Author Archive
Drawbridge Snags Orange County R&D Asset
Posted by: | CommentsBaring Real Estate Advisers disposed of a fully leased Class A office/R&D building in Lake Forest, Calif. Drawbridge Realty purchased the single-tenant net lease asset.
Located at 26200 Enterprise Way in the Pacific Commercentre, a sought-after master-planned business park, the 144,906-square-foot building comprises two stories and features large floor plates with flexible configurations and ample surface parking. Since its construction in 2000, Panasonic Avionics Corp. has called the property its headquarters, as part of its 18-acre, seven-building, 500,000-square-foot global HQ campus in Lake Forest..
Blackberry Mountain Resort in TN to Open Late 2018
Posted by: | CommentsBlackberry Farm broke ground on a new property for the first time in 40 years. Blackberry Mountain will be part of Beall family’s commitment to preserve the land surrounding the Great Smoky Mountains National Park in Tennessee. Blackberry Mountain will be a 5,200-acre resort, with six traditional style cabins, 13 cottages and multi-bedroom homes. In order to protect the natural habitat, 2,800 acres of the property have been committed to remain undisturbed.
Odd Lots: This Is What Happened During The Great Florida Real Estate Bubble
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Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance and economics.
During the 2008 financial crisis, Florida was an epicenter of the real estate meltdown. But for decades before that, the state has been characterized by booms and busts…
Odd Lots: This Is What Happened During The Great Florida Real Estate Bubble
New York Health Care Center Breaks Ground
Posted by: | CommentsWhite Plains Healthcare Properties I LLC has selected the companies that will work for the development of the 110,000-square-foot White Plains Institute for Rehabilitation & Healthcare, a rehabilitation and skilled nursing facility located in White Plains, N.Y. The developer of the $60 million project will be The Congress Co. The joint venture Congress/Consigli JV will work as Construction Manager and The Architectural Team Inc. will be in charge of the design.
Compass Appoints New CFO
Posted by: | CommentsReal estate technology company Compass has chosen Craig Anderson as its newest chief financial officer, effective September 5. In his new role, he will develop and implement the firm’s financial strategy development, in addition to overseeing finance, investor relations, new development and legal teams. His appointment comes following David Snider’s departure to Bain Capital. Anderson will report to Compass CEO Robert Reffkin.
“We are grateful to have found in Craig an operationally strong CFO with an impressive track record leading high-growth companies,” Reffkin said in a prepared statement. “…
Boeing Backed by WTO on $8.7 Billion in Incentives for 777X Jet
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Washington state tax break deemed to not have been prohibited
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Airbus may still include Boeing tax incentives in broader case
Boeing Co. won a round in a long-running U.S. trade dispute with the European Union over government backing for the planemaker and competitor Airbus SE.
The World Trade Organization’s appellate body overruled a lower-level finding that $8.7 billion in tax incentives awarded by Washington state to Chicago-based Boeing for the development of the 777X jetliner constituted the most serious transgression of subsidy restrictions. The appellate body isn’t making a recommendation in the dispute, it said Monday in a statement…
Okura Nikko Unveils Japanese Hotel Plans
Posted by: | CommentsOkura Nikko Hotel Management Co., a subsidiary of Hotel Okura Co., unveiled plans to open Hotel JAL City Sapporo Nakajima Park on Japan’s island of Hokkaido. NK Management will operate and manage the hotel.
Facilities were developed by Sapporo NK Kaihatsu, with investment by Misawa Homes Co. Sapporo tapped ORIX Real Estate Investment Advisors Corp. for asset and project management services for the development. Slated to open in 2019, the 13-story, 211-key hotel will offer features such as dining, saunas and hot tubs and state-of-the-art technologies…
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Demand for Greentown China’s dollar notes 13.3 times offer
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Moody’s sees negative outlooks for builder debt tailing off
Dollar bonds sold by China’s property developers are being lapped up by investors, lured by the companies’ stronger earnings and improving credit profiles.
Notes sold in July and August by Chinese developers attracted orders 6.3 times the issue size, compared with 2.5 times in May and June, according to data compiled by Bloomberg where deal statistics are available. The firms are taking advantage of the better sentiment, with bond sales rising to a record $35.2 billion this year…
Bridgewater’s Ray Dalio Dives Deeper Into the ‘Principles’ of Tough Love
Posted by: | CommentsIn 1993, Ray Dalio, the chairman of what is today the largest hedge fund in the world, Bridgewater Associates, received a memo signed by his top three lieutenants that was startlingly honest in its assessment of him.
It was a performance review of sorts, and not in a good way. After mentioning his positive attributes, they spelled out the negatives. “Ray sometimes says or does things to employees which makes them feel incompetent, unnecessary, humiliated, overwhelmed, belittled, pressed or otherwise bad,” the memo read. “If he doesn’t manage people well, growth will be stunted and we will all be affected.”
Meridian Nabs Bay Area 175 KSF Office
Posted by: | CommentsMeridian acquired Sutter Square, a 174,689-square-foot office building in Concord, Calif. This marks the company’s second value-add office investment in the last 12 months in the San Francisco Bay Area. Cranbrook Group of Modesto, Calif., sold the property for $26.2 million. Transwestern was selected to handle the leasing.
Roosevelt Island Condo Misses $2 Million Mark, Yet Sets a Record
Posted by: | CommentsA condo on New York’s Roosevelt Island listed at $2 million missed that mark, but still set a price record
The 1,433-square-foot (133-square-meter), three-bedroom apartment — with a view of the midtown Manhattan skyline — sold for $1.87 million, according to listing broker Ben Garama of Corcoran Group, who said the deal was completed Thursday.
The price for the home at 415 Main St. tops the previous record of $1.75 million on Roosevelt Island, a sliver of land on the East River where a new Cornell University campus is under construction. Garama was also the broker for that deal last year, which was for an identically sized apartment in the same building…
Hong Kong Checking Banks’ Loans to China’s HNA and Wanda, Sources Say
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Lenders required to submit survey to HKMA, people say
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Checks on loans to conglomerates stepped up in recent weeks
The Hong Kong Monetary Authority has asked banks in the city for details of their loans to HNA Group Co. and Dalian Wanda Group Co., according to people familiar with the matter.
Lenders were required to submit a survey to the city’s de facto central bank providing information such as total credit extended and outstanding loans to the two companies, said the people, who asked not to be identified as the information isn’t public. Checks on lending to Chinese conglomerates were stepped up in recent weeks, one of the people said…
CBRE Tapped to Market Florida Office Assets
Posted by: | CommentsCBRE was awarded the exclusive marketing assignment of two office buildings in Miami and Boca Raton, Fla., totaling 107,459 square feet. Senior Vice President David Wigoda of CBRE Capital Markets will oversee the teams in charge of marketing efforts.
Located at 5901 Miami Gardens Drive in Hialeah, Fla., the three-story building encompasses 56,650 square feet and was constructed in 2008. Situated just off Northwest 57th Avenue, the property offers access to Interstate 75, Palmetto Expressway and the Florida Turnpike. The owner selected the team of David Wigoda, First Vice President Carol Ellis-Cutler and Financial Analyst Sean Kelly to sell 5901 Commons…
Mitsui Fudosan Buys Stake in $3.6B Hudson Yards Project
Posted by: | CommentsMajor Japanese real estate developer Mitsui Fudosan has taken a 90 percent stake in the $3.6 billion 50 Hudson Yards in New York, through its subsidiary Mitsui Fudosan America. The 2.8 million-square-foot office skyscaper will be one of the largest standalone office buildings in Manhattan upon completion, which is scheduled for 2022.
Mid-America Real Estate Brokers KS Shopping Center Deal
Posted by: | CommentsMid-America Real Estate Corp. together with RH Johnson closed on a retail center transaction on behalf of the seller, a private developer. The 100,000-square-foot property is part of Derby Marketplace, located in Derby, Kan.
Phoenix-based VEREIT represented the buyer, Cole Credit Property Trust V Inc., a REIT investing in single-tenant or multi-tenant retail properties subject to long-term leases. The seller’s brokers are Joe Girardi, Mid-America principal and Eric Gonsher, vice president with RH Johnson.
Australia’s Heritage Bank Halts Investor Lending for Real Estate
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Lender experienced a ‘sharp increase’ in investor home loans
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Heritage Bank’s temporary restrictions took effect on Sept. 1
One of Australia’s biggest customer-owned banks, Heritage Bank Ltd., has temporarily stopped accepting new loan applications from property investors as it seeks to comply with regulation limiting how much it can expand its investment lending book.
The Toowoomba, Queensland-based mutual is freezing lending to new investor customers as it looks to meet stricter lending conditions put in place by the Australian Prudential Regulation Authority. Regulators have grown increasingly concerned about the risks posed by high and rapidly rising home prices in Sydney, Melbourne and Brisbane, which have fueled record levels of household debt…
Wells Fargo Review Finds 1.4 Million More Suspect Accounts
Posted by: | CommentsNearly a year after Wells Fargo’s fraudulent account scandal burst into public view, the bank said it had turned up more than a million additional accounts that customers may not have authorized.
The news set off a fresh wave of criticism from those frustrated by the bank’s slow pace in coming clean about its misdeeds.
“Every time we get one of these announcements, the pressure rises,” said Nancy Bush, a banking industry analyst who runs NAB Research. “How many customers, and how many employees within Wells Fargo, are coming to the conclusion, ‘I don’t need to be associated with this’?”…
Avison Young Brokers Tampa-Area Office Sale
Posted by: | CommentsAvison Young’s Florida Capital Markets Group has closed the sale of Citizens Bank & Trust Plaza, a 71,190-square-foot office building in downtown Lakeland, Fla. The multi-tenant asset traded in a $7.2 million deal to South Florida-based Geneva Group.
Located at 402 S. Kentucky Ave. on a 1.33-acre site, the six-story property was 89.9 percent leased at the time of the sale. Citizens Bank & Trust Plaza features recently renovated common areas, covered parking and is in the proximity of several newly constructed apartments, single-family housing, as well as restaurants and entertainment venues. Notable tenants include Citizen’s Bank and Trust, CliftonLarsonAllen and MidAmerica.
Bond Market Braces for Final Round of Debt-Limit Fight
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Investors continue to shun early October bills in danger zone
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Lawmakers push back on coupling debt ceiling with Harvey aid
Members of Congress return from summer recess Tuesday with the eyes of bond traders squarely upon them. Among their pressing tasks: increase America’s borrowing authority and prevent an unprecedented default.
Investors have already been shunning Treasury bills that come due in early October, just in case there’s no solution by the Sept. 29 deadline that Treasury Secretary Steven Mnuchin has deemed “critical” for Congress to act. That’s even as he and other members of the Republican leadership have reiterated that they will undoubtedly raise the debt ceiling…
North Dallas Office Tower Welcome New Tenants
Posted by: | CommentsGaedeke Group LLC leased 43,000 square feet of office space in four deals with new and existing tenants at Millennium Tower in Addison, Texas. Lincoln National Life Insurance Co. and Selligent Inc. are scheduled to move into the building in October. The new leases bring the vacancy of the LEED-certified office tower to 17 percent.
Ford Land Taps Mid-America to Lease Retail Space
Posted by: | CommentsA few months after breaking ground on its campus in Dearborn, Mich., Ford Land selected Mid-America Real Estate to lease the property’s retail component. The team of brokers handling the listing includes Principal Brad Rosenberg, Vice President Bryan Weiss and Associate Lindsey Shaw. The space will be available by mid-2018, when the property is slated for delivery.
Investors Can’t Get Enough of China’s Property Developer Bonds
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Demand for Greentown China’s dollar notes 13.3 times offer
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Moody’s sees negative outlooks for builders tailing off
Dollar bonds sold by China’s property developers are being lapped up by investors, lured by the companies’ stronger earnings and improving credit profiles.
Notes sold in July and August by Chinese developers attracted orders 6.3 times the issue size, compared with 2.5 times in May and June, according to data compiled by Bloomberg where deal statistics are available. The firms are taking advantage of the better sentiment, with bond sales rising to a record $35.2 billion this year.
Law Firm Inks Lease at Boston’s Hood Park
Posted by: | CommentsTentindo Kendall Canniff & Keefe LLP has signed a 15,000-square-foot lease renewal in Boston’s Hood Park campus. The 1.2 million-square-foot, 20-acre urban campus is undergoing comprehensive renovations, as the owner aims to bring all of its facilities to the Class A standard.
The law firm will move to 510 Rutherford Ave., one of three buildings located in the master-planned campus, which is in Boston’s oldest neighborhood, Charlestown. The property offers an on-site fitness center, café, green spaces and walkways, as well as zipcars and electric vehicle charging stations…
All Eyes on Core in Cleveland
Posted by: | CommentsThe Cleveland multifamily market is growing slowly, particularly in submarkets outside the urban core that still face difficulties stemming from the last downturn. The city center appeals to investors and residents alike, with signs of emerging opportunities. However, the metro is steadily losing residents, while rent growth—2.0 percent year-over-year as of June—is underperforming.
When Your $10.4 Million Mansion Comes With an Iconic Lighthouse
Posted by: | CommentsLA-Area MOB Lands $51M Refi
Posted by: | CommentsTriStar Realty Group received a $51 million loan to refinance construction debt on Ventana Medical Plaza, its off-campus medical office building located in Tarzana, Calif. Capital One secured the loan on behalf of TriStar and Geoff Arrobio of Walker & Dunlop provided advisory services to the company.
U.S. Pending Home Sales Unexpectedly Fall on Lean Inventory
Posted by: | CommentsAn unexpected decline in July contract signings for the purchase of previously owned U.S. homes shows the continuing impact of limited supply on the real-estate market, National Association of Realtors figures released Thursday showed.
HIGHLIGHTS OF PENDING HOME SALES (JULY) |
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Key Takeaways
The decline in contract signings, the fourth in the last five months, highlights that a limited number of properties for sale remains the biggest hurdle for the housing market. That’s particularly true for those wanting to buy for the first time as rising home prices are outpacing gains in wages…
Why Bother With Stocks in Vancouver’s Relentless Housing Market?
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Boomers banking on homes for retirement in the money — so far
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‘People told me I was crazy,’ says 45-year-old investor
In the spring of 2012, Dustan Woodhouse, then a 40-year-old Vancouver mortgage broker, broke the cardinal rule of saving for retirement: he liquidated his retirement fund, took the tax hit and plowed the rest into the local real estate market.
“People told me I was crazy,” says Woodhouse, 45, whose plan is to buy and have paid off 10 such investments by his late sixties. “But that’s our pension — that’s what that property is.”…
Witkoff Grabs Unfinished Fontainebleau in Vegas for $600M
Posted by: | CommentsWitkoff is the proud new owner of the partially completed hotel casino development at 2755 Las Vegas Boulevard South, also known as the Fontainebleau project that never was. Witkoff and investment company New Valley LLC acquired the asset from Icahn Enterprises LP for $600 million.
“2755 Las Vegas Boulevard South is one of the best physical assets in the country, which is one of the reasons we were attracted to it,” Steve Witkoff, chairman and CEO of Witkoff, said in a prepared statement…
Norway’s $980 Billion Fund Reveals Bleak View on Global Trade
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Norway’s sovereign wealth fund holds 1.3% of world’s stocks
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Fund says global trade may have reached an ‘inflection point’
The man running the world’s biggest sovereign wealth fund says there’s every indication that global trade is suffering from something more serious than a temporary slowdown.
Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, as the fund is known, says the heyday of cross-border trade is probably behind us…
Norway’s $980 Billion Fund Reveals Bleak View on Global Trade
Love of Coastal Living Is Draining U.S. Disaster Funds
Posted by: | CommentsEx-JPMorgan Trader Spots a MiFID Gift for His Brokerage
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Haitong’s Freyre-Sanders says new rules to level playing field
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MiFID II will split payments for trading and research services
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Haitong International Securities Group Ltd., a unit of China’s second-largest brokerage, is among the firms rushing to capitalize on regulations that could upend the global trading business.
The company is ramping up its foray into electronic execution, betting that the MiFID II overhaul of financial-services rules will help it compete with the world’s biggest algorithmic traders. Haitong International nearly tripled the size of its trading team over the past 12 months and hired Andrew Freyre-Sanders, a former JPMorgan Chase & Co. executive, to lead its push into markets including the U.S. and Japan…
This Airline Has Some Florida Real Estate It Wants to Sell You
Posted by: | CommentsAfter 18 years flying as an airline for the price conscious, Allegiant Travel Co. wants to add real estate development to its list of corporate activities. The company is embarking on an audacious plan to build a 22-acre resort compound with a hotel, condominiums, bars, and restaurants on the Florida Gulf Coast in Port Charlotte.
The real estate offshoot, called Sunseeker Resorts, will have a 75-room hotel, along with about 720 condo units, ranging from $650,000 to $1.1 million based on size. The property, when finished in late 2019 or 2020, will also include North America’s largest private-resort swimming pool…
Wells Fargo Boosts Fake-Account Estimate 67% to 3.5 Million
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Bank says it will pay $10.7 million in customer compensation
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Review finds 528,000 questionable online bill-pay enrollments
Wells Fargo & Co. raised its estimate for how many bogus accounts employees may have created, a sign the bank is still struggling to move past a scandal that sparked record fines and congressional investigations.
An outside review into more than 165 million deposit and credit-card accounts found an additional 1.4 million that were potentially unauthorized, bringing the total to about 3.5 million, according to a statement Thursday from the San Francisco-based firm. The revised estimate covers January 2009 to September 2016, almost twice as long as the period examined in the initial review…
Pimco Bucks Trend by Raising Fees on Ivascyn’s Income Fund
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Firm cites dividend management at growing, $92 billion fund
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Increase comes as large money managers compete on low cost
Pimco Income Fund, the fastest-growing actively managed U.S. mutual fund, is raising fees at a time most money managers are racing to slash costs paid by investors.
The $92 billion fund will increase its fees 5 cents per $100 on Oct. 2 for most share classes, according to a filing Thursday, bringing expenses for the institutional-class shares to 50 cents per $100. The change in supervisory and administrative fees is attributed in part to the cost of managing dividends for the growing fund, which has about 5,500 securities in numerous countries and currencies, said Pacific Investment Management Co. spokesman Michael Reid…
Yahoo’s First CEO Is Selling His House for $19.4 Million
Posted by: | CommentsFive months before he got married, Tim Koogle, Yahoo’s first chief executive officer, was in the market for a house. It was early 2003, and he and his fiancée, Pam Scott, “were looking for our first house together,” Koogle said. “I asked her: When you walk out of the door in the morning, do you want to have your feet land on dirt, or asphalt?” The answer was an emphatic “dirt,” and so, after a brief search, they purchased a midcentury modern house on 12 acres in Los Altos, Calif., for about $8 million…
Yahoo’s First CEO Is Selling His House for $19.4 Million
Trump Weighs Tying Debt Limit Increase to Harvey Aid
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Approach intended to spur quick action to avoid U.S. default
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Request for $5.95 billion aid package may come Friday
President Donald Trump is considering attaching an increase in the U.S. debt limit to an initial $5.95 billion disaster aid funding request for Hurricane Harvey, two administration officials said, a move aimed at lowering the risk of an unprecedented default.
The White House request, which could come as soon as Friday, would include $5.5 billion to the Federal Emergency Management Agency and the remainder to the Small Business Administration. The request is being prepared primarily to cover funding demands through the Sept. 30 end of the federal fiscal year, according to the officials, who described the matter on condition of anonymity…
Homeowners (and Taxpayers) Face Billions in Losses From Harvey Flooding
Posted by: | CommentsHurricane Harvey may inflict as much as $30 billion in damages on homeowners, according to preliminary estimates. But only 40 percent of that total may be covered by insurance — and of that, the federal government will bear the biggest liability.
Private homeowners’ policies generally cover wind damage and, in certain cases, water damage from storm surges. But for almost half a century, all other homeowners’ flood coverage has been underwritten by the National Flood Insurance Program, a federal program that itself faces financial uncertainty…
Homeowners (and Taxpayers) Face Billions in Losses From Harvey Flooding
Chesapeake Inks 165 KSF MD Industrial Lease
Posted by: | CommentsChesapeake Real Estate Group closed a 165,000-square-foot lease within Port 95 Industrial Park in Baltimore, to Johns Hopkins Health System. In partnership with USAA Real Estate Co., Chesapeake is developing the former Sun Products facility into a 1 million-square-foot warehouse and industrial site. Conewago Enterprises Inc. is serving as the general contractor for the building.
Upon purchasing the 47-acre site in 2015, the partners upgraded a 500,000-square foot building and demolished five others to begin new construction. The structure was purchased by EverWest Real Estate Partners earlier this year…
NJ Industrial Asset Attracts Long-Term Investment
Posted by: | CommentsNAI James E. Hanson has brokered the sale of a 157,822-square-foot industrial building in Flanders, N.J., on behalf of both the seller, 700 Bartley Chester Road LLC, and the buyer, CRG 700 LLC.
“The location of the property, its targeted use as an investment property, the quality of the existing structure and the buyer’s familiarity with the local market made this a highly appealing property,” Joshua Levering, SIOR, NAI James E. Hanson’s senior vice president, told Commercial Property Executive. “The building was held in a trust which wanted to redeploy the funds in different directions. As a leased investment warehouse/manufacturing property, the demand was very strong.”
Phoenix Investors Expands WI Industrial Footprint
Posted by: | CommentsPhoenix Investors completed the purchase of two industrial properties in Beloit and Jefferson, Wis., through one of its affiliates. The assets changed hands in a $25.8 million deal and encompass more than 1 million square feet of industrial space. Wisconsin Bank and Trust provided the acquisition financing.
VALUE-ADD OPPORTUNITIES
The property located at 351 Collins Road in Jefferson, Wis., features up to 30-foot clear ceilings and boasts 591,840 square feet. The distribution warehouse is fully leased and is near Interstate 94, providing access to major Midwestern markets including Chicago, Milwaukee and Minneapolis…
Pantheon Sells 16-Acre NJ Industrial Site
Posted by: | CommentsPantheon disposed of its 207,193-square-foot Northvale, N.J., industrial space to a private investment group led by Duvi and Tuli Blumenberg. The 16.3-acre asset sold for $12.1 million.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group of Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin and Andrew Siemsen represented the seller…
Buffett Faces Shareholder, ISS Resistance to Home Capital Deal
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Home Capital investors to vote on additional stake Sept. 12
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Some investors say stake sale is dilutive and not needed
It’s not every day shareholders say no to Warren Buffett. Yet that’s exactly what Home Capital Group Inc. investors may do next month, adding to a series of rare setbacks for the billionaire investor this year.
Buffett’s Berkshire Hathaway Inc. needs shareholder approval to boost its stake in Home Capital, part of a C$2.4 billion ($1.9 billion) cash and stock lifeline for the Canadian lender that was on the verge of collapse just two months ago…
CBRE Brokers $25M Sale of Luxury Resort in Panama
Posted by: | CommentsCBRE has completed the sale of the majority interest in Trump Ocean Club Hotel, a 369-unit luxury resort in Panama City’s Punta Pacifica neighborhood. Newland International Properties Corp. sold the stake consisting of 202 hotel units to Ithaca Capital Investments in a $24.5 million deal.
Atlanta Plaza to Undergo Major Upgrade
Posted by: | CommentsBanyan Street Capital has embarked on a capital improvement program at Atlanta Plaza, a 631,808-square-foot, Class A office tower in Atlanta’s Buckhead submarket. The owner partnered with architecture company Perkins+Will to transform the property by paying homage to prominent Atlanta local John Ottley. Renovations are slated for completion by the end of 2017.
Bankrupt Caribbean Paradise Woos Chinese Tourists—and Their Cash
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Puerto Rico sets out to revive itself with money from the east
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Plans for a theme park of regional delights to woo investment
Over the years, Puerto Rico has wooed visitors and investors with beaches, sun, tax breaks and splashy public works. Now the Caribbean island wants to add an outpost of Chinese culture, complete with graceful pavilions and regional cuisine.
Small-Balance Loans to Hit High Marks in 2017
Posted by: | CommentsIn July, Arbor Realty Trust Inc. announced it had surpassed the $2 billion threshold in Freddie Mac Small Balance loans. The company was the top-producing Small Balance lender in 2015 and 2016, and its performance in 2017 is also on track to exceed expectations. Commercial Property Executiveapproached John Caulfield, chief operating officer at Arbor to discuss more on this record in origination volume, the changes in the small balance loan market and the role of technology in this financing story…
Rising Demand Boosts Las Vegas Rents
Posted by: | CommentsLas Vegas’ recovery features above-average job and population growth. That has produced a modest but steady improvement in housing demand, as the market aims for long-term stability.
BlackRock Finds More Risk Assets at Insurers Than ’08
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Insurers bought up complex assets to lift returns after crisis
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Industry’s push into alternative assets also provides benefits
Insurers got burned badly in the 2008 financial crisis. So almost a decade later, BlackRock Inc. scoured the industry’s $5 trillion in U.S. investments to figure out how they would fare if markets crash so hard again.
The answer: It could be worse.
BGL Expands SoCal Presence
Posted by: | CommentsPremier Delivers Fulfillment Center in Illinois
Posted by: | CommentsPremier Design + Build Group LLC has teamed up with Bridge Development Partners again on an industrial facility in Illinois, delivering a 626,848-square-foot build-out property for an unidentified e-commerce tenant.
The fulfillment center is located at Bridge Point North, a 240-acre business park in Waukegan, Ill., with access to I-94 and the Tri-State Tollway. It’s also about 32 miles from O’Hare International Airport…
Government Shutdown Costs Could Exceed Trump’s $12 Billion Wall
Posted by: | CommentsPresident Donald Trump’s threat to shut down the U.S. government to secure funding for a Mexican border wall could quickly cost the economy more than the price tag for construction.
S&P Global economists estimate a government shutdown could cost the U.S. at least $6.5 billion a week, reducing fourth-quarter real gross domestic product by some 0.2 percentage point. “A shutdown affects not only Washington and its employees but has ripple effects across sectors throughout the country,” said U.S. Chief Economist Beth Ann Bovino…
Government Shutdown Costs Could Exceed Trump’s $12 Billion Wall
Transwestern Tapped for Leasing, PM Services of MD Asset
Posted by: | CommentsDSC Partners tapped Transwestern to handle leasing and property management services for its 77 Upper Rock office building in Rockville, Md. Transwestern’s Phil McCarthy, Keith Foery, Ethan Bernardi and Nathan Bortnick are handling leasing, while Colin Diefenbach handles property management services for the building.
WeWork Scores $4.4B Investment
Posted by: | CommentsWeWork Cos. just reeled in the kind of mega-monetary commitment startups dream of. The collaborative workspace provider announced that Tokyo-based multinational telecommunications Softbank Group and the Softbank Vision Fund will invest $4.4 billion in the company.
“This support from SoftBank and the Vision Fund will provide even more opportunities for creators as we set out to humanize the way people work and live,” Adam Neumann, co-founder & CEO of WeWork, said in a prepared statement.
China’s Equity-Market Underdogs Could End The Year In Front
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China’s mainland shares emerging from offshore stocks’ shadow
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Eastspring, KGI see A shares taking the lead in coming months
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The also-rans of China’s stock rally this year, mainland equities have been overshadowed by the spectacular surge in their offshore-listed counterparts — until now.
As equities from Seoul to Hong Kong were felled by Tuesday’s North Korea-inspired wave of risk aversion, Shanghai was one of the few benchmarks globally to rack up gains, driving home how much has changed in a market that was in the red as recently as two months ago…
Pair of DC Office Buildings Receive $165M Financing
Posted by: | CommentsUNIZO Holdings US received $165 million in permanent financing for two of its Washington, D.C. office properties. According to Yardi Matrix, the fixed-rate loan is set to mature in September 2024 and was funded by was New York Life Insurance Co. KeyBank Real Estate Capital negotiated the deal.
China’s $2 Trillion of Shadow Lending Throws Focus on Rust Belt
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Risk from shadow banking concentrated at regional lenders: UBS
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Informal loans pose potential threat of systemic risk
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Regional banks in China’s rust-belt provinces are driving the rapid expansion of shadow banking in the country, fueling a web of informal lending that poses wider risks to the financial system, according to a study by UBS Group AG.
CBRE Grows Miami Leasing Team
Posted by: | CommentsCBRE strengthened its South Florida Agency and Tenant Representation team through the addition of Alina Plasencia as senior associate. Plasencia joins the team of Carol Ellis-Cutler where she will handle office leasing for clients in Miami’s northern submarket. Additionally, she will focus on expanding the team’s landlord and tenant representation as well as growing its South Florida capabilities.
Russia Readies Emergency Loans to Contain Bank Otkritie Crisis
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Central bank funding to stop panic from spreading in industry
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Measure comes after regulator steps in to rescue Bank Otrkitie
Russia’s slow-motion banking crisis claimed its biggest victim yet, forcing the central bank to provide support for other lenders to prevent panic from spreading.
Bank Otkritie FC, a month removed from being Russia’s biggest private lender, was taken over by a government-backed fund set up by the central bank to consolidate the sector. The move will place at least 75 percent of the bank in state hands and could wipe out subordinated debt holders. The rescue prompted the central bank to provide funding to other banks to contain the crisis…
This Real Estate Agent Is the Castle Expert
Posted by: | CommentsTwo world wars, revolutions in Germany and Russia, and inheritance taxes have managed to all but put an end to Europe’s once-thriving ruling class, but the continent’s palatial homes, at least, remain.
Enter Christoph von Schenck, a German aristocrat who acts as a conduit between those houses and aspirational buyers. The “castles expert” for the real estate agency Engel & Völkers AG, von Schenck has made it his life’s work to appraise and sell these massive, often crumbling structures…