10 Must Reads for the CRE Industry Today (April 21, 2015)

10 Must Reads for the CRE Industry Today (April 21, 2015)

 

  1. Is There an Oversupply Problem in NYC Real Estate?Extell Development Company President Gary Barnett discusses New York City luxury real estate. He speaks on ‘In The Loop.’” (Bloomberg)
  2. Chicago Beats Even Silicon Valley in Tech-Job Growth “Chicago was one of the fastest-growing cities for tech jobs coming out of the recession. The number of tech jobs in the city rose 25.8 percent between 2010 and 2013, according to a report on the nation's top tech markets by commercial real estate firm CBRE. That was the third-best showing among the nation's 10 markets with the largest number of tech jobs.” (Crain’s Chicago Business)
  3. 590 Madison Owner Seeks $650M Loan “Plaza District office tower 590 Madison Avenue is shopping for a loan of up to $650 million, a source told Commercial Observer. A loan of that size could be one of the largest to close so far this year, if the landlord can find the funds.” (Commercial Observer)
  4. Rite Aid Hires Safeway Vet Steve Rempel as CIO “Rite Aid Corp. has hired as its chief information officer Steve Rempel, who will support the pharmacy chain’s efforts to inject more digital technologies into its 4,570 retail pharmacy stores.” (Wall Street Journal)
  5. Manhattan Apartments Top Gold as Instrument for Storing Wealth, Says BlackRock Chairman “Gold's traditional role as a store of wealth has been usurped by contemporary art and apartments in cities such as New York and London, according to Laurence Fink, head of the world's biggest asset manager.” (Crain’s New York Business)
  6. Target’s Hasty Exit From Canada Leaves Anger Behind “Target’s exodus from Canada has left gaping holes at some of the most prominent shopping centers across the country, the biggest symbol of an exceptional period of retailing turmoil.” (New York Times)
  7. Las Vegas Commercial, Retail Markets on the Mend “Based on a new report released by Xceligent and the Commercial Alliance Las Vegas (CALV), the commercial real estate market in Southern Nevada continues to recover from the Great Recession, with office, industrial and retail vacancy rates all improving during the first quarter of 2015.” (World Property Journal)
  8. Blackstone, Brookfield Said to Bid for Investa Office Portfolio “Blackstone Group LP and Brookfield Asset Management Inc. are among bidders for A$9 billion ($7 billion) of Australian real estate being sold by Morgan Stanley’s Investa Property Group, people with knowledge of the matter said.” (Bloomberg)
  9. Shopping Mall Developer Taubman Dies at 91 “A. Alfred Taubman, the self-made Michigan billionaire whose philanthropy and business success—including weaving the enclosed shopping mall into American culture—was clouded by a criminal conviction late in his career, has died. He was 91.” (Wall Street Journal)
  10. Lend Lease Buys Stake in Planned $400M Fifth Avenue Condo Tower “Construction firm Lend Lease, which has worked on building the city's tallest condo towers at One57 and 432 Park Ave., now owns a piece of a proposed condo project on Fifth Avenue. The company has purchased a stake in a 750-foot spire planned at 281 Fifth Ave. on the corner of East 30th Street. It will co-develop the project with real estate investment firm Victor Group, which bought the development site earlier this year. ” (Crain’s New York Business)
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