Feb
26

Peak Market?

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Like any good private-equity investor, Carlyle has demonstrated a knack for buying when others are selling, and vice versa. It is instructive then that Carlyle, led by David Rubenstein, is embarking on its biggest quest for distressed assets at a time when tax-cut hopes are fanning Wall Street euphoria. The $2.5 billion fund is a good reminder that lofty valuations, an aging recovery and a chaotic new administration can produce bad outcomes.

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Civitas Capital secured the financing for 200 Liberty St., a 1.7 million-square-foot office tower in Lower Manhattan.

New York—Brookfield Property Partners has received a $550 million senior loan to refinance 200 Liberty St., a 1.7 million-square-foot, Class A office building located in New York City.

Civitas Capital Group arranged the financing through Kiwoom Milestone US Debt Professional Private Real Estate Trust 2, which comprises 11 institutional investors from South Korea, led by NongHyup Property & Casualty Insurance and Kiwoom Asset Management…

$550M Loan Earmarked for Brookfield NYC Asset

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  • Robur Ny Teknik fund in large part targets medical technology
  • Has recently bought Boule Diagnostics, RaySearch Laboratories

Ignoring its global mandate to invest in Apple Inc. and Facebook Inc. is delivering top returns for this technology fund.

The Swedbank Robur Ny Teknik fund just focuses on small, “innovative” companies in Scandinavia with a heavy concentration in medical technology.

“There’s a Nordic IT miracle,” Carl Armfelt, the fund’s manager who also helps oversee the small-cap team at Swedbank Robur in Stockholm, said in a phone interview on Thursday. “The Nordics is the best region globally to make good investments in these sectors.”…

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About 45 million Americans lack traditional credit files, and the federal government is looking into whether alternative credit scoring models could bring more of these consumers into the financial mainstream.

The Consumer Financial Protection Bureau opened an inquiry this month into the pros and cons of using “alternative” data, like rent and cellphone payments, to formulate credit scores. It is seeking feedback from the public and the credit industry.

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The company will target office, industrial, senior housing, student housing, hotels and multifamily projects in the U.S. and Europe.

New York—StepStone Real Estate has closed StepStone Real Estate Partners III with $700 million in commitments that together with co-investment capital will give the fund more than $1.1 billion to invest in the U.S. and Europe.

Founded by partners Jeff Giller, Josh Cleveland and Brendan MacDonald, StepStone Real Estate is part of StepStone Group, a leading private markets firm that oversees about $100 billion of private capital allocations, including $28 billion of assets under management…

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Deutsche Bank AG cut its bonus pool for 2016 by almost 80 percent, Frankfurter Allgemeine Sonntagszeitung reported, a figure unmatched in the bank’s recent history as it tries to counteract the impact of low interest rates and legal expenses.

Germany’s largest lender is reducing the payments with an eye toward shareholders and is aware it will be “frustrating” for employees, Chief Administrative Officer Karl von Rohr told the German Sunday newspaper. The measures will affect about a quarter of the 100,000 staff. Some workers in key positions — about 5,000 in all — will get a special long-term incentive tied to the bank’s performance and paid out after as long as six years, von Rohr said…

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The 600-unit self storage property is the company’s first investment in St. Louis.
8319 Jennings Station Rd., St. Louis
8319 Jennings Station Rd., St. Louis

St. Louis—Store Here Self Storage recently announced the acquisition of a multi-story indoor self-storage facility located at 8319 Jennings Station Road,  in Jennings, Mo.

According to Yardi Matrix data, RHW Capital Management Group bought the property for roughly $51 million in January.

The property is situated on the corner of Jennings Station Road and West Florissant Avenue. The building was formerly a Schnuck’s grocery store before being converted into a self storage facility in 2016…

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Envisioned by the late Steve Jobs, the 2.8 million-square-foot development will rank as one of the most energy-efficient buildings in the world.

Cupertino, Calif.—The doors of Apple Park, Apple Inc.’s $5 billion campus project in Cupertino, Calif., will swing open to the tech giant’s employees for the first time in April. Envisioned by late CEO Steve Jobs, the 2.8 million-square-foot development will ultimately be home to 12,000 workers.

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  • Billionaire encourages investment in low-cost index funds
  • Letter reiterates optimism about U.S., praises immigrants

Warren Buffett’s sweeping endorsement of index investing is sure to sting the hedge-fund industry and encourage the stampede into assets that passively track the market.

In his well-read annual letter to Berkshire Hathaway Inc. shareholders on Saturday, he estimated that investors wasted more than $100 billion on high-fee Wall Street money managers over the past 10 years. He declared an early victory in his decade-long bet that a basket of hedge funds would fail to keep pace with an an S&P 500 Index fund. And he called Jack Bogle, the Vanguard Group founder who pioneered low-cost market trackers, a “hero.”

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London topped the global ranking of new luxury retail store openings in 2016, with New York also taking a high spot, according to Savills latest luxury retail report.

retailLondon topped the global ranking for new luxury retail store openings in 2016, according to the Savills Global Luxury Retail report, which was released this week. Tied for No. 3, New York was also high in the rankings—the highest in the United States, in fact. The British capital saw a total of 41 new luxury openings during the year, of which 15 were the respective brands’ first-ever stores in London, compared to 36 openings in Paris and 31 in both New York and Dubai.

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  • Low borrowing costs, pent-up domestic demand also drive market
  • Prices have rebounded 16% since bottoming out 11 months ago

Hong Kong’s existing home prices have climbed to a record, fueled by a surge in demand from local buyers and investors despite taxes and mortgage curbs designed to rein in prices.

The Centaline Property Centa-City Leading Index, which tracks sales in the secondary market, rose to 147.74 for the week ended Feb. 19, surpassing the previous high of 146.92 reached in September 2015. The index has rebounded 16 percent since home prices bottomed at the end of March…

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  • Value Partners high-yield China fund returned 4.9% this year
  • Premium on global junk notes has fallen to a three-year low

One of the world’s best-performing junk bond funds is dealing with the surging costs of debt globally by digging deeper in the bargain bin.

As the world’s riskiest notes soar to their most expensive levels in three years, Hong Kong-based Value Partners Group Ltd. is looking for value in securities others have avoided. Gordon Ip, who manages the $2.4 billion Value Partners Greater China High-Yield Income Fund, has overseen returns of 4.9 percent this year, beating 98 percent of peers targeting junk debt globally…

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Credit Suisse Group acquired the property for $27.8 million.
1333 N. Kingsbury, Chicago
1333 N. Kingsbury, Chicago

Chicago—Structured Development’s founding principal, Michael Drew, announced the $27.8 million sale of 1333 N. Kingsbury, a 100,000-square-foot office building in Chicago’s Clybourn Corridor. Credit Suisse Group, a Zurich-based company bought the asset for $278 per square foot. Cody Hundertmark and Blake Johnson of CBRE represented the seller, Everbury Partners, a limited partnership managed by Drew.

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  • ‘Concerning mix of drivers’ pushing up prices, CEO McKay says
  • Average Toronto home prices up more than 20% for five months

Toronto may require measures to cool its red-hot housing market similar to moves taken in Vancouver if interest rates don’t increase, said Royal Bank of Canada Chief Executive Officer David McKay.

The head of Canada’s largest lender said Toronto housing is “running hot” and is fueled by a “concerning mix of drivers” that include lack of supply, continued low rates, rising foreign money and speculative activity. Similar circumstances in Vancouver prompted British Columbia’s government last year to impose a 15 percent tax on foreign buyers…

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  • Samsung Electronics’ success can hurt hedge fund returns
  • Samsung hedge fund says group name is also double-edged sword

For Samsung’s $1 billion hedge fund, the looming presence of Samsung Electronics Co. — and even the Korean conglomerate’s name — can be part of the challenge.

Samsung Hedge Asset Management Co. rose 3.4 percent last year for its worst annual return since its inception in 2011, in part because Samsung Electronics’ shares became so popular that investors pulled cash from the smaller stocks that the money manager often favors. The hedge fund is predicting that trend will reverse this year and a rally at Korea’s largest companies will fade, Samsung Hedge Chief Executive Officer Yoonho Heo says…

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Banking and capital markets, often viewed as dominated by men, achieved high scores in a newly released survey measuring the diversity in their director ranks.

In 2016, women made up 26 percent of the boards in the banking and capital markets industry, which tied with the retail industry, according to a survey conducted by PricewaterhouseCoopers. The average rate of women on boards of companies in the Standard & Poor’s 500-stock index was 21 percent.

In addition, the 21 companies that the survey defined as its banking and capital markets sector have shored up their position by adding more women to their boards. About 13 percent of new directors in 2016 were women…

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The company has acquired Alden Management Group and is preparing to merge with Heger Industrial.
Jeff Lyon
Jeff Lyon, Kidder Mathews CEO

Irvine, Calif.—Kidder Mathews, the largest independently owned commercial real estate firm on the West Coast, is continuing its Southern California expansion, acquiring Alden Management Group and preparing to finalize a merger with Heger Industrial.

Alden is a commercial property management firm with a large portfolio of office, industrial and retail properties in Southern California. It will be rebranded to Kidder Mathews within the next several weeks and the Alden staff will relocate to the Kidder Mathews’ Irvine office bringing the firm’s property management division to 178 people and over 45 million square feet of managed properties…

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The company has acquired the Crossroads III office buildings from Rockwood Capital for $290.7 million.

Sunnyvale, Calif.—Natixis has provided an approximately $232.5 million five-year, fixed-rate loan to Tristar Capital for the acquisition of Crossroads III, an office property in Sunnyvale, Calif.

The financing was arranged by Richard Horowitz of Cooper-Horowitz in New York.

According to a Tristar Capital press release, the properties were acquired from Rockwood Capital for a price tag of $290.7 million…

Tristar Capital Lands $232M in Financing for Sunnyvale Campus

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  • More than 20 million shares changed hands in morning session
  • City’s second exchange under scrutiny over manipulation fears

Hong Kong traders are used to seeing strange things on the city’s small-cap exchange, home to some of the world’s biggest price swings. But the initial public offering of GME Group Holdings Ltd. on Wednesday had even hardened market watchers scratching their heads.

Shares of the tunnel excavating subcontractor rose 543 percent before they were suspended from 1 p.m. local time by the Securities and Futures Commission. The stock was trading for the first time on the city’s Growth Enterprise Market…

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The company has joined forces with Lennar Multifamily Communities to develop the last phase of the lifestyle shopping center.
Scottsdale Quarter Aerial View
Scottsdale Quarter Aerial View

Scottsdale, Ariz.—Washington Prime Group Inc. has announced a new redevelopment project, consisting of a significant expansion of Scottsdale Quarter, an open-air shopping mall located in Scottsdale, Ariz. Construction on the project is expected to commence later this year, with tenants starting to open in 2018.

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  • Shares to keep climbing if earnings remain stable: analyst
  • New home sales soared 48 percent in January over December

A rally by Hong Kong property developers showed little sign of faltering amid optimism rising home sales will boost earnings.

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Landlords Are Taking Over the U.S. Housing MarketAs Wall Street backs off of buying rental homes, small investors are picking up the slack.

As rising home prices, slow new home construction, and demographic shifts push homeownership rates to 50-year lows, the U.S. is increasingly a country of renters—and landlords.

Last year, 37 percent of homes sold were acquired by buyers who didn’t live in them, according to tax-assessment data compiled in a new report published by Attom Data Solutions and ClearCapital.com Inc…

Landlords Are Taking Over the U.S. Housing Market

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The new location will include 25,051 square feet of office space.

Los Angeles—JLL recently announced that it has represented Nativo Inc., a technology firm specializing in native advertising, in a new 25,051-square-foot lease at 100 Pacific Corporate Towers (PCT). JLL’s Jason Fine represented Nativo in the lease. The landlord, GM Pension Fund / Blackrock, was represented by CBRE.

PCT is a three building, 1.5 million-square-foot office complex located at 100, 200 and 222 N. Sepulveda Blvd. in El Segundo, Calif. The property will serve as the company’s new headquarters. The firm will be relocating from its current 9,000 square feet at 200 Pacific Corporate Towers to the 100 PCT…

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  • Apartment prices set to fall more than 20%, Deutsche Bank says
  • Chinese demand slumps amid slowing economy, capital controls

Residential buildings in the Kachidoki area of Tokyo.

Photographer: Akio Kon/Bloomberg

Evidence is mounting that Tokyo’s housing boom is nearing an end.

In the Kachidoki area facing Tokyo Bay, home to the city’s hottest market given its proximity to venues for the 2020 Olympic Games, real-estate broker Hayato Jo has a wall full of notices of apartments for sale, with a 20 percent increase in the number of people looking to sell in the area in the past year. Prices in the neighborhood, which surged 25 percent since Tokyo won the Games in 2013, have started to fall from their peak…

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With the new lease, Olive Hill Group has brought the campus to 95 percent occupancy.
Culver City Corporate Point campus
Culver City Corporate Pointe campus

Los Angeles—Private investor, operator and developer of commercial real estate Olive Hill Group has announced that the company has leased half of the fifth floor of its office campus in Culver City, Calif. Omnia Media, a subsidiary of Blue Ant Media Inc., a Canadian media company, has inked the lease for 9,762 square feet, bringing the asset to 95 percent occupancy.

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  • Move would follow two years of losses, difficult Christmas
  • Company recently hired advisers to mull strategic alternatives

HHGregg Inc., the 61-year-old seller of appliances and electronics, is preparing to file for bankruptcy as it grapples with slumping sales, according to people familiar with the matter.

The filing may come as soon as next month, said the people, who asked not to be identified because the matter isn’t public. The Indianapolis-based company announced last week that it was pursuing a range of strategic and financial options. HHGregg is still seeking an out-of-court solution that would allow it to stave off Chapter 11, one of the people said…

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  • Governor testifies before parliamentary committee in Sydney
  • Market pricing for rates on hold in 2017 ‘seems reasonable’

Philip Lowe.

Photographer: Dallas Kilponen/Bloomberg

Australian central bank Governor Philip Lowe said he expects “a period of stability” in interest rates and suggested further cuts could push already high household debt to “dangerous” levels.

“The issue we’re discussing, internally, is how much extra fragility would that mean in the economy with household debt already at a record high,” Lowe said in testimony to a parliamentary panel Friday in Sydney. “Is it really in the national interest to get a little bit more employment growth in the short run at the expense of creating vulnerabilities which would become quite dangerous in the medium term?”…

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The new name will clearly distinguish each of the company’s 22 global offices as part of a singular entity.

Newark, N.J.—Prudential Mortgage Capital Co. enters the New Year with a new name. The commercial, multifamily and agricultural mortgage lender is now PGIM Real Estate Finance, a moniker that will, for one, clearly distinguish each of the company’s 22 global offices as part of a singular entity.

The change is about more than name identity. “Our new name reflects our full investor base and global lending activities, and highlights our connection to PGIM, the trillion-dollar global investment manager of Prudential Financial,” David Durning, CEO of PGIM Real Estate Finance, told Commercial Property Executive

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  • BNP Paribas, JPMorgan join Mizuho in calling for May hike
  • Most banks are set on June as timing for first 2017 move

Pedestrians walk past JPMorgan Chase & Co.

Photographer: Ron Antonelli/Bloomberg

At least four of Wall Street’s biggest banks are breaking with their bulge-bracket brethren, telling clients that the Federal Reserve will probably raise interest rates before June.

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  • Harvest’s fund doubled its assets in 2017 on Hong Kong appeal
  • PBOC’s tightening may actually boost stocks: fund manager

Zhang Jintao is sticking with the bet that’s made his stock fund China’s top performer: Hong Kong equities.

Harvest Fund Management Co.’s fund has returned 13.4 percent this year after putting 70 percent of its stock holdings in the former British colony, where the local benchmark has jumped 9.3 percent. With the market now near a 1 1/2-year high, Zhang says the rally can continue as earnings improve and China’s economy stabilizes…

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The intersection of Windward and Pacific Avenues in Venice, Los Angeles. The neighborhood is undergoing change as technology money flows in. CreditMelissa Lyttle for The New York Times

Real-estate agents, money managers and luxury goods retailers in Los Angeles are rubbing their hands together in anticipation of their city’s “Google moment.”

When Google debuted on the stock market in 2004, it produced a horde of new millionaires in Silicon Valley.

Now, many in Los Angeles hope Snap’s initial public offering will do the same in their city…

Morning Agenda: Snap, Financial Regulation, Kraft Heinz and Unilever

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The new owner plans a complete creative office remake in order to attract tenants from Manhattan’s fast-growing technology, advertising, media and information sector.

New York—NGKF recently announced that it has closed the sale of 250 W. 54th St., a 145,170-square-foot loft office building in Midtown Manhattan. Zar Property NY LLC acquired the asset from Ascot Properties LP for $83.1 million. According to Yardi Matrix data, the sale was subject to a five-year loan in the amount of $58 million, held by Signature Bank.

The seller was represented by Paul Davidson and Roy Lapidus, senior managing directors of NGKF, along with NGKF Capital Markets Managing Director Chip Porter…

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  • Prices gained in 45 cities in January, versus 46 in December
  • Lenders in some cities said to raise first-home mortgage rates

China home prices increased last month in the fewest cities in a year, signaling property curbs to deflate a potential housing bubble are taking effect.

New-home prices, excluding government-subsidized housing, gained last month in 45 of the 70 cities tracked by the government, down from 46 in December, the National Bureau of Statistics said Wednesday. Prices fell in 20 cities and were unchanged in five.

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Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia and one of the Fed officials who vote on monetary policy. CreditCharles Mostoller/Bloomberg

WASHINGTON — The American economy appears to be avoiding the kind of winter swoon that has become an annual event in recent years, a turn for the better that could encourage the Federal Reserve to start raising its benchmark interest rate sooner.

At the Fed’s most recent meeting, on Jan. 31 and Feb. 1, “many participants” wanted to increase the benchmark rate “fairly soon” if the economy continued to grow, according to minutes published Wednesday.

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The 183,731-square-foot office property last traded in 2010, when COPT shelled out $43 million.

3120 Fairview Drive, Falls Church, Va.3120 Fairview Drive, Falls Church, Va.

Falls Church, Va.—Corporate Office Properties Trust has recently sold 3120 Fairview Park Drive, a 183,731-square-foot office asset located in the Merrifield submarket of Falls Church for $39 million, as well as a 5.3-acre parcel for $14 million.

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  • Guotai Junan has been trading on the fund’s behalf, Yim says
  • Hong Kong’s benchmark gauge has rallied to 1 1/2 year high

China’s $278 billion social security fund has started investing in Hong Kong equities to achieve higher returns, according to one of the nation’s top brokers.

Guotai Junan Securities Co. and its Hong Kong unit have been providing the social security fund with investment advice and trading services for mainland and Hong Kong stocks, Yim Fung, chairman and chief executive officer at Guotai Junan International Holdings Ltd., said in an interview on Wednesday…

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Brett King once hoped his company, Moven, would become “the Facebook of banking.” Today, he is selling his software to the banks he once scorned. CreditAn Rong Xu for The New York Times

SAN FRANCISCO — In 2011, Brett King was promoting his book, “Breaking Banks,” and creating a start-up that he hoped would do to the banks what Amazon did to the retail industry and Facebook did to media.

“We had grand ideas of being the Facebook of banking, and being a new form of bank account,” Mr. King said recently.

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The new Archway Fund division is expected to deploy $100 million within the next 12 months.

Los Angeles—Archway Fund, a private bridge lender that will provide financing for Western U.S. opportunistic and value-add commercial real estate transactions in the $2 million to $15 million range, has been launched as a joint venture between Partners Capital and an investment management firm.

Partners Capital, a Los Angeles-based private commercial real estate fund, did not identify the joint venture partner by name but noted it has worked with the firm in the past and described it as a $700 million investment management firm based in the Western United States…

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  • Northern Trust’s Jim McDonald sees two rate hikes from Fed
  • Fed not going to raise rates too rapidly, McDonald says

For all the worry and deliberation over U.S. monetary policy, there’s one big asset manager who thinks it’s all smoke and mirrors.

Northern Trust Corp. removed the Federal Reserve from its list of investment risks this month, says Jim McDonald, the firm’s chief investment strategist. Up until as recently as January, the Chicago-based asset manager which controls $942 billion counted U.S. monetary policy as a key risk when deciding where and when to buy and sell securities.

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Cypress Industrial Park consists of five single-story light industrial buildings.
Cypress Industrial Park, Orlando, Fla.
Cypress Industrial Park

Orlando, Fla.—HFF has arranged $12.9 million in acquisition financing for Cypress Industrial Park, a five-building light industrial portfolio totaling 256,838 square feet, located in southern Orlando, the company announced recently. The asset traded in January for approximately $19 million.

HFF worked on behalf of the borrower, Denholtz Associates to place the 10-year, fixed-rate loan with Principal Global Investors. Senior managing directors Jon Mikula and Michael Weinberg and Managing Director Michael Klein led the debt placement team representing the borrower…

HFF Arranges Financing for Orlando Industrial Portfolio

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The new development will be anchored by Civic Hall, a collaborative work and event space advancing the use of technology for the public good.

New York—AppNexus unveiled its latest designs and details for the new Union Square Tech Hub, a 258,000-square-foot project that will provide space for tech worker training, education, startups and convening.

The $250 million project is being developed by RAL Development Services and designed by Davis Brody Bond. The development will also include traditional and flexible office spaces that will provide tech companies with direct access to a steady pipeline of potential future employees…

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  • Landlord’s shares climb on new Covent Garden rental forecast
  • Buyer reserved or acquired 59 homes at Lillie Square Phase 2

Covent Garden

Source: Getty Images

Capital & Counties Properties Plc wrote down the value of its land holdings in west London by 20 percent, less than expected by some analysts, as higher taxes and political uncertainty weaken sentiment in the U.K. capital’s housing market.

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2U will uproot headquarters from Chelsea Piers, where it occupies around four times less space, by the end of 2017.
55 Prospect St., Dumbo Heights
55 Prospect St., Brooklyn, New York

New York—Savills Studley announced that it has closed a 12-year, 78,000-square-foot lease at 55 Prospect St. in Dumbo Heights, Brooklyn, on behalf of education technology company 2U.

2U will occupy the last three floors of a ten-story, 255,000-square-foot building, also benefiting from rooftop access. The company will uproot headquarters from Chelsea Piers, where it occupies 20,000 square feet, around four times less space, by the end of 2017.

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JLL has arranged the transaction, which is part of the $2.1 billion disposition of Stockholm-based Alecta’s 4.5 million-square-foot international commercial portfolio.

Barbra Murray, Contributing Editor

New York and London—JLL knows how to multitask. The commercial real estate services firm not only arranged the $2.1 billion sale of Stockholm-based Alecta’s 4.5 million-square-foot international commercial portfolio to two separate buyers—investment giant Blackstone and a global investment bank—but it also orchestrated acquisition financing on Blackstone’s behalf…

Blackstone Nabs $1.7B US Portfolio from Swedish Pension Fund

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  • Brazil bank’s goal is to make ‘strategic’ loans, Aguero says
  • Rodrigo Oyarzo joins to lead the firm’s new credit business

Grupo BTG Pactual, the Brazilian lender that slashed its workforce in 2016 and sold off assets to survive a liquidity crisis, is investing in Chile with plans to start lending.

Rodrigo Oyarzo joined BTG to head the new credit business, according to Juan Guillermo Aguero, BTG’s chief executive officer for Chile. The idea is to use the Sao Paulo-based company’s banking license in Chile, obtained in 2014, to provide more “strategic” loans to clients tied to mergers and capital-markets transactions, Aguero said…

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Two large law firms said on Tuesday that they would combine to form a global firm amid continuing consolidation in the legal industry.

The two firms, Norton Rose Fulbright and Chadbourne & Parke, will merge into a single entity with more than 4,000 lawyers and expected annual revenue just under $2 billion. The combined firm will be known as Norton Rose Fulbright.

The merger, which is to take effect in the year’s second quarter, is the second large-scale combination for Norton Rose, whose biggest previous merger partner was the Texas firm Fulbright & Jaworski in 2013.

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Mitsui & Co. has committed between $450 million and $550 million to fund real estate and infrastructure projects across North America.
Tatsuo Yasunaga
Tatsuo Yasunaga, Mitsui’s president & CEO

Los Angeles and Tokyo—A strategic partnership between CIM Group LLC and Mitsui & Co. Ltd. will look to expand both organizations’ growth initiatives in real estate and infrastructure investments across North America.

“We are excited to partner with Mitsui to position CIM to be the first choice for Japanese investors interested in real estate and infrastructure investments in North America,” Avi Shemesh, CIM Group’s co-founder & principal, said in a prepared release. “This partnership will allow CIM to better meet the growing needs of our investors.”

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  • Managers bet on past winners the most in at least seven years
  • Momentum-value correlation level also historically high

Hedge funds can’t get enough of momentum — even if it means embracing an investing strategy they hate.

Loosely defined as betting on shares that went up the fastest over the preceding nine-to-12 months, hedge funds are the most reliant on momentum strategies since at least 2010, according to an Evercore ISI analysis of 13F filings with the Securities and Exchange Commission. Meanwhile, they’ve reduced their bearish bet on value stocks, which are priced at deep discounts to earnings and assets, for the first time in nine quarters, the study shows.

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The Venice sign spans the intersection of Windward and Pacific Avenues in the Los Angeles neighborhood. It is a replica of the original sign from 1905, which was hung by the developer to lure buyers. The neighborhood is undergoing change now as tech money flows in.CreditMelissa Lyttle for The New York Times

LOS ANGELES — Blaine Lourd has long helped the movie stars, professional athletes and heiresses in Los Angeles manage their wealth. Over the past few years, he has also noticed millionaires who made their money in technology begin to dot the west side of the city.

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The partnership centers on the WELL Building Standard, the first performance-based system for the measuring and certification of the built environment’s impact on human health.

New York—Delos’s role in the well-building movement continues to grow, as the wellness real estate and technology firm forms a strategic alliance with Glumac, a full-service consulting and engineering company. Together, the partners will work to further the evolution of indoor environments into spaces that foster health and wellness…

Delos, Glumac Create Building Wellness Bond

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  • Judge rules Ashish Thakkar, not family, owns disputed assets
  • London judge says that Thakkar’s claims are a ‘blatant lie’

Ashish Thakkar, who co-founded Africa banking conglomerate Atlas Mara Ltd. with ex-Barclays Plc head Bob Diamond, lost a ruling over the ownership of family assets in a London divorce case, with a judge questioning Thakkar’s truthfulness.

Judge Philip Moor ruled that Thakkar, and not his mother and sister, was the owner of disputed assets in the divorce. He found that the 35-year-old owned 100 percent of Mara Group Holdings Ltd. and other corporate entities…

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The Canada Pension Plan Investment Board and a partnership of TH Real Estate and Silverpeak Real Estate Partners will acquire stakes in the office properties.

Houston—It’s a Texas-sized deal. Parkway Inc. has arranged to sell a 49 percent interest in its Greenway office portfolio in Houston for $512.1 million, or an implied $210 per square foot, the company announced last Friday. The portfolio comprises an 11-building office campus totaling about 5 million square feet, in Houston’s Greenway submarket…

Parkway to Sell Interest in Houston Portfolio for $512M

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  • Appeals court upholds bulk of ruling dismissing challenge
  • Institutions might qualify for inclusion in contract claim

Hedge funds largely failed in their legal challenge to the U.S. government’s capture of billions of dollars in profits generated by Fannie Mae and Freddie Mac after their bailout, sending shares of the mortgage guarantors plunging.

Perry Capital LLC, the Fairholme Funds and other big investors lost a bid to overturn a judge’s ruling that said they can’t sue the government over the dividend change. The change known as the “net-worth sweep” forced the companies to send almost all their profits to the U.S. Treasury, leaving shareholders with nothing. The companies have been under government control since being bailed out during the 2008 financial crisis…

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The office property is LEED certified to the Gold level.
The Plaza at Enclave, Houston, Texas
The Plaza at Enclave, Houston, Texas

Houston—HFF announced it has arranged financing for The Plaza at Enclave, a 344,296-square-foot office building located in Houston’s Energy Corridor. According to Yardi Matrix data, the borrower is Azrieli Group of Tel Aviv, Israel and the loan amount equals $64.8 million. HFF worked on behalf of the borrower to secure a 15-year, fixed-rate loan through Allianz Real Estate of America.

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  • Measures ‘have helped to achieve a soft landing’ Wong Says
  • Home prices fell 3 percent in 2016, the 3rd annual decline

Singapore’s residential property curbs are expected to stay for some time as the city-state’s economy remains stable and demand is still “very resilient,” National Development Minister Lawrence Wong said.

Singapore home prices fell 3 percent in 2016, with prices declining for the 13th straight quarter in the last three months of the year for the longest streak since data was first published in 1975. Still, Singapore house sales last year topped 2015’s tally as a third straight year of price declines stoked pent-up demand from homebuyers…

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Historically low interest rates are here to stay, making it much harder for central banks in wealthy countries to prevent and limit recessions in the future, according San Francisco Federal Reserve Bank President John Williams.

Writing in the bank’s latest economic letter, Williams argued that a decline in the long-run economic growth rate of the U.S. and other rich nations has depressed business investment, and with it, interest rates.

A low-rate world is “likely to be very persistent,” as an aging population and lagging productivity hold down growth, he said…

Fed’s Williams Says Historically Low Interest Rates Will Persist

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The property includes approximately 45,000 square feet of office and 1,720 square feet of ground-floor retail.
634 Second St., San Francisco
634 Second St., San Francisco

San Francisco—Thor Equities recently announced that it has closed the acquisition of 634 Second St., a 46,750-square-foot office building situated in the SoMa neighborhood of San Francisco. The property was bought for $40 million from MCM Real Estate Services, a subsidiary of Manchester Capital Management LLC.

The seller was represented by Kyle Kovac, Michael Taquino and Daniel Cressman, executive managing directors of NGKF Capital Markets, and by Newmark Cornish & Carey’s Executive Managing Directors Michael Brown and Bill Benton, who also represented MCM in the lease-up of the property. As part of the transaction, Thor Equities engaged NGKF to both secure the acquisition financing and handle property management of the asset moving forward…

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  • Separate listing for Domain would be completed by end of 2017
  • Fairfax would own between 60% and 70% of standalone entity

Sydney Morning Herald-publisher Fairfax Media Ltd. is considering hiving off its property-listings business, turning the group’s main earnings engine into a new Fairfax-controlled entity as media income shrinks.

Fairfax shares soared the most in three years after it said Domain Group could be listed in Australia by the end of 2017. Fairfax will retain between 60 percent and 70 percent of the new entity and shareholders will receive stock in Domain, it said in a statement Wednesday.

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  • Fundraising process for programs said to be in early stages
  • Previous investment by Disney valued Vice at $4 billion

Shane Smith

Photographer: Brian Ach/Getty Images for TechCrunch

Vice Media Inc., the New York-based company known for provocative news coverage, has hired Morgan Stanley and Raine Group to help raise money for a fund to develop and produce scripted programming for TV, mobile devices and movie theaters, according to a person familiar with the matter.

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Getty Images

Getty Images

The President of the United States held a press conference today. Perhaps you have heard about. It was certainly quite a show. Ostensibly, it was held to introduce his new pick for labor secretary, Alex Acosta, since his first pick didn’t pan out so well. And sure enough, President Trump spent exactly 100 words on the subject to open things up. Then he spent an hour-and-a-half rambling about how his mess of an administration is a “fine-tuned machine,” whining about how mean people are to him and dismissing the growing reports of contacts between his campaign and Russia as “fake news.” In between, however, he took a moment to talk about Paul Singer, who had just paid him a courtesy call. The same Paul Singer who called a Trump presidency “close to a guarantee of a global depression” before gingerly getting on board the Trump train after the election…

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