CreditPablo Martinez Monsivais/Associated Press
A frequently told story about the Securities and Exchange Commission’s adoption of Rule 10b-5, the principal antifraud rule used in hundreds of cases every year, is that after the five commissioners reviewed the proposal, the only one to speak was Sumner Pike, who simply said, “Well, we are against fraud, aren’t we?”
That captures well the approach of Jay Clayton, President Trump’s nominee for chairman of the S.E.C., at his hearing before the Senate Banking Committee last week. His prepared statement asserted that “I am 100 percent committed to rooting out any fraud and shady practices in our financial system.”…
San Francisco—Hudson Pacific Properties Inc. just found a big-name tenant to fill a big gap looming in the roster at Rincon Center II, its 250,000-square-foot office property in San Francisco. The West Coast office, media and entertainment property REIT recently secured a commitment from Google Inc. to occupy 166,460 square feet of space that will soon become available at the six-story tower.
Hart helped lead Expedia’s acquisitions of HomeAway and Orbitz
He will transition to Expedia-owned service CarRentals.com
Expedia Inc.’s Eric Hart, the executive who helped lead M&A during the travel giant’s multibillion-dollar acquisition spree, is stepping aside.
Expedia hired LendingClub Corp.’s Regi Vengalil to head corporate development and strategy at the Bellevue, Washington-based company, an Expedia spokesman said. Vengalil started at the job in January, according to his profile on LinkedIn. Hart, who helped run deals including the $1.6 billion purchase of Orbitz and the $3.9 billion acquisition of home-rental site HomeAway, will join Expedia-owned CarRentals.com as a senior vice president, said the spokesman, who declined to comment on the reason for the move…
Snap! The maker of Snapchat is enjoying a sudden rush of love from sell-side analysts.
Banks including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. on Monday issued a raft of ‘buy’ or ‘neutral’ ratings on newly-listed Snap Inc. stock. The recommendations follow the expiration of a waiting period that prevented underwriters on the company’s $3.1 billion initial public offering earlier this month from publishing research immediately after the listing.
Snap stock has since dipped to $23 a share — below its $24 first-day opening price and an initial ‘pop’ to $27 a share — after analysts at firms including Cantor Fitzgerald LP and Pivotal Research Group LLC published downbeat commentary and ‘sell’ recommendations…
Littleton, Mass.—Odyssey Real Estate Capital, in partnership with Gordon Brothers Group and New Mill Capital Holdings, announced the sale of a 332,000-square-foot industrial plant in Littleton. The 29-acre factory campus includes a juice processing plant, newly upgraded can and bottling lines, warehouse, research and office facilities, and a recently installed reverse osmosis system. A local bottling operator acquired the asset for an undisclosed amount.
Shifting demand creates imbalances, permanent change
Says can’t stay on the high part of price cycle forever
Norway’s government may end up regretting its move to target Oslo in an effort to cool a runaway housing market, according to a leading real estate economist.
“I don’t think it’s a good idea generically to social engineer where people live,” Albert Saiz, professor at Massachusetts Institute of Technology, said in an interview on Thursday.
Deep learning, once hyped by firms, returns with modest aims
WorldQuant trades with neural networks; Man AHL may follow
Hedge funds have been trying to teach computers to think like traders for years.
Now, after many false dawns, an artificial intelligence technology called deep learning that loosely mimics the neurons in our brains is holding out promise for firms. WorldQuant is using it for small-scale trading, said a person with knowledge of the firm. Man AHL may soon begin betting with it too. Winton and Two Sigma are also getting into the brain game.
The 212,000-square-foot retail and office property is located across from the Empire State Building.
New York—Meridian Capital Group arranged the $150 million refinancing of 1 W. 34th St., a 12-story retail and office property in Midtown Manhattan.
Wells Fargo and Goldman Sachs provided the 10-year CMBS financing, which features full-term, interest-only payments and has a 4.31 percent fixed rate. Carol Shelby, managing director with Meridian’s New York headquarters, worked on behalf of BLDG Management and Crown Acquisitions.
“The existing loan was entering its amortization period and given the property’s prime location and strong 96-percent occupancy, Meridian was able to negotiate a new 10-year, interest-only loan,” said Shelby in prepared remarks…
The Bank of England said Brexit, along with household debt and China’s economy, is among the main risks to U.K. financial stability, though it’s no longer the top threat.
In an assessment that comes two days before Prime Minister Theresa May triggers the formal exit from the European Union, the BOE said risks will be influenced by the “orderliness of the adjustment to the new relationship.”…
Huarong expects cash return from NPL disposal to rise to 20%
China may have about $3 trillion in distressed debt: ShoreVest
The specter of more soured assets piling up in China is turning into a sweet spot for distressed debt investors seeking fat returns.
China Huarong Asset Management Co., the nation’s largest bad bank by assets, expects cash returns of above 20 percent from distressed debt sales in this non-performing loan disposal cycle versus about 17 percent in the last clean-up a decade ago. Guangzhou-based fund ShoreVest Capital Partners Ltd. predicts the next three years to be a sweet spot for bad debt investment in China due as many lenders look to sell. KPMG China says now is the best time to buy as asset prices and returns will improve once the economy stabilizes…
Dallas—Westdale and KDC have teamed to construct The Epic, a mixed-use, transit-oriented development in Dallas’ Deep Ellum neighborhood.
The project will feature an office building, residential tower, and boutique hotel, and is expected to transform the western end of Deep Ellum, rising on an 8-acre site Westdale has owned for more than 20 years.
“The Epic will complement Deep Ellum and provide state-of-the-art office space, residential and hospitality to the neighborhood, further contributing to Deep Ellum’s resurgence and sustainability as Dallas’ most unique urban neighborhood,” Joe Beard, Westdale’s CEO, said in a prepared release…
What does a Manhattan residential developer build in a market overcrowded with costly condos and high-end rentals? For Harry Macklowe, who’s making plans to convert a landmarked office building he owns on Wall Street, the answer — for now — is more condos.
The builder was seeking more than $1 billion in financing for a largely rental conversion of the former Bank of New York Mellon Corp. headquarters at the corner of Wall Street and Broadway, but he’s switching gears. Macklowe now plans to put in more equity and get a smaller loan for the project, he said in an interview airing Monday on Bloomberg Television. The building, initially planned as 65 percent rentals, will now overwhelmingly be condos and might not have any leased apartments at all…
The paucity of houses on the market remains a nagging hurdle for those Americans interested in trading up or looking to take their first step into homeownership.
With a limited number of property listings amid solid demand, sellers have little reason to reduce asking prices. From December through February, less than four months’ supply of existing houses were on the market, compared with a post-recession high of about 12 months’ worth in mid-2010, according to the National Association of Realtors. Yes, interested sellers take their homes off the market during the winter, but such a lean supply over a similar time frame has never been recorded in about two decades of data…
As homes languish on market, owners look to generate cash
Mayor pushing to enforce rules limiting length of stay
Frustrated after searching for a buyer for two years, the owner of a luxury apartment overlooking London’s Hyde Park decided to rent it out for 1,500 pounds ($1,868) a night.
“It was a very lofty valuation and I think they’ve always been chasing the market,” said Hasan Hasan, the co-founder of property broker Xenyos, which is handling the rental. Now the landlord, a developer trying to sell the property at a reduced price of 8.65 million pounds after a refurbishment, will at least recover some of his investment while he waits for a buyer, he said…
Stake is latest in HNA’s $30b haul of deals since last year
Old Mutual’s share of U.S. unit will drop to 26% from 51%
Old Mutual is selling down its holdings in OM Asset Management to HNA Group in two tranches, according to an emailed statement on Sunday from the London-based company. The first — comprising 9.95 percent at $15.30 per share — will be completed within 30 days, with a second 15 percent stake at $15.75 taking place in the second half, the company said…
Elliott Management is certainly keeping busy positioning itself for the widespread global depression that’s heading our way. The hedge fund’s latest project is to get Dutch paint behemoth Akzo Nobel to sell itself to American paint behemoth PPG Industries. Not for a mere $24.19 billion, of course. Paul Singer & co. can see as clearly as Akzo that that’s way too low. But however will Akzo figure out what the right number is if it stubbornly refuses to have a conversation about it?
New York—The U.S. arm of Mitsui Fudosan, a leading Japanese real estate firm, closed two leases totaling roughly 73,600 square feet at 1251 Avenue of the Americas, a 54-story high-rise in Manhattan. The two new tenants are Berenberg Capital Markets, a subsidiary of German bank Berenberg, and global law firm McGuireWoods.
The last few years have been hard on the hedge fund industry—the last eight, to be exact, when you-know-who was in charge, bringing sadness and misery and desperately unwanted introspectionfrom Stamford to Manhattan and everywhere in between. Last year especially, when more than 1,000 closed their doors, unable to survive long enough to enjoy the hedge-fund renaissance sparked by the rise of President Trump and the decline of all rules governing anything, instantly curing all of the many things that ailedthe industry.
Baton Rouge—Monster Moto has opened its new headquarters and manufacturing campus in Ruston, La. The relocation is expected to create 289 new direct jobs over the next 10 years.
The facility was developed by a local construction firm at the former Ruston Regional Airport. The 90-acre site will operate under the name of Russtown Industrial Park. The new facility located 70 miles away from Shreveport, La., will allow the company to assemble minibikes, go-karts and other vehicles. The center was designed in such a way as to allow expansion up to 300,000 square feet…
Finnish bank lobby says more regulation would hurt investment
Finance is ministry preparing systemic risk buffer legislation
No other country in the European Union has as much lending concentrated in as few banks as Finland.
To deal with the risk of one lender bringing down the entire economy, the Finnish Finance Ministry wants to add a systemic risk buffer to the regulator’s toolbox. The idea is that the watchdog should be free to apply an extra layer of capital if it sees non-cyclical, long-term risks building up. More specifically, the Financial Supervisory Authority could force banks operating in Finland to hold between 1 percent and 5 percent core capital on top of existing buffers…
LONDON — A High Court judge has blocked Reuters from publishing an article about the hedge fund manager Brevan Howard Asset Management, citing the confidential nature of information at issue in the story.
In Britain, companies and individuals can seek civil injunctions to prevent journalists from publishing articles that may contain confidential information or infringe on their privacy. The tactic is often used to prevent tabloids from reporting details about the personal lives of celebrities.
But last week, Brevan Howard, one of Britain’s largest hedge funds, sought the injunction as Reuters prepared to publish an article about the firm. It is not known what information the article contained…
Atlanta’s multifamily market benefits from a diversified economy, a healthy development pipeline and high investor demand. The population is growing, due to an influx of young professionals drawn to the 18-hour lifestyle. Strong rent gains and increased demand for housing have created concerns about affordability, congestion and overdevelopment.
All options on table to bolster peso: deputy finance minister
Nation to reach fiscal goal with or without FX surplus: Rubio
Mexico plans “without a doubt” to protect the country against low crude prices for next year, Deputy Finance Minister Vanessa Rubio said in an interview, in a continuation of what’s become the world’s largest commodities hedging program.
The amount of Mexico’s export basket to be protected through market operations, versus through its stabilization fund, has yet to be determined, Rubio said in an interview on the sidelines of a banking conference in Acapulco. All options are open to reduce volatility of the peso, which is undervalued when economic fundamentals are taken into account, Rubio added…
SAN FRANCISCO — Kirsten Green had only dabbled in investing in start-ups before she began a venture capital fund in 2012. What she had instead was years of experience covering the retail business as an analyst on Wall Street.
So Ms. Green, 45, parlayed that retail knowledge into her venture capital endeavors and used it to bring specialized advice to her companies. In one of her first moves as a venture capitalist, she put $1 million into Dollar Shave Club, then a tiny company, which sells razors to consumers online. Later, she invested in Jet.com, an e-commerce start-up that was vocal about wanting to take on Amazon…
The ride-hailing company bought a stake in the 580,000-square-foot office buildings and plans to occupy at least half of the space when completed.
San Francisco—Uber Technologies Inc. and Alexandria Real Estate Equities Inc., an urban office REIT focused on life science and technology campuses, are teaming up on two office buildings to be constructed as part of the Golden State Warriors’ Chase Center arena project in San Francisco’s Mission Bay neighborhood.
Uber, the ride-hailing company, bought a stake in the office buildings, which will have 580,000 square feet, The San Francisco Business Times reported. The firm plans to occupy at least half of the space when it is complete in 2019 and has the option to take all the space after it opens…
Ivory Coast’s government said it is seeking more assistance from the International Monetary Fund to support the nation’s 2017 budget after cocoa prices slumped, hurting the finances of the world’s biggest grower.
“With cocoa prices falling, we have some new budget constraints,” government spokesman Bruno Kone said by phone from the commercial capital, Abidjan, on Sunday…
The company is considering a creative office conversion and expansion for the property.
New York—LargaVista Cos. acquired a 65,000-square-foot office asset located at 30-10 41st Ave. in Long Island City. Financing for the transaction was provided by TriState Capital Bank.
The company also owns the adjacent building at 29-42 Northern Blvd. and is considering a creative office conversion and expansion…
PineBridge fund manager sees long-term potential in components
Soon’s Asia small-cap fund has outperformed peers this year
Fund manager Elizabeth Soon is on the lookout for her third “a-ha” moment. If her latest theme pans out as well as the first two, investors should start looking at driverless car suppliers.
So far, Soon’s moments of investor clarity in almost a decade at PineBridge Investments Asia Ltd. have been related to the smartphone — both of them cases where she’s recognized undiscovered trends destined to take off. While she doesn’t place her latest interest in quite the same category, she says the coming revolution in autos may be a key opportunity for investors…
Dublin, Ohio—CBRE Group has announced that Blackstone sold a 1.1-million-square-foot office complex located in Dublin, Columbus’ largest and most desirable suburban office submarket. An affiliate of New York-based Group RMC Corp. paid $77 million for the portfolio, which consists of seven Class A/B office buildings.
Patrick Arangio and Jack Howard of CBRE’s Midtown Manhattan office negotiated the sale on behalf of Blackstone, while Donald Roberts and Philip Pelok of CBRE’s Columbus office provided local market expertise and transactional assistance…
Charlotte, N.C.—Cresa has acquired Mohr Partners in Charlotte, N.C., and designated it as its new office in the city under the leadership of managing principals Jack Glasgow and Scott Dumler.
“Cresa’s core principle to ‘do the right thing’ is a value with which we strongly connected from the outset,” Glasgow told Commercial Property Executive. “Combining that principle with a company that has top-caliber, brokers, leadership and nationwide support staff who approach the business with a strategic and collaborative mindset made this a very attractive opportunity for us.”
Hong Kong’s richest property tycoon Li Ka-shing expects the rally in the city’s home prices to continue for a couple more years. He isn’t alone.
Even after the Federal Reserve raised interest rates this month, brokers and analysts expect further increases in residential prices in Hong Kong, where the cost of existing homes keeps setting new records.
“The property market is hot now,” Sammy Po, head of the residential department at Midland Realty International Ltd., said by phone. “The market has totally factored in the potential impact of the Fed rate hikes, therefore, buyers just keep buying as usual.”
An attempt by the U.K.’s most expensive borough to penalize homeowners who leave properties empty isn’t having much impact.
More than 690 homes in London’s Kensington & Chelsea have been left vacant and unfurnished for more than two years, despite the introduction of a 50 percent levy on council tax for affected homes. That’s up from 660 in April 2015. The highest council-tax rate in the borough is almost 2,100 pounds ($2,620) a year…
Hedges abound as investors fear Congressional gridlock
Ability to pass bill seen as harbinger for Trump’s proposals
Washington’s got Wall Street’s undivided attention.
As Republicans in Congress tried to wrangle enough votes to pass their health care bill Thursday, the S&P 500 Index swung from a gain to a loss, continuing its worst selloff of the Trump era. Meanwhile demand rose for traditional safe havens like Treasuries.
By the close of trading, the GOP had decided to delay the vote as conservatives mulled a proposal from the Trump administration. The S&P 500 finished down 0.1 percent, while the Dow Jones Industrial Average was essentially flat and the Nasdaq 100 Stock Index fell 0.2 percent…
Phoenix—Parallel Capital Partners has broken ground on an $11.6 million refurbishment of the retail component of the Arizona Center, a 16-acre mixed-use campus. The company acquired the property in a joint venture with Angelo, Gordon and Co. back in 2015, for $126 million. The deal included entitlements for an additional 3.9 million square feet of improvements.
The American Dream increasingly involves a lease, not a mortgage.
Detroit was once known as a city where a working-class family could afford to own a home. Now it’s a city of renters.
Just 49 percent of Motor City households were homeowners in 2015, down from 55 percent in 2009 and the lowest percentage in more than 50 years. Detroit isn’t alone, of course: The rate of U.S. home ownership fell steadily for a decade as the foreclosure crisis turned millions of owners into renters and tight housing markets made it hard for renters to buy homes. Demographic shifts—millennials (finally) moving out of their parents basements, for instance, or a rising Hispanic population—further fed the renter pool…
Former Fredriksen associates’ fund aims to raise $175 million
Oil-recovery bet could triple the money in 3-5 years: Westeren
Two former associates of billionaire shipping and rig tycoon John Fredriksen are delivering out-sized returns by snapping up distressed and shunned oil-related assets. And they say it’s a bet that has plenty of room to run.
Titan Opportunities Fund, set up by Espen Westeren and Fredrik Halvorsen, has returned 46 percent in its first nine months. Now, they want to step up their bets by raising as much as $175 million. The goal: double or even triple the money in the next three to five years, with an annual return of at least 30 percent, before returning it to investors…
CreditSpencer Platt/Getty Images
Federal prosecutors are investigating North Korea’s possible role in the theft of $81 million from the central bank of Bangladesh in what security officials fear could be a new front in cyberwarfare.
The United States attorney’s office in Los Angeles has been examining the extent to which the North Korea government aided and abetted the bold heist in February 2016, according to a person briefed on the investigation who was not authorized to speak publicly…
Fort Washington, Pa.—Affiliates of Kairos Real Estate Partners and Artemis Real Estate Partners have completed a recapitalization of their interests in Apex Ft. Washington, a three-building, 400,000-square-foot Class A office campus located at 600, 601 and 602 Office Center Drive in Fort Washington, Pa.
An affiliate of Zeke Capital Advisors has acquired the majority of membership interests owned by Kairos and Artemis. Benefit Street Partners of New York provided new debt financing…
Purchases of new homes increased in February to a seven-month high, indicating the effects of the recent rise in borrowing costs on the U.S. residential real estate market have been modest.
Sales rose 6.1 percent to a 592,000 annualized pace, Commerce Department data showed Thursday. The median forecast in a Bloomberg survey called for a 564,000 rate. Warmer winter weather probably played a role in boosting demand as purchases in the Midwest surged by the most since October 2012…
Founder cites disappointing 2016, tough market environment
Decision to return funds follows fellow Goldman alum Perry
Eric Mindich at the CNBC Institutional Investor Delivering Alpha Conference in New York on July 15, 2015.
Photographer: Heidi Gutman/CNBC/NBCU Photo Bank via Getty Images
Eric Mindich, a one-time Goldman Sachs star trader who jumped into the hedge fund industry during its heyday, is throwing in the towel on his $7 billion firm.
A well-known money manager is shutting down his firm after a year of disappointing results — the latest sign of turmoil in the $3 trillion hedge fund industry.
Eric Mindich, 49, was once a Wall Street wunderkind, becoming the youngest ever partner at Goldman Sachs more than 20 years ago. He launched Eton Park Capital Management in 2004, expanding it to manage as much as $14 billion.
Shreveport, La.—The Boulder Group completed the sale of a Dollar General building in Grand Cane, La. The single tenant property traded for approximately $1.2 million.
“The market for new construction net leased dollar stores remains active as these assets are in high demand among private investors,” Jimmy Goodman, partner of The Boulder Group, said in prepared remarks.
Big mortgages, big down payments zap spending in big cities
Beijing service sector corporate profits tumbled 11% in 2016
Last December, Li Qinglei and his wife purchased a 114-square-meter home in western Beijing by taking out a 5.5 million yuan ($800,000) home loan and borrowing more than 1 million yuan from family and friends.
Then, they shifted into full-on austerity mode.
Moapa, Nev.—Moapa Southern Paiute Solar Project, a 250-megawatt AC solar energy facility located approximately 30 miles north of Las Vegas on the Moapa River Indian reservation,is now fully operational. The solar power plant is estimated to generate enough energy to power around 111,000 homes while avoiding the use of approximately 341,000 metric tons per year of carbon dioxide emissions. The prevention of carbon dioxide emissions is estimated to amount to the equivalent of taking nearly 73,000 cars off the road.
$81 million taken from Bangladesh central bank account in 2016
Malware linked to that in 2014 Sony hack blamed on North Korea
The Federal Reserve Bank building in New York.
Photographer: Scott Eells/Bloomberg
The U.S. is investigating whether the theft of $81 million from a Bangladesh central bank account at the New York Fed is linked to North Korea because of the similarity of the hack to an earlier breach of Sony Pictures Entertainment, two people familiar with the matter said.
Is really not that bad! Sure, John Cryan & co. will be cutting another novelty-sized check at the conclusion of yet another probe into alleged wrongdoing. But that’s one less challenge—not that there aren’t still plenty more!—and they won’t even be writing it out to the Justice Department, which has decided to let this one go, possibly to focus more attention on its other criminal investigation into the bank over violating sanctions on Russia.
The German lender said Monday that the U.S. Justice Department had closed a criminal inquiry into its currency-trading activities without action.
NorthMarq arranged the construction loan originated by Square Mile Capital Management.
Menlo Park, Calif.—The Bohannon Cos. has received $145 million in financing to develop Menlo Gateway, an eight-story, 210,000-square-foot office building in Menlo Park.
The mixed-use project also consists of a 1,040-space parking structure and a 41,000-square-foot fitness center.
Square Mile Capital Management LLC originated the construction loan, which was arranged by John Kerslake and Briana Smith of NorthMarq Capital…
Law allowing overseas purchases leaves questions unanswered
Local developer Yoma says clarfications due this year may help
Confusion over a law allowing foreigners to buy condominiums in Myanmar is prolonging a slowdown in its residential property sector, highlighting the challenges of regulatory flux in the frontier market.
The legislation adopted in January 2016 leaves unanswered questions such as whether it applies to existing apartments, hurting efforts to woo investors. The outlook now depends partly on bylaws the government is working on to clarify the legislation, according to local developer Yoma Strategic Holdings Ltd...
The Bay Area tech driven frenzy continues to march forward with no stopping in sight. If you thought $1 million was too much for a crap shack then $1.3 million is going to be out of your price range. The tech gentrification is getting more aggressive and is pricing out people at an astonishing pace. We’ve noted the out migration of native Californiansto other states is much larger than people suspect. Foreign money and high income households are the power players in these niche markets. This is simply a fact but also is tied to the bull market that has now entered into its eight year. There are now signs that we are reaching a plateau but this system only understands two states: boom and bust. There is nothing calm about the way our real estate system is now structured. It is about fast gains or big losses. All or nothing. You are either riding the big wave or crashing in fantastic fashion. People forget cycles and have the long-term memory of a gnat when it comes to these things. The Bay Area continues to drink from the cup of housing mania.
New York—Target plans to open a 43,000-square-foot small-format store in Manhattan’s Herald Square. The company signed a lease for the property with Empire State Realty Trust.
Located just west of the 34th Street and Broadway intersection, the store is set to open in October 2017 and is one of three locations in Manhattan, joining the Harlem and Tribeca stores. Target also plans to expand in the East Village and Hell’s Kitchen, with locations set to open in 2018 and 2019, respectively…
The last chapter for Sears looks to be at hand.
The troubled retailer warned that it could be headed for bankruptcy if it cannot reverse a brutal decline in annual sales and rising losses. The long quest by Edward S. Lampert, the chief executive, to turn Sears around seems destined to fail. The fate of investments made over the years by Mr. Lampert, a hedge fund boss, may be different.
Los Angeles—Three Manhattan submarkets in New York City are among the top 20 most expensive office rent markets in the United States in a new Global Prime Office Rents survey from CBRE Group. The survey named Hong Kong as the world’s highest-priced office market.
The CBRE report, which tracks office rents for prime office space in 121 markets, also found that Chicago had the second fastest-growing prime office rents in the world, with a 19.9 percent increase from 2015 to 2016…
Tycoon says demand is strong despite government property curbs
Li dodges questions as to who he’ll back in upcoming elections
Billionaire Li Ka-shing, chairman of CK Hutchison Holdings Ltd. and Cheung Kong Property Holdings Ltd., waves as he leaves a news conference in Hong Kong, China, on Wednesday.
Photographer: Justin Chin/Bloomberg
Hong Kong’s richest man signaled that the property rebound that’s been pushing up prices in the world’s most expensive housing market could persist for as long as two years as growing demand outweighs government curbs.
Raleigh, N.C.—Avison Young puts another checkmark in the Raleigh column. Five years after establishing a footprint in the North Carolina city, the Toronto-based commercial real estate services firm has expanded its presence there with the acquisition of Hunter & Associates LLC. Hunter is now operating as Avison Young.
It’s not just about tier-one markets for Avison Young. “We had a significant presence in Raleigh to begin with, but as the city is a major home to owners and occupiers, expansion is natural to Avison Young,” Mark Rose, CEO of Avison Young, told Commercial Property Executive…
Frankfurt came in sixth place in relocation company’s index
Cities ranked for rental costs to price of evening cocktail
Dublin is the best destination in the European Union for London-based bankers forced to move after Brexit, according to an index of 15 cities compiled by a relocation company.
Though Ireland tied for the highest top income tax rate, at 52 percent, it benefits from being the only other English-speaking destination in the EU and the cost of renting a flat in Dublin is markedly cheaper than in Paris, Frankfurt or Luxembourg, Movinga said on its website. Amsterdam is the next-best destination for Brexit exiles, while Frankfurt languished in sixth place and Paris in ninth, below Valletta in Malta and Brussels, the index showed…
Milford, Conn.—Massachusetts-based Calare Properties recently announced that it has sold 40 Pepe’s Farm Road, a 200,000-square-foot industrial warehouse property located in Milford. The asset was acquired by an undisclosed large institutional buyer for $13.3 million.
The seller purchased the 50 percent occupied property in 2014, with a strategy for capital improvements designed to drive tenant demand and increase value. Currently, after extensive property upgrades, including updates to the exterior dock doors, new LED lighting and landscaping improvements, the asset is fully occupied on a 10-year term by a global transportation solutions company…
Sales of previously owned U.S. homes declined in February after rising a month earlier to the highest level in a decade, according to figures released Wednesday from the National Association of Realtors in Washington.
- Contract closings dropped 3.7 percent to a 5.48 million annual rate (forecast was 5.55 million)
- Median sales price jumped 7.7 percent from a year earlier to $228,400
- Inventory of available properties fell 6.4 percent from February 2016 to 1.75 million, making it the 21st straight year-over-year decline…
It started with a Nestlé Crunch bar. One night in 2012, Rob Goldstein returned from a New York kickboxing gym to his Upper East Side apartment and ate a healthy dinner. Then he saw the chocolate, which his son had left on the kitchen table. One bite quickly turned into eight. “I don’t know what came over me,” he says. He decided to find out. If he could reset his taste buds to how they were before that first bite, he thought, his willpower ought to stand a better chance.
Los Angeles—Sares-Regis Group leased four new distribution buildings totaling 972,000 square feet within the Meredith International Centre in Ontario, Calif. The new tenants of the 127,000 to 552,000-square-foot buildings are Arvato, Metro Air Service, The Wheel Group and Metropolitan Logistics Services. Joe McKay and Chris Morrell of Lee & Associates represented the company in the lease negotiations.
Gap widens between home values and wages, hurting deal volumes
Weak demand in prime central London is now spreading outward
Britain’s largest property brokers are cutting jobs, closing branches and raising capital even as homes sell for record amounts. While some companies have blamed Brexit and tax hikes for a drop in transactions, high values have put off many other buyers.
Demand for housing dropped to a six-month low in February, according to the Royal Institution of Chartered Surveyors. The widening gap between home values and wages means brokers including Countrywide Plc and Foxtons Group Plc are closing fewer deals while being undercut on fees by online companies….