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100 East office tower in downtown Milwaukee to be sold to resolve foreclosure

The 35-story 100 East office tower in downtown Milwaukee will soon go on the market for sale under an agreement between its owner and lender to resolve an ongoing foreclosure lawsuit......»»

Category: topSource: bizjournalsJan 16th, 2022

Voter fatigue takes center stage in Pennsylvania as Mehmet Oz tries to woo the MAGA base and Trump looms large

Even with TV celebrity-level name recognition, the Oz campaign is running into the same problem as other statewide operations: voter burnout. Tayfun Coskun/Anadolu Agency via Getty Images Pennsylvania's primaries are a week away on May 17, and voters are already exhausted. Republicans, Democrats, and independents told Insider that they feel burned out by all of the ads. Trump endorsed Dr. Mehmet Oz but he's struggled to connect with the MAGA faithful. GREENSBURG, Pa. — From the comfort of a VIP tent backstage, Republican Senate candidate Mehmet Oz was insulated from the torrents of rain and scores of soaked Trump supporters booing every mention of his name.Rather than risk the optics of empty seats along the grandstand of the fairgrounds, rally organizers chose to cover almost all of the bleachers with two massive American flags — much to the chagrin of attendees hoping to stay dry. Those who bore the elements did so out of what they described as a fervent desire to see former President Donald Trump and show their support for a possible third White House run in 2024.To the east in Allegheny County — where record turnout not seen since 1964 helped deliver Pennsylvania's 20 electoral votes to President Joe Biden in 2020 — voters from rusted-out steel towns to ritzy suburbs said they're feeling increasingly alienated from the state's closed primary system, which several Pennsylvanians blamed for producing more extreme candidates in the general election. It's a hunch backed up by political science research. "I've been watching the attack ads," Frank Lascola, an independent 82-year-old Army veteran who votes Democratic "as a habit," told Insider over a cup of coffee at a Pittsburgh diner, shaking his head.Lascola said he "can't remember all this bullshit" at his age, and that he misses candidates like the late Sen. John McCain shutting down conspiracy theories among voters.Despite an estimated $7.8 billion that will be spent on ads by Election Day in November, the Pennsylvania voters who spoke to Insider were already sick of them.Whoever the Keystone State voters end up picking to replace the retiring Republican Sen. Pat Toomey, their next senator will either be a key addition for Democrats defending the thinnest of majorities, or a Trump acolyte about as far as one can get from Toomey in the reshaped GOP.Outside of the frosty reception Oz received at the Trump rally in Greensburg, more than two-dozen Pennsylvanians Insider spoke with across Pittsburgh and its surrounding towns had no idea he was running for office in their state, much less as a Republican. Even in one of the nation's most pivotal battleground states, even with TV celebrity-level name recognition, and even with the coveted Trump endorsement, the Oz campaign is running into the same problem as other statewide Republican and Democratic operations: voter burnout.A Pew Research survey on the 2020 election found that moderate voters in particular are especially susceptible to voter fatigue and subsequent lower turnout than the most ideologically extreme coalitions in both major parties. There's also a larger overall trend of heightened anxiety among Americans, with a FiveThirtyEight analysis finding a jump in feelings of burnout and worries for what 2022 would hold. 'I don't wanna lose sleep thinking about this guy' Pennsylvania Republican U.S. Senate candidate Dr. Mehmet Oz listens as former President Donald Trump speaks on behalf of his campaign at the Westmoreland County Fairgrounds.Jeff Swensen/Getty ImagesThe journey into Pittsburgh from the east feels like a never-ending descent.Rolling hills and valleys guide winding roads through tunnels that lead to steeper hills and deeper valleys, culminating in the final approach when the city's skyline and myriad bridges finally come into view.In the heart of downtown Pittsburgh at Cherries Diner, Lascola sat at his usual spot at a table off to the side of the counter, back turned to the TV news."I never thought I'd see this in my lifetime," Lascola, a retired mechanical engineer, told Insider as his coffee cooled, referring to the January 6, 2021 Capitol siege.Still shaken by the violent insurrection, Lascola said he fears the return of McCarthyism and its paranoia among neighbors if Trump retakes the White House.Unlike the MAGA faithful at the Greensburg rally, Lascola was adamant that he doesn't want Trump to run again in 2024, but he's unable to muster the will to care."Well, I'll be honest with you, I may not like it, but I don't wanna lose sleep over this guy," Lascola said, referring to Trump. "If my people wanna elect this guy," he continued, "then I have to obey the law, but I'm not gonna ruin my health. It's hard. I can't help the way I feel about this, but I can help the way I behave."Lascola said he's scratched his head seeing friends and acquaintances continue to support the former president, but he tries not to judge them. He said he voted for President Barack Obama twice as well and voted for Trump's Democratic opponent in both 2016 and 2020."I don't take a shot at those people," he said of voters in favor of Trump. "I say they pick him because they've been bullied all their life, and they see a guy that they think won't take any bullies."Just down the Monongahela River in McKeesport, the second-largest city in Allegheny County, a former Trump supporter was less forgiving.Bernard Bahleda, a 72-year-old retired postal worker, was buying a gun for his wife ahead of Mother's Day in a post-industrial landscape marked by abandoned buildings and rusted-out steel mills.Agreeing with the three men behind the counter at Legion Arms, Bahleda said he's sick of all the ads for the Senate and gubernatorial primaries, but he's even more done with Trump."He changed me around completely because of his lies," Bahleda told Insider, adding that he voted for Trump in 2016 but switched to Biden in 2020.Loathing any candidate seeking Trump's endorsement, Bahleda said he hopes Pennsylvania Lt. Gov. John Fetterman wins the Democratic primary on May 17 so he can back him in the general election. Fetterman has held onto a roughly 30 percentage point lead over challengers US Rep. Conor Lamb and state Rep. Malcolm Kenyatta.Between a Trump GOP and a hard placeDemocratic US Senate candidate Lt. Gov. John Fetterman.Tom Williams/CQ-Roll Call, Inc via Getty ImagesLife has always been good in the ritzy suburb of Sewickley, 79-year-old Thomas Wright told Insider.But when the topic of the midterm elections came up, Wright furrowed his brow and adjusted his seat in the stands from where he was watching a lacrosse game between Sewickley Academy, his grandson's middle school, and St. Edmonds Academy.In the ornate hamlet along the Ohio River, Wright said a recent influx of young professionals is about the only big change he's seen as a lifelong Sewickley resident.A registered Republican and retired trial lawyer, Wright told Insider he doesn't want to support Oz or his biggest rival, former hedge fund CEO David McCormick. After watching the candidates debate, he said he's leaning toward real estate developer Jeff Bartos, who's polling at an average of just 4.5% in the race behind Oz, McCormick, and Kathy Barnette in the top three.Wright refused to vote for Trump at the top of the GOP ticket in 2016 and 2020, but hasn't been able to stomach any Democratic candidates, either."I'd have trouble supporting Fetterman. Don't like his leanings," Wright said, still holding onto a slight smile from his grandson scoring a goal in the number 11 jersey.More than an hour west from the gun store where Bahleda lauded Fetterman's record as the former mayor of Braddock, Wright echoed many of the McKeesport retiree's qualms with Trump, only this time within view of a Porsche dealership.Both Wright and Bahleda said inflation is a primary concern for them. But Bahleda was much more sympathetic to Biden — whom he said has few options to address inflation, a global problem — from his vantage point in post-industrial McKeesport. Unwilling to entertain any candidate vying for a Trump endorsement — or even a goateed, 6-foot 11-inch tall Democrat who wears shorts everywhere — Wright acknowledged that he's in the minority of the GOP, and that the fired-up base in each party ultimately gets to decide who goes on the ballot, not him.'I just want somebody from Pennsylvania'A flag covers seats under the grandstand roof at the Westmoreland County Fairgrounds in Greensburg, Pennsylvania.Jeff Swensen/Getty ImagesWhile the Trump rally attendees weren't sold on Oz either, those who spoke with Insider also eschewed skepticism over McCormick, tending instead to back Barnette, a conservative author and commentator who would become the first Black woman to represent Pennsylvania in the Senate.Others, like Michelle Sinsabaugh, a 62-year-old bus driver from nearby Mont Pleasant, were undecided but also firmly in the never-Oz camp."Ten years ago he says this, now he's sayin' this — and I don't even know if he's from Pennsylvania," Sinsabaugh told Insider. "I just want somebody from Pennsylvania, someone who actually grew up here," Lynn Johnson, a 55-year-old restaurant server from Ligonier, Pennsylvania, said while making her way across the muddy fairgrounds.In an RV on the outskirts of the fairgrounds in Greensburg, Trump merchandise salesman Reggie Jones told Insider that as far as he's concerned, nothing's really dimmed the appeal of the former host of "The Celebrity Apprentice." This, despite Trump costing Republicans the House, Senate, and White House in just four years.Anti-Biden merchandise may have been slow to catch on, Jones said, but "Let's Go Brandon" items have caught up to the 2016 interest in Hillary Clinton.But above all, Jones said, Obama, Trump's original nemesis, remains the driving force for his customers — not inflation, the US's messy withdrawal from Afghanistan, the Russian invasion of Ukraine, or any other current issues."Now Obama stuff has been great," Jones told Insider as a few Trump supporters bought ponchos and umbrellas in anticipation of the rain. "Off the roof, man."Read the original article on Business Insider.....»»

Category: worldSource: nytMay 10th, 2022

South Florida Is Experiencing An Industrial Boom Unlike Any Other

South Florida Is Experiencing An Industrial Boom Unlike Any Other By Matthew Rotolante of Wealth Management As a fourth-generation South Florida native in a family that has actively participated in the market for nearly a century, I have first-hand knowledge of the roller coaster nature of the region’s real estate cycles.  South Florida’s current industrial real estate boom is not the first of its kind, but it might be the most impervious to broader cycle downshifts than any comparable periods in the region’s history. In the 1920’s, “Binder Boy” salesmen traded properties as many as four or five times in a single day with the promise of sunshine and riches fueling a prodigious bubble that was traumatically popped in 1926 by the last major hurricane to hit downtown Miami. A hurricane might not even be enough slow down today’s South Florida real estate juggernaut, however. Despite over 8 million sq. ft. of new construction deliveries throughout 2021 and more delivering in 2022, South Florida’s rapid absorption has continued to leave vacancies at an all-time low of just 3 percent, compared with a national average of 4.3 percent, according to Lee & Associates National Quarterly Market Report. Rental rates have also seen a steady increase year-over-year, with the average for the South Florida tri-county area at $11.54 per sq. ft. per year. Several Miami submarkets are even seeing rates as high as $18 per sq. ft., especially for smaller flex product. Few U.S. markets benefited more from the pandemic. With a business- and tax-friendly regulatory environment and a temperate climate that didn’t favor a virus to begin with, Florida (and more specifically South Florida) has enjoyed a covetous position in the national marketplace and came out of the pandemic shining.  From multifamily to shopping centers, office buildings and land, property values are surging. However, industrial is the sector giving “irrational exuberance” a new definition. Or is it? Are the recent double-digit rates of inflation enjoyed by industrial land and warehouse based on pure speculation, or are the participants in this asset class paying record-breaking prices based on solid fundamentals? Let’s consider this further. Concepts such as supply and demand and price elasticity (or inelasticity) state that if there is ample demand with little supply, and if demand continues to grow while supply dwindles, then scarcity will drive prices skyward. Is South Florida industrial real estate easily substituted? Is it readily increased? Will the demand for it diminish over time? The answer to the above questions is a resounding no. Industrial real estate is not easily substituted nor readily increased. It is essential to the storing, distributing and manufacturing of goods. While over the last 20 years retail has been substituted by e-commerce’s pervasive form of direct to home delivery, the warehouses from where those goods are delivered have benefitted. We have also seen office be substituted in part by the work-from-home remote trend made essential by the pandemic. In short, while other asset classes, such as retail and office, have been easily substituted, industrial cannot be easily substituted. Industrial can be increased, but not easily. Industrial parks are noisy and heavily trafficked by large, fume-emitting vehicles. They can be tall, but not nearly as tall as a condo tower or office building. They also tend to be near major highways, airports and seaports. Sometimes, they store hazardous materials that are harmful to the environment or unsightly equipment. These challenges mean that any homeowners who get to vote on zoning changes for adjacent land will not willingly vote in favor of the industrial zoning classification. Second, because industrial is typically a single-story building (although vertical warehousing is starting to be introduced to the market) it is difficult to create significantly more storage square footage by going up.    Most U.S. counties and cities were master-planned at least 30 to 40 years ago or more, and often this planning did not properly contemplate the future demand for industrial real estate, leaving existing industrial inventory lacking. Furthermore, a large amount of industrial real estate, due to the fact that its rental rates per square foot are still commensurately much lower than office, retail and residential real estate, has been converted to these other uses that don’t face the NIMBY (Not In My Back Yard) hurdle. In markets like Atlanta, Dallas, Phoenix or another ‘hub and spoke’ area with a core downtown and suburbs and highway veins and loops on the outside, it is easy to acquire a block of land further away from the core and rezone it before the NIMBY’s arrive. Many failed malls are also being converted to industrial use as a way of repurposing these grand, abandoned goliaths of eras past. However, South Florida does not have any abandoned malls, and its geography is not hub and spoke, but more like a banana sitting on a coral ridge that is surrounded by the Atlantic Ocean to the east and south and the Everglades to the west. That leaves the north to expand into. Two decades ago, only the land adjacent to major population centers, airports and seaports was in high demand. Today, we are seeing developers and companies venturing as far north as St. Lucie County. This area was considered no man’s land in years past, without an international airport, seaport or many major employers. However, we now see major Fortune 500 companies deciding to locate in parks here due to the lower rents and land prices and lower cost of living for their employees. In summary, South Florida is a land-constrained market that is even more scarce in industrial land, with high demand leading pricing to double over the last two years. Developers, and the region’s commercial real estate industry at large, will have to come together and identify creative solutions to accommodate the unprecedented demand. Tyler Durden Thu, 04/21/2022 - 18:20.....»»

Category: smallbizSource: nytApr 21st, 2022

"Feels Like The New Retail": Some Owners Giving Up On Older Offices In High-Cost Cities

"Feels Like The New Retail": Some Owners Giving Up On Older Offices In High-Cost Cities By Tim Carroll of Bisnow News After two years of pandemic uncertainty, many questions around the return to office and its impact on commercial real estate have yet to be answered. But as migration patterns from high-cost markets to the Sun Belt have entrenched alongside attitudes around remote work, familiar, ominous music is playing for owners of older office buildings in Chicago and New York City. In the last two weeks, owners of Class-B office properties in both cities have handed the keys to their buildings over to their lenders, much as owners of Class-B malls have elected to do in recent years. “Office in what you’ll call the northern, the colder climates, the high-tax [cities] — that feels like the new retail, right?” Origin Investments co-CEO Michael Episcope told Bisnow. "Where retail was 15 years ago and its slow demise." Epic turned over 220 West 42nd St. in Manhattan to its lender. Within a year of the pandemic's U.S. arrival, Simon Property Group, the country’s largest mall owner, relinquished four malls to lenders. It followed that up by handing back the keys to an Atlanta-area mall in February 2021, about a month after Brookfield gave the deed on the 1.3M SF North Point Mall outside of Atlanta to its lender.  About a year later, big-name borrowers are doing the same with their office properties in two of the three biggest U.S. office markets. In Chicago, a lender reportedly took control of the 1.4M SF 175 West Jackson Blvd. building where Brookfield had fallen into delinquency on a $258M loan, according to Trepp, which maintains a database of securitized mortgages. Just a day later, Trepp reported that the special servicer on a $100M loan backed by 135 South LaSalle St. said the most likely resolution for the loan was the owner handing over the deed in lieu of foreclosure. The distress moved east from there, with Blackstone handing back the keys to 1740 Broadway, a 621K SF, 26-story office tower with a $308M CMBS loan. Most recently, UK-based investment firm Epic turned over ownership of the 24-story office property at 220 West 42nd St. it acquired in 2012 in a deed-in-lieu of foreclosure transaction.  In general, office buildings in Chicago, New York and other traditional gateway cities have been less busy than those in Sun Belt markets like the Texas Triangle of Dallas, Houston and Austin, according to Kastle Systems’ Back To Work Barometer.  While those figures could be interpreted as reflective of the local politics of public health, they align with U.S. population shifts: higher-cost markets like New York, Los Angeles, Chicago and San Francisco lost a combined 700,000 residents between July 2020 and July 2021, according to the U.S. Census Bureau. By contrast, Houston, Dallas, Phoenix, Atlanta and Austin gained a combined 300,000 residents. “You can’t copy the Sun Belt’s weather, right?” DBRS Morningstar Head of CMBS Research Steve Jellinek said.  The Windy City's office market is a microcosm of the concerns around cold-weather, higher-cost office markets that lost population during the pandemic. Nearly 11% of its $8.28B office CMBS balance was in special servicing in February, according to data Jellinek analyzed, compared to the national average of 3.1% in February, according to Trepp. As additional loans mature on office properties, lenders are getting more cautious along geographic lines. Cold-weather, higher-cost markets like Chicago haven't recovered as quickly as Sun Belt markets “You have more conservative underwriting, from what we’ve seen, in some of those cities that are taking a little bit longer to come back,” said JLL Senior Managing Director Sean Ryan, who sources and executes loan, distressed debt and real estate-owned portfolio sales.  “You’re going to see continued investment, but there’s going to be a higher cost of capital looking at those deals, unless it’s truly a newly stabilized, Class-A product with phenomenal loan service in place,” Ryan said. Confidence in the office market is following the population, and with some of the biggest office-using sectors decentralizing because their talent is moving, developers are looking west and south.  “What’s certainly been driving the Sun Belt markets for investment have been people and the talent, and the companies have been following,” said Nuveen Managing Director Nadir Settles, adding that gateway cities’ reopening have begun to mitigate the migration trends. New York and Chicago are at a unique disadvantage — combined, the two markets have more than 720M SF of office inventory, according to JLL, much of which is decades old and at risk of obsolescence with modern tenant demands. “There’s just a tremendous amount of space that’s coming online that’s truly — people would call it second-gen space, but it’s older than that,” Ryan said. “A bank has been in that building for 15, 20 years, and even if it was redone five, seven years ago, to try to re-lease it at a quality rate today is going to cost you significant capital.” “I don’t see anybody coming from their home and going to a Class-B building just because of price anymore,” Settles said.  Office leasing demand had its sharpest dip in February since the beginning of the pandemic, according to CBRE's U.S. Leasing Index. Even in office markets that have recovered relatively well, companies aren’t taking huge chunks of space off the market. “There’s companies that are looking for space, but they’re not looking for 400K SF of space,” Ryan said of Houston. “They’re looking for 25K SF, maybe 50K SF. That’s a tough ask, to fill a 400K SF building or larger with 25K SF leases.” As the pandemic recedes, Episcope said he expects the office market to get a natural lift. Coronavirus cases were down 12% over the two weeks prior to Monday, and Covid-19 hospitalizations were down 36% over those last 14 days, according to New York Times data.  But even as Americans get more comfortable or more mandated to return to offices, landlords in cities facing cost-of-living and inventory disadvantages are going to have to compete that much harder for tenants.   “I can no longer just buy office and expect just natural lift because I’m in that area,” said Settles, who oversees Nuveen’s New York office investments. “I have to be able to buy it and execute the business plan where I can put the right amenities, I can put the right ESG factors to future-proof that office building and make it more attractive.” Nuveen Managing Director Nadir Settles Nuveen’s 730 Third Ave. in the Midtown East area of Manhattan pulls out all the stops in the so-called amenities arms race. In addition to the 6K SF sky lounge, 8K SF fitness center and 9K SF for rotating food vendors the renovated 27-story tower boasts, Settles said the Gensler-designed, LEED Gold-certified building has a golf simulator, providing all the amenities an employee may need throughout a day.  Part of Settles’ optimism for New York stems from the same logic of CRE following residential: New York City rents have reached all-time highs. Indeed, tenant demand for office has responded similarly, with a record number of leases for at least $100 per SF signed in Manhattan in 2021.  “I think there’s definitely still opportunity in cities,” Settles said. “You just have to be cautious and you have to be able to effectuate the business plan where tenants are attracted, and that is having assets in transit-rich-oriented neighborhoods, that will offer work-live-play.” He pointed to Related Cos.’ Hudson Yards and L&L Holding Co.’s 425 Park Ave. as examples of the sustainability-forward, amenity-rich properties that are attracting modern tenants. “The tenant of tomorrow, the ones who are out there looking for office space, it’s not just about price,” Episcope said. “It’s about location, building amenities ... It’s just more important for these buildings to have all the bells and whistles, and those who don’t, [who] are just kind of trying to sell space into a market and have more urban location are going to be losing out, and we’ve seen that in Chicago, too.” Experts aren’t ready to declare New York, Chicago, LA and other large metro office markets dead. Instead, they see opportunity. For example, the lender that was handed the keys to Epic's building on 42nd Street was Yellowstone Real Estate Capital, PincusCo reported. It acquired the note on the property from M&T Bank in November.  “The really savvy investors who have the time and the expertise are going to continue to lend in the office space because I think there’s an ability to get paid maybe a slight premium today in that market,” Ryan said. “So office offers that opportunity, retail offers that opportunity, some others. There’s a little more price differentiation from those two assets, which I think is where people are going to start moving to, migrating to and figuring out.” Tyler Durden Mon, 04/04/2022 - 17:00.....»»

Category: blogSource: zerohedgeApr 4th, 2022

Erin Boisson Aries Joining Douglas Elliman

Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, is pleased to announce that top producing New York City agent Erin Boisson Aries and her team are joining the firm. A respected leader in the field with over 20 years of luxury real... The post Erin Boisson Aries Joining Douglas Elliman appeared first on Real Estate Weekly. Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, is pleased to announce that top producing New York City agent Erin Boisson Aries and her team are joining the firm. A respected leader in the field with over 20 years of luxury real estate experience, Erin and her eight-person team will be based in the brokerage’s flagship office located at 575 Madison Avenue. Erin Boisson Aries “Erin is so well-regarded in the industry because of her data-driven business that allows her to achieve record-setting deals, advise on the marketing and sales of world-class new development projects and produce the highly creative and targeted marketing campaigns for which she is renowned,” says Howard M. Lorber, Executive Chairman, Douglas Elliman Realty, LLC. “We are proud that she has chosen Douglas Elliman to help further her business and we look forward to her continued success.” “I could not be more thrilled to bring my team to Douglas Elliman,” says Erin Boisson Aires. “I am confident that Elliman’s robust technology, marketing and public relations platforms, and particularly the firm’s unparalleled expertise in new development marketing and research, will allow me to continue offering and improving upon the high-touch, white-glove and data-driven service for which my team is known around the world.  Further, we couldn’t be more thrilled about DE’s exclusive partnership with Knight Frank, a property advisory firm in key markets where our clients call home and frequently transact.   Erin started her career at Douglas Elliman, and later worked at Corcoran, before spending a decade at Brown Harris Stevens, where she was the #1 top producing agent at the firm last closing over $450M in business.  She built a formidable business representing some of the most exceptional condo buildings and loft apartments downtown, but her team became widely recognized as the industry leader in advising sponsors on architecturally significant new developments particularly in West Chelsea.  “I have followed Erin’s career for years and have always wanted to work with her and her team,” says Scott Durkin, CEO of Douglas Elliman Realty, LLC. “She is a force in Manhattan. Her deft market knowledge, international perspective and keen eye for design provide the foundation for her successful track record in both high-end residential and commercial sales. Her team is a natural fit for our brokerage.” Most notably, the team represented SR Capital in the pre-development consulting, marketing and record-breaking $450M sell-out of 551 West 21st Street, designed by internationally acclaimed architect Foster + Partners, where Erin acted as managing director of sales for the residential tower’s lifespan from pre-development to final sale.  Additionally, Erin achieved a record price per-square-foot on sales at HL23, the first New York building designed by architect Neil Denari, cantilevering over the High Line.  Erin and her team have sold record-breaking penthouses at other top new developments, from 15 Central Park West, 67 Vestry, 443 Greenwich Avenue, One Beacon Court and Sky Garage Condominium. It was with this track record, her team’s strong eye for design, and a client base that inspired her to team up with some of the most important collectors in art, design, watches, wine, handbags and other luxury collectible goods to launch the real estate brokerage directly inside Christie’s New York City-headquartered auction house in 2018. In just four years at the auction house, the team transacted in over $1B in real estate, including advising her and some of the firm’s most important clients in their real estate holdings in New York City, throughout the United Stated (including Los Angeles, Chicago and Miami), as well as prime property markets worldwide from London to Hong Kong, Dubai to Punta del Este.  The team transacted in over $170M in 2021. The team’s recent representations include exceptional mansions on the Upper East Side and prime cooperatives along Fifth Avenue, as well as other architecturally significant condominiums throughout the city. In new development, they most recently represented Flag Luxury Group’s The Ritz-Carlton Residences, New York, NoMad, designed by Rafael Viñoly and JHSF’s Fasano Fifth Avenue, designed and appointed by Thierry W. Despont. The post Erin Boisson Aries Joining Douglas Elliman appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyFeb 6th, 2022

Another buyer lined up for massive, long-vacant AT&T tower

The AT&T tower, downtown’s largest office building, is once again under contract, following an appraisal that showed the building’s value has dropped by more than 95% since it sold for more than $200 million in 2006......»»

Category: topSource: bizjournalsJan 13th, 2022

Wallace Properties advances 2-tower Bellevue office project

It's one of four large office developments proposed for a corridor on the east side of downtown. Together they will transform the area where upwards of 15,000 people will work......»»

Category: topSource: bizjournalsDec 16th, 2021

New 30,000 s/f retail concept coming to Flushing

The owners of the Sheraton LaGuardia East hotel are moving forward with the creation of a new 30,000 s/f retail concept dubbed Oasis located in the heart of Flushing, Queens. When completed in spring 2022, the two-level, multi-million-dollar retail project (rendering top) is destined to become an iconic gathering place... The post New 30,000 s/f retail concept coming to Flushing appeared first on Real Estate Weekly. The owners of the Sheraton LaGuardia East hotel are moving forward with the creation of a new 30,000 s/f retail concept dubbed Oasis located in the heart of Flushing, Queens. When completed in spring 2022, the two-level, multi-million-dollar retail project (rendering top) is destined to become an iconic gathering place within one of the city’s busiest and most diverse central business districts. Oasis is located just steps away from the Flushing-Main Street rail station and three miles east of LaGuardia Airport. Oasis will significantly improve the quality of Flushing’s street-level retail offerings through its striking exterior and interior design as well as many subtle architectural flourishes. Sheraton LaGuardia East Award-winning architect Calvin Tsao from global design firm Tsao & McKown Architects sees Oasis’s design as a welcome addition to Flushing’s highly-diverse and affluent community. A Fellow of the American Institute of Architects (AIA), Tsao has taught at the Harvard Graduate School of Design, the Cooper Union and Syracuse University. “Flushing is home to one of the most diverse and fast-paced downtown districts of any city on Earth,” said Tsao, who as the lead architect responded to this design challenge in several novel ways. CALVIN TSAO “Our design philosophy is about more than just drawing people into a sophisticated and highly-curated retail space. We also sought to create a welcoming environment that enables people to gather together and re-connect with one another – something that we have all longed for since early 2020. So, the visual and physical experience of simply entering the space will be rewarding for all – and the varied sequencing of the space will further encourage people to explore Oasis.” With a transparent glass façade and digital display fronting the streetscape, visitors to Oasis will be welcomed by Kinetic lighting that will be synchronized by a variety of dynamic hues. A series of smaller and more intimate spaces – differentiated by platforms and other elevation changes – will be encountered within the main Oasis space. Added Tsao: “As one moves deeper within the space, every step of the journey brings something new to the experience. There will be nothing cookie-cutter or mundane about visiting Oasis, and we fully expect the dynamic nature of the space to attract similarly innovative retailers who want to harness this energy.” Tsao’s current design dossier includes a wellness and educational campus in Suzhou, a community center plus urban farm in Shanghai, an urban farm prototype in Singapore, an office tower in Tokyo, the corporate headquarters for the Glen Raven Textile Company in North Carolina, the renovation of the permanent collection galleries in New York’s Jewish Museum, and numerous residences throughout the world. The post New 30,000 s/f retail concept coming to Flushing appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 15th, 2021

Monday Properties spends $145M as part of DC metro expansion

Monday Properties has dropped $145 million on two Virginia office properties. The company announced this morning it has acquired the 330,000 s/f Three Ballston Plaza office tower in Arlington for $118 million. It also bought 3141 Fairview Park, a 184,000 s/f office building within the Capital Beltway for $27.6 million.... The post Monday Properties spends $145M as part of DC metro expansion appeared first on Real Estate Weekly. Monday Properties has dropped $145 million on two Virginia office properties. The company announced this morning it has acquired the 330,000 s/f Three Ballston Plaza office tower in Arlington for $118 million. It also bought 3141 Fairview Park, a 184,000 s/f office building within the Capital Beltway for $27.6 million. Cliff Cumming, vice president of investment at Monday Properties, said the acquisitions are part of a strategy to diversify the company’s Northern Virginia holdings. “As we continue to deploy our intrepid strategy to take advantage of the current dislocation in the DC Metro market, these acquisitions provide us with the opportunity to invest and diversify our significant holdings within Northern Virginia,” said Cummings. “Three Ballston is one of the most iconic properties in Ballston, offering the most coveted signage opportunity in the market with a large section of space available for the first time since it was initially developed.” THREE BALLSTON PLAZA Located prominently in the Rosslyn-Ballston corridor, Three Ballston Plaza is one of the most recognizable office buildings in Northern Virginia. The property was sold by AEW in a deal brokered by Drew Flood, Bill Collins, and Paul Collins of Cushman & Wakefield representing the seller. Monday Properties partnered with Washington Capital on behalf of its clients on the deal, and Cummings led the acquisition. Monday Properties plans to revitalize the asset by “delivering enhanced experiences that afford tenants a more optimal work environment.” The renovations will include upgraded outdoor spaces and thoughtfully designed amenities. The company said it plans to expand upon the improvements from the previous owner, which included the installation of a destination dispatch elevator system, a fitness center, and conference room. Monday Properties has partnered with Gensler to develop a “transformational” capital improvement plan that will include a full renovation of the lobby and building entry, as well as over 10,000 s/f  of new conferencing and flexible lounge amenity spaces. The renovation will include new fitness facility offerings, such as a new cycling station, to better serve commuters and pedestrians traveling on the Custis Trail. Complemented by the proximity to more than 16 miles of walking and biking trails, the Custis Trail system connects the property to the Washington and Old Dominion Trail, numerous parks, and thriving retail. “Our expanding presence in Northern Virginia allows us to take advantage of the market tailwinds ahead, driven by Amazon HQ2, Microsoft, AWS, Google, and other blue chip technology companies that are turbocharging new innovations in the technology and government contracting industries in Northern Virginia,” said Tim Helmig, Managing Partner at Monday Properties. “Ballston is the premier example of mixed-use, transit-centric smart development, where tenants and residents have access to outstanding retail amenities as well as public transportation, quality housing, schools, parks, and a multitude of other services. Monday Properties is excited to transform this epicenter into the ideal workplace haven post-pandemic.” 3141 FAIRVIEW PARK 3141 Fairview Park, located in the Merrifield submarket of Falls Church, Virginia, was acquired from Brandywine Realty Trust for $27.6 million. The 184,000 s/f office building is situated within the Capital Beltway where tenants have access to the region’s major road. James Cassidy and Jud Ryan of Newmark represented the seller. Monday Properties represented itself. The property has unique outdoor amenities, such as extensive landscaping and water features, a 17-acre lake, and 2.5 miles of wooded jogging trails. It also shares a courtyard with the Marriott Fairview Park hotel, which is undergoing significant renovations this year. 3141 Fairview offers Monday the opportunity to create an unmatched work, live and play experience with a full renovation of the “HUB,” a 5,000 s/f  indoor/outdoor amenity with café, catering, lounge and tenant entertainment experience. The capital repositioning plan will also include a new fitness/wellness center and conferencing and collaboration zones off the first-floor entrance and lobby. At 3141 Fairview, Monday Properties will be implementing health-promoting design and operational strategies such as a touchless access system from Kastle Safe Systems. As part of the firm’s healthy building movement across its office portfolio, the entire management team of the Fairview property have been certified as Fitwel Ambassadors. “Fairview Park’s location provides tenants with highly desirable and convenient access to major decision and travel center hubs, including downtown DC, the Mosaic District, the Pentagon, Dulles International Airport, Reagan National Airport and the emerging National Landing submarket with Amazon HQ2 to name a few,” said Austin Freeman, Executive Vice President of Portfolio and Investment Management at Monday Properties. “3141 Fairview Park is also a stone’s throw away from the Defense Health Agency and Inova Fairfax Medical Campus, surrounded by some of the top defense and health technology tenants in the region.”  The post Monday Properties spends $145M as part of DC metro expansion appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyNov 18th, 2021

Blackstone To Sell Cosmopolitan Casino For $5.65BN, Its "Most Profitable Single Asset Ever"

Blackstone To Sell Cosmopolitan Casino For $5.65BN, Its "Most Profitable Single Asset Ever" America's largest commercial and residential real estate landlord, Blackstone, has reached an agreement to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65 billion, telling investors that the sale is "the company's most profitable of a single asset ever" according to the WSJ, and with good reason: the company made a 10x return its invested equity in 7 years. Blackstone famously acquired the two-tower property for about $1.8 billion seven years ago and spent an additional $500 million on upgrades, including renovating the nearly 3,000 guest rooms, building luxury suites and adding new restaurants and bars. Total profits after the sale would be about $4.1 billion, including cash flow from the property's operations, according to a Blackstone letter to fund investors. In other words, the company made back nearly 10 times the amount of equity it invested in the Cosmopolitan, the Blackstone letter said. According to the report the deal will separate ownership of the property from the hotel and casino operations, which are being sold to MGM Resorts International for about $1.6 billion. A partnership that includes a Blackstone real-estate investment trust is acquiring the property for about $4 billion. The buyers' group also includes Stonepeak Partners, an infrastructure-focused investment company, and the Cherng Family Trust, a Las Vegas-based family office for the founders of the Panda Restaurant Group. The deal is the latest in a scramble of real-estate sales on the Las Vegas Strip, as casino operators look to raise cash for growing operations like sports betting and entertainment by selling their real estate. In August, real estate owner Vici Properties agreed to buy MGM Growth Properties in a deal that values the casino real-estate owner at $17.2 billion, including debt. MGM Resorts previously spun off MGM Growth Properties and still controls the REIT, whose Las Vegas properties include Mandalay Bay, Luxor and MGM Grand Las Vegas. Earlier this year, Las Vegas Sands agreed to sell its Las Vegas properties to Apollo Global Management and a real-estate investment trust for about $6.25 billion. The first new megacasino on the Strip in more than a decade, the $4.3 billion Resorts World, also opened over the summer. Despite the recent crackdown on Macau gambling by China which hammered casino stocks, Las Vegas tourism has been solid, climbing back steadily this year despite concerns over the Delta variant. In July, more than 3.3 million people visited Las Vegas, about 90% of pre-pandemic visitation for the same month in 2019. Casinos have brought back dining, including buffets, and entertainment, even as state officials restored an indoor mask mandate for areas with high rates of Covid-19 transmission, including Las Vegas. That said, concerns over the pandemic are still damping the convention business, which drives much of the hospitality economy in Las Vegas. Earlier this month, the National Association of Broadcasters, which brought more than 90,000 attendees to Las Vegas in 2019, canceled its October show, citing the pandemic and the Delta variant. The group delayed the event until April 2022. The Cosmopolitan was one of the most high-profile real-estate flops during the boom years leading up to the 2008 market crash. Deutsche Bank took ownership after developer Ian Bruce Eichner defaulted. The German bank sunk around $4 billion into the Cosmopolitan, first as a lender and then as an owner after it took over the property. Then, in 2014 Blackstone acquired the Cosmopolitan from Deutsche Bank and began pumping money into a hotel that was charging some of the highest room rates on the Strip with a casino ranked near the bottom in terms of revenue. The company converted the unfinished top four floors of the hotel's 52-story east tower into luxury suites geared toward Asian gamblers and other high rollers. To attract a younger crowd, Blackstone added 18 new bars and restaurants. Blackstone also brought in a new management team, resolved a pending labor dispute with the previous owner, opened up the gaming floor and increased the sports-betting business. The hotel was nearly 87% occupied for the month of September through Friday, with average daily room rates at $448, according to Blackstone. According to the WSJ, The Cosmopolitan was the first major operating casino on the Strip to hit the market in more than a decade, when Blackstone began exploring a sale in 2019. At the time, Blackstone was hoping for about $4 billion for the independently run casino and hotel but with Las Vegas bouncing back was able to exceed the company's initial expectations.       Tyler Durden Mon, 09/27/2021 - 08:45.....»»

Category: blogSource: zerohedgeSep 27th, 2021

Futures Slide On Growing Stagflation Fears As Treasury Yields Surge

Futures Slide On Growing Stagflation Fears As Treasury Yields Surge US index futures, European markets and Asian stocks all turned negative during the overnight session, surrendering earlier gains as investors turned increasingly concerned about China's looming slowdown - and outright contraction - amid a global stagflationary energy crunch, which sent 10Y TSY yields just shy of 1.50% this morning following a Goldman upgrade in its Brent price target to $90 late on Sunday. At 745 a.m. ET, S&P 500 e-minis were down 4.75 points, or 0.1% after rising as much as 0.6%, Nasdaq 100 e-minis were down 83 points, or 0.54% and Dow e-minis were up 80 points, or 0.23%. The euro slipped as Germany looked set for months of complex coalition talks. While the market appears to have moved beyond the Evergrande default, the debt crisis at China's largest developer festers (with Goldman saying it has no idea how it will end), and data due this week will show a manufacturing recovery in the world’s second-largest economy is faltering faster. A developing energy crisis threatens to crimp global growth further at a time markets are preparing for a tapering of Fed stimulus. The week could see volatile moves as traders scrutinize central bankers’ speeches, including Chair Jerome Powell’s meetings with Congressional panels. “Most bad news comes from China these days,” Ipek Ozkardeskaya, a senior analyst at Swissquote Group Holdings, wrote in a note. “The Evergrande debt crisis, the Chinese energy crackdown on missed targets and the ban on cryptocurrencies have been shaking the markets, along with the Fed’s more hawkish policy stance last week.” Oil majors Exxon Mobil and Chevron Corp rose 1.5% and 1.2% in premarket trade, respectively, tracking crude prices, while big lenders including JPMorgan, Citigroup, Morgan Stanley and Bank of America Corp gained about 0.8%.Giga-cap FAAMG growth names such as Alphabet, Microsoft, Amazon.com, Facebook and Apple all fell between 0.3% and 0.4%, as 10Y yield surged, continuing their selloff from last week, which saw the 10Y rise as high as 1.4958% and just shy of breaching the psychological 1.50% level. While growth names were hit, value names rebounded as another market rotation appears to be in place: industrials 3M Co and Caterpillar Inc, which tend to benefit the most from an economic rebound, also inched higher (although one should obviously be shorting CAT here for its China exposure). Market participants have moved into value and cyclical stocks from tech-heavy growth names after the Federal Reserve last week indicated it could begin unwinding its bond-buying program by as soon as November, and may raise interest rates in 2022. Here are some other notable premarket movers: Gores Guggenheim (GGPI US) shares rise 7.2% in U.S. premarket trading as Polestar agreed to go public with the special purpose acquisition company, in a deal valued at about $20 billion. Naked Brand (NAKD US), one of the stocks caught up in the first retail trading frenzy earlier this year, rises 11% in U.S. premarket trading, extending Friday’s gains. Among other so-called meme stocks in premarket trading: ReWalk Robotics (RWLK) +6.5%, Vinco Ventures (BBIG) +18%, Camber Energy (CEI) +2.9% Pfizer (PFE US) and Opko Health (OPK US) in focus after they said on Friday that the FDA extended the review period for the biologics license application for somatrogon. Opko fell 3.5% in post-market trading. Aspen Group (ASPU) climbed 10% in Friday postmarket trading after board member Douglas Kass buys $172,415 of shares, according to a filing with the U.S. Securities & Exchange Commission. Seaspine (SPNE US) said spine surgery procedure volumes were curtailed in many areas of the U.S. in 3Q and particularly in August. Tesla (TSLA US) and other electric- vehicle related stocks globally may be active on Monday after Germany’s election, in which the Greens had their best-ever showing and are likely to be part of any governing coalition. Europe likewise drifted lower, with the Stoxx Europe 600 Index erasing earlier gains and turning negative as investors weighed the risk to global growth from the China slowdown and the energy crunch. The benchmark was down 0.1% at last check. Subindexes for technology (-0.9%) and consumer (-0.8%) provide the main drags while value outperformed, with energy +2.4%, banks +2% and insurance +1.3%.  The DAX outperformed up 0.5%, after German election results avoided the worst-case left-wing favorable outcome.  U.S. futures. Rolls-Royce jumped 12% to the highest since March 2020 after the company was selected to provide the powerplant for the B-52 Stratofortress under the Commercial Engine Replacement Program. Here are some of the other biggest European movers today IWG rises as much as 7.5% after a report CEO Mark Dixon is exploring a multibillion-pound breakup of the flexible office-space provider AUTO1 gains as much as 6.1% after JPMorgan analyst Marcus Diebel raised the recommendation to overweight from neutral Cellnex falls as much as 4.3% to a two-month low after the tower firm is cut to sell from neutral at Citi, which says the stock is “priced for perfection in an imperfect industry” European uranium stocks fall with Yellow Cake shares losing as much as 6% and Nac Kazatomprom shares declining as much as 4.7%. Both follow their U.S. peers down following weeks of strong gains as the price of uranium ballooned For those who missed it, Sunday's closely-watched German elections concluded with the race much closer than initially expected: SPD at 25.7%, CDU/CSU at 24.1%, Greens at 14.8%, FDP at 11.5%, AfD at 10.3% Left at 4.9%, the German Federal Returning Officer announced the seat distribution from the preliminary results which were SPD at 206 seats, CDU/CSU at 196. Greens at 118, FDP at 92, AfD at 83, Left at 39 and SSW at 1. As it stands, three potential coalitions are an option, 1) SPD, Greens and FDP (traffic light), 2) CDU/CSU, Greens and FDP (Jamaica), 3) SPD and CDU/CSU (Grand Coalition but led by the SPD). Note, option 3 is seen as the least likely outcome given that the CDU/CSU would be unlikely willing to play the role of a junior partner to the SPD. Therefore, given the importance of the FDP and Greens in forming a coalition for either the SPD or CDU/CSU, leaders of the FDP and Greens have suggested that they might hold their own discussions with each other first before holding talks with either of the two larger parties. Given the political calculus involved in trying to form a coalition, the process is expected to play out over several months. From a markets perspective, the tail risk of the Left party being involved in government has now been removed due to their poor performance and as such, Bunds trade on a firmer footing. Elsewhere, EUR is relatively unfazed due to the inconclusive nature of the result. We will have more on this in a subsequent blog post. Asian stocks fell, reversing an earlier gain, as a drop in the Shanghai Composite spooked investors in the region by stoking concerns about the pace of growth in China’s economy.  The MSCI Asia Pacific Index wiped out an advance of as much as 0.7%, on pace to halt a two-day climb. Consumer discretionary names and materials firms were the biggest contributors to the late afternoon drag. Financials outperformed, helping mitigate drops in other sectors.  “Seeing Shanghai shares extending declines, investors’ sentiment has turned weak, leading to profit-taking on individual stocks or sectors that have been gaining recently,” said Shoichi Arisawa, an analyst at Iwai Cosmo Securities. “The drop in Chinese equities is reminding investors about a potential slowdown in their economy.”  The Shanghai Composite was among the region’s worst performers along with Vietnam’s VN Index. Shares of China’s electricity-intensive businesses tumbled after Beijing curbed power supplies in the country’s manufacturing hubs to cut emissions. The CSI 300 still rose, thanks to gains in heavily weighted Kweichow Moutai and other liquor makers. Asian equities started the day on a positive note as financials jumped, tracking gains in U.S. peers and following a rise in Treasury yields. Resona Holdings was among the top performers after Morgan Stanley raised its view on the stock and Japanese banks. The regional market has been calmer over the past few trading sessions after being whipsawed by concerns over any fallout from China Evergrande Group’s debt troubles. While anxiety lingers, many investors expect China will resolve the distressed property developer’s problems rather than let them spill over into an echo of 2008’s Lehman crisis. Japanese equities closed lower, erasing an earlier gain, as concerns grew over valuations following recent strength in the local market and turmoil in China. Machinery and electronics makers were the biggest drags on the Topix, which fell 0.1%. Daikin and Bandai Namco were the largest contributors to a dip of less than 0.1% in the Nikkei 225. Both gauges had climbed more 0.5% in morning trading. Meanwhile, the Shanghai Composite Index fell as much as 1.5% as industrials tumbled amid a power crunch. “Seeing Shanghai shares extending declines, investors’ sentiment has turned weak, leading to profit-taking on individual stocks or sectors that have been gaining recently,” said Shoichi Arisawa, an analyst at Iwai Cosmo Securities Co. “The drop in Chinese equities is reminding investors about a potential slowdown in their economy. That’s why marine transportation stocks, which are representative of cyclical sectors, fell sharply.” Shares of shippers, which have outperformed this year, fell as investors turned their attention to reopening plays. Travel and retail stocks gained after reports that the government is making final arrangements to lift all the coronavirus state of emergency order in the nation as scheduled at the end of this month. Australia's commodity-heavy stocks advanced as energy, banking shares climb. The S&P/ASX 200 index rose 0.6% to close at 7,384.20, led by energy stocks. Banks also posted their biggest one-day gain since Aug. 2. Travel stocks were among the top performers after the prime minister said state premiers must not keep borders closed once agreed Covid-19 vaccination targets are reached. NextDC was the worst performer after the company’s CEO sold 1.6 million shares. In New Zealand, the S&P/NZX 50 index. In FX, the U.S. dollar was up 0.1%, while the British pound, Australian dollar, and Canadian dollar lead G-10 majors, with the Swedish krona and Swiss franc lagging. •    The Bloomberg Dollar Spot Index was little changed and the greenback traded mixed versus its Group-of-10 peers o    Volatility curves in the major currencies were inverted last week due to a plethora of central bank meetings and risk-off concerns. They have since normalized as stocks stabilize and traders assess the latest forward guidance on monetary policy •    The yield on two-year U.S. Treasuries touched the highest level since April 2020, as tightening expectations continued to put pressure on front-end rates and ahead of debt sales later Monday •    The pound advanced, with analyst focus on supply chain problems as Prime Minister Boris Johnson considers bringing in army drivers to help. Bank of England Governor Andrew Bailey’s speech later will be watched after last week’s hawkish meeting •    Antipodean currencies, as well as the Norwegian krone and the Canadian dollar were among the best Group-of-10 performers amid a rise in commodity prices •    The yen pared losses after falling to its lowest level in six weeks and Japanese stocks paused their rally and amid rising Treasury yields   In rates, treasuries extended their recent drop, led by belly of the curve ahead of this week’s front-loaded auctions, which kick off Monday with 2- and 5-year note sales.  Yields were higher by up to 4bp across belly of the curve, cheapening 2s5s30s spread by 3.2bp on the day; 10-year yields sit around 1.49%, cheaper by 3.5bp and underperforming bunds, gilts by 1.5bp and 0.5bp while the front-end of the curve continues to sell off as rate-hike premium builds -- 2-year yields subsequently hit 0.284%, the highest level since April 2020. 5-year yields top at 0.988%, highest since Feb. 2020 while 2-year yields reach as high as 0.288%; in long- end, 30-year yields breach 2% for the first time since Aug. 13. Auctions conclude Tuesday with 7-year supply. Host of Fed speakers due this week, including three scheduled for Monday. In commodities, Brent futures climbed 1.4% to $79 a barrel, while WTI futures hit $75 a barrel for the first time since July, amid an escalating energy crunch across Europe and now China. Base metals are mixed: LME copper rises 0.4%, LME tin and nickel drop over 2%. Spot gold gives back Asia’s gains to trade flat near $1,750/oz In equities, Stoxx 600 is up 0.6%, led by energy and banks, and FTSE 100 rises 0.4%. Germany’s DAX climbs 1% after German elections showed a narrow victory for social democrats, with the Christian Democrats coming in a close second, according to provisional results. S&P 500 futures climb 0.3%, Dow and Nasdaq contracts hold in the green. In FX, the U.S. dollar is up 0.1%, while the British pound, Australian dollar, and Canadian dollar lead G-10 majors, with the Swedish krona and Swiss franc lagging. Base metals are mixed: LME copper rises 0.4%, LME tin and nickel drop over 2%. Spot gold gives back Asia’s gains to trade flat near $1,750/oz Investors will now watch for a raft of economic indicators, including durable goods orders and the ISM manufacturing index this week to gauge the pace of the recovery, as well as bipartisan talks over raising the $28.4 trillion debt ceiling. The U.S. Congress faces a Sept. 30 deadline to prevent the second partial government shutdown in three years, while a vote on the $1 trillion bipartisan infrastructure bill is scheduled for Thursday. On today's calendar we get the latest Euro Area M3 money supply, US preliminary August durable goods orders, core capital goods orders, September Dallas Fed manufacturing activity. We also have a bunch of Fed speakers including Williams, Brainard and Evans. Market Snapshot S&P 500 futures down 0.1% to 4,442.50 STOXX Europe 600 up 0.3% to 464.54 MXAP little changed at 200.75 MXAPJ little changed at 642.52 Nikkei little changed at 30,240.06 Topix down 0.1% to 2,087.74 Hang Seng Index little changed at 24,208.78 Shanghai Composite down 0.8% to 3,582.83 Sensex up 0.2% to 60,164.70 Australia S&P/ASX 200 up 0.6% to 7,384.17 Kospi up 0.3% to 3,133.64 German 10Y yield fell 3.1 bps to -0.221% Euro down 0.3% to $1.1689 Brent Futures up 1.2% to $79.04/bbl Gold spot little changed at $1,750.88 U.S. Dollar Index up 0.15% to 93.47 Top Overnight News from Bloomberg House Speaker Nancy Pelosi put the infrastructure bill on the schedule for Monday under pressure from moderates eager to get the bipartisan bill, which has already passed the Senate, enacted. But progressives -- whose votes are likely vital -- are insisting on progress first on the bigger social-spending bill Olaf Scholz of the center-left Social Democrats defeated Chancellor Angela Merkel’s conservatives in an extremely tight German election, setting in motion what could be months of complex coalition talks to decide who will lead Europe’s biggest economy China’s central bank pumped liquidity into the financial system after borrowing costs rose, as lingering risks posed by China Evergrande Group’s debt crisis hurt market sentiment toward its peers as well Global banks are about to get a comprehensive blueprint for how derivatives worth several hundred trillion dollars may be finally disentangled from the London Interbank Offered Rate Economists warned of lower economic growth in China as electricity shortages worsen in the country, forcing businesses to cut back on production Governor Haruhiko Kuroda says it’s necessary for the Bank of Japan to continue with large-scale monetary easing to achieve the bank’s 2% inflation target The quant revolution in fixed income is here at long last, if the latest Invesco Ltd. poll is anything to go by. With the work-from-home era fueling a boom in electronic trading, the majority of investors in a $31 trillion community say they now deploy factor strategies in bond portfolios A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded somewhat mixed with the region finding encouragement from reopening headlines but with gains capped heading towards month-end, while German election results remained tight and Evergrande uncertainty continued to linger. ASX 200 (+0.6%) was led higher by outperformance in the mining related sectors including energy as oil prices continued to rally amid supply disruptions and views for a stronger recovery in demand with Goldman Sachs lifting its year-end Brent crude forecast from USD 80/bbl to USD 90/bbl. Furthermore, respectable gains in the largest weighted financial sector and details of the reopening roadmap for New South Wales, which state Premier Berijiklian sees beginning on October 11th, further added to the encouragement. Nikkei 225 (Unch) was kept afloat for most of the session after last week’s beneficial currency flows and amid reports that Japan is planning to lift emergency measures in all areas at month-end, although upside was limited ahead of the upcoming LDP leadership race which reports noted are likely to go to a run-off as neither of the two main candidates are likely to achieve a majority although a recent Kyodo poll has Kono nearly there at 47.4% of support vs. nearest contender Kishida at 22.4%. Hang Seng (+0.1%) and Shanghai Comp. (-0.8%) were varied with the mainland choppy amid several moving parts including back-to-back daily liquidity efforts by the PBoC since Sunday and with the recent release of Huawei’s CFO following a deal with US prosecutors. Conversely, Evergrande concerns persisted as Chinese cities reportedly seized its presales to block the potential misuse of funds and its EV unit suffered another double-digit percentage loss after scrapping plans for its STAR Market listing. There were also notable losses to casino names after Macau tightened COVID-19 restrictions ahead of the Golden Week holidays and crypto stocks were hit after China declared crypto activities illegal which resulted in losses to cryptoexchange Huobi which dropped more than 40% in early trade before nursing some of the losses, while there are also concerns of the impact from an ongoing energy crisis in China which prompted the Guangdong to ask people to turn off lights they don't require and use air conditioning less. Finally, 10yr JGBs were flat but have clawed back some of the after-hour losses on Friday with demand sapped overnight amid the mild gains in stocks and lack of BoJ purchases in the market. Elsewhere, T-note futures mildly rebounded off support at 132.00, while Bund futures outperformed the Treasury space amid mild reprieve from this month’s losses and with uncertainty of the composition for the next German coalition. Top Asian News Moody’s Says China to Safeguard Stability Amid Evergrande Issues China’s Tech Tycoons Pledge Allegiance to Xi’s Vision China Power Crunch Hits iPhone, Tesla Production, Nikkei Reports Top Netflix Hit ‘Squid Game’ Sparks Korean Media Stock Surge Bourses in Europe have trimmed the gains seen at the open, albeit the region remains mostly in positive territory (Euro Stoxx 50 +0.4%; Stoxx 600 +0.2%) in the aftermath of the German election and amid the looming month-end. The week also sees several risk events, including the ECB's Sintra Forum, EZ CPI, US PCE and US ISM Manufacturing – not to mention the vote on the bipartisan US infrastructure bill. The mood in Europe contrasts the mixed handover from APAC, whilst US equity futures have also seen more divergence during European trade – with the yield-sensitive NQ (-0.3%) underperforming the cyclically-influenced RTY (+0.4%). There has been no clear catalyst behind the pullback since the Cash open. Delving deeper into Europe, the DAX 40 (+0.6%) outperforms after the tail risk of the Left party being involved in government has now been removed. The SMI (-0.6%) has dipped into the red as defensive sectors remain weak, with the Healthcare sector towards to bottom of the bunch alongside Personal & Household Goods. On the flip side, the strength in the price-driven Oil & Gas and yield-induced Banks have kept the FTSE 100 (+0.2%) in green, although the upside is capped by losses in AstraZeneca (-0.4%) and heavy-weight miners, with the latter a function of declining base metal prices. The continued retreat in global bonds has also hit the Tech sector – which resides as the laggard at the time of writing. In terms of individual movers, Rolls-Royce (+8.5%) trades at the top of the FTSE 100 after winning a USD 1.9bln deal from the US Air Force. IWG (+6.5%) also extended on earlier gains following reports that founder and CEO Dixon is said to be mulling a multibillion-pound break-up of the Co. that would involve splitting it into several distinct companies. Elsewhere, it is worth being cognizant of the current power situation in China as the energy crisis spreads, with Global Times also noting that multiple semiconductor suppliers for Tesla (Unch), Apple (-0.4% pre-market) and Intel (Unch), which have manufacturing plants in the Chinese mainland, recently announced they would suspend their factories' operations to follow local electricity use policies. Top European News U.K. Relaxes Antitrust Rules, May Bring in Army as Pumps Run Dry Magnitude 5.8 Earthquake Hits Greek Island of Crete German Stocks Rally as Chances Wane for Left-Wing Coalition German Landlords Rise as Left’s Weakness Trumps Berlin Poll In FX, the Aussie is holding up relatively well on a couple of supportive factors, including a recovery in commodity prices overnight and the Premier of NSW setting out a timetable to start lifting COVID lockdown and restrictions from October 11 with an end date to completely re-open on December 1. However, Aud/Usd is off best levels against a generally firm Greenback on weakness and underperformance elsewhere having stalled around 0.7290, while the Loonie has also run out of momentum 10 pips or so from 1.2600 alongside WTI above Usd 75/brl. DXY/EUR/CHF - Although the risk backdrop is broadly buoyant and not especially supportive, the Buck is gleaning traction and making gains at the expense of others, like the Euro that is gradually weakening in wake of Sunday’s German election that culminated in narrow victory for the SPD Party over the CDU/CSU alliance, but reliant on the Greens and FDP to form a Government. Eur/Usd has lost 1.1700+ status and is holding a fraction above recent lows in the form of a double bottom at 1.1684, but the Eur/Gbp cross is looking even weaker having breached several technical levels like the 100, 21 and 50 DMAs on the way down through 0.8530. Conversely, Eur/Chf remains firm around 1.0850, and largely due to extended declines in the Franc following last week’s dovish SNB policy review rather than clear signs of intervention via the latest weekly Swiss sight deposit balances. Indeed, Usd/Chf is now approaching 0.9300 again and helping to lift the Dollar index back up towards post-FOMC peaks within a 93.494-206 range in advance of US durable goods data, several Fed speakers, the Dallas Fed manufacturing business index and a double dose of T-note supply (Usd 60 bn 2 year and Usd 61 bn 5 year offerings). GBP/NZD/JPY - As noted above, the Pound is benefiting from Eur/Gbp tailwinds, but also strength in Brent to offset potential upset due to the UK’s energy supply issues, so Cable is also bucking the broad trend and probing 1.3700. However, the Kiwi is clinging to 0.7000 in the face of Aud/Nzd headwinds that are building on a break of 1.0350, while the Yen is striving keep its head afloat of another round number at 111.00 as bond yields rebound and curves resteepen. SCANDI/EM - The Nok is also knocking on a new big figure, but to the upside vs the Eur at 10.0000 following the hawkish Norges Bank hike, while the Cnh and Cny are holding up well compared to fellow EM currencies with loads of liquidity from the PBoC and some underlying support amidst the ongoing mission to crackdown on speculators in the crypto and commodity space. In commodities, WTI and Brent front-month futures kicked the week off on a firmer footing, which saw Brent Nov eclipse the USD 79.50/bbl level (vs low 78.21/bbl) whilst its WTI counterpart hovers north of USD 75/bbl (vs low 74.16/bbl). The complex could be feeling some tailwinds from the supply crunch in Britain – which has lead petrol stations to run dry as demand outpaces the supply. Aside from that, the landscape is little changed in the run-up to the OPEC+ meeting next Monday, whereby ministers are expected to continue the planned output hikes of 400k BPD/m. On that note, there have been reports that some African nations are struggling to pump more oil amid delayed maintenance and low investments, with Angola and Nigeria said to average almost 300k BPD below their quota. On the Iranian front, IAEA said Iran permitted it to service monitoring equipment during September 20th-22nd with the exception of the centrifuge component manufacturing workshop at the Tesa Karaj facility, with no real updates present regarding the nuclear deal talks. In terms of bank commentary, Goldman Sachs raised its year-end Brent crude forecast by USD 10 to USD 90/bbl and stated that Hurricane Ida has more than offset the ramp-up in OPEC+ output since July with non-OPEC+, non-shale output continuing to disappoint, while it added that global oil demand-deficit is greater than expected with a faster than anticipated demand recovery from the Delta variant. Conversely, Citi said in the immediate aftermath of skyrocketing prices, it is logical to be bearish on crude oil and nat gas today and forward curves for later in 2022, while it added that near-term global oil inventories are low and expected to continue declining maybe through Q1 next year. Over to metals, spot gold and silver have fallen victim to the firmer Dollar, with spot gold giving up its overnight gains and meandering around USD 1,750/oz (vs high 1760/oz) while spot silver briefly dipped under USD 22.50/oz (vs high 22.73/oz). Turning to base metals, China announced another round of copper, zinc and aluminium sales from state reserves – with amounts matching the prior sales. LME copper remains within a tight range, but LME tin is the outlier as it gave up the USD 35k mark earlier in the session. Finally, the electricity crunch in China has seen thermal coal prices gain impetus amid tight domestic supply, reduced imports and increased demand. US Event Calendar 8:30am: Aug. Cap Goods Ship Nondef Ex Air, est. 0.5%, prior 0.9% 8:30am: Aug. Cap Goods Orders Nondef Ex Air, est. 0.4%, prior 0.1% 8:30am: Aug. -Less Transportation, est. 0.5%, prior 0.8% 8:30am: Aug. Durable Goods Orders, est. 0.6%, prior -0.1% 10:30am: Sept. Dallas Fed Manf. Activity, est. 11.0, prior 9.0 Central Banks 8am: Fed’s Evans Speaks at Annual NABE Conference 9am: Fed’s Williams Makes Opening Remarks at Conference on... 12pm: Fed’s Williams Discusses the Economic Outlook 12:50pm: Fed’s Brainard Discusses Economic Outlook at NABE Conference DB's Jim Reid concludes the overnight wrap Straight to the German elections this morning where unlike the Ryder Cup the race was tight. The centre-left SPD have secured a narrow lead according to provisional results, which give them 25.7% of the vote, ahead of Chancellor Merkel’s CDU/CSU bloc, which are on 24.1%. That’s a bit narrower than the final polls had suggested (Politico’s average put the SPD ahead by 25-22%), but fits with the slight narrowing we’d seen over the final week of the campaign. Behind them, the Greens are in third place, with a record score of 14.8%, which puts them in a key position when it comes to forming a majority in the new Bundestag, and the FDP are in fourth place currently on 11.5%. Although the SPD appear to be in first place the different parties will now enter coalition negotiations to try to form a governing majority. Both Olaf Scholz and the CDU’s Armin Laschet have said that they will seek to form a government, and to do that they’ll be looking to the Greens and the FDP as potential coalition partners, since those are the most realistic options given mutual policy aims. So the critical question will be whether it’s the SPD or the CDU/CSU that can convince these two to join them in coalition. On the one hand, the Greens have a stronger policy overlap with the SPD, and governed with them under Chancellor Schröder from 1998-2005, but the FDP seems more in line with the Conservatives, and were Chancellor Merkel’s junior coalition partner from 2009-13.  So it’s likely that the FDP and the Greens will talk to each other before talking to either of the two biggest parties. For those wanting more information, our research colleagues in Frankfurt have released a post-election update (link here) on the results and what they mean. An important implication of last night’s result is that (at time of writing) it looks as though a more left-wing coalition featuring the SPD, the Greens and Die Linke would not be able for form a majority in the next Bundestag. So the main options left are for the FDP and the Greens to either join the SPD in a “traffic light” coalition or instead join the CDU/CSU in a “Jamaica” coalition. The existing grand coalition of the SPD and the CDU/CSU would actually have a majority as well, but both parties have signalled that they don't intend to continue this. That said, last time in 2017, a grand coalition wasn’t expected after that result, and there were initially attempts to form a Jamaica coalition. But once those talks proved unsuccessful, discussions on another grand coalition began once again. In terms of interesting snippets, this election marks the first time the SPD have won the popular vote since 2002, which is a big turnaround given that the party were consistently polling in third place over the first half of this year. However, it’s also the worst ever result for the CDU/CSU, and also marks the lowest combined share of the vote for the two big parties in post-war Germany, which mirrors the erosion of the traditional big parties we’ve seen elsewhere in continental Europe. Interestingly, the more radical Die Linke and AfD parties on the left and the right respectively actually did worse than in 2017, so German voters have remained anchored in the centre, and there’s been no sign of a populist resurgence. This also marks a record result for the Greens, who’ve gained almost 6 percentage points relative to four years ago, but that’s still some way down on where they were polling earlier in the spring (in the mid-20s), having lost ground in the polls throughout the final weeks of the campaign. Markets in Asia have mostly started the week on a positive note, with the Hang Seng (+0.28%), Nikkei (+0.04%), and the Kospi (+0.25%) all moving higher. That said, the Shanghai Comp is down -1.30%, as materials (-5.91%) and industrials (-4.24%) in the index have significantly underperformed, which comes amidst power curbs in the country. In the US and Europe however, futures are pointing higher, with those on the S&P 500 up +0.37%, and those on the DAX up +0.51%. Moving onto another big current theme, all the talk at the moment is about supply shocks and it’s not inconceivable that things could get very messy on this front over the weeks and months ahead. However, I think the discussion on supply in isolation misses an important component and that is demand. In short we had a pandemic that effectively closed the global economy and interrupted numerous complicated supply chains. The global authorities massively stimulated demand relative to where it would have been in this environment and in some areas have created more demand than there would have been at this stage without Covid. However the supply side has not come back as rapidly. As such you’re left with demand outstripping supply. So I think it’s wrong to talk about a global supply shock in isolation. It’s not as catchy but this is a “demand is much higher than it should be in a pandemic with lockdowns, but supply hasn't been able to fully respond” world. If the authorities hadn’t responded as aggressively we would have plenty of supply for the demand and a lot of deflation. Remember negative oil prices in the early stages of the pandemic. So for me every time you hear the phrase “supply shock” remember the phenomenal demand there is relative to what the steady state might have been. This current “demand > supply” at lower levels of activity than we would have had without covid is going to cause central banks a huge headache over the coming months. Should they tighten due to what is likely to be a prolonged period of higher prices than people thought even a couple of months ago or should they look to the potential demand destruction of higher prices? The risk of a policy error is high and the problem with forward guidance is that markets demand to know now what they might do over the next few months and quarters so it leaves them exposed a little in uncertain times. This problem has crept up fast on markets with an epic shift in sentiment in the rates market after the BoE meeting Thursday lunchtime. I would say they were no more hawkish than the Fed the night before but the difference is that the Fed are still seemingly at least a year from raising rates and a lot can happen in that period whereas the BoE could now raise this year (more likely February). That has focused the minds of global investors, especially as Norway became the first central bank among the G-10 currencies to raise rates on the same day. Towards the end of this note we’ll recap the moves in markets last week including a +15bps climb in US 10yr yields in the last 48 hours of last week. One factor that will greatly influence yields over the week ahead is the ongoing US debt ceiling / government shutdown / infrastructure bill saga that is coming to a head as we hit October on Friday - the day that there could be a partial government shutdown without action by the close on Thursday. It’s a fluid situation. So far the the House of Representatives has passed a measure that would keep the government funded through December 3, but it also includes a debt ceiling suspension, so Republicans are expected to block this in the Senate if it still includes that. The coming week could also see the House of Representatives vote on the bipartisan infrastructure bill (c.$550bn) that’s already gone through the Senate, since Speaker Pelosi had previously committed to moderate House Democrats that there’d be a vote on the measure by today. She reaffirmed that yesterday although the timing may slip. However, there remain divisions among House Democrats, with some progressives not willing to support it unless the reconciliation bill also passes. In short we’ve no idea how this get resolved but most think some compromise will be reached before Friday. Pelosi yesterday said it “seems self-evident” that the reconciliation bill won’t reach the $3.5 trillion hoped for by the administration which hints at some compromise. Overall the sentiment has seemingly shifted a little more positively on there being some progress over the weekend. From politics to central banks and following a busy week of policy meetings, there are an array of speakers over the week ahead. One of the biggest highlights will be the ECB’s Forum on Central Banking, which is taking place as an online event on Tuesday and Wednesday, and the final policy panel on Wednesday will include Fed Chair Powell, ECB President Lagarde, BoE Governor Bailey and BoJ Governor Kuroda. Otherwise, Fed Chair Powell will also be testifying before the Senate Banking Committee on Tuesday, alongside Treasury Secretary Yellen, and on Monday, ECB President Lagarde will be appearing before the European Parliament’s Committee on Economic and Monetary Affairs as part of the regular Monetary Dialogue. There are lots of other Fed speakers this week and they can add nuances to the taper and dot plot debates. Finally on the data front, there’ll be further clues about the state of inflation across the key economies, as the Euro Area flash CPI estimate for September is coming out on Friday. Last month's reading showed that Euro Area inflation rose to +3.0% in August, which was its highest level in nearly a decade. Otherwise, there’s also the manufacturing PMIs from around the world on Friday given it’s the start of the month, along with the ISM reading from the US, and Tuesday will see the release of the Conference Board’s consumer confidence reading for the US as well. For the rest of the week ahead see the day-by-day calendar of events at the end. Back to last week now and the highlight was the big rise in global yields which quickly overshadowed the ongoing Evergrande story. Bonds more than reversed an early week rally as yields rose for a fifth consecutive week. US 10yr Treasury yields ended the week up +8.9bps to finish at 1.451% - its highest level since the start of July and +15bps off the Asian morning lows on Thursday. The move saw the 2y10y yield curve steepen +4.5bps, with the spread reaching its widest point since July as well. However, at the longer end of the curve the 5y30y spread ended the week largely unchanged after a volatile week. It was much flatter shortly following the FOMC and steeper following the BoE. Bond yields in Europe moved higher as well with the central bank moves again being the major impetus especially in the UK. 10yr gilt yields rose +7.9bps to +0.93% and the short end moved even more with the 2yr yield rising +9.4bps to 0.38% as the BoE’s inflation forecast and rhetoric caused investors to pull forward rate hike expectations. Yields on 10yr bunds rose +5.2bps, whilst those on the OATs (+6.3bps) and BTPs (+5.7bps) increased substantially as well, but not to the same extent as their US and UK counterparts. While sovereign debt sold off, global equity markets recovered following two consecutive weeks of declines. Although markets entered the week on the back foot following the Evergrande headlines from last weekend, risk sentiment improved at the end of the week, especially toward cyclical industries. The S&P 500 gained +0.51% last week (+0.15% Friday), nearly recouping the prior week’s loss. The equity move was primarily led by cyclicals as higher bond yields helped US banks (+3.43%) outperform, while higher commodity prices saw the energy (+4.46%) sector gain sharply. Those higher bond yields led to a slight rerating of growth stocks as the tech megacap NYFANG index fell back -0.46% on the week and the NASDAQ underperformed, finishing just better than unchanged (+0.02). Nonetheless, with four trading days left in September the S&P 500 is on track for its third losing month this year, following January and June. European equities rose moderately last week, as the STOXX 600 ended the week +0.31% higher despite Friday’s -0.90% loss. Bourses across the continent outperformed led by particularly strong performances by the IBEX (+1.28%) and CAC 40 (+1.04%). There was limited data from Friday. The Ifo's business climate indicator in Germany fell slightly from the previous month to 98.8 (99.0 expected) from 99.4 on the back a lower current assessment even though business expectations was higher than expected. In Italy, consumer confidence rose to 119.6 (115.8 expected), up just over 3pts from August and at its highest level on record (since 1995). Tyler Durden Mon, 09/27/2021 - 08:09.....»»

Category: personnelSource: nytSep 27th, 2021

D.C.-area developer pays $35M for downtown tower site

The Nashville developer who sold the site had pursued a 30-story office tower, and secured a lease from Baker Donelson, before plans ultimately fell apart......»»

Category: topSource: bizjournalsApr 1st, 2020

Downtown Miami office building sells for $127M

The SunTrust International Center office tower in downtown Miami was sold for $127 million, a nice premium over its last sale. CBRE said it represented Crocker Partners in the sale of the 31-story office tower at 1 S.E. Third Ave. The buyer was P.....»»

Category: topSource: bizjournalsMay 14th, 2018

Downtown Tampa hotel sold for $27.3 million

Starwood Capital Group, which bought a Westshore office tower in early 2018, has added another commercial property in Tampa to its portfolio. Greenwich, Connecticut-based Starwood has acquired the Courtyard by Marriott in downtown Tampa for $27.3 m.....»»

Category: topSource: bizjournalsSep 11th, 2018

Downtown Cincinnati office tower sells for $75.5 million

One of the largest office towers in downtown Cincinnati has been sold for more than $75 million......»»

Category: topSource: bizjournalsDec 3rd, 2018

Hines and Salesforce Celebrate the Topping out of Salesforce Tower Chicago 

Hines, a global real estate firm, and Salesforce, the global leader in customer relationship management (CRM), celebrated the topping out of Salesforce Tower Chicago yesterday – the 60-story, 1.2 million-square-foot office tower – with a ceremony and beam signing. The topping out marks a significant milestone toward the completion of the Wolf... The post Hines and Salesforce Celebrate the Topping out of Salesforce Tower Chicago  appeared first on Real Estate Weekly. Hines, a global real estate firm, and Salesforce, the global leader in customer relationship management (CRM), celebrated the topping out of Salesforce Tower Chicago yesterday – the 60-story, 1.2 million-square-foot office tower – with a ceremony and beam signing. The topping out marks a significant milestone toward the completion of the Wolf Point master plan, a three-phase development designed by Pelli Clarke Pelli Architects, located on one of Chicago’s last remaining riverfront sites in downtown Chicago. Held on the tenant plaza at the adjacent Wolf Point East, Deputy Mayor Samir Mayekar spoke to a gathering of 130 people about the importance of investment and development across Chicago’s communities. He was joined by Jim Walsh, senior managing director at Hines and Chris Kennedy of Wolf Point Owners LLC. “This is a very exciting moment for Salesforce and the city is thankful to take these steps with them,” said Deputy Mayor Samir Mayekar. “Salesforce has been an incredible partner to the city and is home to thousands of workers here. We look forward to their expansion returning and welcoming workers back in 2023 with this incredible building.” As part of its Midwest expansion plan, Salesforce will occupy 500,000 square feet in the trophy tower upon completion in 2023. Salesforce Tower Chicago is the most prominent piece of the Wolf Point master plan which includes two luxury apartment towers, 2.5 acres of landscaped park and 1,000 linear feet of river frontage. The tower enjoys dramatic views in all directions and reflects all of Hines’ global best practices resulting in the most advanced and amenitized office building in Chicago. Amenities include a club-quality fitness center with locker rooms and showers, a conference center with multiple configurations and capacity sizes, a tenant lounge and approximately 25,000 square feet of commercial retail space, including a variety of food and beverage concepts. “We could not be more excited to ‘top out’ Salesforce Tower Chicago and join the city’s architectural legacy with one of our most sustainable buildings to date,” said Michele Schneider, senior vice president of global workplace services at Salesforce. “Chicago has been an incredible home to Salesforce, with its vibrant culture, diverse talent pool and rich history. We look forward to welcoming employees, customers, partners and the community to the building early next year, and we’re committed to investing in and giving back to the city that has given so much to us.” The topping out of the Salesforce Tower Chicago marks a lofty ESG achievement as well, with the building being the first ever office tower to achieve a 19% reduction in carbon emissions. Nineteen percent equates to a total verifiable structure carbon savings of over 7 million kilograms of C02 which is more than 1,500 cars off the road for a year, or about 800,000 gallons of gas. This was accomplished by following Hines’ authored “Embodied Carbon Reduction Guide,” which provides the tools and best practices for competitors and partners alike to achieve significant reductions in carbon emissions in an effort to collectively lower the built environment’s responsibility for 38% of all carbon generated across the globe. “The topping out of Salesforce Tower marks a momentous occasion, not just in our construction timeline, but also in the impact that this innovative and sustainable development has on Chicago,” said Jim Walsh, senior managing director at Hines. “As leaders of their own industry, we’re proud to have the Salesforce name represented on our newest Chicago development and look forward to completion next year.” The post Hines and Salesforce Celebrate the Topping out of Salesforce Tower Chicago  appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly6 hr. 51 min. ago

Bank Midwest renews lease in Downtown office tower

Bank Midwest has extended its lease for more than 56,000 square feet within a recently renovated office tower in downtown Kansas City......»»

Category: topSource: bizjournalsMay 19th, 2022

CBRE Arranges Two New Office Leases at The Gateway Building in Downtown White Plains, NY

CBRE today announced it has completed two new office leases at The Gateway Building, a Class A office tower located at 1 North Lexington Avenue in the heart of the Central Business District and just steps from the White Plains Metro-North Train Station. International law firm Greenberg Traurig inked a... The post CBRE Arranges Two New Office Leases at The Gateway Building in Downtown White Plains, NY appeared first on Real Estate Weekly. CBRE today announced it has completed two new office leases at The Gateway Building, a Class A office tower located at 1 North Lexington Avenue in the heart of the Central Business District and just steps from the White Plains Metro-North Train Station. International law firm Greenberg Traurig inked a 19,852 sq. ft. lease while the Sabra Dipping Company, a U.S.-based maker of refrigerated dips and spreads co-owned by PepsiCo and the Strauss Group, committed to 6,655 sq. ft. within the 19-story building.   The CBRE team of William V. Cuddy, Jr. and Jacqueline Novotny spearhead leasing at The Gateway Building and represented the owner, Gateway I Group, Inc., in the lease negotiations. Greenberg Traurigwas represented by Greg Frisoli and Mike Shuler, both Executive Managing Directors at Newmark. Sabra was represented by Ben Brenner and Ethan Silverstein at Cushman & Wakefield. “Both tenants were looking to relocate to downtown’s premium office setting in a building close to regional transportation options,” said Mr. Cuddy. “The Gateway Building fit their real estate requirements perfectly given the property’s high walkability score and access to the Metro North train station into NYC just one block away.” Previously located at 777 Westchester Avenue, Sabra will occupy part of the 12th floor of the 530,519 sq. ft. office property. Greenberg Traurig will relocate its offices from 445 Hamilton Avenue to the eighth floor. The Gateway Building is a LEED Silver, Wired and Well Certified office tower. The post CBRE Arranges Two New Office Leases at The Gateway Building in Downtown White Plains, NY appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 16th, 2022

Alphabet (GOOGL) Expands Trusted Tester in Downtown Phoenix

Alphabet's (GOOGL) Waymo makes the Trusted Tester program available to riders in downtown Phoenix. Alphabet GOOGL is leaving no stone unturned to expand its Waymo ride-hailing service across the United States.This is evident from the latest move of making its Early Rider program, now called Trusted Tester, available to the public in downtown Phoenix.People interested in becoming Waymo One Trusted Testers are required to download the Waymo app and complete a survey.Currently, the service is available to a small group of test riders.At present, Waymo vehicles are operating from north to Camelback and 44th Street to the east in the downtown.Notably, this bodes well for the company’s plan to expand in downtown Phoenix, which was announced in late March this year.The latest move marks Waymo’s expansion in Phoenix. Notably, Waymo vehicles began its ride-hailing service from the East Valley of Phoenix.Alphabet Inc. Price and Consensus  Alphabet Inc. price-consensus-chart | Alphabet Inc. QuoteExpanding Waymo EffortsThe recent step is in sync with the company’s strengthening efforts toward expanding its operations, fleet and making the vehicles more rider-friendly.The company recently revealed that it would make its ride-hailing vehicles fully driverless on the streets of San Francisco. This also marks Waymo’s first expansion outside Phoenix.The company recently partnered with Geely, a China-based automotive company. Per the terms of the deal, Geely’s electric mobility brand, Zeekr, will design and develop electric vehicles for Waymo, into which Waymo Driver will be integrated.The vehicles will be first introduced on the roads of the United States. With the Geely partnership, Waymo will expand its Waymo One fleet.Apart from this, Waymo teamed up with Google’s Maps to ensure a seamless booking experience for Waymo One. This enables customers to book Waymo One directly from the Maps app.The endeavors will help Alphabet further penetrate the booming autonomous driving space.Per a report by Mordor Intelligence, the worldwide driverless vehicle market is expected to see a CAGR of 18.06% between 2021 and 2026.Intensifying CompetitionGiven the upbeat scenario, not only Alphabet but companies like Amazon AMZN, Intel INTC and Baidu BIDU are also making every effort to capitalize on the growth prospects in the autonomous driving space.Amazon’s buyout of Zoox, a developer of autonomous ride-hailing vehicles, remains a major positive. Further, the company’s launch of its first self-driving robotaxi strengthened its position in the autonomous driving space.Zoox has been testing its autonomous vehicles in San Francisco, Las Vegas and Foster City. It intends to open an engineering office and operations facility this year, which will act as a base for its autonomous vehicle testing.Meanwhile, Intel is gaining from the low power consumption of Mobileye chips and the ability to create maps for self-driving systems. The company intends on introducing a pilot for autonomous taxis and ride-hailing services in Munich and Tel Aviv in 2022.In addition to this, Mobileye recently teamed up with German electric mobility unit Benteler EV Systems and Beep to develop and deploy self-driving, fully-electric shuttles in the United States by 2024.Baidu is gaining from expanding the Apollo Go Robotaxi service, which features about 100 pick-up and drop-off stations across several residential and business areas.Nevertheless, Alphabet’s growing autonomous driving initiatives are likely to help it stay ahead of the curve.Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Intel Corporation (INTC): Free Stock Analysis Report Baidu, Inc. (BIDU): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksMay 13th, 2022

Dallas-based Prescott Group sells downtown Austin tower to Los Angeles firm

Westview, a downtown Austin office building near the Texas Capitol totaling 100,166 square feet, has changed hands with the help of JLL......»»

Category: topSource: bizjournalsMay 12th, 2022

Rep. Marjorie Taylor Greene"s campaign had one last hurrah at Trump"s DC hotel just before it got sold

The campaign for the Trump ally dined at his hotel right before new owners took over. The campaign for Republican Rep. Marjorie Taylor Green of Georgia dined at the Trump International Hotel three times in March.Drew Angerer/Getty Images The campaign for Trump ally Marjorie Taylor Greene dined three times at the Trump International Hotel in March.  The hotel just sold to a new owner, and the "Trump" sign is now gone.  MTG's campaign dined at BLT Prime, which closed in late April.  The campaign for Republican Rep. Marjorie Taylor Greene of Georgia had several opportunities to say goodbye to the Trump International Hotel in Washington, DC, before its gold nameplate came down on Wednesday. Federal campaign disclosures show the Greene campaign ate at the just-shuttered hotel three times in March.It spent $441.80 on March 16 and another $1,054.68 on March 30 at BLT Prime, the hotel's steakhouse that closed in late April.The disclosures don't show how many people attended the gathering or what Greene's campaign ordered, but the menu included a $110 porterhouse, a $64 dover sole, and a $53 filet mignon.The Greene campaign also dined at the Trump International Hotel on March 25, spending $679.35.It's not clear whether Greene herself attended any of these meals. The hotel has a lounge and cocktail bar called the Benjamin Bar Lounge where GOP insiders and supporters could be found throwing back drinks and snapping selfies back when Donald Trump was president.The lounge served a wide variety of beverages and finger foods such as oysters Rockefeller and a clothesline of candied bacon. On Wednesday, the Trump family officially sold the Trump International Hotel for $375 million to a Miami investor group, CGI Merchant Group. The hotel, located on Pennsylvania Avenue within walking distance to the White House, will be reopening as a Waldorf Astoria. The Greene campaign did not immediately respond to a request for comment or questions about where the new go-to gathering for prominent Republicans would be. Greene's campaign committee is one of the top fundraisers in the House, but during the first quarter of this year it reported its first net loss since she was elected in 2020.Her campaign recently increased its spending, including on personality security.Georgia's Republican primary is May 24. Greene faces several challengers, although she's expected to again win her party's nomination despite having been stripped of her congressional committee assignments. Earlier this month, Greene survived a legal challenge that sought to remove her from the ballot because of her role in the January 6, 2021, insurrection in Washington, DC.Trump International Hotel DC.Business Wire via APThe Trump International Hotel in Washington, DC, first opened under the Trump name in 2016, right before Trump took office. The hotel building is a national landmark and former post office that houses a clock tower at the center.During Trump's presidency, the building became a go-to spot for Republicans and lobbyists to enjoy happy hour, dining, and lodging, bringing in millions of dollars through hosting fundraisers for campaigns and GOP political groups.It also became a hotbed for ethics concerns. Trump's other hotels or golf resorts carrying his namesake have had similar success with political events. Trump himself spent much of the year at his private Mar-a-Lago Club in Palm Beach, Florida, where Republicans flock for events and to try to land an endorsement from the former president. Read the original article on Business Insider.....»»

Category: personnelSource: nytMay 12th, 2022