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Commercial Real Estate News

Commercial Real Estate News from the Wall Street Journal

  1. CBRE Global Investors Buys Stake in Three GGP Malls
    One of the world’s largest real-estate asset managers has purchased a 49% stake in three malls in a deal that values them at more than $1 billion and shows that investors still have an appetite for top-tier retail property.
  2. FAO Schwarz Is Returning to New York
    A dominant presence in Midtown Manhattan for decades before its closure in 2015, the toy store is coming to life again with a new, 20,000-square-foot Rockefeller Center location.
  3. Sportswear-Maker Puma to Open New York Flagship
    Germany’s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.
  4. Kushner Cos., Brookfield Near a Deal for Stake in 666 Fifth Ave.
    The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump’s son-in-law and adviser.
  5. Sign of the Times: New Office Space Created in Retail's Tumult
    Normandy Real Estate Partners’ $133 million deal for the upper portion of ABC Carpet’s flagship store is an example of office space edging into territory that once was retail’s domain.
  6. Want to Buy a Luxury Hotel in the U.S.? Try China's Insurance Regulator
    When Chinese regulators seized control of Anbang Insurance, they took ownership of more than a dozen luxury U.S. hotels. Now, as the government looks to sell, it faces a problem: The buildings likely are worth less than what Anbang paid only a couple of years ago.
  7. New York's Commercial Property Slump Shows Signs of Slowing
    After a two-year plunge, brokers are optimistic that more deals will take place in 2018.
  8. 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,.
  9. 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.
  10. 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.

Commercial Property News from the Financial Times

  1. Interserve in financial rescue talks with creditors
    Shares plunge more than 70% as government contractor tries to avoid fate of Carillion
  2. Berkeley Group: Brex and mortar
    Housebuilder’s forward sales may be down, but markets had been braced for worse
  3. US housing/Toll Bros: California screamin’
    The combination of low interest rates and strong economic growth is over
  4. UK construction points to tentative recovery in November
    Companies say housebuilding, commercial construction and civil engineering have seen upturn
  5. Kier launches rescue plan to raise £264m to pay debts
    Construction group shares slide as it warns lenders are cutting exposure to UK sector
  6. AV @ Sohn 2018: short Kier Group [Update]
    Hidden leverage and poor cash flow are a dangerous cocktail, says Vikram Kumar of Kuvari Capital.
  7. Odebrecht construction unit to miss coupon payment
    Division of Brazilian group at centre of corruption scandal faces restructuring
  8. Bilfinger creates video platform to capture skills
    German group seeks to preserve knowledge as large numbers of workers set to retire
  9. CRH forecasts earnings at lower end of expectations as input costs rise
  10. Bovis increases use of part exchange as market slows
    In 15% of sales group has taken buyer’s existing property as part payment towards new home

Commercial Property News from Property Week

  1. Top BNP Paribas Real Estate agents made redundant
    A trio of senior figures at BNP Paribas Real Estate have left the business as part of a round of redundancies.
  2. British Land to buy City building near Broadgate estate for £37.5m
    British Land is poised to buy a mixed-use building close to its Broadgate estate for around £37.5m, as it continues to grow its development pipeline.
  3. Morgan Stanley issues £367.5m CMBS on CityPoint tower
    Morgan Stanley has launched a securitisation of the £367.5m loan on London’s CityPoint tower.
  4. City corporation sells London Wall office
    The City of London Corporation has sold the 150-year leasehold at 1-5 London Wall Buildings for £97.1m to a joint venture between Angelo Gordon and Endurance Land.
  5. Savills IM buys 125 Shaftesbury Avenue as it prepares fund launch next year
    Savills Investment Management completed the purchase of 125 Shaftesbury Avenue for £267m from Almacantar and is set to launch a new fund on behalf of Korean institutional investors next year.
  6. Carpetright continues store closures as losses deepen
    Struggling retailer Carpetright has reported a loss before tax of £11.7m for the first half of the year as it continues its ongoing store closure programme.
  7. L&G builds BTR team with triple hire
    Legal & General has made three hires to expand its build-to-rent (BTR) team including the appointment of Grainger’s Nisha Kerai as senior asset manager.
  8. Elephant and Castle redevelopment gets City Hall sign off
    Delancey and APG’s Elephant and Castle shopping centre redevelopment plans have been rubberstamped by City Hall.
  9. Retail capital values fall by 5.3% this year
    Retail sector capital value fell 1.9% in November, taking the sector’s overall decline so far this year to 5.3%, according to CBRE.
  10. Landsec appoints GIC's Madeleine Cosgrave to non-exec role
    Landsec has appointed Madeleine Cosgrave as an independent non-executive director.