing, financial services, securities industries and professional associations…
Antitrust Lawyer Who Handled Tech Collusion Case to Join Private Firm
Aug
04
Silverstein Signs Major Tenant at 4WTC
Posted by: | CommentsZurich American Insurance will take over three floors within the downtown Manhattan office tower.
4 World Trade Center
New York—After months of rumors that it was looking to move its New York headquarters from One Liberty Plaza to new offices at 4 World Trade Center, Zurich American Insurance Co. and Silverstein Properties confirmed the global insurance giant has leased space at the downtown Manhattan WTC complex.
Zurich plans to take over 132,000 square feet on the 52nd, 53rd and 54th floors of the 72-story, 2.3 million-square-foot tower starting in summer 2017.
Aug
04
Goldman No Longer Confident It Can Sell Fund Stakes by Deadline
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Bank has $7 billion of private-equity, hedge fund holdings
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Federal Reserve pushed back Volcker rule deadline last month
Goldman Sachs Group Inc. may struggle to profitably unload its holdings in private-equity firms and hedge funds by a July 2017 deadline set by the Federal Reserve under the 2010 Dodd-Frank Act.
The Wall Street bank, which has about $7 billion of such alternative assets, said in its first-quarter regulatory filing in May that it could “exit the majority of such interests in these funds in orderly transactions” before the July 21 deadline. The company omitted that language in its second-quarter filing on Thursday and said that it could be forced to sell such assets at a discount…
Aug
04
Bank of England Cuts Interest Rate to Historic Low, Citing Economic Pressures
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“There is a clear case for stimulus, and stimulus now,” Mark Carney, the governor of the Bank of England, said on Thursday. CreditPool photo by Justin Tallis
LONDON — The Bank of England said on Thursday that it would cut its main interest rate to its lowest point ever and expand other measures to bolster Britain’s economy over concern that the country’s decision to leave the European Union could weigh on growth.
Aug
04
American Equity Adds Raymond James’s Schwartz for Investor Role
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Schwartz becomes vice president of investor relations
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CEO says ‘delighted’ to have Schwartz join after covering firm
American Equity Investment Life Holding Co., the second-biggest seller of indexed annuities in the U.S., hired Raymond James Financial Inc.’s Steven Schwartz as vice president of investor relations.
Chief Executive Officer John Matovina announced the addition of Schwartz during Thursday’s second-quarter earnings call, noting that he joined earlier this week after covering the firm for more than 12 years as an analyst.
“Needless to say, he won’t have much of a learning curve in his new position with us,” Matovina said. “We’re delighted to have him at American Equity.”…