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Commercial Real Estate News

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21 Penn Plaza.Shared office space provider WeWork signed its biggest one-time Manhattan office lease so far this year, capping a push in its hometown of New York City, the nation's largest office real estate market. In a partnership with TH Real Estate, an affiliate of TIAA’s investment management arm Nuveen, WeWork has leased 258,344 square feet at 21 Penn Plaza, which is also known as 368 Ninth Ave. That’s nearly 70 percent of the 16-story building...
A New York developer is set to turn an old Savannah, Georgia, industrial site into one of the largest projects in the local Historic District, extending a surge of development in a city struggling to keep its charm while taking advantage of its growing national popularity. Spandrel Development Partners, a real estate investment and development firm, will start construction this month on 630 Indian St., a project that will comprise 275 luxury multifamily...
Minto Place at 180 Kent St. in downtown Ottawa.LaSalle Investment Management has reached $1 billion in assets in its Canada property fund, purchasing a Calgary shopping centre for $56.25 million and buying one-third of Minto Place in Ottawa for $135 million, as first reported by CoStar News. On July 31, the fund acquired Market at Quarry Park on a wholly-owned, all-equity basis. The grocery-anchored shopping centre in the Quarry Park neighbourhood...
Projects like the new Ampersand, in San Diego’s Mission Valley, seek to offer office configurations and amenities to compete with providers such as WeWork. Credit: Casey Brown Co.The long-hailed concept of “open” office plans is getting pushback amid complaints about a lack of privacy and unwanted workplace interruptions, prompting developers and designers to scramble to figure out how to provide the latest corporate perk: Alone time. The concerns...
­­A private investment firm in South Florida has hired Colliers International broker Marcos Puente to build its commercial property portfolio, making a bet on large shopping centers in the region. Puente will be director of acquisitions for MMG Equity Partners, based in Pinecrest, FL. The firm currently has about 40 properties totaling more than 2.5 million square feet. The Navarro family started MMG in 2008 after selling its Navarro Discount...
National Real Estate Investor
In a Q&A with NREI, CPPIB's managing director for Americas real estate investments, discusses the pension plan's newly formed joint venture.
The transaction with B&L Management Co. values the 21-story building at $452 million and would cause HNA to realize a loss.
The action against the Pittsburgh-based lender by the U.S. Attorney’s Office in Miami is part of an inquiry into Wells Fargo & Co. over its purchase of the credits.
The U.S. government has found instances of fraud involving securitized apartment building mortgages, reports the Wall Street Journal. The White House plans to expand rules on using American-made products to government works, including infrastructure projects, according to CNBC. These are among today’s must reads from around the commercial real estate industry.
Big Lots, Burlington, Aldi, Hobby Lobby have bid on some locations. Now more stores are being auctioned off as the chain slowly sells off its real estate.
Wall Street Journal
Germany’s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.
The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump’s son-in-law and adviser.
Normandy Real Estate Partners’ $133 million deal for the upper portion of ABC Carpet’s flagship store is an example of office space edging into territory that once was retail’s domain.
When Chinese regulators seized control of Anbang Insurance, they took ownership of more than a dozen luxury U.S. hotels. Now, as the government looks to sell, it faces a problem: The buildings likely are worth less than what Anbang paid only a couple of years ago.
After a two-year plunge, brokers are optimistic that more deals will take place in 2018.
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