Expanding its New York operations, law firm Greenspoon Marder has leased some 25,000 square feet of space at 590 Madison Ave. The property is currently 80.5 percent occupied.

Two months after Colony Northstar leased part of the 33rd and 34th floors of 590 Madison Ave., Greenspoon Marder has relocated its New York office to the 41-story building. The law firm occupies the 18th floor, encompassing nearly 25,000 square feet of office space. According to Yardi Matrix data, the property is 19.5 percent vacant.

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Rent growth has been decelerating since it reached double-digit levels in 2015. As of May, the metro’s $2,675 average rent was more than double the national average of $1,316, according to Yardi Matrix.

Silicon Valley is the nation’s largest tech hub, a top-performing venture capital market and one of the most prominent locations for startups. The metro continues to thrive as an attractive destination for businesses and young, educated workers, as a result of consistent employment and wage growth. However, the rental market is cooling as San Jose becomes increasingly unaffordable, even for higher-paid workers. Rents dropped 1.3 percent year-over-year through May to $2,675, more than double the national average.

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  • Fund will only dole out loans if it deems debt sustainable
  • Government monitoring bond market conditions for possible sale

The International Monetary Fund agreed to a new conditional bailout for Greece, ending two years of speculation on whether it would join in another rescue and giving the seal of approval demanded by many of the country’s euro-area creditors.

The Washington-based fund said Thursday its executive board approved “in principle” a new loan worth as much as $1.8 billion. The disbursement of funds is contingent on euro-zone countries providing debt relief to Greece…

Greece Approved for $1.8 Billion Conditional Loan From IMF

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The new tenant will relocate its headquarters later this year and will occupy the 18th floor of the office building which is currently under renovation.

Feldman Equities has signed a new lease with CAPTRUST Advisors LLC at Park Tower, a 475,000-square-foot office tower in downtown Tampa. The tenant will relocate its headquarters and will occupy an approximately 10,500-square-foot space at the Class A building.

Located at 400 N. Tampa St., Park Tower is currently undergoing an expansive renovation program anticipated for completion in the first quarter of 2018. CAPTRUST will occupy Park Tower’s 18thfloor and will relocate to its new space later this year, after almost 20 years in the CAPTRUST building at 102 W. Whiting St. That property is scheduled for demolition as part of Feldman’s Riverwalk development…

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The transaction includes 35 assets totaling 11.6 million square feet, fully occupied. The properties are primarily in Germany and the Netherlands, with smaller footprints in France, Poland and the U.K.

Gramercy Property Europe has completed its previously announced sale of all of its assets to a consortium of clients managed by AXA Investment Managers—Real Assets.

The deal’s total gross valuation reportedly is about €1.0 billion ($1.1 billion), with an exit cap rate of about 6.2 percent. The transaction resulted in net distributions to Gramercy Property Trust of €90.8 million ($103.8 million).

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Banks are running out of options to lease large amounts of office space in Frankfurt following the U.K.’s vote to leave the European Union.

“The vacancy rate has slipped below the 10 percent level” and there is a growing shortage of bigger office buildings in central areas, BNP Paribas SA’s real estate broker unit wrote in a report on Thursday. “In view of the anticipated increase in demand by banks in connection with Brexit, this shortage looks set to intensify in the months ahead.”…

Frankfurt Is Already Running Out of Office Space for Banks

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The company plans to redevelop the student housing into conventional apartments. Renovations will be made to the unit interiors, as well as to the exterior.

Waypoint Residential continues its round of student housing purchases with the addition of a 288-unit community located in Tallahassee, Fla. This time, the company plans to redevelop the property from student housing to conventional apartments.

WAYPOINT’S RENOVATION PLAN

Located near various retail and transportation options, the redevelopment includes amenities such as a fitness center, a computer lab, business center, conference room, movie theater, swimming pool, a full-size basketball court and a sand volleyball court…

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  • Sentry Small/Mid Cap Income Fund targets oligopolies
  • Likes ‘nice and safe’ but doesn’t want to pay for it

With Canada’s small-cap market dominated by downtrodden energy and materials stocks, fund managers that specialize in the sector are looking further afield.

Sentry Small/Mid Cap Income Fund, the country’s top performing small-cap fund with assets of more than C$1 billion ($794 million), is finding some of its highest returns in a global concert promoter, a U.S. medical testing company, and a casino operator…

Casinos, Concerts Allow Top Fund to Avoid Dismal Canada Market

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  • Bank lost a third of its equities market share since 2015
  • Executives have pledged to ‘defend and grow’ stocks business

In October 2015, Credit Suisse Group AG Chief Executive Officer Tidjane Thiam and the head of its markets unit, Timothy O’Hara, laid out their vision for a business they said would be key to overhauling one of the world’s biggest investment banks.

“Credit Suisse has consistently been a top-three trader of global stocks since 2010,” O’Hara, a 27-year veteran of the bank, told investors who had gathered in London. “It’s important to us that we invest in our content and execution capabilities to defend and grow our equities franchise.”

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Cushman & Wakefield’s top Tri-State executives and brokers discussed the evolving retail sector and how it’s intersecting with industrial, the positive and uncertain aspects of New York City’s real estate market, and more at the firm’s recent mid-year outlook presentation.

“The office market for 2017 continues to look promising…and we think we’re going to finish strong. Challenges and what remains to be seen is what happens in the coming years as additional inventory comes to the market and there’s continued densification in the market,” noted John Santora, Cushman & Wakefield’s vice chairman & president of the Tri-State Region, at the firm’s mid-year 2017 outlook on the region’s commercial real estate industry.

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  • SEC, in letters, says two whistle-blowers will share award
  • Award stems from bank’s $307 million settlement over conflicts

Two whistle-blowers are set to share a record $61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank.

The SEC issued letters on Wednesday notifying six whistle-blower applicants of the preliminary decision. The letters said that two of them would share almost a quarter of the record asset-management settlement that the SEC reached with the bank in December 2015…

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The new owner acquired the industrial property in Littleton, Mass., and inked a 10-year lease with Premier Health Group LLC, an affiliate of a non-profit that provides organic medicinal marijuana to qualified patients.

Calare Properties purchased 234 Taylor St. in Littleton, Mass. The new owner secured a 10-year absolute net lease with Premier Health Group LLC for the 36,000-square-foot warehouse. The tenant will also manage the industrial facility, which was previously occupied by VJ Electronix.

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  • Trade groups want to keep big bank dominance from returning
  • Groups believe current system is best, but still needs new law

A decade ago, Brian Koss was a senior vice president at Countrywide Financial who saw firsthand how big lenders muscled out small ones during the housing boom by cutting special deals with Fannie Mae and Freddie Mac.

Now, as a senior executive at a mid-size lender, he says a positive outcome from the bust is that government policies have mostly leveled the playing field.

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  • Desmond Lun’s AI trading model draws on computational biology
  • Biologists are ‘kicking butt’ in data science, professor says

Hedge fund manager Desmond Lun’s 21 percent average return over the last four years springs from an unlikely source — a petri dish of algae.

Lun, 37, is a new kind of quant, combining AI wizardry with old-school biology to trade futures. Although his Taaffeite Capital Management is small, Lun makes a big claim: His research into one of the natural world’s most byzantine systems — the biological cell — has given him an edge in untangling the secrets of financial markets…

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The New York City-based company arranged a $15.3 million acquisition loan for the 120-key Staybridge Suites Houston—Medical Center in Houston.

Mission Capital Advisors’ debt and equity finance group has arranged a $15.3 million acquisition loan on behalf of Midas Hospitality for the newly built Staybridge Suites Houston–Medical Center. The 120-key, extended-stay hotel is located at 9000 South Main St. in Houston, Texas.

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  • Values in London fell in May for the second consecutive month
  • London market most impacted by Brexit and higher sales taxes

The eight-year bull run for London home values appears to be finally coming to an end.

Values fell 0.5 percent in May from April, according to the LSL Acadata Home Price Index, and will show little or no growth this year, broker Savills Plc forecasts. PricewaterhouseCoopers LLP predicts that price growth will continue to slow in 2018 and 2019 as economic uncertainty and increased stamp duty taxes damp demand.

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  • Recommendation was long Brazil, Russia, India and South Africa
  • Mexican peso and Turkish lira seen as having upside potential

Goldman Sachs told investors to close out of an emerging-market carry-trade recommendation it made eight months ago, saying there was little scope for appreciation.

Following the bank’s advice to buy Brazil’s real, Russia’s ruble, India’s rupee and South Africa’s rand while shorting the Korean won and Singapore dollar would have delivered a 9.7 percent return, strategists Marty Young and Michael Cahill said in a note to clients. While Goldman Sachs is overall positive on emerging-market currencies, the analysts said the real, ruble and rupee were unlikely to strengthen much further in coming months…

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The 578-unit facility in Shreveport, La., was acquired by a Salt Lake City-based buyer. The property offers climate-controlled and traditional storage space.

Bellomy & Co. closed the sale of Discount Self Storage in Shreveport, La., to a Salt Lake City-based investor. The seller was a company from Marshall, Texas. The 70,057-square-foot asset offers 578 units, 93 percent of which were occupied at the time of the transaction.

Discount Self Storage is located at 900 E. 70th St. and includes climate and humidity-controlled units, as well as traditional and warehouse space. The property also features a security fence, 24-hour video surveillance, keypad access, outdoor parking and pest control. Supplies, dollies and carts for move-in are also available…

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U.S. stocks climbed as corporate earnings reports pick up steam and investors assess the fallout of the Trump Administration’s embattled health-care bill.

The S&P 500 added 0.3 percent to 2,468 as of 10:10 a.m. in New York after the underlying gauge closed at a record high Tuesday. Small-cap shares rallied as the Dow Jones Industrial average was little changed…

U.S. Stocks Climb as Earnings Season Picks Up; Health Care Gains

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  • Wealth, asset-management units benefit from stock-market rally
  • Divisions at three banks post record profits as fees climb

Wall Street’s bond traders may abhor the lack of volatility that’s overcome markets. But their colleagues who are managing other people’s money certainly seem to like it.

Calm and climbing markets gave a boost to wealth- and asset-management arms at the largest U.S. banks, driving revenue in those units to a record $18.4 billion in the second quarter, according to data compiled by Bloomberg. Divisions at JPMorgan Chase & Co. and Bank of America Corp. had their highest-ever profit, helping to cushion lower trading results across the firms…

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Set adjacent to Anastasia State Park, the resort boasts 535 feet of ocean frontage and will feature 175 rooms. Phase II will include an additional 90 to 100 accommodations.

Key International topped off phase I of construction of the Embassy Suites by Hilton St. Augustine Beach Oceanfront Resort in Florida. The project is slated for delivery in the first quarter of 2018.

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PM Realty Group sold a 135,000-square-foot property in Diamon Bar, Calif., to the company. At the time of sale, the Class A office building was 89 percent occupied.

Great Far East acquired Bridgegate Plaza, a 135,000-square-foot office building in Diamon Bar, Calif., from PM Realty Group.

HIGH OCCUPANCY

Located at 1440 Bridgegate Drive, the three-story asset offers quick access to and from Orange and Pomona freeways. Bridgegate Plaza is situated in the vicinity of multiple public transportation and dining options, including Deli at Vista Pointe and Mansun Japanese Restaurant. Constructed in 2002, the Class A office building features a stone lobby and sky-lit atrium. At the time of sale, the property was 89 percent occupied. Tenants include Insperity, Novatime and QTC Management…

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Residential construction ended the second quarter on a stronger note as groundbreaking on new homes rebounded in June to the fastest annualized pace in four months, Commerce Department data showed Wednesday.

Key Takeaways

The pickup in construction last month reflected more starts of single-family homes as well as apartment and other multifamily dwellings. The gain in June starts ended a three-month slide that indicates residential building will do little for second-quarter economic growth.

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Investors positioned for the global recovery are in good company: it’s the most common bullish investment theme for hedge funds this summer, according to Lyxor Asset Management.

As interest in hedge funds rises again — they saw the biggest jump in demand among asset classes examined in a Credit Suisse Group AG report last week — Lyxor strategists including Jean-Baptiste Berthon set out current investment trends in a recent note…

Summer’s Most Common Hedge Fund Theme Is the Global Recovery

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Phase two of the International Business Exchange data center will feature 1,500 additional cabinets, bringing the facility’s total capacity to 3,000. Delivery is scheduled for year-end 2017.

Equinix Inc. plans to invest $42 million to expand its SY4 International Business Exchange data center near Sydney, Australia, to meet the rising demand for additional capacity and interconnection services.

Opened in August 2016, SY4 is strategically located in Alexandria, 2.5 miles from Sydney’s central business district. The development is Equinix’s latest in a series of expansions across Asia-Pacific, namely in Melbourne, Tokyo, Hong Kong and Singapore.

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A Norwegian sovereign wealth fund is the new owner of the German publisher’s future headquarters, while a Blackstone joint venture acquired the company’s current home.

In separate deals, Axel Springer has sold the Axel-Springer-Neubau and Axel-Springer-Passage, both located in Berlin, for a combined price of $865 million.

Axel-Springer-Neubau, a 13-story office building complex which is currently being developed, was acquired by Norges Bank Real Estate Management, a Norwegian sovereign wealth fund. Designed by noted architect Rem Koolhaas, the project is set to be finished in December 2019.

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  • Says Brexit not fully priced into real estate in U.K. capital
  • Firm’s property chief sees opportunities in NYC hotels, condos

The value of high-quality properties in London could fall by as much as 10 percent as the U.K.’s decision to leave the European Union affects the economy, said Ralph Rosenberg, head of real estate for KKR & Co.

“I wouldn’t be surprised to see London reprice” about 5 percent to 10 percent “for core-type assets” because Britain’s planned exit from the EU isn’t fully reflected in real estate values, Rosenberg said in a Bloomberg Television interview Wednesday. He was referring to both commercial and residential property. Prices for the best London real estate surged right after last year’s vote as outside investors took advantage of the decline in the pound to buy…

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The company purchased the property in the Rancho Dominguez submarket of Los Angeles County for $12 million and has a $2.5 million renovation underway.

Industrial Property Trust Inc. acquired a 104,339-square-foot industrial building in the Rancho Dominguez submarket of Los Angeles County. The national REIT purchased the property for $12 million from Benetti’s Italia and has commenced a $2.5 million capital improvement plan. Daum Commercial Real Estate Services negotiated the transaction on behalf of IPT.

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The company will create a new 240,000-square-foot campus for Orange Lake Resorts in the blossoming 200-acre, mixed-use Infinity Park.

Tavistock Development Co. has signed Orange Lake Resorts to a build-to-suit lease in Orlando, Fla., and it’s a big one. Tavistock will develop a 240,000-square-foot corporate campus for the vacation ownership industry leader at Infinity Park, the 200-acre, mixed-use business park.

Tavistock’s lease agreement with Orange Lake marks one of the largest office transactions in Orange County year-to-date. “There is a dearth of large blocks of vacant office space in the Orlando metro area, and current office rents do not justify speculative new construction. These factors have combined to limit very large deals,” Skipper Peek, senior vice president, Tavistock Development Co., told Commercial Property Executive.

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Women are more successful at meeting their funding targets, study shows

Start your day with what’s moving markets in Asia. Sign up here to receive our newsletter.

When it comes to raising funds from large groups of anonymous donors over the internet, women come out tops. That could be a boon for job creation and economic growth.

A new report from PricewaterhouseCoopers LLP and The Crowdfunding Center shows that women across the world consistently outperformed men on funding campaigns: Globally, females were 32 percent more successful than males in reaching their funding targets; in Asia, women achieved twice as much success as men…

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  • Less than a third of those asked say they trust billionaires
  • Republicans are more likely than Democrats to admire the rich

Bad news for financial titans like JPMorgan Chase & Co.’s Jamie Dimon and Goldman Sachs Group Inc.’s Lloyd Blankfein: Most Americans hold unfavorable views of Wall Street banks and corporate executives, and distrust billionaires more than they admire them.

Despite efforts by Wall Street firms to regain trust since the 2008 financial crisis, fewer than a third of Americans view the industry positively — unchanged from 2009, according to the latest Bloomberg National Poll…

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Wall Street has developed a new way, clouded in obscurity, to fleece the hundreds of millions of Americans who have money invested in company pension plans, mutual funds and insurance policies.

Institutional brokers are legally obliged to execute trades on the exchange that offers the most favorable terms for their clients, including the best price and likelihood of executing the trade. The 12 exchanges, most of which are owned by New York Stock Exchange, Nasdaq and Better Alternative Trade System (BATS), along with the Chicago Stock Exchange and the Investors Exchange (IEX), are supposed to compete to offer the best opportunities…

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Who cares about a few bad weeks in fixed-income markets?

Jamie Dimon, JPMorgan Chase’s chief executive, raised that reasonable question last week. The answer is Lloyd C. Blankfein at the rival Wall Street firm Goldman Sachs, which on Tuesday reported a 40 percent year-on-year slump in revenue from trading bonds, currencies and commodities. Goldman’s market compass is a little off, and investors may soon expect Mr. Blankfein to fix it more quickly.

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Sentiment among American homebuilders deteriorated to an eight-month low in July on concerns about higher material costs, according to data Tuesday from the National Association of Home Builders/Wells Fargo.

HIGHLIGHTS OF HOMEBUILDER SENTIMENT (JULY)

  • Builders’ Housing Market Index decreased to 64 (est. 67) from 66 in June (revised from 67)
  • Measure of six-month sales outlook dropped to a five-month low of 73 from 75
  • Index of current sales fell to 70, the weakest since November, from 72
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Leaders of major United States companies with deep ties to China will meet on Tuesday with their Chinese counterparts to try to ease the increasingly rocky economic relationship between the countries.

On Tuesday, Wilbur L. Ross, the secretary of commerce, will host a daylong meeting in Washington with more than 20 business leaders from the United States and China. The session will be brokered by Jack Ma, the executive chairman of the Chinese e-commerce giant Alibaba, and Stephen A. Schwarzman, a co-founder of the private-equity firm the Blackstone Group and an adviser to President Trump…

U.S. and Chinese Executives to Meet on Nations’ Economic Relations

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Robert Ward will oversee commercial and multifamily development operations, succeeding Shawn Hurley, who was with the company for seven years.

Skanska appointed Robert Ward as president & CEO for Skanska USA Commercial Development. Ward will oversee the company’s commercial and multifamily development operations. Succeeding Shawn Hurley, Ward will join the USA senior leadership team and report to Skanska AB Executive Vice President Claes Larsson.

DEVELOPMENT & CONSTRUCTION EXPERIENCE

Ward has more than two decades of experience, recently serving as chief operating officer for Skanska USA Commercial Development. In that position, he evaluated all project investments, refined the national leasing and customer strategy, explored new market opportunities and managed the group’s professional service functions…

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  • Borrowers with mortgage less likely to default, go bankrupt
  • New rules will help insulate them from rising interest rates

Canadians may be shouldering near-record household debt but homeowners have been managing it better than those than don’t own property, according to the country’s housing agency.

Mortgage delinquency rates and credit scores improved in the fourth quarter of 2016 from the third quarter and those with a home loan were less likely to default or file for bankruptcy, Canada Mortgage & Housing Corp. said in a report Tuesday.

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The third of TPA Group’s creative office campus concept will encompass two office buildings and a 5,000-square-foot central amenity structure.

TPA Group retained Avison Young as the exclusive leasing team for The Edison Pembroke Pines, a proposed creative office park totaling 330,000 square feet of Class A space in Pembroke Pines, Fla. Avison Young Principal Greg Martin and Vice President Justin Cope will lead marketing and leasing efforts on behalf of the Atlanta-based developer.

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The lodging company’s selection of Patrick Pacious, president & COO, for the position marks the conclusion of a long-term succession planning undertaking.

The soon-to-be-vacated top position at Choice Hotels International Inc. has been filled. The hotel company’s board has appointed Patrick Pacious, currently president & COO with Choice, to the position of CEO. He’ll take the reins from Stephen Joyce, who will step down at the end of 2017. Pacious will continue to hold the role of president, while the replacement for the COO position has yet to be determined.

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  • They had record 33% of portfolios in property, survey says
  • Investor wagers on hedge funds fell to record low 4%

Wealthy investors boosted bets on real estate and left hedge funds and equities as concern over high valuations and geopolitical risk push them back to basics.

They had 33 percent of their portfolios on average in real estate at the end of the second quarter, according to a survey by Tiger 21 released Tuesday. That’s a record since the group of high net-worth investors started measuring aggregate allocations in 2007.

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Equus Capital Partners sold the three-building office complex to the East Coast operating platform of The Shidler Group, Alliance Partners HSP.

CBRE brokered the sale of Golden Bear Plaza, a Class A office campus totaling 245,673 square feet in Palm Beach Gardens, Fla. Equus Capital Partners Ltd. sold the three-building asset in a $62.3 million deal to an affiliate of Alliance Partners HSP, the East Coast operating platform of The Shidler Group.

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Tenant demand and strong property fundamentals drive investor interest, with $1.7 billion in multifamily assets already trading in the first quarter. Rents increased 2.9 percent to $1,108 as of May, and Yardi Matrix forecasts a 3.5 percent increase in 2017.

Atlanta has become an economic powerhouse in recent years. It’s currently one of the fastest-growing metro areas in the nation—a result of its broad-based job growth, 18-hour lifestyle and healthy rental and housing market. A rapidly rising population is adding to the city’s congestion issues, but also fostering demand for apartments and pushing rents higher.

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The new owner awarded Lincoln Property Co. Southeast with the exclusive property management and leasing assignment of Jefferson Plaza.

ICM Realty Group completed the purchase of Jefferson Plaza, a 118,000-square-foot, multi-tenant office building in Norcross, Ga. The new owner committed to a capital improvement program, including material exterior and interior renovations.

Located at 3169 Holcomb Bridge in the Norcross/Peachtree Corners submarket, the property was completed in 1978. The seven-story building underwent significant upgrades and features floor plans ranging from 813 square feet up to 11,348 square feet, a conference facility and a parking ratio of four spaces per 1,000 square feet…

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The transaction includes a future funding facility of up to $70 million that Monday Properties can use to lease and upgrade the 580,000-square-foot building.

Monday Properties has received $250 million in refinancing for 1812 North Moore St., a 580,000-square-foot office tower in the Arlington submarket of Rosslyn, Va.

The refinancing was finalized ahead of the scheduled maturity date, coming up this December, and includes up to $70 million in the form of a future funding facility that Monday can leverage for future leasing and capital investment activity…

NoVa Office Tower Lands $250M Refi

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Rental listings generally don’t include tenant complaints or fire code violations. Rentlogic is changing all that.

The for-rent advertisement on East 75th Street in Manhattan, just a half-block from Central Park, boasts natural light, a marble bathroom, and a granite kitchen. It sounds lovely, a gem of the Upper East Side—perhaps even “triple mint,” as some real estate ads breathlessly proclaim.

It better be, given that the price for the apartment is $4,095 a month.

What the listing doesn’t mention is that the building has a long history of tenant complaints and city-issued violations. Issues over the years have included mold, cockroaches, and fire safety. That information is accessible on public databases, but it can be difficult to dig up for the uninitiated…

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Few can claim as crucial a role in creating the buyout industry as Henry R. Kravis and George R. Roberts. From a small partnership that began with just $120,000, the two created the colossus now known as Kohlberg Kravis Roberts, the firm that bought RJR Nabisco and defined an era.

Now, more than 40 years after setting up K.K.R., the two billionaire cousins have finally outlined the future of a firm where the K, the K and the R are all gone…

K.K.R. Lays Out a Line of Succession, a Rare Move in Private Equity

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Magnolia Health Systems sold the assets for $15 million in cash and will lease them back on a triple-net basis for 15 years.

MedEquities Realty Trust Inc. has executed a definitive agreement to purchase two skilled nursing facilities in Indiana from Magnolia Health Systems for $15 million in cash. The company will lease the facilities to Magnolia, pursuant to a 15-year, triple-net master lease at an initial lease rate of 9 percent, with annual escalators. The transaction is expected to close within 30 days, subject to customary closing conditions.

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  • Second-quarter sales of homes being built rise by 30%
  • Total number of unsold homes under construction reaches record

London home starts rose to the highest in 18 months even as the number of unsold properties under construction climbed amid uncertainty surrounding Brexit.

Construction began on 6,962 units during the second quarter, according to a report by Molior London seen by Bloomberg News. That’s 42 percent higher than a year earlier and the most since the fourth quarter of 2015. A spokesman for Molior declined to comment…

London New Home Starts Surge 42% as Builders Ignore Brexit Woes

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The company leased nearly 40,000 square feet of office space at River Park Tower II in San Jose, Calif. Expected to move in the last quarter of the year, Cohesity will occupy the seventh and eighth floors of the building.

Cohesity, a computer data storage company, signed a 40,000-square-foot lease on the seventh and eighth floors of the second building of River Park Tower in San Jose, Calif. The firm is relocating from Santa Clara, where it occupies 14,000 square feet, and is expected to move in the new space in the fourth quarter of this year.

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Wilson Real Estate II sold the 30,760-square-foot building in Troy, Mich., to LSTC Michigan, marking the latter’s sixth commercial real estate acquisition in the Detroit area.

Mason Capitani CORFAC International negotiated the sixth acquisition of California-based investor LSTC Michigan in the Detroit metro area. Wilson Real Estate II, the previous owner of the 30,760-square-foot office building in Troy, Mich., listed the property for $4 million. Following the transaction, the building will change its name from the Wilson Office Building to Butterfield Park Place, although Wilson Real Estate will continue to oversee the leasing efforts.

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State-owned Abu Dhabi National Exhibitions Co. has formed a venture with U.K. developer Mount Anvil Group Ltd. to build apartment towers next to the ExCel London conference venue, according to two people with knowledge of the plan.

The companies could develop about 1,000 homes on land next to the exhibition center, the people said, asking not to be identified because the agreement isn’t yet public. The venture hasn’t yet applied for approval to build on the land, which is currently used for parked vehicles, the people said…

Abu Dhabi to Help Build 1,000 Apartments in London

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The company landed financing for 46 percent of the purchase price. The buyer recognized the property’s potential for value creation, given the nearby $450 million project underway.

MetroGroup Realty Finance secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial/office business park in Orange, Calif. The financing represented 46 percent of the 8.5 million purchase price. Lee & Associates represented both the buyer, Betty L. Davies Family Ltd. Partnership, and the seller, Orangewood Business Plaza LLC.

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Two Independence Square, the largest asset in Piedmont Office Realty’s portfolio, sold for $360 million, or $593 per square foot.

Hana Asset Management Co. Ltd., a South Korean investment firm, has acquired Two Independence Square—NASA headquarters and Piedmont Office Realty Trust’s largest Washington, D.C., asset—for approximately $360 million, or $593 per square foot.

The 606,000-square-foot, nine-story office building is located at 300 E St., S.W., and has been fully leased to the National Aeronautics and Space Administration since it was constructed in 1991. Atlanta-based Piedmont acquired the property in November 2002 from Boston Properties in a $345 million portfolio transaction that included One Independence Square, according to Yardi Matrix data. Yardi Matrix stated the price Piedmont paid for Two Independence Square in 2002 was $216.2 million, or $386 per foot…

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  • House-price inflation set to slow to 3.7% from 7% last year
  • Inflation, Brexit will weigh on consumer spending, investment

The U.K. housing market will cool this year as uncertainty around Brexit hits the economy, according to PricewaterhouseCoopers LLP.

Home-price inflation will slow to 3.7 percent from 7 percent in 2016, and London will be the most severely impacted, PwC said in a report published Tuesday. The changes reflect the wider economic picture as inflation and Brexit take their toll on consumer spending and investment…

U.K. Housing Market Will Cool This Year, PwC Says

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In her new role, Melissa Reagen will be responsible for coordinating TH’s research team, which identifies and analyzes market trends that inform clients’ investment decisions.

TH Real Estate, an affiliate of asset manager Nuveen, has appointed Melissa Reagen as head of research for the Americas. She will be based in New York City and will report to Chris McGibbon, head of TH Real Estate Americas. Reagen will also work closely with Alice Breheny, who is overseeing all research teams from London.

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Origin Investments’ Fund III, raised from more than 450 investors, is intended to acquire $600 million in value-added commercial properties.

CRE private equity firm Origin Investments, of Chicago, has completed the final closing for its fully subscribed $151 million Fund III, the company announced last week.

The nominal $150 million fund, which hit its $55.5 million first closing in March, is intended to acquire $600 million in value-added commercial properties.

The goal is that when fully invested, Fund III will have more than 15 multifamily and office properties in eight high-growth markets across the U.S.: Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston and Raleigh-Durham, N.C. Since July 2016, it has invested about $38 million in eight properties valued at more than $257 million…

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  • Three-month average down 14.2% after flood of new listings
  • Bank of Canada rate hike expected to further cool market

Canada’s hottest housing market is definitely cooling down.

Total home sales in Greater Toronto dropped to 5,977 in June, the lowest level since 2010 and down 15.1 percent from the month prior, data from the Canadian Real Estate Association show. Average prices are down 14.2 percent since March — the fastest 3-month decline in the history of the data back to 1988 — while the ratio of sales to new listings sits at its lowest level since 2009…

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Bank of New York Mellon said on Monday that it had hired Charles W. Scharf, the former top executive of Visa and a veteran banker with experience at Citigroup, Bank One and JPMorgan Chase, as its new chief executive.

Mr. Scharf, who led Visa from October 2012 to December 2016, will join the bank as chief executive immediately and assume the added role of chairman on Jan. 1, Bank of New York Mellon said…

Bank of New York Mellon Hires Former Visa Head as C.E.O.

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Tom Fish discusses the capital markets landscape, zeroing in on key players, prominent trends and competitive threats.
At the Mortgage Bankers Association CREF/Multifamily Convention & Expo, held this year in San Diego, Tom Fish—who co-heads the Real Estate Investment Banking (REIB) practice within JLL’s Capital Markets Group—assessed the impact of the wall of maturities, qualified market liquidity and offered a forward-looking view of commercial real estate investment…
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In his new role, industry vet David Gorelick will be responsible for managing client development and driving the firm’s revenue growth initiatives.
David Gorelick has been hired as the new executive managing director and head of retail for the Americas of Cushman & Wakefield.

“I’m coming to this position with experience not only on the retailer side, but also from the landlord and investor perspective,” Gorelick told Commercial Property Executive. “In Cushman, I saw an opportunity not only to leverage that skill set but to also make an impact on a platform that I regard as best-in-class. It’ll be an honor and privilege to broaden the reach of the retail platform during this exciting time in the evolution of retail.”

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