10 Must Reads for the CRE Industry Today (February 23, 2015)

10 Must Reads for the CRE Industry Today (February 23, 2015)

 

  1. Al-Shabaab Threatens Malls, Including Some in the U.S.; FBI Downplays Threat “It's clearly a chilling message. But after a video from terror group Al-Shabaab calling for attacks on shopping malls in Canada, the United Kingdom and the United States, how worried should shoppers be?” (CNN)
  2. New Residential to Buy Home Loan Servicing Solutions “New Residential Investment Corp., a U.S. real estate investment trust, agreed to buy Home Loan Servicing Solutions Ltd. for $1.3 billion. New Residential will acquire the outstanding shares of Home Loan, which is based in Cayman Islands, for $18.25 each, according to a statement on Sunday.” (Bloomberg)
  3. Jersey City Vies to Up its Game in Office Market “Jersey City isn’t the fashion industry’s new Garment District or Midtown South, the hot spot for technology and advertising firms. But New Jersey’s second-largest city has been making the case that it is an up-and-comer in the office-space market, attracting clothiers and publishers as well as building on its base of financial-services companies.” (The Wall Street Journal)
  4. HFF Secures Hugh Chunk of Change for Boston’s Four Seasons Hotel “Construction financing and joint venture equity totaling $680 million have been secured for the Four Seasons Hotel & Private Residences One Dalton Street, in Boston’s Back Bay, it was announced Thursday by HFF, which arranged the funding.” (Commercial Property Executive)
  5. Tentative West Coast Port Deal Reached “A labor dispute that had reduced the 29 West Coast ports, which handle close to half the consumer cargo in the U.S. down to 50%-60% capacity appears to be over. Late in the evening of Friday, Feb. 20, the Pacific Maritime Association (PMA) and the International Longshore and Warehouse Union (ILWU) reached a tentative agreement on a new five-year contract covering workers at all 29 West Coast ports.” (Chain Store Age)
  6. Bruce Eichner is Back. Why That Might be a Concern “The last time the real estate market was at such a high point, developer Bruce Eichner was on his way to one of his biggest busts, defaulting on the $3.9 billion Cosmopolitan Resort and Casino in Las Vegas in 2008, just as the economy was beginning to tank.” (Crain’s New York Business)
  7. Will America’s Shale Boomtowns Bust? “In August 2013, Williston, N.D., erected a sign at the entrance to town. Welcome, it reads, to Boomtown, U.S.A. That’s understating things. There are now about 40,000 people living here, up from 12,000 less than a decade ago. They have come from all over the world to find work, in the time-honored tradition of the gold rush. For years jobs went begging, with some of the highest wages in the country. At the end of 2014, Williston’s unemployment rate was 1.0%, the lowest in the U.S.” (Fortune)
  8. Why Fewer Skyscrapers are Being Built in the U.S. “North America used to be the both when it came to constructing super-tall buildings, but now it’s lost that bragging right. Twenty-five years ago, 80 percent of the world’s tallest buildings were on this continent. Now, that’s plummeted to just 20 percent. You might say the high-rise craze has relocated.” (CNBC)
  9. RadioShack Cleared to Sell Leases to 1,100 Abandoned Stores “Bankrupt electronics retailer RadioShack Corp received court approval on Friday for its plan to try to sell the leases to more than 1,100 stores that it will close by the end of February. RadioShack first proposed closing many of the locations early last year as it struggled to turn around its money-losing operations, but lenders demanded the stores remain open.” (Reuters)
  10. As Office Space Shrinks, So Does Privacy for Workers “With rents surging as the Manhattan office market rebounds, many companies are looking to cut costs, and one way to do that is by trimming personal space. The shrinking is happening beyond New York. The average amount of space per office worker in North America dropped to 176 square feet in 2012, from 225 in 2010, according to CoreNet Global, a commercial real estate association.” (The New York Times)
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