10 Must Reads for the CRE Industry Today (Dec. 14, 2015)

10 Must Reads for the CRE Industry Today (Dec. 14, 2015)

 

  1. The Durst Dynasty’s Rise, a Scion’s Descent “Since then, Douglas Durst has greatly expanded the family empire, and in a roaring real estate market, the Dursts have become the city’s largest private commercial building owners. They have pioneered the development of environmentally sustainable office buildings, and they have built residential towers.” (The New York Times)
  2. Parkway Properties CEO Expects Asset Sales to Slow “Heistand said he expects the company to continue to be a net seller of assets in 2016, although not at the same robust pace as in 2015. Going forward, the company might recycle assets that generate outsized returns over a short period of time, Heistand added.” (REIT.com)
  3. Atlanta’s Atlantic Station rides walkability to home-price gains “The turnaround began at the end of 2010 when North American and CBRE Global bought office space and land in Atlantic Station for future redevelopment. Through aggressive marketing, community outreach and a general upturn in the economy, Atlantic Station has made an amazing recovery.” (Marketwatch)
  4. 30 Hudson Yards Closes $5B in Financing “Related Companies and Oxford Properties Group announced the closing of $5 billion in financing for 30 Hudson Yards, this includes the site’s flagship tower in addition to the one million-square-foot shops and restaurants at Hudson Yards.” (Commercial Property Executive)
  5. Smaller pension plans starting to invest like big ones “Smaller and mid-size pension plans are taking advantage of what used to be the exclusive domain of larger pension funds.” (Benefits Canada)
  6. Report: Indiana’s tallest building struggling to fill space “The 48-story Chase Tower in downtown Indianapolis is struggling to fill vacant space, according to a report from a commercial real estate firm.” (The Associated Press)
  7. Will dollar stores keep gobbling grocery share? “While mainstream supermarkets continue to increase their focus on better-for-you, dollar stores still move a lot of belly filler — the lower-priced processed foods more affluent shoppers are trying to avoid but lower-income consumers can afford.” (Retail Wire)
  8. Fannie and Freddie’s Government Rescue Has Come With Claws “The decision to sweep into the Treasury all of the companies’ profits — which by now have far exceeded the amount of the total bailout and dividends owed — has attracted legal challenges from institutional investors and speculators in Fannie and Freddie. Originally set up by the federal government to make homeownership feasible in good times and bad, Fannie and Freddie were private companies with an implicit government guarantee.” (The New York Times)
  9. Notre Dame Endowment Gains 8.7% on Private Equity, Real Estate “The University of Notre Dame, the wealthiest Catholic university in the U.S., posted an 8.7 percent gain for the fiscal year ended June 30, with private-equity investments contributing to its performance.” (Bloomberg)
  10. European Group Acquires Three Hotel Brands for $2.9B “AccorHotels has acquired three iconic hotel brands—Fairmont, Raffles and Swissôtel—in a cash-and-share deal valued at a reported $2.9 billion, from FRHI Holdings Ltd.” (Commercial Property Executive)
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