Author Archive
Pace of U.S. New-Home Sales Suggests Steady Housing Strength
Posted by: | CommentsThe U.S. housing market is stabilizing near 10-year highs, according to government data Wednesday that showed sales of new homes were slightly less than forecast.
HIGHLIGHTS OF NEW HOME SALES (JUNE) |
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Key Takeaways
Americans, taking advantage of low mortgage rates and confident in a strong job market that’s providing steady wage gains, are still on the hunt for new homes. Prices fell from a year earlier as more moderately priced homes sold in June…
The Best Way to Increase Housing Supply? Build More
Posted by: | CommentsIt’s widely agreed that housing markets across the U.S. are hurting for new inventory, driving up prices and postponing homeownership for young Americans. What’s driving the inventory shortage is a murkier matter.
A new report from Trulia tests some popular explanations and comes to this conclusion: We’re going to have to build our way out of it.
The report looked at five possible causes for the inventory shortage, including the sluggish pace of new home construction, the growing role of single-family-rental landlords and the share of older homeowners in a given market. Also: price appreciation and the gaps among entry-level, step-up and luxury homes…
Dimension Expands DC Management Portfolio
Posted by: | CommentsDimension Development received management assignment for The Westin Crystal City, a 220-key hotel located in Arlington, Va. The property brings the company’s overall portfolio to 10,000 rooms and marks the first Westin property to be managed by Dimension. The growth-oriented hospitality management company expanded its footprint by 14 properties in the last two years.
Opa-Locka Flea Market Trades in $80M Deal
Posted by: | CommentsAvison Young completed the $80 million sale of the Opa Locka Hialeah Flea Market portfolio consisting of three land parcels in Opa-Locka, Fla. Gramercy Property Trust acquired the parcels, totaling approximately 72.10 acres, from Bodwin Ltd. and SeaBase Florida Corp. Michael Fay, principal and managing director at Avison Young’s Miami office, brokered the sale.
CBRE to Manage, Lease Miami Beach Asset
Posted by: | CommentsCBRE has been selected to provide property management and leasing services for a 146,327-square-foot, Class A mixed-use building in Miami Beach, Fla. The property, known for its parking garage designed by Herzog & de Meuron, encompasses 94,488 square feet of creative office space and 51,839 square feet of premier retail and restaurant space.
Located at 1111 Lincoln Road on the corner of Alton and Lincoln Road, the property recently traded in a $283 million deal. CBRE Global Investors and Universal-Investment acquired the fully leased asset on behalf of Bayerische Versorgungskammer, one of Germany’s largest institutional investors…
CBRE Brokers Sale of Miami Lakes Retail Center
Posted by: | CommentsCBRE completed the sale of Red Palmetto Shoppes, a 59,925-square-foot retail center in Miami Lakes, Fla. Red Palmetto Associates Ltd., an entity affiliated with Courtelis Co., sold the leasehold interest in the property to Ham Palmetto LLC, led by Augusto Ham, in a $12.2 million deal.
Home Capital Repays C$2 Billion Credit Line From Berkshire
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Lender uses proceeds from asset sales to repay Buffett loan
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Mortgage firm will continue to pay interest on untapped loan
Home Capital Group Inc. said it repaid the balance on a C$2 billion ($1.6 billion) credit line from Warren Buffett’s Berkshire Hathaway Inc. after the Canadian mortgage lender sold assets.
“The full payout of all amounts owing on the Berkshire credit facility is an important next step that highlights the strength of our current liquidity position as we focus on delivering future success,” interim Chief Financial Officer Robert Blowes said Tuesday in a statement.
Wells Fargo Lawyer Who Released Client Information Wants It Back
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Bressler attorney asks judge to order return of trove of data
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Bank’s former employee got client data in separate lawsuit
Wells Fargo & Co.’s attorney who mistakenly released reams of sensitive data about wealthy clients asked a judge to order the records returned to the bank and they not be spread any further, after being leaked to a newspaper.
Lawyers representing Gary Sinderbrand, a former Wells Fargo financial adviser, were provided with data for possibly tens of thousands of brokerage accounts in a New Jersey lawsuit involving him and his brother…
Lean Inventory Fueling Home-Price Gains in 20 U.S. Cities
Posted by: | CommentsSteady price gains in 20 U.S. cities in May indicate that a tight supply of properties paired with increased demand is boosting home values, according to figures from S&P CoreLogic Case-Shiller on Tuesday.
HIGHLIGHTS OF HOME PRICES (MAY) |
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JPMorgan Tells Clients the Surge in Stocks Is Prolonging the Bull Market in Bonds
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Buoyant equity markets have retail investors playing catch-up
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Fixed-income inflows can’t keep pace with stock appreciation
When it comes to flows into stocks and bonds, forget the great rotation: It’s all about the relentless rebalancing.
“The equity rally is feeding the bond rally, preventing bond markets from selling off in a risk-on environment,” JPMorgan Chase & Co. strategists led by Nikolaos Panigirtzoglou wrote in a note distributed to media on Monday…
JPMorgan Tells Clients the Surge in Stocks Is Prolonging the Bull Market in Bonds
Behind Manafort’s Loans, a Chopper Pilot Who Flew Into Trump’s Orbit
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Chicago banker says Vector Group gave seven-figure infusion
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Trump described Vector CEO Howard Lorber as one of best pals
He is, by Wall Street standards, a small-time banker.
But in 2014, with Donald Trump eyeing a run at the White House, Stephen Calk stepped into the big-money world of New York real estate — and a network of Trump associates.
Doors opened for Calk, who was named to Trump’s economic advisory panel and whose bank loaned millions to entities tied to Trump’s one-time campaign manager, Paul Manafort. The Federal Savings Bank, where Calk is founder, chairman and chief executive officer, also got a “seven-figure” investment from a firm run by one of Trump’s closest friends, Howard Lorber, according to court testimony not previously reported…
Bankers Ditch Fat Salaries to Chase Digital Currency Riches
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Dealmakers and financiers find second wind in cryptocurrency
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‘There’s so much to imagine,’ ex-China Renaissance exec says
Richard Liu gave up a seven-figure salary this month to get into one of the hottest financial instruments around right now: initial coin offerings. The former China Renaissance deal-maker has since backed a clutch of cryptocoin sales that’ve raised millions — sometimes in seconds — often without a single product.
From Hong Kong and Beijing to London, accomplished financiers are abandoning lucrative careers to plunge into the murky world of ICOs, a way to amass quick money by selling digital tokens to investors sans banks or regulators. Cut out of the action, a growing cohort of banking professionals are instead applying their talents toward buying or hawking cryptocurrency…
Fund Managers and Strategists Think the Bull Market Is Ending Next Year
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Central bank policy cited as main risk over coming year or two
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Bloomberg poll captures views of 30 investors across globe
America’s second-longest bull run in stocks on record will end by late 2018, when U.S. credit also will enter its first bear market since the global crisis, according to a Bloomberg survey of fund managers and strategists.
The poll of 30 finance professionals on four continents showed a lack of consensus on the asset judged as most vulnerable now, with answers ranging from European high yield to local-currency emerging-market debt — though they were mostly in the bond world. Among 25 responding to a question on the next U.S. recession, the median answer was the first half of 2019.
Single-Family Landlords Are Sinking Cash Into Rust Belt Rentals
Posted by: | CommentsOut-of-town investors are dominating Detroit, Memphis and other distressed housing markets.
Al Beahn was a 22-year-old college grad living in his parent’s basement in the Detroit suburbs when he bought his first investment property in 2009. It cost him $27,000 and he flipped it three months later for a $16,000 profit. Today, his company, Pioneer Homes, has bought and sold 1,000 homes, primarily through a business model he calls the turnkey rental.
Traders Think Hedge Funds Are Missing a Trick With Oil
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Vitol CEO Ian Taylor: “Physical differentials are improving”
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Discounts narrow as refiners run harder, global demand rallies
Hedge funds are still holding large bearish bets against oil and OPEC, yet out in the real world traders and refiners buying and selling actual barrels say it’s starting to look somewhat more bullish.
“The market is looking a bit better,” Ian Taylor, chief executive officer of Vitol Group, the world’s largest oil trader, said in an interview. “Physical differentials are improving across the world.”
SunEdison Sets Bankruptcy Exit With Nothing for Shareholders
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Judge overrules remaining objections over exit financing
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Company sold wind and solar projects, has deal with Brookfield
SunEdison Inc. won final approval for a bankruptcy plan that will leave what was once the world’s largest renewable-energy firm as a shell of its former self, with nothing for shareholders whose investment at one point had been worth about $10 billion.
SunEdison, known for gobbling up other companies and expanding at breakneck speed, will now exit Chapter 11 to “continue business operations to administer and maximize the value of the company’s remaining assets,” including intellectual property and fixtures, Chief Financial Officer Philip Gund said in court filings…
Attorney Hugh Finnegan Joins Romer Debbas as Partner
Posted by: | CommentsDouglas Emmett, QIA Buy $177M Beverly Hills Asset
Posted by: | CommentsDouglas Emmett Inc. has acquired 9665 Wilshire Blvd., a 171,000-square-foot Class A office property in Beverly Hills, Calif., for $177 million, upping its ownership share in the market to more than 25 percent.
The 10-story property will be held by an existing consolidated joint venture with institutional investors including Qatar Investment Authority. Douglas Emmett and QIA also purchased 1299 Ocean Ave. and 429 Santa Monica Blvd. this past April. Douglas Emmett contributed 20 percent of the equity capital and will manage the joint venture…
Investors Shy Away From T-Bill Auction With Debt Ceiling Looming
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Three-month bill auction attracts lowest demand in eight years
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Bills mature when U.S. projected to reach borrowing capacity
The Treasury Department got a clear message from investors that they’re starting to get concerned another showdown over the U.S. debt ceiling may get ugly.
The government’s auction Monday of $39 billion of three-month bills attracted the lowest demand of any other sale of the securities since June 2009. The bills, which mature around when the Treasury is estimated to run out of money unless lawmakers agree to extend the statutory limit on the nation’s borrowing, were sold at a rate of 1.18 percent, the highest since October 2008…
Brandywine Realty Relocates HQ to Urban Philly
Posted by: | CommentsReal estate investment trust Brandywine Realty Trust will relocate its corporate headquarters to FMC Tower at Cira Centre South in Philadelphia from 555 E. Lancaster Ave. in Radnor, Pa. Although the firm will centralize its business to urban Philadelphia, the suburban location will continue to serve as a secondary branch, in addition to being a hoteling workstation for employees on the move.
Hines Acquires 650 KSF Berlin Office Campus
Posted by: | CommentsHines has taken a big bite out of Germany’s office market with the acquisition of Allianz Campus Berlin, an office project to be predominantly occupied by Allianz Deutschland AG. Acting on behalf of a Korean real estate fund managed by Vestas Investment Management, Hines purchased the 650,000-square-foot office complex in a share deal forward funding transaction from Corpus Sireo Real Estate, the German real estate arm of Swiss Life Asset Managers.
Rich Singapore Investors Stuck as Local Bond Restructuring Drags
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Lack of specialist means that restructurings drag out: PwC
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Bond defaults at unprecedented S$1.35 billion since Nov. 2015
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Keith Kueh was expecting Pacific Andes Resources Development Ltd. to pay back the company’s bonds last year so he could finance his son’s college bill and his own retirement. Now it’s 18 months after the Singapore-listed fishing company didn’t honor some obligations and he hasn’t gotten his money yet.
“For investors like myself, we are not portfolio managers who are managing other people’s money,” said Kueh, a founder at a tech startup. “This is our hard-earned money.”…
Irvine Leases 300 KSF+ of Office Space in Downtown Chicago
Posted by: | CommentsIrvine Co., the owner of three of the seven trophy towers rising in Downtown Chicago, inked more than 20 leases accounting for more than 300,000 square feet of office space. The locations were One North Wacker, 300 North LaSalle and 71 South Wacker.
Most of the leases involved spaces of up to 10,000 square feet. Office expansions for law firms Barnes & Thornburg and Quarles & Brady represented the largest deals.
U.S. Home Resales Ease as Lean Inventory Drives Prices Higher
Posted by: | CommentsA limited number of properties listed for sale remains the biggest hurdle for the market. Lean inventory is pushing up asking prices at a faster pace than worker pay. While job growth is steady and mortgage rates remain attractive, higher prices are making entry difficult for those looking to make their first purchase.
The data are in line with contract signings for U.S. previously owned houses, which unexpectedly fell in May for a third straight month…
U.S. Home Resales Ease as Lean Inventory Drives Prices Higher
Deutsche Bank Weighs Moving $350 Billion From U.K. to Frankfurt
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‘Project Bowline’ details steps for moving trades to Frankfurt
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Balance-sheet relocation due to be completed by March 2019
Deutsche Bank AG may shift about 300 billion euros ($350 billion) from the balance sheet of its U.K. entity to Frankfurt as client trading and assets migrate to the continent following Britain’s decision to leave the European Union, according to a person familiar with the matter.
Velocis Snags WPB Office Tower
Posted by: | CommentsVelocis has completed the purchase of One Clearlake Centre, a 218,461-square-foot, Class A office tower in West Palm Beach, Fla. Joint venture partner CREC will provide management and marketing services at the 18-story property. CBRE represented the seller, AEW Capital Management, in the transaction, while also procuring acquisition financing on behalf of the borrower/buyer.
Chicago PNC Bank Changes Hands for $4 Million
Posted by: | CommentsMarcus & Millichap closed a 7,500-square-foot retail property deal in Norwood Park, Chicago. The asset is net-leased by PNC Bank. The buyer, a Canadian investment group, paid $4.1 million for the property. Two teams of brokers with Marcus & Millichap represented both the buyer and the seller.
Modi’s Fifty Million Homes Moonshot Looks Set to Miss Its Mark
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About 65 million people live in slums in India’s urban areas
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Land prices, difficulty getting approvals hurt supply
India’s ambitious ‘Housing for All’ plan is bumping up against some harsh realities.
Prime Minister Narendra Modi set a target in 2015 of building 50 million homes in less than a decade, or about seven million a year. The nation has since added only 180,877 under the scheme, underscoring the challenge in achieving that target.
“It was a moon shot,” said Rajesh Krishnan, chief executive officer at Brick Eagle, a Mumbai-based private equity fund that provides project financing to affordable housing developers…
European Real Estate Is Entering Bubble Territory, Fidelity Says
Posted by: | CommentsInexperienced, yield-hungry French retail investors are pouring money into real estate funds, pushing up prices for the best European commercial properties to unsustainable levels, according to Fidelity International Ltd.
Inflows into so-called societe civile de placement immobilier, French collective-investment vehicles that purchase properties and other assets across Europe, reached 5.6 billion euros ($6.5 billion) last year, a third higher than in 2015, Fidelity said in a report. Money is pouring into these funds in search of higher returns compared with stocks and bonds and because of their favorable tax treatment.
Divaris Grows VA Portfolio With 1.3 MSF
Posted by: | CommentsDivaris Real Estate Inc. expanded its leasing and management portfolio with the addition of five retail properties totaling 1,294,277 square feet. The assets are all located throughout the Commonwealth of Virginia and bring the company’s portfolio in the Mid-Atlantic and South-Central U.S. to nearly 32 million square feet. The recently assigned to lease or manage properties are as follows:
- Village at Towne Centre in Fredericksburg
- Parkridge Center in Manassas
- The Edge in Midlothian
- GreenGate in Short Pump
- Crossroads Shopping Center in Roanoke
Historic KC Building Comes Back to Life
Posted by: | CommentsUC Funds and Gold Crown Properties Inc. opened East 9 at Pickwick Plaza, an apartment and retail community in Kansas City, Mo. East 9 at Pickwick Plaza features 260 units and 35,000 square feet of retail space on the first floor. The two companies worked together to structure and fund a $57 million capital solution for the project, which included a $30 million first mortgage loan, federal and state tax credits and equity. UC Funds also helped the borrower arrange federal tax credits for redevelopment through the National Park Service.
Carlyle Is Said to Target $15 Billion for U.S. Buyout Fund
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Fundraising market better than ever, Rubenstein said in May
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Firm’s sixth U.S. fund valued at 1.3 times cost as of March
Carlyle Group LP is seeking $15 billion for its next U.S. fund, according to people familiar with the matter, for what could be the largest pool ever focused on buyouts in the region.
The fund, which would be the firm’s seventh for the U.S., is part of Washington-based Carlyle’s ambition to raise $100 billion from 2016 to 2019. Carlyle is replenishing its arsenals for buyouts in Asia and Europe, global infrastructure, North American energy, U.S. real estate, various credit strategies and more. The firm had gathered $17 billion toward the goal as of the first quarter, according to a June presentation by President Glenn Youngkin…
This Hedge Fund Is Betting $280 Million on a 34-Year-Old Guy
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‘You pay people for what you think they’re going to do’
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Firm lost a third of its assets to Africa bribery scandal
Dan Och still runs the show at Och-Ziff Capital Management Group. He’s the chief executive officer, the chairman of the board and very much the face of the hedge-fund powerhouse he founded more than two decades ago.
But in the wake of a bribery scandal that spooked clients and blew away a third of its assets, the fund’s fate is in many ways now in the hands of a little-known 34-year-old named Jimmy Levin…
Private Equity’s Big Bets on Financial Tech
Posted by: | CommentsPrivate equity firms are rushing to bet on financial technology.
Permira Capital Partners, Advent International and Bain Capital have all recently announced acquisitions of payment processors in the hope of capitalizing on the cashless zeitgeist. The Blackstone Group and CVC Capital Partners, which just offered $3.7 billion for Paysafe of Britain, are placing a double wager.
Vestar Buys North Dallas Retail Center
Posted by: | CommentsVestar acquired Twin Creeks Marketplace—a 43,134-square-foot grocery-anchored neighborhood center in Allen, Texas—from StreetLevel Investments. The sale was subject to an $8.7 million, 15-year term permanent loan from the Lincoln National Life Insurance Co. Earlier this year, Vestar also led the rebranding process and a strategic leasing campaign for Crockett Row at West 7th, a Fort Worth shopping center.
Nomura India Fund Soars to $3.6 Billion as Japanese Bet on Modi
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Japan investment in Indian equities rises to highest on record
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South Asian economy seen as providing long-term growth
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The land of Abenomics is betting on Modinomics.
The demand is so strong that assets of Nomura Holdings Inc.’s India equity fund quadrupled to almost 400 billion yen ($3.6 billion) in just the past year. Japanese investors owned $13 billion of Indian stocks and bonds at the end of June, the most in data going back to 2012, according to India’s regulator…
AmbioPharm Invests in $18M Expansion
Posted by: | CommentsAmbioPharm Inc., a peptide and biopharmaceutical manufacturing company in North Augusta, S.C., plans to expand its existing Aiken County operations. The extension is projected to bring $18 million of new capital investment and lead to the creation of 100 jobs over the next five years.
Located at 1024 Dittman Court, AmbioPharm is near Interstate 520. The company will start constructing two additional freestanding buildings, totaling 50,000 square feet, and purchasing additional equipment. The Coordinating Council for Economic Development approved job development credits related to this project…
Eds and Meds Spur Growth in Pittsburgh
Posted by: | CommentsOnce a predominantly blue-collar city, Pittsburgh today relies on a diversified innovation economy and a highly educated workforce. University-based research is focused on life sciences, information technology and robotics, which are major economic drivers for both the region and nation.
China Fund Slashes ADR Exposure, Boosts Holdings of A-Shares
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Noah’s Gopher China equity fund cuts exposure to ADRs
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Fund also adds tactical traders in preparation for volatility
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Noah Holdings Ltd., which manages the best-performing emerging markets fund of hedge funds, has cut China-related American depository receipts by about one-third this year after shares surged, while adding to yuan-denominated shares listed on the mainland.
German Automotive Supplier to Invest $69M in SC Plant
Posted by: | CommentsIFA, a direct supplier of propshafts for passenger cars and light commercial vehicles, is constructing a new manufacturing and distribution facility in Summerville, S.C. The 234,000-square-foot development represents a $69 million investment and is projected to create approximately 120 new job.
Located at 479 Trade Center Parkway, the new facility will provide easy access to Interstate 26. The Coordinating Council for Economic Development approved a $150,000 job development credit related to this Berkeley County project…
Wyndham to Buy AmericInn Brand for $170M
Posted by: | CommentsWyndham Hotel Group is about to experience a growth spurt. The company, a leader in the midscale lodging segment, has entered into an agreement to acquire the AmericInn hotel brand and its management company, Three Rivers Hospitality, from Northcott Hospitality. Wyndham will shell out $170 million on the purchase, which will enhance its holdings by 200 primarily franchised hotels totaling 11,600 rooms, and a pipeline of 23 projects.
For the Impact of Trump Slashing Science Funding, Look North
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Canada gutted its science budget a decade ago under Harper
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The sky didn’t fall, but a slow-motion decline ensued
No modern American president has been more hostile to federal support for the sciences than Donald Trump. In the six months since he became president, he’s fired scientists, removed scientific data from federal websites, proposed a budget that deeply cuts research and appointed science skeptics to head the Environmental Protection Agency and the Department of Energy.
WPG to Revamp Indiana Mall
Posted by: | CommentsWashington Prime Group Inc. will redevelop Markland Mall in Kokomo, Ind., by investing $17 million in the addition of several new open-air retail spaces. As part of the approximately 84,000-square-foot renovation, the company plans to bring new tenants into the spaces formerly occupied by a department store. This anchor space was previously occupied by Sears, which closed following a lease expiration.
Billingsley Lands $110M in Dallas Office Refi
Posted by: | CommentsDallas-based Billingsley Co. has refinanced a seven-building office portfolio totaling 801,153 square feet at the International Business Park located in Plano and Carrollton, Texas, through a $110 million loan secured by HFF. The company arranged the three-year, floating-rate, non-recourse loan with two one-year extension options through Ares Commercial Real Estate Corp.
Proceeds of the loan will be used to refinance the existing debt and fully stabilize the property. The new financing replaces a $102.5 million CMBS loan placed Oct. 1, 2007, through Wells Fargo Bank that was originated by Bank of America and was due to mature in October of this year, according to Yardi Matrix data…
Scaramucci Brings Wall Street Pitchman Skills to White House
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Once an Obama backer, and in the past a critic of Trump
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His ‘fund of funds’ SkyBridge to be sold to Chinese buyer
Anthony Scaramucci, the Trump administration’s just-hired communications director, has a lot in common with his new boss.
Both made it in Manhattan after coming from the city’s outskirts. Both enjoy the limelight, attracting attention by writing books and hosting TV shows. And both are best known within their industries for their salesmanship…
Scaramucci Brings Wall Street Pitchman Skills to White House
Blackstone and CVC Bid for British Payments Processor Paysafe
Posted by: | CommentsLONDON — As more people shop online, the race is heating up to grab a slice of the infrastructure that makes e-commerce go.
Financial companies are targeting the firms that process payments over the internet, and on Friday, the private equity groups Blackstone and CVC Capital Partners teamed up to make a 2.9 billion pound, or $3.7 billion, preliminary offer for Paysafe, a British payments processor.
Paysafe is among a growing number of companies that have taken advantage of the increased prevalence of mobile payments and online shopping, jostling with traditional banks, as well as industry behemoths like PayPal…
CBRE Secures $27M Loan for Minneapolis Hotel
Posted by: | CommentsAfter arranging a $14 million loan for the construction of an 81-unit, market-rate community in Boise, Idaho, CBRE Capital Markets’ Debt & Structured Finance secured a $26.9 million, three-year, non-recourse loan for the Elliot Park Hotel, a 168-key hotel by Marriott located in downtown Minneapolis. The company worked on behalf of Wilkinson Corp. Bank of the Ozarks served as the senior lender.
Philippine Property Stocks Rally Will Keep Going: $20 Billion Manager
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Real-estate shares’ premium to wider market at four-year high
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Sector will benefit from expanding economy, BDO Unibank says
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Philippine real-estate stocks will extend a market-beating rally, the country’s biggest money manager is betting, unfazed by the most expensive valuation in four years.
The Philippine Stock Exchange Property Index has climbed 24 percent this year as investors became more sanguine about President Rodrigo Duterte’s pivot to China and his U.S. counterpart’s insular approach to trade, which could hurt outsourcing companies. The measure now commands the highest premium since 2013 over the stock benchmark, which is up 17 percent…
S&P 500’s Biggest Pension Plans Face $382 Billion Funding Gap
Posted by: | CommentsPeople who rely on their company pension plans to fund their retirement may be in for a shock: Of the 200 biggest defined-benefit plans in the S&P 500 based on assets, 186 aren’t fully funded. Simply put, they don’t have enough money to fund current and future retirees. The situation worsened for more than half of these funds from fiscal 2015 to 2016. A big part of the reason is the poor returns they got from their assets in the superlow interest-rate environment that followed the financial crisis. It’s left a hole of $382 billion for the top 200 plans.
Former IBM Building Secures New Tenant
Posted by: | CommentsTwo months after Colony Northstar leased part of the 33rd and 34th floors of 590 Madison Ave., Greenspoon Marder has relocated its New York office to the 41-story building. The law firm occupies the 18th floor, encompassing nearly 25,000 square feet of office space. According to Yardi Matrix data, the property is 19.5 percent vacant.
Tech Scene Stays Hot, Rent Growth Cools in San Jose
Posted by: | CommentsSilicon Valley is the nation’s largest tech hub, a top-performing venture capital market and one of the most prominent locations for startups. The metro continues to thrive as an attractive destination for businesses and young, educated workers, as a result of consistent employment and wage growth. However, the rental market is cooling as San Jose becomes increasingly unaffordable, even for higher-paid workers. Rents dropped 1.3 percent year-over-year through May to $2,675, more than double the national average.
Greece Approved for $1.8 Billion Conditional Loan From IMF
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Fund will only dole out loans if it deems debt sustainable
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Government monitoring bond market conditions for possible sale
The International Monetary Fund agreed to a new conditional bailout for Greece, ending two years of speculation on whether it would join in another rescue and giving the seal of approval demanded by many of the country’s euro-area creditors.
The Washington-based fund said Thursday its executive board approved “in principle” a new loan worth as much as $1.8 billion. The disbursement of funds is contingent on euro-zone countries providing debt relief to Greece…
Greece Approved for $1.8 Billion Conditional Loan From IMF
Feldman Arranges New Lease at Tampa Office Tower
Posted by: | CommentsFeldman Equities has signed a new lease with CAPTRUST Advisors LLC at Park Tower, a 475,000-square-foot office tower in downtown Tampa. The tenant will relocate its headquarters and will occupy an approximately 10,500-square-foot space at the Class A building.
Located at 400 N. Tampa St., Park Tower is currently undergoing an expansive renovation program anticipated for completion in the first quarter of 2018. CAPTRUST will occupy Park Tower’s 18thfloor and will relocate to its new space later this year, after almost 20 years in the CAPTRUST building at 102 W. Whiting St. That property is scheduled for demolition as part of Feldman’s Riverwalk development…
Gramercy Closes $1.1B Sale of Euro-Portfolio
Posted by: | CommentsGramercy Property Europe has completed its previously announced sale of all of its assets to a consortium of clients managed by AXA Investment Managers—Real Assets.
The deal’s total gross valuation reportedly is about €1.0 billion ($1.1 billion), with an exit cap rate of about 6.2 percent. The transaction resulted in net distributions to Gramercy Property Trust of €90.8 million ($103.8 million).
Frankfurt Is Already Running Out of Office Space for Banks
Posted by: | CommentsBanks are running out of options to lease large amounts of office space in Frankfurt following the U.K.’s vote to leave the European Union.
“The vacancy rate has slipped below the 10 percent level” and there is a growing shortage of bigger office buildings in central areas, BNP Paribas SA’s real estate broker unit wrote in a report on Thursday. “In view of the anticipated increase in demand by banks in connection with Brexit, this shortage looks set to intensify in the months ahead.”…
Frankfurt Is Already Running Out of Office Space for Banks
Waypoint Acquires 288-Unit Student Housing
Posted by: | CommentsWaypoint Residential continues its round of student housing purchases with the addition of a 288-unit community located in Tallahassee, Fla. This time, the company plans to redevelop the property from student housing to conventional apartments.
WAYPOINT’S RENOVATION PLAN
Located near various retail and transportation options, the redevelopment includes amenities such as a fitness center, a computer lab, business center, conference room, movie theater, swimming pool, a full-size basketball court and a sand volleyball court…
Casinos, Concerts Allow Top Fund to Avoid Dismal Canada Market
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Sentry Small/Mid Cap Income Fund targets oligopolies
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Likes ‘nice and safe’ but doesn’t want to pay for it
With Canada’s small-cap market dominated by downtrodden energy and materials stocks, fund managers that specialize in the sector are looking further afield.
Sentry Small/Mid Cap Income Fund, the country’s top performing small-cap fund with assets of more than C$1 billion ($794 million), is finding some of its highest returns in a global concert promoter, a U.S. medical testing company, and a casino operator…
Casinos, Concerts Allow Top Fund to Avoid Dismal Canada Market
Credit Suisse’s Once-Mighty Equities Unit Struggles Under Thiam
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Bank lost a third of its equities market share since 2015
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Executives have pledged to ‘defend and grow’ stocks business
In October 2015, Credit Suisse Group AG Chief Executive Officer Tidjane Thiam and the head of its markets unit, Timothy O’Hara, laid out their vision for a business they said would be key to overhauling one of the world’s biggest investment banks.
“Credit Suisse has consistently been a top-three trader of global stocks since 2010,” O’Hara, a 27-year veteran of the bank, told investors who had gathered in London. “It’s important to us that we invest in our content and execution capabilities to defend and grow our equities franchise.”
New Product, Densification Main Issues for Manhattan CRE Market
Posted by: | Comments“The office market for 2017 continues to look promising…and we think we’re going to finish strong. Challenges and what remains to be seen is what happens in the coming years as additional inventory comes to the market and there’s continued densification in the market,” noted John Santora, Cushman & Wakefield’s vice chairman & president of the Tri-State Region, at the firm’s mid-year 2017 outlook on the region’s commercial real estate industry.
JPMorgan Whistle-Blowers Set to Reap Record $61 Million Bounty
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SEC, in letters, says two whistle-blowers will share award
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Award stems from bank’s $307 million settlement over conflicts
Two whistle-blowers are set to share a record $61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank.
The SEC issued letters on Wednesday notifying six whistle-blower applicants of the preliminary decision. The letters said that two of them would share almost a quarter of the record asset-management settlement that the SEC reached with the bank in December 2015…