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New buildings and renovations will expand the city’s office, residential, retail and hospitality offerings, continuing the city’s transformation into a magnet for businesses and visitors.

Change is afoot in Detroit and Bedrock is behind some of it. The local real estate firm recently announced plans for four transformative developments that will bring millions of square feet of office, residential, retail and other commercial offerings to the city at a total cost of $2.1 billion.

“Detroit is going vertical,” Dan Gilbert, Bedrock founder & chairman, said in a prepared statement. “In fact, that is the only way to create any type of significant expansion in the city because we are virtually at full occupancy for residential and commercial space in both downtown and midtown.”…

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  • 359,000 square feet on west side to house advertising
  • Project comes amid bids for larger, second headquarters

Amazon.com Inc. is set to open a large new office in New York City and create 2,000 high-paying jobs.

The e-commerce giant, which already has several locations across the city, will expand its presence with a 359,000 square-foot office in Manhattan that will employ people in finance, sales, marketing and information technology earning an average of $100,000 annually. Amazon will invest $55 million in the building project on Manhattan’s west side, according to a statement from the office of Governor Andrew M. Cuomo. The space, at Brookfield Property Partner’s Five Manhattan West, will be the primary New York location for Amazon’s advertising, the real estate firm said…

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The new tenants of Port 95 Business Center in Dania Beach, Fla., will boost the building’s occupancy to 92 percent. The leases total 47,182 square feet.

A team of brokers from Cushman & Wakefield represented MSG Port 95, the owner of Port 95 Business Center, in closing long-term agreements with two Broward County businesses. General Insulation, an insulation distributor and supplier, is relocating from Pompano Beach to Dania Beach with a move-in date scheduled for the fourth quarter of 2017. The other business is Kaman Industrial Technologies, a subsidiary of Kaman Corp., which is planning to consolidate several locations in a single one. The company plans to move into the new space in September.

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Sep
11

QIM Hedge Fund Soars 56% This Year

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  • Equity hedge funds are the top performers last month
  • Coatue pool gains 27% for the year, Renaissance fund up 11%

The tactical hedge fund at Quantitative Investment Management, the $3.4 billion firm run by Jaffray Woodriff, surged an estimated 56 percent this year through August, according to an investor document seen by Bloomberg News.

The firm’s systematic long-short equity Tactical Aggressive Fund rose an estimated 14 percent in August, after falling 7.4 percent in July. This marks the $1.2 billion fund’s third monthly gain of more than 10 percent this year, the letter from the Charlottesville, Virginia-based firm showed…

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Just five minutes before Monday’s solar eclipse, hundreds of beachgoers along Cape Cod National Seashore were donning special glasses and positioning empty cereal boxes with pinholes in them, tittering with anticipation to see the moon begin to blot out much of the sun. As a result, they missed something far more exciting some 10 yards offshore.

A hungry great white shark was attacking a harbor seal. It snatched the poor creature in its jaws and hurled it toward the shore, among bodysurfing and boogie-boarding youngsters. Those, like my son, who had been watching the water, saw the seal breach out of a foaming commotion of water and blood and yelled “shark!”…

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Fisher Brothers and Rockpoint Group will welcome the events and publishing company to 605 Third Ave., a recently renovated Class A office tower. The firm plans to occupy three floors by the first quarter of 2018.

Academic publishing, exhibitions and events company Informa PLC signed a 10-year, 59,613-square-foot lease at 605 Third Ave., a premier Class A office building in Midtown Manhattan. The tenant will occupy the entire 20th, 21st and 22nd floors, relocating and consolidating its operations from five different New York City offices. The move is expected to take place in the first quarter of 2018.

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Iberostar Hotels & Resorts has opened Iberostar Berkeley, a 96-key hotel located in Miami Beach. The opening of the four-star property followed the $43 million redevelopment of the Barkley Shore Hotel, an historic Art Deco building built in 1940.

Iberostar Berkeley marks the second U.S. property for the Spanish chain and 36th in the Americas, following the opening a 205-key four-star boutique hotel at 70 Park Ave., in Midtown Manhattan.

The firm is aiming to expand its urban collection of properties with 15 hotels over the next three years, including properties in such cities as Budapest, Barcelona, Lisbon, Lima and Havana…

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After a turbulent and scandal-filled year at Wells Fargo, the bank’s chairman is headed for the exit.

Stephen W. Sanger, 71, will retire at the end of the year and will be succeeded by Elizabeth A. Duke, 65, a former Federal Reserve Board governor. Ms. Duke joined the Wells Fargo board in 2015 and became its vice chairwoman last year. She was the board’s unanimous choice to take over, Mr. Sanger said on Tuesday in a statement announcing the changes.

Mr. Sanger will leave the board in December, with two other directors, Cynthia H. Milligan and Susan G. Swenson, who both joined the board in the 1990s. Juan A. Pujadas, a retired PricewaterhouseCoopers executive, will join the board next month…

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Praelium Commercial Real Estate and South Street Partners needed the financing in order to acquire Newmarket Business Park, a 471,486-square-foot office property in Marietta, Ga.

Walker & Dunlop closed $59 million in bridge and equity financing on behalf of Praelium Commercial Real Estate and South Street Partners for the acquisition of Newmarket Business Park in Marietta, Ga.

The debt was placed by a debt fund and arranged as a floating rate bridge loan with full-term interest-only payments. A hedge fund invested the equity.

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The Kohn Pedersen Fox-designed Jakarta Office Tower marks Mori Building’s first development in Southeast Asia. The project is set for completion in 2021.

Mori Building began construction on its Class A office tower in Jakarta, Indonesia. The Project marks Mori Building’s first development in Southeast Asia.

Shimizu Corp. and Bangun Cipta Kontraktor are jointly serving as the development contractors and Kohn Pedersen Fox Associates designed the tower. Kohn Perdersen Fox is also in charge with the design of a Hong Kong mixed-use development

Mori Begins Construction on Indonesian Office Tower

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The two-building complex is situated in Chula Vista, Calif., a submarket which is benefitting from exceptionally tight vacancy in neighboring National City.

Stos Partners acquired a 170,805-square-foot complex comprising two multi-tenant industrial buildings in Chula Vista, Calif. The property traded off-market for $13.5 million.

Michael Mossmer, senior vice president of Voit Real Estate Services, represented the buyer, as well as the seller, a private family.

Located at 1670-1690 Brandywine Ave., the assets benefit from immediate access to Interstate 805. The properties feature a fire sprinkler system, heavy power, dock-high and grade-level loading doors, and the clear heights range between 22 and 26 feet…

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CBRE Hotels negotiated the transaction of the 428-key hotel. The property is located in a thriving business area, close to several corporate headquarters.

The upscale DoubleTree by Hilton Hotel in Oak Brook, Ill., has a new owner. PHF Oak Brook, an affiliate of Fillmore Capital Partners and the previous owner of the property, tapped CBRE Hotels to close the transaction on its behalf. The brokers involved in the deal were Senior Vice President Nate Sahn and First Vice President Peter Greene.

PROVIDING THE UTMOST COMFORT

Located at 1909 Spring Road, in a booming business and retail area, the hotel offers an array of amenities to accommodate business and private events:

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TownePlace Suites by Marriott Orlando at SeaWorld and Holiday Inn Express and Suites Orlando at SeaWorld are slated to open this summer.

LBA Hospitality will open two new properties close to the SeaWorld theme park in Orlando, Fla. TownePlace Suites by Marriott and Holiday Inn Express and Suites will add more than 125 jobs and 369 keys, combined. Mandala Holdings owns the two hotels.

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  • Metrica Partners to start this month with $25 million in funds
  • Edwards sees best opportunities in Japan, Australia, Hong Kong

Damian Edwards, a former managing director at Royal Bank of Canada, is starting an Asian event-driven hedge fund to take advantage of a surge in mergers and acquisitions in the region.

Metrica Partners Pte plans to start this month with $25 million, Edwards said in an interview in Singapore. The equity-focused fund has five staff and will invest about half its money in Japan, with the remainder split between Hong Kong and the rest of Asia, he said…

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  • Fast money amasses record amount of 10-year Treasury futures
  • Fed meeting, Treasury refunding may buffet bonds this week

The fast money in the $14 trillion Treasuries market may turn out to be too slow.

For the first time since July, hedge funds and other large speculators are bullish on Treasuries across the yield curve, U.S. Commodity Futures Trading Commission data show. The shift in 10-year futures was particularly striking, with the group adding an unprecedented 255,942 net-long contracts as of the latest figures, covering the week through April 25. Their bias is so skewed toward gains that the group is the most vulnerable to a bond-market selloff since 2008…

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The Outlet Resource Group and Singerman Real Estate snapped up the 400,000-square-foot retail property at 7624 West Reno Ave., which functions as the state’s only outlet center.

After six years of ownership, Horizon Group Properties and co-developer CBL & Associates Properties Inc. announced that their first joint venture and one of the largest shopping centers in their portfolio sold for $130 million. Executive Vice President of CBRE Richard Frolik represented the seller.

Starting May 1st, 2017, The Outlet Shoppes at Oklahoma City will operate under The Outlet Resource Group (TORG) and Singerman Real Estate, with Avison Young as property manager…

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  • Tribeca Investment Partners buys into Cann Group IPO
  • Cann Group has a license to grow cannabis for medical use

Tribeca Investment Partners Pty, owner of the world’s best-performing hedge fund last year, has found its next stock pick: a tiny grower of cannabis.

The Sydney-based money manager has bought shares in the initial public offering of Cann Group, the only Australian company that has a federal government license to cultivate marijuana for medicinal purposes, according to Ben Cleary, who co-manages the Tribeca Global Natural Resources Fund with Craig Evans. The fund, which soared 145 percent in 2016, is up 2.7 percent this year through the end of March.

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  • Philippine shares reverse 2 quarters of outflows on tax reform
  • Oil prices, possible early election boost Malaysian equities

Better late than never. The Philippine peso and Malaysian ringgit have clambered aboard the Asian currency rally, advancing against the dollar and spurring flows into equity markets.

Global funds have poured $485 million into Malaysian stocks and $198 million into the Philippines since the end of March as the countries’ currencies strengthened 2 percent and 0.5 percent, respectively. That’s a dramatic turnaround considering both declined more than four percent in 2016 and hit decade lows this year.

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  • NPL ratio falls to 1.59% as bad-loan coverage improves
  • Rival Agricultural Bank reports 1.9% profit increase

Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, reported its strongest quarterly profit growth in two years as soured credit and lending margins stabilized amid an uptick in the economy.

Net income rose 1.4 percent to 75.79 billion yuan ($11 billion) in the three months ended March 31 from 74.76 billion yuan a year earlier, the Beijing-based lender said in an exchange filing on Friday. Rival lender Agricultural Bank of China Ltd. separately reported a 1.9 percent profit increase for the period…

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Five City Center will break ground in 2018 and will include a 24-story office tower, two residential buildings totaling 225 apartments and a 1.7-acre park.

Five City Center Campus bids defiance to Lehigh Valley’s Martin Tower and PPL Building. In a recent meeting with the board of the Allentown Neighborhood Improvement Zone Development Authority, real estate investor City Center Investment Corp. presented its plans for a three-building complex in downtown Allentown, which will include the tallest office tower in Pennsylvania outside of Philadelphia and Pittsburgh. Estimated costs are $250 million and the project is set to commence next year at 700 Hamilton St. Development plans are under review for approval and a response from the board is expected by the end of May. The owners tapped Studios Architecture and Land Collective to handle the master development services…

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  • April’s 0.4% monthly decline is the biggest since 2012
  • Nationwide says may be sign of deeper consumer weakness

U.K. house prices fell for a second month in April, adding to signs of consumer weakness, according to Nationwide Building Society.

The 0.4 percent decline, the biggest since 2012, followed a 0.3 percent fall in March. It reduced annual growth to 2.6 percent, the weakest since June 2013, the lender said in a report on Friday…

U.K. House Prices Fall for Second Month Amid Pinch on Consumers

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  • Lone Star unit sold more than $375 million of mortgage bonds
  • Around a quarter of mortgages were made with low documentation

A unit of private equity firm Lone Star Funds sold more than $375 million of bonds backed by mortgages requiring minimal documentation from borrowers, a practice that before the 2008 financial crisis contributed to the creation of “liar loans.”

Over 20 percent of the loans packaged into the Lone Star bonds were made to borrowers who proved their income with just a single month’s worth of bank statements, documents tied to the deal and seen by Bloomberg show…

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It’s time to add Wells Fargo’s chairman, Stephen W. Sanger, to the list of firings over the creation of millions of fake accounts.

Just 56 percent of shareholders backed Mr. Sanger at the bank’s annual meeting on Tuesday. That’s a stinging rebuke for his failure as lead director. After 5,300 employees and the chief executive, John G. Stumpf, paid with their jobs, Mr. Sanger and other board members with lackluster support should go, too, to help the bank rehabilitate.

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Grant Park Gateway stems from a 2015 study by the city looking at current and future traffic and parking demands for Grant Park and Zoo Atlanta. The development will be funded through bond revenue and supplemented by additional sources.

An existing eight-acre surface parking lot next to Zoo Atlanta will be transformed into an underground parking and mobility facility with a park on the roof in a $48 million project unveiled by the City of Atlanta.

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  • Mortgage lender said to borrow C$2 billion from HOOPP
  • Ability to raise GIC deposits, maintain operations uncertain

The head of an Ontario pension plan has stepped down as a director of Home Capital Group Inc. after his fund agreed to provide a C$2 billion ($1.5 billion) loan to help offset a run on deposits at the struggling Canadian mortgage lender.

Healthcare of Ontario Pension Plan President and Chief Executive Officer Jim Keohane said he recused himself from the lending talks and stepped away from Home Capital’s board last Tuesday before formally resigning on Thursday. He also said that Kevin Smith, Home Capital’s chairman, has stepped down from HOOPP’s board…

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When the Trump administration unveiled its outline of a tax plan on Wednesday, officials trumpeted a bold promise to shave the corporate tax rate to a flat 15 percent and sharply reduce taxes for ordinary Americans.

But one crucial issue they left unaddressed: how the administration plans to deal with the so-called carried interest loophole, a tax treatment enjoyed by some of the richest people on Wall Street.

During the presidential campaign, Mr. Trump pledged to close the loophole and make its beneficiaries, private equity and hedge fund executives among them, pay their fair share of taxes. He once proclaimed that “hedge fund guys are getting away with murder.”

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The new office will support Honeywell’s evolution towards becoming recognized as a software business and serve to better showcase its leadership.

Located at 715 Peachtree St. NE, the facility will serve as the global headquarters for the company’s Home and Building Technologies (HBT) business, adding to the city’s thriving technology scene.

“As Honeywell continues to drive transformative attitudes across their global solutions footprint, the Atlanta Software Development and Connected Experience Center embodies just that – transformative stewardship through design excellence,” Michael Bonomo, M Moser’s creative director USA, told Commercial Property Executive. “Our team has collaborated with Honeywell colleagues to create a facility that draws best-in-class software developers and product creators, while also supporting them in leading their IOT technologies through an immersive facility driving more intelligent spaces for the world.”

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Dan Gill has more than 25 years of experience in the industry and will be based in the firm’s San Diego office. The move is part of the firm’s plan to expand its retail platform.

JLL has hired Dan Gill as vice president to expand its Southern California retail practice. Gill is based in the firm’s San Diego office, where he will join Retail Brokerage Lead Craig Killman in representing retailers and landlords across the region.

Gill brings more than 25 years of experience in the retail real estate industry. Prior to JLL, he owned The Gill Group and has more than 175 transactions under his belt. Gill holds a bachelor’s degree from the University of Massachusetts at Amherst…

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  • Birkin bag maker invests in French output to meet Asian demand
  • Quarterly sales beat estimates as China rebound accelerates

Hermes International SCA is hiring workers and investing in French production to meet surging demand for handbags in Asia, boosting the economy as presidential elections highlight the country’s struggle to create jobs.

The Paris-based luxury-goods company is expanding its network of domestic workshops that make bags like the Kelly and Birkin, it said Thursday in reporting quarterly sales that beat estimates. For Hermes, a “made in France” label is an intrinsic part of the appeal of its handbags, which are coveted in Asia and elsewhere as an emblem of French chic…

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  • Currency is at its weakest against greenback since early 2016
  • Interest-rate divergence between Hong Kong and U.S. widens

Where U.S. interest rates go, Hong Kong’s follow. At least that’s the theory with the territory’s pegged currency system.

It’s not always the case. There was a sharp divergence in rates in 2003, when Hong Kong’s economy was hit by the impact of the deadly SARS virus, causing a drop in lending that generated a surfeit of liquidity, driving down rates. Local dynamics are causing a gap again, though now it has nothing to do with face masks — it’s all about real-estate lending…

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The new executive vice president’s track record includes positions with Brookfield Office Properties, Equity Office Properties, Beacon Properties and Gilbane Properties.

Colliers International New England recently promoted Robert Brierley to managing director of its real estate management services (REMS) division and executive vice president of Colliers Boston.

Brierley joined Colliers’ REMS team in 2013, as senior vice president, his professional track record also including positions with Brookfield Office Properties, Equity Office Properties, Beacon Properties and Gilbane Properties. As vice president of operations with Brookfield Office Properties, he was responsible for managing a Class A, 2.1 million-square-foot portfolio with a value of more than $1 billion and an annual operating budget in excess of $50 million…

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  • Bank’s pretax profit beats estimates as revenue rises
  • Lloyds boosts 2017 guidance for lending net interest margin

Follow @Brexit for all the latest news, and sign up to our daily Brexit Bulletin newsletter.

Lloyds Banking Group Plc isn’t getting bruised by Brexit so far.

Britain’s largest mortgage bank boosted its target for lending margins this year, even amid record-low U.K. interest rates introduced in the wake of the nation’s vote to leave the European Union. Net interest income rose 1 percent to 2.93 billion pounds ($3.8 billion) in the first quarter, topping most analysts’ estimates.

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  • Concerned about growing deficits? Watch these 4 market signals
  • Goldman Sachs says proposal released this week faces long road

The Trump administration’s tax plan — and its disregard for the effect it would have on the federal budget deficit — is certain to pique the interest of a long-dormant segment of bond investors.

So-called bond vigilantes, once feared for enforcing restraint on spendthrift governments, have struggled to flex their muscles in recent years as global central banks stepped in to buy a glut of sovereign debt. Now may be the time for a comeback, with the Federal Reserve talking about trimming its Treasury holdings while the administration’s tax plan could spur more borrowing to cover a shortfall (assuming the projected economic growth doesn’t materialize)…

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Zoned for a range of uses, the site could accommodate residential, office, retail or all of the above. The increasingly high-profile nature of the market is resulting in continuous growth of capital investments.

With the assistance of Compass Auctions & Real Estate LLC, the State of Tennessee is auctioning two parcels totaling 2.1 acres in downtown Nashville, paving the way for a developer to capitalize on city’s ongoing upswing.

The offering consists of 450 James Robertson Parkway., an approximately 0.9-acre tract of land and the neighboring 1.2-acre parcel at 460 James Robertson Parkway. Zoned for a range of uses, the site could accommodate residential, office, retail or all the above…

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Contracts to buy previously owned U.S. homes declined in March after rising a month earlier by the most since 2010, according to figures released Thursday from the National Association of Realtors in Washington.

Key Points

  • Pending home sales index fell 0.8 percent (forecast was for a 1 percent decrease) after jumping 5.5 percent the prior month
  • Index climbed 0.5 percent from March 2016 on an unadjusted basis
  • Pending sales dropped in three of four U.S regions month-to-month…

Pending Sales of Previously Owned U.S. Homes Retreated in March

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  • First-quarter gain in owners was biggest in more than a decade
  • Wage growth, rising confidence pushing more people to buy

The U.S. homeownership rate is finally poised to rise significantly as household formations by owners grew faster in the first quarter than those by renters — the first time that’s happened in more than a decade.

While the share of Americans who owned their homes was up only slightly from a year earlier, at 63.6 percent, the number of new owners jumped by more than 850,000, compared with an increase in renter households of 365,000. The 1.1 percent year-over-year gain in owners was also the biggest since 2006, according to an analysis by Trulia of Census Bureau data released Thursday…

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The company also promoted Daniel Richards to managing principal of the Ontario region and Rene Ramos Jr. to senior vice president of industrial brokerage.

Coldwell Banker Commercial Advisors expands its Ontario, Calif., operations with the opening of a new full-service commercial real estate office located in the first building at 3959 Inland Empire Blvd. With this occasion, Daniel Richards was named managing principal of the Ontario region, while Rene Ramos Jr. will serve as senior vice president, industrial brokerage.

Richards owns more than 25 commercial real estate properties and has developed more than 35 projects. Ramos joined Coldwell Banker in 2005 and was named this year’s top producing Coldwell industrial broker globally…

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Hines, Urban Atlantic and Triden Development have teamed up for the construction of The Parks at Walter Reed, one of the city’s largest master-planned communities.

The Parks at Walter Reed, a $1 billion mixed-use project in Washington, D.C., gets underway as TPWR Developer LLC—a joint venture of Hines, Urban Atlantic and Triden Development Group—breaks ground on the 3.1 million-square-foot transformative undertaking…

Billion-Dollar Mixed-Use Project Kicks Off in DC

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  • Laufer joins Simons among world’s richest on Medallion returns
  • Mercer and Brown, near-billionaires, at odds over Trump

Henry Laufer was teaching math at Stony Brook University on Long Island in the late 1980s when he got a call from Jim Simons. A former colleague, Simons had left academia to start Renaissance Technologies a mile down the road, and his hedge fund was struggling. Would Laufer help him find a better way to predict commodity prices?

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The company acted on behalf of TRITEC Real Estate, which developed the Long Island business park, totaling more than one million square feet, over a period of twenty years.

HFF has closed the $81.5 million recapitalization of Stony Brook Technology Center, an eight-building medical office portfolio totaling 261,824 square feet in the Long Island community of East Setauket, N.Y. HFF’s Senior Managing Directors Andrew Scandalios, Jose Cruz and Michael Gigliotti represented developer TRITEC Real Estate and procured the partner, a fund advised by UBS Real Estate & Private Markets…

HFF Closes $82M Recapitalization of MOB Portfolio

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The move, which would create the third-largest pure-play lodging REIT, with a total enterprise value of $7 billion, was deemed a “head scratcher” by at least two analysts.

The all-stock, $1.2 billion planned merger of RLJ Lodging Trust and FelCor Lodging Trust Inc. has left a few people guessing. The deal, which would create the third-largest pure-play lodging REIT, with a total enterprise value of $7 billion, would see FelCor folded into RLJ, a move that was deemed a “head scratcher” by at least two analysts…

RLJ, FelCor to Merge in $1.2B All-Stock Deal

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Before Sarah Pursglove and her husband, the Finnish entrepreneur Robert Oesterlund, became the subjects of one of the most high-profile divorces in recent history, they were considering a change of scenery. (Oesterlund’s efforts to make as much as $400 million “disappear” were chronicled in the New York Times Magazine.) With homes in Finland, the U.S., and the Bahamas already, “we were looking at places in Canada and interested in something that would be similar to New York, and walkable,” Pursglove said…

After a Bitter Divorce, a $27 Million Penthouse Hits the Market

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The company is ready to start leasing and management services for Maryland Corporate Center, a four-building office property in Lanham, Md.

Maryland Corporate Center, a four-building, 224,000-square-foot commercial office center located in Lanham, Md., is getting ready to welcome new tenants now that Lee & Associates won the leasing and asset management contract.

Lee & Associate, the largest broker-owned firm in North America, has won the contract from Melrose Holdings LLC. The team that will run the leasing and marketing strategy comprises Lee & Associates Senior Vice President Bill Harrison, Principal Kate Jordan and Associate Austin Ever, while Director of Property Management Michelle Kimos will supervise the asset management activities…

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The company has acquired six industrial properties totaling approximately 1.8 million square feet of warehouse and distribution space.

Investcorp has invested $160 million in an industrial portfolio of six properties located in the Chicago and Boston metropolitan areas.

The portfolio consists of an aggregate of approximately 1.8 million square feet of warehouse and distribution space…

Investcorp Adds $160M to Chicago, Boston Portfolios

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  • Ride-hailing service plans to raise at least $5 billion
  • Didi said to raise funds for automated driving expansion

Ride-hailing giant Didi Chuxing is near an agreement to raise at least $5 billion in a deal that would make it the most valuable startup in China, according to people familiar with the matter.

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Marcus & Millichap closed on the sale of a 26,875-square-foot self-storage property comprising 250 units. Yardi Matrix data shows that the facility traded for $2.4 million.

The Mele Group of Marcus & Millichap has announced the sale of Tolleson Self Storage in Tolleson, Ariz. Devin Beasley, Luke Elliott and Michael Mele, self-storage investment specialists at The Mele Group, marketed the 26,875-square-foot property on behalf of both the seller and the buyer. According to data provider Yardi Matrix, The Laurel Co. sold the facility to Clear Sky Capital for $2.4 million.

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  • PPF says the much-maligned funds are useful for higher returns
  • Hedge funds are part of firm’s alternative-investment strategy

The firm that compensates members of U.K. retirement pots when they run into trouble is keeping faith with hedge funds despite widespread criticism of their high fees and underwhelming returns.

The Pension Protection Fund has about 23 billion pounds ($30 billion) under management and a 4.1 billion-pound surplus, thanks in part to investing in assets other than stocks and bonds, according to Ian Scott, its head of investment strategy….

This $30 Billion Pension Pot Is Keeping Faith With Hedge Funds

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  • Explorer shuts 3,000 vertical wells across state’s northeast
  • April 17 blast killed at least two people; cause not known

Anadarko Petroleum Corp. is shutting all its vertical wells across northeast Colorado following a home explosion in the town of Firestone earlier this month that killed two people.

The more than 3,000 vertical wells, which produce the equivalent of about 13,000 net barrels of oil a day, will remain shut until the company’s field personnel can conduct inspections and test equipment in facilities and underground lines associated with each wellhead, the oil explorer said in a statement Wednesday. The cause of the explosion is still being investigated…

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The company paid $5.9 million to acquire the 35,000-square-foot property, which is located at 25-29 South Hanford St. in the SoDo district.

Terreno Realty Corp. has acquired an industrial property in Seattle for $5.9 million. The asset, a 35,000-square-foot industrial building, sits on roughly 1 acre. The property’s stabilized cap rate is estimated at 5 percent…

Terreno Realty Lands Seattle Distribution Building

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  • Tech giants such as Apple and Google dominating gains again
  • Their valuations still far from extremes seen at 2000 peak

Terrified that rallies in Facebook Inc., Amazon.com Inc. and Google portend a millennial catastrophe along the lines of the dot-com bust? Relax. Going by one doomsday clock, it’s only 1997 in bubble years.

So says Leuthold Group LLC in a study that plots today’s valuations against the salad days of Internet mania. Based on its model, which measures the S&P 500 Index by six factors including earnings, dividends and cash flow, the Minneapolis-based firm found stocks currently trade at the multiple they first reached 20 years ago…

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  • Discussions are in early stages and no structure is in place
  • Ivanka Trump wouldn’t be involved in soliciting funds

Ivanka Trump is in discussions with the World Bank about setting up a fund that would pool resources from G-20 countries to support female entrepreneurs, two people with knowledge of the matter said.

The project hasn’t been set up, and donors would need to agree on its structure, said officials from the World Bank and the White House, who spoke on condition of anonymity. The German government has taken a leading role in the effort, according to the officials. In addition to countries and foundations, corporations might be tapped for donations, a second World Bank official said…

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You know things are getting weird out there when PTJ makes a quasi-public appearance and says something newsworthy:

Billionaire investor Paul Tudor Jones has a message for Janet Yellen and investors: Be very afraid.
The legendary macro trader says that years of low interest rates have bloated stock valuations to a level not seen since 2000, right before the Nasdaq tumbled 75 percent over two-plus years. That measure — the value of the stock market relative to the size of the economy — should be “terrifying” to a central banker, Jones said earlier this month at a closed-door Goldman Sachs Asset Management conference, according to people who heard him…

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PONTE VEDRA BEACH, Fla. — The scandal at Wells Fargo over the creation of millions of fake bank accounts cost more than 5,300 people their jobs, many of them tellers and other low-level employees.

The bank then clawed back tens of millions of dollars in pay from its retired chief executive and fired the former head of the retail operation.

The next group of employees who could lose their jobs are Wells Fargo’s board of directors, who face re-election on Tuesday at the bank’s annual shareholder meeting…

A Showdown Over Wells Fargo’s Board of Directors Looms

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Apr
25

Baltimore Reclaims Its Charm

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Employment growth, coupled with the metro’s relatively affordable rental rates, should generate a solid absorption of the new apartment units coming online this year.

Baltimore’s multifamily market remains tepid, despite the continuing revival of downtown and surrounding areas. The metro is steadily overcoming decades of decline in blue-collar industries and population loss. It does, however, benefit from the proximity of Washington, D.C.’s less affordable market, where both renters and investors are slowly being priced out.

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Foreign money has been a key ingredient in propping up home values in many cities across the United States. There is no doubt about this.  If you look at places like Irvine, many new home communities are being sold largely to investors from China.  This also applies to house mania happy San Francisco.  Yet even if you question your own sanity regarding California crap shack prices, things may look affordable to certain people abroad.  The amount of investment flowing in from China into the United States is amazing.  A large part flows into real estate.  This is how you get lower homeownership rates and also a drop in mortgage application volume yet somehow, you see home prices surging on low inventory.  In a global market money can flow in and out of systems easily…

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The company leased 80,265 of the Enterprise Industrial’s total 324,363 square feet. This new lease brings Building 2 to a 62 percent occupancy rate.

Robinson Weeks Partners closed a new lease with a Fortune 500 company at Enterprise Industrial – Building 2, located at 17745 Lookout Road in Schertz, Texas.

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The private liberal arts college in Springfield, Mo., is initiating a campaign to fund new buildings and other improvements for the celebration of its 150th anniversary.

New York-based architecture and urban design firm Cooper Robertson has been selected to develop a new master plan for Drury University. The project aims to “reshape and enhance the … campus and its surroundings,” Cooper Robertson announced late last week…

Cooper Robertson Helms Drury University Campus Revamp

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As a steward of pension funds and retirement accounts, Neuberger Berman has traditionally employed a staid strategy familiar among big Wall Street money managers: Buy and hold stocks, sit back, and hope for the best.

But recently, the firm has eschewed its nearly 80-year-old tactic of playing nice. Instead it turned to the bare-knuckled world of activist investors made famous by the likes of Carl C. Icahn and William A. Ackman…

An Activist Investment in Whole Foods Exposes Shifting Power on Wall St.

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Apr
25

Omni Frisco Hotel Opens Doors

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The Omni Frisco Hotel located within The Star, which is anchored by the Dallas Cowboys World Headquarters and Ford Center, will be opening in July 2017.

The 16-story, 300-key Omni will feature 24,000 square feet of meeting space, a 13,000-square-foot ballroom, a restaurant, wine bar, a rooftop pool bar and grill on the fourth floor. Additional amenities include a luxury retail outlet that features merchandise produced by local artists and designers, a fitness center, laundry and dry cleaning services, pet-friendly accommodations, a business center and free Wi-Fi…

Omni Frisco Hotel Opens Doors

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Home prices in 20 U.S. cities accelerated in the year through February for a fifth month, while nationwide property values also picked up, according to S&P CoreLogic Case-Shiller data reported Tuesday.

Key Points

  • 20-city property values index climbed 5.9 percent from February 2016 (forecast was 5.8 percent), the fastest since July 2014, after increasing 5.7 percent in the year through January
  • National home-price gauge rose 5.8 percent in the 12 months through February
  • Seasonally adjusted 20-city index advanced 0.7 percent from a month earlier (matching the Bloomberg survey median)…

Home Prices in 20 U.S. Cities Accelerate for a Fifth Month

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