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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. Carillion begged UK government for £150m loan
    Collapsed contractor argued short-term financing would secure new investors
  2. Banks to set up funds to help businesses hit by Carillion collapse
    HSBC, RBS and Lloyds to set up funds worth a combined £225m
  3. Opening Quote: Shh, don’t tell Jeremy – private-sector company actually delivers
  4. Skanska warns on profits and looks to axe 3,000 jobs
    New chief announces shake-up to tackle troubles at Swedish construction group
  5. Opening Quote: Outsourcing concerns spread to Interserve
  6. Interserve under government watch over financial health fears
    Collapse of Carillion raises concerns on UK outsourcing industry
  7. Carillion’s sins of omission on pay and debt were a warning sign
    Too much crucial information remained buried and was missed for too long
  8. Carillion held just £29m in cash when it collapsed
    Document shows construction group owed £1.3bn to banks as government demands fast-track probe of directors
  9. Ministers seek fast-tracking of Carillion investigation
    Probe to be extended to include current and former board members of collapsed outsourcer
  10. Business secretary calls for “fast-track” investigation into Carillion directors

Commercial Property News from Property Week

  1. British Land poaches new CFO from Logicor
    British Land has appointed Simon Carter chief financial officer (CFO).
  2. Countrywide shares plummet on profit warning
    Shares in estate agent Countrywide plummeted more than 18% to 110.4p on Thursday following a profit warning from the UK’s largest estate agent group.
  3. Malaysian investors near £1.6bn deal for Battersea Power Station building
    Malaysia’s Permodalan Nasional Berhad (PNB) and the Employees Provident Fund of Malaysia (EPF) are nearing a deal to acquire the central Battersea Power Station building that values the 2.5m sq ft property at about £1.6bn.
  4. London office market ends 2017 on a high
    Take-up in the London office market reached 13.2m sq ft in 2017, up 7% on the previous year, according to research by CBRE.
  5. Imperial Place sold for £62.5m
    Cromwell Property Group has sold the Imperial Place office campus in Borehamwood to First Property Group for £62.5m.
  6. Savills Ireland recruits head of residential
    Robbie Dillon has been appointed by Savills Ireland to head up its residential division.
  7. Tritax buys Crewe warehouse for £36m
    Tritax Big Box REIT has bought a 387,541 sq ft warehouse in Crewe for £36.1m.
  8. Green light for residential tower in Digbeth
    PGC Capital has secured planning permission for a landmark 25-storey tower as part of a major residential development in Birmingham.
  9. Cushman & Wakefield hires head of London cost consultancy
    Paul Montgomery has been appointed by Cushman & Wakefield to lead its London cost consultancy team.
  10. Countrywide shares nosedive on profit warning
    Shares in Countrywide slumped 16% this morning after the estate agency group issued a profit warning – but its commercial agency business Lambert Smith Hampton (LSH) is set to post strong profit growth.