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Commercial Real Estate News

Commercial Real Estate News from the Wall Street Journal

  1. NYC Council Stops Midtown Tower Construction
    Work on an 800-foot-tall tower in East Midtown that has been under construction for six months was halted last week following a vote by the New York City Council to limit skyscrapers in the area,.
  2. Malls Never Wanted Gyms. Now They Court Them
    Mall owners long treated gyms, massage parlors, and billiards halls as unwanted tenants that attracted lower-rent visitors who were unlikely to shop. Now they’re giving health clubs some of their best real estate.
  3. New Jersey Office Rents Near Records
    Asking rents for New Jersey office space are nearing records as landlords undertake extensive renovations and fill older properties with top-notch amenities.
  4. Brookfield Property Makes $14.8 Billion Offer to Acquire Rest of GGP
    Brookfield Property Partners LP has made a $14.8 billion offer to acquire the shares of mall owner GGP Inc. that it doesn’t already own, according to people familiar with the matter.
  5. 'Little India' Thrives in Central New Jersey
    Oak Tree Road, known as “Little India,” has been transformed from a rundown and desolate area to a booming ethnic business district that attracts South Asian customers from Maine to Maryland.
  6. NYC's Pearl River Mart Will Expand to Chelsea Market
    Pearl River Mart, once a casualty of skyrocketing retail rents, is planning to open another 3,500 square-foot store at Chelsea Market in Manhattan.
  7. Office Spaces Focusing More on Communal Areas
    Businesses are beginning to design offices spaces that are increasing the amount of square footage per employee when shared work settings are taken into account.
  8. Chocolate Giant Ferrero to Look for Innovation at Cornell Tech
    Ferrero, Italian manufacturer of sweets and chocolates, is setting up an innovation outpost at Cornell University’s technology campus on Roosevelt Island in New York City.
  9. Shortage of Industrial Space on Long Island Squeezes Tenants
    Long Island’s shrinking industrial space has placed expanding tenants in a tough spot, forcing them to look east to Suffolk County and off the island entirely, according to real-estate services firm JLL.
  10. Supermarkets Face a Growing Problem: Too Much Space
    A massive build-out by retailers has left the country piled up with grocery shelves as consumers shift from big weekly shopping trips to more snacking and to-go meals.

Commercial Property News from the Financial Times

  1. Japan probes bid-rigging claims for $80bn maglev railway
    Contractors Kajima and Shimizu raided by prosecutors in high-profile investigation
  2. Shimizu Corp, Kajima Corp fall on reports of bid-rigging raids
  3. Battle for Spanish toll road operator Abertis intensifies
    Florentino Pérez’s ACS may have politics on its side as Atlantia bid prompts unease in Madrid
  4. Persimmon chairman resigns over £100m CEO bonus
    Incentive scheme agreed in 2012 led to bumper gains as builder’s share price soared
  5. Opening Quote: Dixons to ring the changes at Carphone Warehouse
  6. Ashtead plays Trump cards as dealt in bid to clean up in US
    Plant hire group benefits from self-help for hurricane regions and corporate tax cuts
  7. Ashtead lifts outlook, launches up to £1bn buyback after hurricane clear-up boost
  8. UK construction stumbles but HS2 sparks huge jump in new orders
  9. Former LafargeHolcim bosses questioned in Syria terrorist financing probe
  10. Opening Quote: Hammerson gets intu shopping

Commercial Property News from Property Week

  1. L&G Homes acquires 78-acre residential site in Oxfordshire
    Legal & General has acquired a 78-acre site in Shrivenham, Oxfordshire with outline planning for 515 homes and a gross development value in excess of £150m.
  2. GPU picks Manchester office site
    The Government Property Unit (GPU) has selected its Manchester site.
  3. Kingboard snaps up KPMG HQ for £400m
    KPMG has exchanged contracts to sell and lease back its London headquarters, 15 Canada Square in Canary Wharf, to Kingboard Investments for around £400m.
  4. Dubai group buys Blackfriars scheme for £266.5m
    The Great Ropemaker Partnership (GRP) has sold 240 Blackfriars Road to a Dubai group for £266.5m.
  5. Persimmon chairman quits over executive pay row
    Nicholas Wrigley, the chairman of Persimmon, is to quit the following a row over excessive executive pay at the firm that will pay the housebuilding giant’s chief executive more than £100m.
  6. M7 bags Marble portfolio for £117m
    M7 Real Estate has acquired 92 primarily UK regional multi-let assets comprising the Marble Portfolio and M7 REIP II for £117m.
  7. Building regulations ‘not fit for purpose,’ says Grenfell review
    The UK’s building regulations are not ‘fit for purpose’ and leave room for fire safety ‘shortcuts,’ according to a report commissioned in the wake of the Grenfell Tower fire.
  8. Aprirose acquires Reading hotel
    Aprirose has acquired the Hilton hotel in Reading from M&G Real Estate for £27.75m.
  9. ABP sells Royal Albert Dock offices
    Royal Albert Dock developer ABP has sold a series of office buildings at the eats London project.
  10. Historic deal sees Bowling Green acquire Stonehenge Holiday Inn for £12.5m
    Bowling Green Asset Management has completed its second branded hotel acquisition of 2017, a luxury 103-room Holiday Inn located close to Stonehenge.