10 Must Reads from the CRE Industry Today (July 2, 2015)

10 Must Reads from the CRE Industry Today (July 2, 2015)

  1. Who Will Be the Airbnb of Office Space? “Friday’s revelation that Airbnb is now worth over $25 billion was received with particular delight by a certain crop of commercial real estate tech startups.” (TheReal Deal)
  2. Mall Operators Begin Cultivating Startups “America’s startup-investing frenzy has reached the shopping mall. On the prowl for retail innovation, Simon Property Group, the nation’s largest mall developer, has funneled roughly $20 million into 18 startups, mostly over the past 15 months through its venture-capital arm, Simon Venture Group.” (Wall Street Journal)
  3. Parkway Properties Is Said to Explore Options Including Sale “Parkway Properties Inc., an office landlord with a market value of about $2 billion, is in the early stages of exploring strategic options including a sale, people with knowledge of the matter said.” (Bloomberg)
  4. Manhattan Apartments Cost an Average of $1.87M—a Record “The average sale price of a Manhattan apartment reached an all-time record of $1.87 million during the second quarter of the year, according to a report released Wednesday by Douglas Elliman Real Estate.” (Crain’s New York Business)
  5. How to Begin Ending the Commercial Rent Tax “In his recent interview with Crain's, Jacques Jiha, commissioner of the city's Department of Finance, was asked: ‘What taxes do you think still need to be changed?’ Members of the Manhattan Chamber of Commerce were elated to see that the commissioner's answer was the commercial rent tax.” (Crain’s New York Business)
  6. Lidl to Establish N.C. Hub “Lidl said Wednesday that it would open a regional headquarters and distribution center facility in Alamance County, N.C. The move is part of the German company's preparations to expand into the U.S., and comes after last month's establishment of U.S. corporate headquarters in McLean, Va. and regional facilities in Virginia.” (Supermarket News)
  7. Opinion: Why Are These ‘Government’ Heads Getting Raises of 567%? “Did you hear the heads of the mortgage giants are getting a raise? Yep. They’ll be earning about six times more than they did last year.” (Market Watch)
  8. JPMorgan Builds Up Apartment-Loan Leader from WaMu Rubble “In September 2008, JPMorgan Chase & Co. executives sifted through the rubble of Washington Mutual, the failed home loan bank that they had just won in a U.S. government auction.” (Reuters)
  9. Griffin Capital Goes Shopping in NJ “Griffin Capital Corp., on behalf of Griffin Capital Essential Asset REIT II Inc., has acquired the Wyndham Worldwide corporate headquarters facility, a 203,506-square-foot class-A office building in Parsippany, N.J., from an affiliate of Mack-Cali Realty Corp. for $81.4 million.” (Commercial Property Executive)
  10. Investors Are Betting on Restaurants “Investors seem to have rediscovered the restaurant industry so far in 2015, but they’ve done so cautiously—pouring money into perceived winners while abandoning any company that underperforms.” (Nation's Restaurant News)
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