- RFR Realty Looking to Rent Park Ave. ‘Jewel’ to Single Tenant “When Aby Rosen’s RFR Realty bought 281 Park Ave. So. last year for $50 million, it didn’t plan for the six-story building to fade into the background of the commercially strong but architecturally monotonous boulevard.” (New York Post)
- Vacant Herald Examiner Building in Downtown L.A. to Be Converted to Mixed Use “The former offices of the Herald Examiner opened a century ago on Broadway with red-tiled roofs and prominent arches in the Mission Revival style inspired by California's past.” (Los Angeles Times)
- China's Rate Cut to Impact Real Estate Activity Going Forward “China's recent rate cut, in reaction to their plummeting stock market, will have a ripple effect across their entire real estate economy going forward, according to new market analysis by CBRE.” (World Property Journal)
- A $150M Park Avenue Office Tower Renovation Finally Pays Off for Vornado, SL Green “A $150 million renovation of 280 Park Ave. is paying off for the city's two biggest commercial landlords. Vornado Realty Trust and SL Green Realty Corp., the owners of the 43-story office tower, signed a new tenant and expanded the leases of existing ones at the 1.2 million-square-foot building.” (Crain’s New York Business)
- WeWork Could Have Trouble Meeting $10B Financial Projections “WeWork, a startup that leases office space to other startups, is now worth $10 billion, but an investor presentation obtained by The Information suggests the long-term financial situation of the company may be perilous.” (The Real Deal)
- Manhattan Gets First Crowdfunded Condos “New York’s first real estate project financed significantly though crowdfunding is set to open, a step forward for a nascent investing model that has yet to prove itself in commercial property.” (Bloomberg)
- Ashford Hospitality Explores Strategic Alternatives “Ashford Hospitality Prime Inc., a REIT that specializes in hotel properties, may be for sale. The company’s directors have tapped Deutsche Bank Securities to explore “strategic alternatives,” which always includes the possibility of a sale.” (Commercial Property Executive)
- Can Real Estate Cause Another Slowdown in GDP? “To be clear, this article is less about real estate and more about how real estate affects the most commonly used inflation indicator, the Core Consumer Price Index (CPI ex energy and food). Core CPI is cited by the FED as an integral view into the health of the economy—f it is meeting its target, than the US is on its road to healthy growth. The problem is that targeted Core CPI walks a thin line.” (Seeking Alpha)
- Washington Metro Area REIT Lands $67M Loan for D.C. Office Buy “First Potomac Realty Trust, a Maryland-based real estate investment trust, borrowed a $66.78 million loan from KeyBank and an insurance separate account to finance its acquisition of a nine-story office building in Washington, D.C., Commercial Observer has learned.” (Commercial Observer)
- IKEA Has Already Conquered the World—Here’s How Its Design Chief Plans to Engineer the Future “Like no furniture company before it, Ikea has conquered the world. … But Ikea is just getting started.” (Business Insider)
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