10 Must Reads from the CRE Industry Today (July 14, 2015)

10 Must Reads from the CRE Industry Today (July 14, 2015)

 

  1. SL Green Selling Assets in Deals Valued at $642.8 Million “SL Green Realty Corp. agreed to sell Manhattan assets in two deals valued at a combined $642.8 million to help fund its acquisition of 11 Madison Ave.” (Bloomberg)
  2. Should Congress Trade in 1031 Exchanges? “The Real Estate Roundtable, campaigning to dissuade Congress from abolishing a stipulation under the U.S. tax code that’s critical to the real estate market, has some new ammunition in its arsenal. The organization has just come out in support of ‘The Economic Impact of Repealing or Limiting Section 1031 Like-Kind Exchanges in Real Estate,’ a new study detailing the benefits of retaining the provision and the negative consequences of eliminating it.” (Commercial Property Executive)
  3. The Tale of 2 Farm REITs “Although farming REITs are fairly new to the REIT sector, the asset class has been around since the beginning of time. However, up until recently, the farming industry has been highly fragmented, with a large portion of land owned by family farmers. Because of the absence of large operations with appropriate diversification, the ‘mom & pop’ farmers were not able to access capital in a meaningful way. Up until now...” (Seeking Alpha)
  4. Multifamily Sales Surpass $1 Billion in MayNew York City multifamily sales totaled $1.1 billion in May and had year-over-year gains for the third consecutive month.” (The Real Deal)
  5. Downtown’s ‘Forgotten’ East Side Teeming with New EnergyA stroll through downtown’s “forgotten” East Side last weekend was hard to forget. From Fulton Street to the Battery, both sides of South Street teemed with new energy — from crowds milling on the waterfront esplanade to visible signs of prosperity and renewal in the office district skyline.” (New York Post)
  6. Technology is Reshaping the Global Property IndustryTechnological innovation is radically changing how and where people choose to work, live and play on a global scale, essentially forcing us to rethink the built environment—and our place in it.” (World Property Journal)
  7. Georgetown and Bill Ackman Fund Buy Ford Building for More Than $250M “A partnership between the New York-based Georgetown Company and a Bill Ackman-controlled investment fund closed on its purchase of 787 11th Avenue on the Far West Side for just over $250 million, several well-placed sources told Commercial Observer.”(Commercial Observer)
  8. How Tall Can NYC's Skyscrapers Go? You Won't Believe the Answer “The growing list of super-tall, ultra-skinny towers—reaching higher than 1,400 feet—has raised the question of just how far New York City developers will dare venture into the sky.” (Crain’s New York Business)
  9. CalPERS Misses Its Target Return by a Wide Margin “The California Public Employees' Retirement System said it missed its return target by a wide margin, hurt by a sluggish global economy and an under-performing private equity portfolio.” (Los Angeles Times)
  10. 'Doom and Gloom' Disappears from Suburban Office Market “Suburban office vacancy fell to an eight-year low in the second quarter, as expanding companies continued to boost demand for office space.” (Crain’s Chicago Business)
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