Author Archive
$2.2 Billion Deal for Rockets Is a Casino Mogul’s Bet on Houston
Posted by: | CommentsAn American casino mogul is making a timely bet on Houston.
The owner of both the Golden Nugget gambling enterprise and the Landry’s restaurant empire, Tilman J. Fertitta, will pay $2.2 billion for the Houston Rockets basketball team. Buying a trophy asset as the city rebuilds from Hurricane Harvey makes for awkward timing. And yet the deal also suggests an abiding faith in the city to recover…
$2.2 Billion Deal for Rockets Is a Casino Mogul’s Bet on Houston
Denholtz Inks Lease Renewal at Tampa Office Asset
Posted by: | CommentsDenholtz Associates completed a lease renewal with The Times Publishing Co. at a 180,630-square-foot office building in downtown Tampa, Fla., dubbed The Times Building. The tenant occupies an 18,250-square-foot space at the property and recently signed another lease renewal at 490 First Ave. in St. Petersburg, Fla., another asset in the landlord’s Florida portfolio.
Howard Marks Issues a Mea Culpa on Bitcoin, But He’s Still Not Investing
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Oaktree co-chairman sees value in alternative currency claims
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Bearish billionaire says bitcoin still a speculative bubble
Billionaire investor Howard Marks, who ignited a fierce backlash from cryptocurrency advocates after dubbing bitcoin a “fad” in July, has a had change of heart. Well, sort of.
Bitcoin, in fact, boasts a key attribute that may spur the digital method of exchange to serve as an alternative to legal tenders and as a store of value in the years to come: the simple fact that people believe in it…
Howard Marks Issues a Mea Culpa on Bitcoin, But He’s Still Not Investing
Marcus & Millichap Closes Retail Sale in Atlanta Area
Posted by: | CommentsPRIME RETAIL LOCATION
The Class A building is part of the Sterling Pointe development, which encompasses 25,000 square feet of retail and hotel space, including a 132-key Hampton Inn & Suites. The property, which has Corner Bakery Café and Sleep Number as tenants, was completed in 2016 and sits on roughly 1.5 acres of land…
Major Upgrades Underway at Atlanta Office Asset
Posted by: | CommentsColony NorthStar has embarked on a multi-million dollar renovation project at a Class A, 106,000-square-foot office building in Atlanta’s Cumberland/Galleria submarket. Ownership selected Lincoln Property Co. Southeast to lead marketing efforts at the property.
MODERN TOUCHES
Located at 3333 Riverwood Parkway, the five-story asset sits on a 2.3-acre site and was completed in 1992. The modernization program will feature upgrades to the main lobby, common corridors, elevator cabs and restrooms. In addition, improvements will include enhancing signage in the parking deck…
Helpless Homebuyers Thwart Indian Plan for Quick Fix to Bad Debt
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Insolvency case against Jaypee Infra stalled by Supreme Court
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Homebuyers approach top court to safeguard their savings
Fifteen miles east of India’s capital lies Jaypee Wish Town, a sprawling 1,162-acre site spotted with unfinished residential towers that embody the human cost of the nation’s bad-loan mess and point to the difficulty of resolving it.
Jaypee Infratech Ltd., Wish Town’s developer, is among the first 12 corporates that the central bank pushed into insolvency court after it was armed this May with new powers to expedite resolution of the nation’s more than $180 billion in soured debt. Hundreds of homebuyers have filed suit saying the loan-recovery proceedings threaten to leave them without homes or compensation, prompting the Supreme Court to halt the case on Sept. 4…
L&L Holding Expands Times Square Project Team
Posted by: | CommentsShortly after joining the $2 billion redevelopment of the Doubletree Suites Times Square Hotel property in Manhattan, L&L Holding Co. has expanded its development and construction team by hiring Robert Israel as senior vice president, Domenick DiNizo as project manager and Elena Zaika as project controller. Effective immediately, Israel will oversee the project’s construction, working closely with Senior Vice President of Development David Orowitz. DiNizo and Zaika will be in charge of construction operations and daily accounting and reporting activities, respectively.
Specialty REIT Has the FBI on its Most Wanted List
Posted by: | CommentsEasterly Government Properties, a REIT focused on commercial properties leased to U.S. government agencies, recently acquired the Salt Lake City field office, making it the single largest private owner of FBI field offices in the U.S.
Easterly, a Washington, D.C.-based company which acquires, develops and manages Class A commercial properties leased to government entities, now owns seven of the 56 FBI field offices…
China’s Latest Bond Default Is a Cautionary Tale for Investors
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Bondholders say builder didn’t disclose previous defaults
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‘Thorough’ research needed in China: Fidelity’s Froehlich
Foreigners have been slow to warm to China’s domestic bond market, the world’s third-largest by value. A look at the latest corporate default may explain why.
Wuyang Construction Group Co., a builder in the eastern province of Zhejiang, defaulted on two put-able notes totaling 1.36 billion yuan ($209 million) last month. Bondholders are now up in arms, claiming in an Aug. 23 filing posted on the Shanghai Stock Exchange’s website that the company didn’t disclose a raft of transgressions in sale documents for the bonds, which were sold in 2015. Three phone calls to Wuyang Constructions’ headquarters in Hangzhou went unanswered, and the company didn’t respond to a fax from Bloomberg News…
NAI Hunneman to Lease Prime Suburban Boston Office Asset
Posted by: | CommentsEmployment Gains Spur Growth in Philadelphia
Posted by: | CommentsAn evolving wage structure, influx of young professionals and boom in hospitality and development are helping Philadelphia’s multifamily market keep its head above water. In an effort to attract employment, the city lowered its wage tax again in July. For the first time in 25 years, the metro is adding jobs at a faster pace than its regional peer New York City, with education and health services remaining the city’s economic backbone.
Uruguay VP Quits Ahead of Party Meeting on Alleged Funds Misuse
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Party leaders were set to discuss Sendic’s actions Saturday
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Latin American nation has been enjoying economic rebirth
Uruguay’s vice president quit on Saturday, hours before a planned meeting of party leaders to discuss possible misuse of his state-run oil company’s credit card.
Raul Sendic told the ruling Broad Front Party and President Tabare Vazquez that he was stepping down, Sendic said on his verified Twitter account. He said his resignation was final. El Pais, the largest newspaper in the South American country, first reported the news.
NAI Hiffman Brings Two New Tenants to IL Office Campus
Posted by: | CommentsNAI Hiffman, which recently brokered a large lease renewal for 3M, closed on two new agreements at 4 Westbrook Corporate Center in Westchester, Ill. Legacy Professionals, a certified public accounting firm, signed a lease for 20,673 square feet, relocating from 311 South Wacker. The other company is Regent Surgical Health, which will occupy 5,669 square feet in the center’s fourth building.
U.K. House Prices Climb Most This Year, Bucking Recent Trend
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Prices up 1.1% in August, annual rate rises first time in 2017
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Low mortgage rates, shortage of houses to stoke gains: Halifax
U.K. house prices rose the most this year in August, possibly signaling that a slowdown in the market is easing, according to Halifax.
The 1.1 percent jump was the biggest since December 2016 and followed a 0.7 percent gain in July. Over the three months through August, prices rose an annual 2.6 percent, with the measure increasing for the first time this year, the mortgage lender said in a statement on Thursday…
GE’s Slump to Deepen Even After $64 Billion Slide, JPMorgan Says
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‘Future growth is uncertain,’ writes analyst Steve Tusa
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Manufacturing giant has been biggest loser on Dow this year
General Electric Co.’s stock slide is poised to get worse, according to JPMorgan Chase & Co., extending a slump that already has wiped out $64 billion in market value this year.
As the maker of power turbines and oilfield equipment grapples with weakness in several key businesses, GE is likely to be capped around $24 a share, JPMorgan analyst Steve Tusa said in a note Thursday. He said he sees “something in the high teens as an investable fair value.” The shares ended Wednesday at $24.92 and haven’t closed below $20 since July 2012…
Brennan Buys Multi-State Industrial Portfolio
Posted by: | CommentsBrennan Investment Group LLC, a Chicago-based private real estate investment firm that acquires, develops and operates industrial facilities across the U.S., has picked up a three-building industrial portfolio in three markets totaling 482,683 square feet from a small private ownership group.
India Trumps Hong Kong as No. 1 for Home-Price Gains in Asia
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Knight Frank study gives five-year returns for world markets
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India’s residential market delivered 70% return, Hong Kong 65%
With all the buzz around Hong Kong’s housing market, one might mistake it for Asia’s best performer. To be fair, it is over a 12-month period — but over five years, the region’s top returns came from India, according to Knight Frank LLP…
India Trumps Hong Kong as No. 1 for Home-Price Gains in Asia
Goldman Sachs’s New Bond ETF Shuns the Riskiest Debt
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High-yield bond fund, GHYB, aims to address default concerns
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Speculative-grade debt slumped in August, pushing up yields
Investors who like junk bonds but are nervous about last month’s high-yield selloff have a new vehicle that lets them avoid the riskiest debt.
Goldman Sachs Group Inc.’s latest exchange-traded fund, which has the ticker GHYB, will focus on high-yield corporate bonds deemed least likely to default, according to an announcement Thursday…
Goldman Sachs’s New Bond ETF Shuns the Riskiest Debt
Omega Healthcare to Invest $190M in SNF Portfolio
Posted by: | CommentsOmega Healthcare Investors Inc. continues to reinforce its title as the largest owner of post-acute care facilities in the U.S.—a distinction the REIT attained through the purchase of Aviv REIT Inc. in 2015—with new acquisitions. The company recently enhanced its portfolio by 2,074 beds in Indiana, with the $190 million purchase of 15 skilled nursing facilities from two unidentified sellers.
Washington University Hires Scott Wilson to Run $8 Billion Fund
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Wilson has managed Grinnell College’s endowment since 2013
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He was previously a trader at Barclays, Bank of America
Washington University in St. Louis named a portfolio manager with trading experience to run its $8 billion endowment, the latest among several wealthy schools to fill these top investment jobs.
Scott Wilson, 41, is expected to start his new position in December, according to Eric Upin, the private school’s interim chief investment officer and managing director of Makena Capital Management…
Washington University Hires Scott Wilson to Run $8 Billion Fund
How Harvey Will Affect Houston’s Housing Market
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Prices for homes not damaged by the flood waters heading up
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Rental market could also see inflation amid supply crunch
Just a week after Hurricane Harvey struck Houston, Irma Jalifi was doing something that might sound crazy: closing on a home.
In fact, Jalifi, a real-estate agent with Redfin, closed on not one but three Houston houses Tuesday at their asking prices — two at $1 million and a three-bedroom at $450,000 — as the new economics of Houston housing began to take hold…
How Harvey Will Affect Houston’s Housing Market
Hunt Mortgage Group Opens DC Office
Posted by: | CommentsBlackstone Appoints New Executive
Posted by: | CommentsKelley Morrell has joined Blackstone as a managing director & head of asset management for the firm’s tactical opportunities business, effective immediately.
“We are excited to have Kelley join Blackstone,” David Blitzer, Blackstone’s global head of its tactical opportunities group, said in a prepared release. “She has a strong track record of successfully managing complex situations with various stakeholders across multiple industries. We look forward to her delivering that expertise and judgment to our portfolio.”
Mobius Backs Plan for Third Hong Kong Exchange That Funds Oppose
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Proposals could prevent city from losing future IPOs, he says
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HKEX wants third exchange that would allow such structures
Mark Mobius has given his blessing to a new venue that would permit dual-class shares.
Hong Kong Exchanges & Clearing Ltd.’s plan that would allow dual-class companies to list at a bourse away from the city’s main exchange “is probably the answer,” said Mobius, executive chairman at Templeton Emerging Markets Group.
Tale of How Not to Run Dubai Luxe Hotel Lands in L.A. Court
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Five Holdings accuses Viceroy of mismanagement, fraud, libel
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Resort owner, manager are embroiled in multiple legal battles
The owner of a $1 billion luxury hotel in Dubai claims the management company it fired just three months after opening is still scaring off visitors.
Described as a fusion of California cool and Dubai spectacle, the beachfront resort with views of the Arabian Sea offers 477 rooms and suites, plus 10 restaurants and nightlife spots.
CBRE Secures $43M San Diego Acquisition Financing
Posted by: | CommentsSwift Real Estate Partners tapped CBRE’s Capital Markets Debt & Structured Finance team to secure acquisition financing for 530 B, also known as the Union Bank Building, in downtown San Diego.
Mike Walker, Brad Zampa, Megan Woodring, Taylor Shepard, Mark McGovern and Scott Peterson secured and structured the $43 million floating-rate loan at a low spread priced over 30-day LIBOR. Swift purchased the building for $57.7 million from Bosa Development, according to Yardi Matrix. Louay Alsadek and Hunter Rowe arranged the sale of the property on behalf of the seller…
Hedge Fund Wannabes Busted for Trading on Illegal Amazon Tips
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Trader bought inside information from his pal at Amazon: SEC
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Goal was to show he was top trader and start hedge fund
Two men who had dreams of starting a hedge fund have been accused of taking an unfortunate shortcut to show they were top-notch traders: buying illegal tips from their friend at Amazon.com Inc.
Maziar Rezakhani and Sam Sadeghi of Washington state paid Amazon analyst Brett Kennedy $10,000 for nonpublic information on the online retailer’s 2015 first-quarter earnings, the U.S. Securities and Exchange Commission said in a Thursday statement. Their goal was to establish a successful track record so they could impress investors and start a New York hedge fund, the SEC said…
Skanska Tops Out DC Office Development
Posted by: | Commentskanska has achieved the “topping out” milestone at 99M, an 11-story, 234,000-square-foot Class A mixed-use building being built in Washington, D.C.’s in-demand Capitol Riverfront neighborhood.
The property will consist of nearly 220,000 square feet of office space, and about 11,000 square feet of retail and restaurant space on the ground floor…
Hanley Brokers Well-Anchored Retail Center Deal
Posted by: | CommentsHanley Investment Group continues to be very active in the Los Angles Metro area. After having recently closed several retail deals in Riverside, Lake Elsinore and Corona, Calif., the firm brokered a new transaction in Santa Clarita, Calif. The 42,134-square-foot Seco Canyon Village changed hands for $15.5 million, being bought by a family trust based in Beverly Hills.
Young Chinese Graduates Are Fueling Hong Kong’s Property Boom
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Mainland graduates staying in city add to housing pressure
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CLSA’s Nicole Wong sees demand for 4,000 units in coming years
As Hong Kong struggles with the world’s priciest housing market, a shortage in supply is being exacerbated by mainland Chinese students who come to study and then decide to stay.
The graduates may help boost housing demand by 4,000 units a year in the medium term, estimates Nicole Wong, the regional head of property research at CLSA Ltd. in Hong Kong. That compares with 25,500 private residential units completed in 2016…
Young Chinese Graduates Are Fueling Hong Kong’s Property Boom
TierPoint to Develop 2nd Baltimore-Area Data Center
Posted by: | CommentsTierPoint is investing $10 million into the opening of a second Baltimore-area data center.
Located at the BWI Technology Park, the 35,000-square-foot data center is slotted for completion in the spring of 2018. The 97-acre project was developed by St. John Properties, who recently just secured seven leases at Greenleigh at Crossroads, a phase of the 1,000-acre mixed-use development Baltimore Crossroads @ 95…
Robust Development, Insatiable Demand in Seattle
Posted by: | CommentsSeattle has been one of the strongest rental markets during the current cycle. Over the last five years, average rents have risen nearly $500 to $1,770. Development activity has kicked into high gear, leading to the delivery of 23,000 units since the start of 2015. With the rate of completions set to continue, the metro is faced with questions of overbuilding. However, a strong employment market continues to provide jobs at a rate that further drives population growth, generating an insatiable appetite for housing.
Flush With Cash, Private Equity Rainmakers Set Out on Their Own
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First-time founders raise huge sums for inaugural funds
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‘They’re striking while the iron is hot,’ says a lawyer
In his almost two decades at KKR & Co., Adam Clammer helped lead some of its bigger investments in technology, such as Go Daddy and NXP Semiconductors. Then, he got the itch to do what a lot of his peers are doing: to go out on his own.
Economy Watch: Apartment Rents Stabilize in Summer
Posted by: | CommentsAfter falling through the first quarter, the U.S. national median rent has stabilized in recent months, climbing in September to its highest point of 2017: $1,018, though that’s up only a bit from January, when the median was $1,016. That’s according to the latest ABODO report on apartment rents, which the company released on Tuesday.
LR Health & Beauty Selects Germany for Production Plant
Posted by: | CommentsLR Health & Beauty is in growth mode, and the company’s headquarters in Ahlen, Germany, is showing the signs. The producer and marketer of health and beauty products is in the midst of increasing the size of its home, sited 85 miles northwest of Düsseldorf, with the development of a 103,300-square-foot aloe vera production plant.
Bankrupt Puerto Rico Set for Fresh Hit From Hurricane Irma
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Storm nearing cash-strapped U.S. territory of 3.5 million
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U.S. Virgin Islands in danger of defaulting, analyst says
Puerto Rico, already dealing with a financial disaster, is about to be hit with a natural one.
Hurricane Irma is barreling toward the U.S. territory of 3.5 million residents, raising the prospect of costly damage to a poverty-wracked island that collapsed into a record-setting bankruptcy in May. The storm is expected to pass near or just north of Puerto Rico later Wednesday.
Compass Offices Expands Co-Working Space in Singapore
Posted by: | CommentsCompass Offices is expanding and redesigning its flexible work space at Singapore Land Tower. The company plans to add a second floor featuring purposefully-built serviced offices, breakout and co-working spaces.
Located in the heart of Singapore’s central business district, more than 660 workstations will occupy the 19th and 30th floors of the building…
World’s Coolest Data Center Coming to Norway
Posted by: | CommentsBallangen, Norway, a town located 140 miles north of the Arctic Circle, is set to become the site of the world’s largest data center as Kolos, a U.S.-Norwegian company prepares to open the first phase of the fully sustainable project by 2018.
Belonging to a new class of hyper-scale data centers, the facility will be situated in a 100 percent “green” location, with abundant hydropower and dark fiber infrastructure…
Madoff Investors Recover 72% of Losses With New Trustee Deal
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Irish investment fund funneled $1.1 billion to Madoff’s scam
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Several related funds moved European cash to the Ponzi scheme
The Irish investment fund that helped open a floodgate of European cash for Bernard Madoff’s bogus securities firm in the early 1990s agreed to pay $687 million to victims of the fraud to resolve a trustee’s lawsuit — the biggest settlement in the case in six years.
The deal was struck with Dublin-based Thema International Fund Plc, part of a web of offshore entities linked to Austrian banker Sonja Kohn, an old friend of Madoff’s, and the Benbassat family of Swiss investment professionals. They gave Madoff vital access to cash as his Ponzi scheme began to lose steam, the trustee, New York attorney Irving Picard, has said…
Breaking Down Brooklyn Retail: A New Manhattan?
Posted by: | CommentsWhile retailers are facing volatility at a national level, Brooklyn is an outlier when it comes to retail growth, with companies flocking to the New York City borough when looking to expand, according to a new report from GFI Realty Services.
Toronto Housing Market Slump Continues With August Drop
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Average price falls 1.9% from July, real estate board says
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Sales decline 35% from August last year to 6,357 deal
Housing prices in Toronto continued their summer slump in August as government regulations and fears about a market softening curbed demand in Canada’s biggest city.
The average price for all housing types declined 1.9 percent last month from July to C$732,292 ($591,225), according to the Toronto Real Estate Board. That’s down 20 percent from the March peak, when the average cost of buying a home in the Toronto region climbed close to C$1 million…
These Are China’s Shadow-Lending Hotspots
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Highest concentration of shadow loans is in Liaoning: UBS
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UBS’s Jason Bedford analyzed 237 Chinese banks for report
The highest concentration of shadow loans in China is to be found in its slowest-growing province, a study by UBS Group AG shows.
The value of shadow loans extended by regional banks in Liaoning, in the northeastern rust-belt region, amounted to 95 percent of total lending in 2016, according to estimates provided to Bloomberg by UBS analyst Jason Bedford.
Work Begins on Albuquerque’s Snow Heights Promenade
Posted by: | CommentsSapir Real Estate Development broke ground on the first phase of Snow Heights Promenade, an entertainment-centered development located in Albuquerque’s Northeast Heights submarket. The first phase comprises more than 127,000 square feet of retail with views over the city’s desert mountains.
Yardi Launches Hurricane Harvey Website; Pledges $1M
Posted by: | CommentsTo help the tens of thousands of people affected by Hurricane Harvey and to assist its multifamily clients in the region, Yardi has leveraged its RENTCafé property marketing and leasing platform to create a housing registry website that will help displaced residents find temporary and permanent homes.
Big Oil Says It Still Loves the North Sea Despite Asset Sales
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BP, Shell, Total still committed to 40-year-old oil province
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Offshore industry must innovate to keep costs down: Shell CEO
Europe’s biggest energy companies have a message for the aging U.K. North Sea oil industry: We may be selling assets, but that doesn’t mean we’re heading for the exit.
The North Sea will always be “one of the great basins,” said BP Chief Executive Officer Bob Dudley. Royal Dutch Shell Plc will keep investing in a place where it has “deep roots,” said CEO Ben van Beurden. Total SA offered more than just words, with a $7.45 billion deal that was a vote of confidence in the region last month…
Modera South Lake Union Awarded LEED Silver
Posted by: | CommentsCarlyle Group Snags $85M for San Jose Campus
Posted by: | CommentsThe Carlyle Group has secured a five-year, $84.8 million floating-rate loan to refinance 4300 and 4400 North First St., a two-building Class A office campus in North San Jose, Calif. HFF arranged the financing.
Originally completed 17 years ago, the two properties are both three-story, steel-framed office buildings boasting 63,000-square-foot floorplates. Cisco Systems originally designed the campus, and Carlyle acquired the property a decade ago. In 2009, the company landed Harmonic Inc. as the anchor tenant for 4300 N. First St…
Newspapers Find Their True Value in Real Estate, Not Publishing
Posted by: | CommentsIf this publishing thing doesn’t work out, newspapers may have a future in real estate.
The owner of the Los Angeles Times and Chicago Tribune said Monday it wasn’t only buying the New York Daily News, but also a stake in a joint venture that will own a 25-acre (10-hectare) parcel of land on which its printing facility is located and which overlooks the Manhattan skyline.
It wasn’t enough that Tronc Inc. bought a storied New York City tabloid for just $1. A Tronc executive told the Chicago Tribune the land was “an added inducement to this transaction.” With print advertising in a downward spiral ever since the internet became a commercial force, newspapers have seen the value of their once-formidable brands dwindle…
Matchesfashion.com Sells Majority Stake to Apax After Fierce Bidding War
Posted by: | CommentsLONDON — Matchesfashion.com, the British luxury e-commerce group that began life as a single bricks-and-mortar boutique before growing into one of the most powerful online players in the global high-fashion market, has a new majority shareholder after a fierce bidding war.
The company said on Friday that the private equity firm Apax Partners would take a controlling stake in the business, which the married couple Tom and Ruth Chapman founded in 1987. The Chapmans and the venture capital firms Scottish Equity Partners and Highland Europe will retain minority stakes, the company said in a statement…
Matchesfashion.com Sells Majority Stake to Apax After Fierce Bidding War
College Adds to Solar System with Combined Solar and Storage
Posted by: | CommentsRents Rise Despite Surging Deliveries in Denver
Posted by: | CommentsNot too long ago, Denver was among the nation’s leaders in rent growth, but it has since experienced a cooldown in appreciation. The moderating trend was due in large part to the metro’s robust multifamily pipeline, which added 21,000 units from 2015-2016. Activity was very high in multifamily investment sales as well, as about $9.2 billion in properties traded during the past 18 months. However, at a point when overbuilding is widely discussed as a potential problem, rent growth continues, albeit at a more sustainable rate, reaching 2.8 percent year-over-year in June.
Sky-High Rents Force Hong Kong Bankers Into Dorm Life
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Dormitory-style accommodation takes off in priciest city
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Young finance workers join students in shared living
Young finance industry workers are bunking down in dormitory-style accommodation in Hong Kong as “co-living” developments take off in the world’s priciest city for property.
An investment banker and a bank intern are among those renting rooms in an upmarket development called Mini Ocean Park Station on the south side of Hong Kong island, said marketing manager Cynthia Cheung…
Sky-High Rents Force Hong Kong Bankers Into Dorm Life
Enel Begins Construction on Peru’s Largest Wind Farm
Posted by: | CommentsEnel Green Power Peru (EGPP), a subsidiary of The Enel Group, started construction on Wayra, a 132-megawatt wind farm in Peru’s district of Marcona, Ica region. The facility is the company’s first wind project in the region and, upon completion, will be the country’s largest wind farm.
China’s Hubei Province Halts Some New Property Investments, Sources Say
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Province-backed companies asked to suspend new investments
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Hubei’s SASAC makes decision as companies face high debt
The state assets regulator in China’s Hubei province has asked companies backed by the province and their subsidiaries to suspend new property investments from Sept. 5 amid a push to reduce financial risks, according to people familiar with the matter.
The State-owned Assets Supervision and Administration Commission in Hubei has also asked province-backed companies to accelerate the construction or sales of current property projects and get money back as soon as possible, said the people, who asked not to be named because they weren’t authorized to comment on the matter publicly…
New $40M Music Activities Center Breaks Ground at Texas A&M
Posted by: | CommentsTexas A&M University will break ground on a new $40 million music activities center at the corner of George Bush Drive and Coke Street in College Station, Texas. The new facility will replace the E.V. Adams Band Hall built in 1970. Construction is expected to be finalized by the end of summer 2019.
The team behind the project includes Brown Reynolds Watford Architects and Hammel, Green and Abrahamson Inc. The companies worked together to create a resource-efficient project, designed to LEED Silver specifications. SpawGlass will conduct construction…
Thorofare Capital Funds SC Office Building Acquisition
Posted by: | CommentsThorofare Capital, which recently originated a three-year loan for the purchase of a corporate office campus in Illinois, also partially financed the acquisition of an 84,468-square-foot property in Charleston, S.C. The buyer, a joint venture between Insite Property and Eastern Federal Corp., nabbed the asset from Chicago-based J.L. Woode Ltd. in exchange for $21.5 million. The money left after closing the transaction will be used for renovating and stabilizing the property, which is completely leased.
1MDB Stolen Funds Witnesses Are Scared to Talk, FBI Says
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U.S. cites Malaysian news report of shooting of A.G.’s driver
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Jho Low doesn’t want civil forfeiture cases placed on hold
Possible witnesses to the alleged looting of billions of dollars from 1Malaysia Development Bhd are too scared to talk to U.S. investigators because they fear retaliation, according the Federal Bureau of Investigation.
Some people in “certain foreign countries” already assisting the criminal probe are concerned for their safety, while others say it’s too dangerous to cooperate, according to an FBI request to keep the names of its informants secret from the alleged masterminds of the 1MDB conspiracy…
China’s Reformist Central Banker Could Be a Tough Act to Follow
Posted by: | CommentsWUHAN, China — Throughout much of China’s economic rise over the past three decades, one Chinese official quietly played a pivotal role in pushing an embrace of free markets.
That official, an urbane central bank official named Zhou Xiaochuan, is widely expected to retire soon. His replacement may be unwilling or unable to follow in his footsteps, leaving uncertain whether China will tackle problems that could threaten its growth…
China’s Reformist Central Banker Could Be a Tough Act to Follow
Hanley Arranges $22M Inland Empire Retail Sale
Posted by: | CommentsCarlyle Avoids $1 Billion Payout Tied to 2008 Bond Fund Collapse
Posted by: | CommentsCarlyle Group LP was exonerated in a lawsuit tied to the collapse of a mortgage fund from 2008, avoiding $1 billion in damages sought by the pool’s liquidators.
Billionaire Chief Investment Officer Bill Conway and other Carlyle entities acted in the best interests of Carlyle Capital Corp. during the 2008 financial crisis and the fund’s insolvency was due to an unforeseen liquidity crunch, the Royal Court of Guernsey ruled Monday…
Carlyle Avoids $1 Billion Payout Tied to 2008 Bond Fund Collapse