10 Must Reads for the CRE Industry Today (June 4, 2015)

10 Must Reads for the CRE Industry Today (June 4, 2015)

 

  1. High-Rise Landlords Respond to Retro-Cool Buildings Luring L.A. TenantsWhen a group of prominent Los Angeles trial attorneys started its own firm in January, it shunned the sleek office skyscrapers that typically house blue-chip firms.” (Los Angeles Times)
  2. Bell Partners Sells 8 Properties in $140 Million Deal “Greensboro, N.C.–based Bell Partners sold eight properties in a $140 million transaction, the company announced Tuesday. The properties include 1,679 units and were sold to Hudson Capital Acquisitions, Somerset Partners, and Summit Multifamily Group.” (Multifamily Executive)
  3. Tallest Seattle Tower Said to Sell for Over $700 Million “A group led by Gaw Capital Partners agreed to buy Columbia Center, Seattle’s tallest tower, for more than $700 million, said two people with knowledge of the deal. The price would be a record for an individual office building in the city.” (Bloomberg)
  4. Silicon Valley Offices Prove Profitable: ‘When It’s Good, It’s Very Good’ “These days, it pays to be a landlord in Silicon Valley. West Coast landlord Bixby Land Co. has sold a San Jose office park to MetLife for $96 million, according to Bixby, netting a tidy return for the Irvine, Calif., company.” (Wall Street Journal)
  5. The Plan: High 5 Games at 1 World Trade Center “It definitely got the ‘high’ part down when this company signed a lease on an upper floor at the World Trade Center. High 5 Games, the New York-based casino gaming company, opened its new headquarters on the 58th and 59th floors of 1 World Trade Center on April 27, and the company wanted the inside of its new office to reflect its business. It is simultaneously a serious, corporate environment in a maximum-security building and a creative space rooted in recreation.” (Commercial Observer)
  6. JPMorgan, Partner Want $300M for Grand Central Office Building, Double What They Paid in 2008 “Sherwood Equities and JPMorgan Chase are putting on the market a Grand Central office building that could fetch as much as $300 million.” (Crain’s New York Business)
  7. Blackstone Said to Seek $1.5 Billion for Boston Buildings “Blackstone Group LP is seeking about $1.5 billion for two Boston office buildings acquired in the 2007 buyout of Equity Office Properties Trust, said two people with knowledge of the marketing.” (Bloomberg)
  8. Why Are CRE Execs So Happy? "Commercial real estate executives are feeling much more confident about the market this year with nearly 60 percent saying they are more optimistic than last year, according to the sixth annual Akerman U.S. Real Estate Industry Outlook Survey released today.” (Commercial Property Executive)
  9. Why Tech Loves Quirky, Old Buildings “As giants like Facebook and Google build shiny new cities in Silicon Valley, other technology companies are doing just the opposite to the national office landscape. They are revitalizing and transforming older buildings and breathing new life into a market that had been on life support.” (CNBC)
  10. May DOB Report: Manhattan Has Its Biggest Month of 2015 “Manhattan ruled the roost in terms of residential permits filed with the Department of Buildings in May, getting a boost from the largest residential property filed in the borough this year, according to The Real Deal‘s analysis of permit applications.” (The Real Deal)
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