- Blackstone’s Equity Office Names Eli Khouri CEO “Blackstone Group LP’s Equity Office unit, the No. 2 office landlord in the U.S., named Eli Khouri president and chief executive officer to succeed Tom August, who is retiring. Khouri, previously executive vice president and chief investment officer at Kilroy Realty Corp., will work to expand the company’s assets, according to a statement from New York-based Blackstone.” (Bloomberg)
- Japanese Firm Buys Midtown Office Building for Close to $250M “The Japanese real estate investment firm Unizo Holdings Co. is buying the office property at 370 Lexington Ave. for $247 million. The Tokyo-based Unizo, which until July was formerly known as Jowa Holdings, is in contract to acquire the 311,000-square-foot building from a partnership between Sherwood Equities and JPMorgan Chase.” (Crain’s New York Business)
- McDonald’s Lands in a Real-Estate Dilemma “For McDonald’s Corp., the suggestion that it should spin off its vast property holdings poses an existential question: What are the Golden Arches without real estate? McDonald’s has always maintained the importance of owning its own property. But executives responding to recent queries haven’t ruled out the possibility of spinning off its real estate.” (Wall Street Journal)
- Israel’s Biggest Developer Battles Cheap Stock with Global Plan “Shikun & Binui Ltd., Israel’s oldest and largest construction company whose majority shareholder is billionaire Shari Arison, will target more opportunities in the Americas, the chairman said, amid intensifying competition at home. ‘Our new strategy focuses on expanding our activities abroad,’ Moshe Lahmani said in an interview. ‘We are looking to grow our infrastructure, energy and real estate operations as well as our presence in the capital markets.’” (Bloomberg)
- Gemini Continues East Asian March into U.S. CRE “In the latest move by an East Asian player into U.S. CRE, Gemini Investments (Holdings) Ltd., a Hong Kong–listed company, is teaming with Rosemont Realty, of Santa Fe, N.M., in an acquisition-oriented joint venture. The JV, named Gemini-Rosemont Realty L.L.C., reportedly has an aggressive three-year plan to acquire and manage Class A institutional-quality office properties in the United States and a $3 billion-plus budget to carry out its acquisition strategy.” (Commercial Property Executive)
- Which is Better, a Stock Market Bubble or a Real Estate Bubble? “I have friends who are real estate professionals who took the opportunity to tell me why real estate is a far superior asset class than equities. The recent market volatility was the proof they needed that stocks are terrible and real estate is not. If only real estate was traded on an exchange where houses and other property were being bought and sold daily, I suspect my friends may behave differently under those circumstances.” (The Street)
- Stock Volatility Could Further Weaken Housing Demand “Consumer confidence in housing has been on the rise all year, thanks to increasing home values and a strengthening job market. That confidence, however, may be taking a hard hit from swings in the U.S. stock market, volatility in overseas economies and uncertainty over interest rates.” (CNBC)
- Macy’s Faces Thorny Question: What to Do with Flagship Herald Square Building? “Its decision could point the way for other retailers that own trophy properties, a group that includes Nordstrom Inc. and Neiman Marcus Group Inc. Like Macy’s, their crown jewels are in prime locations in major metropolitan areas, making them more valuable than look-alike properties in malls or smaller cities.” (Wall Street Journal)
- 5 Reasons Why the Fed Won’t Raise Interest Rates in 2015 “Notwithstanding the strong consensus view that interest rates will increase this year, I’m sticking with my long-held view that rates will remain both lower and near zero for longer than most people believe. From our analytical perch, there are five key reasons we believe this.” (Fortune)
- There’s a Leak at World Trade Center Feared to Be in River Wall “An underground leak has been discovered within the World Trade Center complex — and officials fear the seepage may be coming from the slurry wall that separates the newly rebuilt Ground Zero site from the Hudson River, DNAinfo New York has learned. The discovery prompted the Port Authority to quietly call in engineering and construction experts to try to identify its cause, sources said.” (DNAinfo)
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