Microsoft’s New SV Campus Aims for Maximum Green
By · CommentsMicrosoft’s new Silicon Valley Campus, a 643,000-square-foot “modernization” of the tech giant’s 32-acre location in Mountain View, Calif., will be the company’s “smartest, greenest office yet,” according to a blog post earlier this week by Microsoft Chief Technology Officer Kevin Scott.
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Upward revision to business investment exceeds expectations
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Drop in private consumption underscores soft consumer demand
Japan’s economy expanded in the third quarter more than initially reported, as the export recovery drove stronger business investment and rising inventories. Private consumption fell, underscoring the divide between external demand and consumer spending…
Japan’s 3Q GDP Growth Revised Up to 2.5% on Capital Spending
San Jose Office Tower Lands $200M
By · CommentsLane Partners has secured $200 million for the acquisition of HQ@first, a three-property creative office tower in San Jose. NKF Capital Markets arranged the financing placed with Blackstone Mortgage Trust.
Located at 110, 120 and 130 Holger Way, the 603,666-square-foot, Class A asset was constructed in 2010 and is situated on just under 10 acres. The LEED Gold certified property features landscaped paths, views of the bay and hills, patio areas, a fitness center with locker rooms, executive business center, natural light, outdoor barbecue, basketball court, game room and 300-plus seat cafeteria…
Growing Economy Spurs Development in West Palm Beach
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Firm is said to have $200 million position in Hovnanian battle
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Bank said to have sold CDS on builder that GSO wants triggered
In a year of missteps across its trading business, Goldman Sachs finds itself in a dicey situation again…
Goldman Traders Are Caught Up in a Bizarre, Tense Hedge Fund Battle
NCC Closes $33M Sale of Sacramento Retail Center
By · CommentsHall Equities Group has sold Laguna Village, a 120,893-square-foot community retail center in the North Laguna area of Sacramento, Calif. for $32.5 million.
Newmark Cornish & Carey (NCC) Senior Managing Directors Mike Zylstra and Forrest Gherlone represented the seller, while NCC Executive Vice President Tom Fehr, Senior Managing Director Anthony Pappageorge and Director Zachary LeBeouf represented the buyer, Laguna Village Investors LLC, a private investor from the Sacramento area…
U.K. house prices rose for a fifth month in November as a lack of homes for sale kept the market tight…
U.K. House Prices Rise for a Fifth Month on Dearth of Supply
Hedge Fund Performance Slipped in November
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Firms lost about 0.1% last month in biggest drop since June
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S&P 500 rallied more than 20% for the year through November
Hedge funds slipped in November, losing about 0.1 percent on average, even as the broader stock market rose, according to a report Thursday by Hedge Fund Research...
When Steve Case, the billionaire co-founder of AOL, first met J. D. Vance, author of “Hillbilly Elegy,” the best-selling book about the industrial decline of the Midwest, Mr. Case told him, “I really love the book but there is a part of it I don’t love.”
Mr. Vance listened patiently.
“It helped frame the problem but it didn’t really offer up a solution,” Mr. Case told him…
From Bezos to Walton, Big Investors Back Fund for ‘Flyover’ Start-Ups
EPP Invests $818M in Polish Shopping Center Portfolio
By · CommentsEcho Polska Properties has acquired 12 major shopping centers and retail parks in Poland, in three tranches, in the course of three years. The purchase, from a consortium with 25 percent owned by Redefine Properties, totals €692 million or around $818 million. This acquisition is part of a larger 28-property portfolio that was taken over by the consortium.
Behind NJ’s $2.5B Riverton Redevelopment
By · CommentsThe brownfield redevelopment trend continues to emerge throughout the northeastern U.S. as a profitable strategy for developers. North American Properties (NAP) has revealed its plans for Riverton, a $2.5 billion riverfront project in Sayreville, N.J., which will offer a mix of retail, restaurants, office space, hotels with resort-inspired services, parks and a marina, complemented by open gathering spaces, all on a 418-acre site.
SAN FRANCISCO — Shervin Pishevar, a Silicon Valley investor, is taking a leave of absence from his venture capital firm and the boards of several companies he sits on amid reports that he sexually harassed or assaulted five women.
In a statement on Tuesday, Mr. Pishevar said he was taking a leave from Sherpa Capital, the venture firm he co-founded; the transportation company Virgin Hyperloop One, which he also helped found; as well as other company boards…
Silicon Valley Investor Takes Leave of Absence After Harassment Reports
Cypress Equities Expands Property Management Portfolio
By · CommentsCypress Equities will handle property leasing and management services for Bayshore Town Center in Glendale, Wis., a suburb of Milwaukee. The 52-acre, open-air mixed-use development boasts 1.3 million square feet of retail, office and residential space. The change in management and leasing comes after the sale of Bayshore to AIG Global Real Estate Services.
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Changes could send already low U.S. home inventories lower
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Losing deductions will be especially tough in high-tax states
In San Francisco and Scarsdale, Jersey City and Greenwich, the real estate talk is the same: Just how bad will this Republican tax overhaul hurt?…
The GOP Tax Plan Would Make America’s Housing Shortage Even Worse
Houston Center Trades for $875M
By · CommentsIn one of Houston’s largest office transactions ever, the 4.2 million-square-foot Houston Center has traded for $875 million. Having relied on HFF to secure a buyer, institutional investors advised by J.P. Morgan Asset Management sold the nine-acre downtown property to Canada’s Brookfield Properties. HFF also arranged acquisition financing on behalf of Brookfield.
Divaris Facilitates 6 Transactions in Richmond
By · CommentsDivaris Real Estate’s Richmond office completed six new deals in the metropolitan area, totaling 63,842 square feet. The transactions included a sale and five leases.
The sale comprised a 2.1-acre plot of land and a 28,300-square-foot warehouse building, which Bloxton Investment Group acquired for $1.4 million from SKS Associates. Vice Presidents Peter Vick and Harrison Hall represented the buyer in the transaction. The asset is located at 2800 Ackley Ave. in Henrico, Va. The location provides access to distribution routes, such as Route 33 and Interstate 295…
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Debate divides Wall Street; Goldman says short the 10-year
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Yields now show more sensitivity to inflation than jobs data
For traders in the world’s biggest bond market, getting inflation right is shaping up as the key to winning 2018…
Bond Traders Home In on Inflation Mystery as the Key to Winning 2018
Inland Empire’s Road to Recovery
By · CommentsThe Inland Empire’s economy is strong, fueled by port activity and a bustling housing market, but that doesn’t translate into significant growth for the office sector. Although office-using jobs have grown by about 17 percent during the last decade, they account for only a small share (14 percent) of total employment. As a result, lease rates and development are increasing at moderate levels.
A Decade Since the Recession: How Retail Recovered
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Portfolio to hold mostly digital tokens from secondary market
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Of more than 100 crypto funds, only a few use quant strategies
A daring few hedge funds are attempting to apply rules and models to the wildest market out there — cryptocurrencies…
Hedge Funds Try a Quant Approach to Tackling Cryptocurrencies
Griffin Capital Acquires $130M SC Office Campus
By · CommentsGriffin Capital Essential Asset REIT has acquired LPL Financial Carolinas Corporate Campus for $130 million. Comprising two buildings, the campus is fully leased to LPL Holdings, with 19 years remaining on its lease and a 1.8 percent annual base rental rate increase.
Downtown Growth Drives Demand in Cleveland
By · CommentsAlthough underperforming in the current cycle, the Cleveland multifamily market is on sound footing, mainly due to the city’s thriving core. Many central areas are also growing, but the suburbs continue to face the effects of the last downturn.
Deutsche Bank Records Said to Be Subpoenaed by Mueller
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Corrects Dec. 5 story that said subpoena ‘zeroed in’ on Trumps
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Subpoena is said to seek information on affiliated people
Deutsche Bank AG provided records to special prosecutor Robert Mueller’s investigation after receiving a subpoena several weeks ago, according to a person briefed on the matter…
Deutsche Bank Records Said to Be Subpoenaed by Mueller
C&W Closes Sale of 75-Acre Former Konyn Dairy Site
By · CommentsTouchstone Communities has bought a 75-acre site in San Diego from the Konyn Family for $6 million. The firm plans to develop Park Circle, a horizontal mixed-use, master-planned community. Located in in the heart of the emerging Valley Center at the northwest corner of Valley Center Road and Mira de Valle in San Diego, the land was formerly used by Konyn Dairy for agricultural purposes.
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Canadian lender’s shares fall after reporting audit results
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Montreal bank says it’ll buy back $142 million of mortgages
Laurentian Bank of Canada fell the most in almost nine years after reporting it found customer misrepresentations on some mortgage loans it sold to another firm, echoing problems that almost sunk alternative-lender Home Capital Group Inc. earlier this year…
MacKenzie Inks 39 KSF in Suburban DC
By · CommentsForman Mills, a big-box retailer specializing in off-price apparel, has signed a lease for more than 38,500 square feet at Forestville Plaza Shopping Center in Prince George’s County. MacKenzie Commercial Real Estate Services LLC arranged the lease, which lowered the remaining leasing area of the mall to 2,000 square feet.
Forestville Plaza Shopping Center is located east of downtown Washington, D.C., at the intersection of Pennsylvania Avenue and Forestville Road and comprises 218,000 square feet. Anchor tenants include Roses, Save-a-Lot, Price Busters Furniture and Shoe Show. The shopping center was recently redeveloped, receiving an upgraded exterior facade, parking lot resurfacing and lighting fixtures…
DAUM Brokers Sale of 41 KSF Industrial Facility in OC
By · CommentsDAUM Commercial Real Estate Services has arranged the sale of a 40,532-square-foot industrial facility in Huntington Beach, Calif. The facility was acquired by a family-owned electronic vaping business for $7.2 million. DAUM Commercial worked on behalf of the buyer and JLL represented the seller, Carol Watson Trust, in the deal.
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Shares with more than 5% foreign ownership tend to outperform
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Examples in Shenzhen include Hangzhou Hikvision and Midea
It’s worth looking for companies with relatively high foreign ownership when buying Chinese shares, according to Goldman Sachs Group Inc.
Onshore stocks that are more than 5 percent-held by foreign investors typically beat the overall market, Goldman’s chief China strategist Kinger Lau said. Examples include Hangzhou Hikvision Digital Technology Co. and Midea Group Co., which have surged 125 percent and 82 percent in the past 12 months as a trading link to Shenzhen boosted their foreign ownership to more than 9 percent. The Shenzhen Composite Index has dropped 9.7 percent since the link was opened on Dec. 5, 2016…
AISD to Finalize Sale of Austin Assets, Relocate HQ
By · CommentsThe Austin Independent School District is advancing with the sale of several buildings, including the district’s headquarters building—the Carruth Administration Center located at 111 W. Sixth St. Approval from the district’s trustees is pending.
The board had started soliciting bids for a number of properties through an open, public process…
Becker Properties has completed its fourth retail acquisition in San Diego County during the past 24 months. The newest addition to its portfolio is Riverdale Shopping Center, a 66,416-square-foot property located in the Mission Gorge of San Diego submarket. Becker bought the CVS-anchored retail center for $10.1 million, from a joint partnership advised by investment firm SENTRE. The partnership includes Peckham Properties Inc., Commercial Sites Ltd. and Wells Fargo Bank as trustee of McKinney Survivor’s Trust.
WeWork Signs 45 KSF Lease in Manhattan
By · CommentsSwiss pension fund AFIAA has signed a 15-year lease with WeWork at one of its office buildings in Manhattan. The tenant will occupy 45,000 square feet of space, bringing the asset’s office occupancy rate to 100 percent.
Economic Diversity Drives Growth in Columbus
By · CommentsColumbus’ growing economy and relatively affordable housing are attracting residents and boosting multifamily demand. A business-friendly environment and an educated workforce are drawing investors to Ohio’s largest city, fueling a growing residential market. Columbus rents were up 3.0 percent in the year ending in September, topping the U.S. average by 80 basis points.
SEC Probes If Banks Helped Hedge Funds Inflate Returns
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Regulator asking whether brokers gave funds sham bond quotes
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Banks facing questions from agency include JPMorgan and Citi
Wall Street banks are known to fiercely compete for hedge-fund clients because of the lucrative trading profits they provide.
The U.S. Securities and Exchange Commission is now investigating whether some banks crossed the line to win business by offering hedge funds bogus price quotes on hard-to-value bonds, said two people familiar with the matter. The SEC’s concern: As a reward for helping hedge funds make money — by submitting quotes at requested levels — banks got trades steered their way…
Recursion to Open New HQ in SLC
By · CommentsRecursion Pharmaceuticals will relocate its headquarters to The Gateway, a mixed-use downtown lifestyle and entertainment district located in the heart of Salt Lake City. Located along 400 West, between 200 South and South Temple, The Gateway is currently managed by Vestar, a privately held real estate company specializing in the development and administration of shopping and entertainment destinations. Since its founding in 2013, Recursion Pharmaceuticals has been based in Research Park near the University of Utah.
EPA Deregulation’s Increased Risk for Real Estate
By · CommentsIt is the business of insurance companies to price risk. Insurance, in fact, has been doing this since the second millennium B.C., as evidenced in the Babylonian Code of Hammurabi. Lloyd’s of London has been underwriting risk since the 1750s, and Benjamin Franklin set up a fire insurance company in the colonies as early as 1752. Today, no commercial real estate owner would consider foregoing property and casualty insurance.
Singapore Property Bulls Ignore Central Bank’s Warning
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CapitaLand may gain 42% over a year, Morgan Stanley forecasts
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Property stocks set for their best yearly gain since 2012
Singapore developers may extend their share rally into 2018 on a reviving home market, according to money managers and analysts, who say the central bank’s warning on a potential oversupply may not play out for years…
C&W Closes Broward County Office Leases
By · CommentsCushman & Wakefield has negotiated seven new leases totaling 59,130 square feet at Pembroke Pointe 880, a Class A office building in Pembroke Pines, Fla.
Located at 880 SW 145th Ave., Pembroke Point 880 was completed in 2015 and is part of a planned four-building office campus spanning across 36 acres. Encompassing 143,355 square feet, the property features 36,111-square-foot floor plates, ample parking and is currently 86 percent occupied…
Downtown Seattle Office High-Rise Changes Hands
By · CommentsA property fund managed by TH Real Estate has purchased Millennium Tower, a 20-story, 201,371-square-foot office building in downtown Seattle, it was announced on Friday by the seller, Union Investment, of Hamburg, Germany.
The property located at 719 Second Ave. is reportedly fully occupied and had been a part of Union Investment’s portfolio since 2003, about two years after it was completed. According to Yardi Matrix data, Union Investment paid roughly $64.8 million to Beacon Capital Partners for the asset 14 years ago…
Berkadia Appoints New Head of Mortgage Banking
By · CommentsBerkadia has selected Hilary Provinse as its newest executive vice president & head of mortgage banking. In her new role, she will be responsible for overseeing a team of 130 mortgage bankers across 31 office locations and will be a part of Berkadia’s management committee. Provinse will report to Executive Vice President & Head of Production Ernie Katai.
New Boston Fund Sells $145M Multifamily Asset
By · CommentsJust two years after completing development of The Tower at One Greenway, New Boston Fund has sold the 217-unit luxury rental community in downtown Boston for $144.5 million, or more than $660,000 per unit. The real estate investment manager relied on the assistance of HFF to sell the trophy property, which was purchased by PGIM Real Estate, according to Suffolk County records.
Partnership Buys Two Orlando Industrial Portfolios
By · CommentsA partnership between Denholtz Associates and Militello Capital has purchased two industrial/flex portfolios in Orlando, Fla., for $17 million from Brennan Investment Group. The Silver Star Portfolio is an eight-building, 254,915-square-foot portfolio acquired for $12 million, while the Parkway Commerce Center is a two-building, 91,500-square-foot property bought for $5 million.
Henderson Pays $42M for Philly-Area Office Campus
By · CommentsThe firm purchased a five-building office portfolio in Newtown Square, Penn., its first real estate deal, part of its new strategic growth plan.
In a deal brokered by JLL, Brandywine Realty Trust has disposed of a 250,000-square-foot office portfolio in Newtown Square, Pa. The Henderson Group paid $42 million for the five buildings—its first real estate acquisition.
The assets are situated at 11, 14, 15, 17 and 18 Campus Blvd., in the close proximity of retailers, residential communities and parks, as well as historic landmarks such as the Aronimink Golf Club and Ellis Preserve. Four buildings are fully leased to diverse tenants including the Project Management Institute, Executive Health Resources and USDA Forest Service. The two-story, 50,000-square-foot property at 17 Campus Blvd., suitable for financial or professional services and healthcare companies, is available for lease…
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German probe comes after Swiss examination of another HNA deal
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Chinese conglomerate is biggest Deutsche Bank shareholder
HNA Group Co., the Chinese conglomerate that’s the largest shareholder in Deutsche Bank AG, is being probed in Germany over whether it accurately reported its holdings when building the stake, according to two people briefed on the matter who asked for anonymity in discussing non-public information…
BLT Inks for 24 KSF at Stamford Office Asset
By · CommentsTudor Investment Corp. has signed a lease for 24,000 square feet of space at 200 Elm St., a Class A office asset in Stamford, Conn. The property is owned by Building and Land Technology and Tudor will occupy space in the B wing, being expected to move in April of 2018. Brian Carcaterra of CBRE Connecticut represented Tudor in the transaction.
Waste Management Relocates Phoenix Branch
By · CommentsWaste Management Inc. will relocate its Phoenix office from 221 N. 48th Ave. to a full floor of the Union Hills Office Plaza. The environmental services company is set to occupy more than 47,000 square feet by the end of the year.
Homebuilders’ Shares May Be Set for a Teardown
By · CommentsOne of the sectors potentially most at risk from the Republican tax bill is housing. Investors, though, don’t seem to have been home to get the message.
The stocks of residential builders have been some of the market’s best performers in 2017. The Dow Jones U.S. Select Home Builders Index is up 56 percent this year. And some stocks have done much better. Shares of $13 billion homebuilder NVR Inc. are up 109 percent since the beginning of the year. The stock of KB Home has climbed nearly 95 percent. The much-watched FANG stocks like Apple and Netflix are up a lowly 47 and 51 percent, respectively, by comparison…
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Exchange link providing access to market opened a year ago
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Opportunities seen within index that’s fallen 8% in past year
Foreign investors are sticking with their favorite Shenzhen stocks even as the exchange they trade on has been left in the dust by the global equity rally.
Surveillance camera maker Hangzhou Hikvision Digital Technology Co. and liquor company Wuliangye Yibin Co. were among those recommended by analysts as China opened the Shenzhen Composite Index to the outside world exactly a year ago. Foreign investors piled in, helping the shares of those companies double in value in 12 months. While they’ve fallen from November’s record highs, sentiment over their longer-term outlook remains bullish…
BRIDGE Invests $5M in Ft. Lauderdale Office Reno
By · CommentsBRIDGE Commercial Real Estate has revealed that its $5 million capital improvement plan at BayView Corporate Tower in downtown Fort Lauderdale, Fla., is nearing completion. The final phase of the repositioning project is scheduled for completion during the first quarter of 2018.
Located at 6451 N. Federal Highway, BayView Corporate Tower encompasses 412,520 square feet and is Broward County’s largest office building. The 12-story tower features an on-site café, floor plates of up to 33,500 square feet, on-site security and management, outdoor picnic area and ample parking…
NYC Garage Portfolio Commands $50M
By · CommentsKamber Management Co. has acquired a Riverside Garage portfolio consisting of three parking facilities on Manhattan’s Upper West Side for $50 million from 80-20 LLC.
All three parking facilities are located on the base of condominiums, at 80, 100-120 and 220-240 Riverside Blvd. The properties are fully leased to Icon Parking Systems, considered the premier garage operator in New York City…
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Barclays, Goldman Sachs and BofA commit $49 billion in funding
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Transaction to be backed by biggest U.S. bridge loan of 2017
Wall Street banks including Barclays, Goldman Sachs and Bank of America could share in a fee bonanza of as much as $600 million, after pledging one of the biggest financing checks ever to help fund CVS’s $67.5 billion takeover of Aetna.
Hedge Funds Prepare to Trade Against Bitcoin
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New bitcoin futures contracts will draw in more investors
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Seen as one of greatest short opportunities, investor says
A bitcoin big short is building.
The planned introduction of bitcoin futures contracts at CME Group Inc., Cboe Global Markets Inc. and Nasdaq Inc. will make it much easier to bet on a decline. Hedge funds, which have largely stayed on the sidelines, are waiting for the Chicago Mercantile Exchange’s futures market to open for a fresh opportunity to bet against the cryptocurrency, according to more than a half dozen people trading the assets…
New JV to Build 120 KSF CA Self-Storage Facility
By · CommentsMiami City Self Storage and Cypress Equity Investments have formed Pacific Storage Partners, a joint venture targeting urban infill development opportunities in Los Angeles and Northern California. The new entity’s first development, a 120,000-square-foot self-storage facility, will be located in Inglewood, Calif. Self-storage lending REIT Jernigan Capital has invested $28.7 million in the project.
Pacific Storage Partners has closed $61.7 million in self-storage development transactions in the first part of the year, and it continues to invest in facilities across the country…
Lightstone Lands $260M Refi for Times Square Hotel
By · CommentsLightstone knows how to reel in the big bucks for its portfolio of new Moxy-branded hotels. The real estate investor and developer recently landed $262 million in funds for the refinancing of Moxy Times Square, marking the second financing deal this year for the group of four Moxy hotels planned for New York City.
The hedge-fund love affair with megacap tech may still be raging, but it looks like actively managed mutual funds have grown less fond of the group.
“Facebook, Amazon, Apple, Microsoft and Google were five of the six stocks with the largest declines in fund positioning last quarter,” Goldman Sachs strategists led by Ben Snider and David Kostin wrote in a note…
Mutual Funds May Be Over Those Big FANG Names, Goldman Data Show
Cambridge College Unveils New Boston Campus
By · CommentsJobs, Population Growth Sustain Demand in San Jose
By · CommentsSilicon Valley remains the nation’s top tech hub, as well as a strong multifamily market, although rent growth has been on a roller coaster ride. The market saw two quarters of double-digit growth in 2014. Then, at the beginning of 2016, rents rose 8 percent, before hitting seven consecutive months of negative growth. San Jose rents are now stabilizing, up 2.9 percent year-over-year through September.
Eonia Mystery Solved? Spike Tracked Greek Bank’s Loans
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National Bank of Greece loaned excess cash at elevated rates
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Eonia was set 5 basis points lower Friday, paring recent rise
A sudden spike in the interest rate for overnight loans between European banks may have been the result of excess liquidity injected into the market by Greece’s second-biggest lender at above-average rates, according to two bankers with knowledge of the matter.
GreenWise Market Coming to Mt. Pleasant, SC
By · CommentsRegency Centers Corp. has acquired Indigo Square, an eight-acre site in Mount Pleasant, S.C., for the development of a 51,000-square-foot retail project. The company purchased the property from Johnson Development Group. Regency Center’s retail project is scheduled to open in the fourth quarter of 2018.
Located at 1640 James Nelson Road, Indigo Square is the retail component of a master development that includes the 456-unit Haven at Indigo Square, a CubeSmart self-storage facility and a Home2Suites hotel. The Haven at Indigo Square, Cube Smart and Home2Suites are already open and operating…
Housing Is Safe From Washington
By · CommentsDeductibility of home mortgage interest is a hot potato in the current U.S. tax cut and reform debate. It always has been. In 1986, zealous reformers wanted to eliminate the deduction, but realtors and all their backers descended on Congress and the idea dropped dead.
But this time around, even if the impending tax changes become law, the measure is unlikely to have a meaningful effect on mortgage interest deductibility for most, or depress home prices or the booming housing market. Perhaps that’s why the surge in the share prices of homebuilders, with the S&P Homebuilding Select Industry Index up more than 16 percent since late August, seems well-supported and may continue…
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About 50 percent of banks polled saw cost of funds rise
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Eighteen percent of the banks turned down low-margin loans
It’s been a borrower’s market for a long time, in Asian syndicated loans as in the rest of the dollar universe.
But Asia-Pacific lenders are facing increasing funding pressures, and a handful are aiming to pass those costs along — in another sign that the beginning of the end of ultra-easy money may be coming. Half of the 50 banks in a Bloomberg News survey have experienced an increase in funding cost of as much as 20 basis points over the past few months…