10 Must Reads for the CRE Industry Today (May 6, 2015)

10 Must Reads for the CRE Industry Today (May 6, 2015)

 

  1. RXR Realty Buys NYC’s Helmsley Building for $1.2 Billion “Developer Scott Rechler’s RXR Realty purchased the Helmsley Building, a landmark office tower on Park Avenue just north of Grand Central Terminal in Manhattan, for $1.2 billion. RXR bought the 1.4 million-square-foot (130,000-square-meter) skyscraper from a joint venture of Invesco Ltd. and Monday Properties, Rechler said in a telephone interview Tuesday.” (Bloomberg)
  2. Host Hotels Struggles with Aging Properties “Host owns many older, full-service hotels and is light on popular limited-service and boutique properties, which tend to be especially design-conscious and appeal to younger travelers, says Ryan Meliker, a hotel analyst for investment bank MLV & Co.” (The Wall Street Journal)
  3. Proposed Grand Central Tower Clears Final Major Hurdle “SL Green Realty Corp.’s 1,400-foot-tall commercial tower proposed for an entire city block across the street from Grand Central Terminal was approved with some modifications Tuesday by a key City Council subcommittee, which also gave the green light to double the maximum size of buildings on four other blocks to the west of the transit hub.” (Crain’s New York Business)
  4. Wall Street Sway over Rental Boom Makes Landlords Prey “A pioneer in the U.S. home-rental boom that grew out of the housing bust is becoming a takeover target. American Residential Properties Inc. built up a portfolio of about 9,000 houses worth $1.3 billion over seven years. Now, the Scottsdale, Arizona-based landlord is running out of options to raise money for more purchases.” (Bloomberg)
  5. Hide and Seek “Institutional lenders have taken careful steps to protect themselves against developments and acquisitions gone wrong, especially when dealing with offshore guarantors. But one aspect of the global real estate exchange remains a gamble: How to deal with guarantors who stash money in foreign property when their construction projects or acquisitions come up short?” (Commercial Observer)
  6. In Stinging Defeat for Google, LinkedIn Scores Lion’s Share of Real Estate Capacity in Mountain View’s North Bayshore “LinkedIn Corp. came away the clear victor late Tuesday in a pitched battle with neighbor Google Inc. and real estate developers for building rights in Mountain View’s North Bayshore district. The question now: What does Google do next?” (Silicon Valley Business Journal)
  7. Platinum Plan: New York’s Hospitals’ Evolving Real Estate Portfolios “On Manhattan’s East Side, NYU Langone Medical Center is undertaking an exacting project by any measure; the hospital is building a state-of-the-art care pavilion and energy building that will provide primary electric service to the campus. It is also renovating its existing Tisch Hospital, all at a cost that exceeds $2 billion.” (Commercial Observer)
  8. Tech Firm Stripe Signs Largest San Francisco Market Lease of 2015 “Stripe, Inc., a web and mobile payment software developer, has signed the San Francisco market’s largest lease of the year, taking all 300,000 square feet in a project under development by Alexandria Real Estate Equities (NYSE: ARE) at 510 Townsend St.” (CoStar News)
  9. Freddie and Fannie to Review CEO Salaries “The Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae,will allow the two companies to review the compensation of their chief executives, Donald Layton and Timothy Mayopoulos. Both CEOs last year earned $600K excluding bonuses, a pay level that some fear isn't competitive enough to attract and keep the best and the brightest.” (Bisnow)
  10. Big Names in New York Real Estate Figure into Skelos and Silver Cases “Real estate executives have long said that they contribute heavily to state and city legislators’ election campaigns in the hopes of gaining access to those who make policy in a state where tenants hold considerable voting power. But the criminal cases describe behavior that goes beyond mere campaign donations and lobbying.” (The New York Times)
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