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10 Must Reads for the CRE Industry Today (November 27, 2017)

Jerome Powell, President Donald Trump’s nominee to lead the Federal Reserve, heads to Capitol Hill on Tuesday to be questioned by the Senate, MarketWatch reports. Asking office rents in New Jersey are soaring, according to the Wall Street Journal. These are among today’s top must reads from around the commercial real estate industry.

  1. New Jersey Office Rents Near Records “Asking rents for New Jersey office space are nearing records as landlords undertake extensive renovations and fill older properties with amenities from beach volleyball courts and yoga studios to outdoor lounges with firepits.” (Wall Street Journal, subscription required)
  2. Meet the Next Fed Boss. Same As the Old Boss? Jerome Powell to Face Senate Glare “Wall Street and Main Street will get their first big clue this week on how the next leader of the Federal Reserve plans to safeguard the U.S. economy and set the cost of borrowing for consumers and businesses. Jerome Powell, nominated by President Trump to be the next chairman, heads to Capitol Hill on Tuesday to take questions from the Senate. Powell is set to take over from outgoing Chairwoman Janet Yellen.” (MarketWatch)
  3. Black Friday Boosts Battered Department Stores, Some of Which Are Claiming a ‘Record’ Weekend “Department stores overall appear to have fared well on Black Friday, kicking off the holiday shopping season on a high note. Already on Thanksgiving Day, throngs of shoppers were spotted across the country outside of places such as C. Penney, Macy's and Kohl's, hoping to snag limited doorbusters and other deep discounts on home goods, kitchen accessories and apparel.” (CNBC)
  4. Cedar Realty Trust Rejects Offer from Commercial REIT Wheeler “U.S. shopping center owner Cedar Realty Trust Inc. said on Monday it was rejecting an unsolicited offer from Wheeler Real Estate Investment Trust to combine the two companies.” (Reuters)
  5. Malls Never Wanted Gyms. Now They Court Them “Mall owners long treated gyms like pool halls, unwanted tenants that attracted lower-rent visitors who were unlikely to shop. Now they’re giving health clubs some of their best real estate.” (Wall Street Journal, subscription required)
  6. Black Friday, Thanksgiving Day Foot Traffic Falls Slightly: ShopperTrak “Foot traffic at retailers across the country this holiday weekend may not have been as strong this year when compared to last, a retail tracking firm said on Saturday, despite effusive early results from some retailers.” (CNBC)
  7. Scott Stringer Claims Trump Tower Is Violating Agreement with City “Trump Tower is among many buildings whose management has violated agreements to provide public space in exchange for flouting zoning codes, city Comptroller Scott Stringer says. Developers like Donald Trump made a pact with the city to provide the accessible space in exchange for being allowed to build their structures taller and denser than allowed.” (New York Post)
  8. Moinian Targets $3B in Debt, Equity for 3 Hudson Boulevard “In what would be one of the largest New York City debt-equity deals of this market cycle, the Moinian Group is on the hunt for a $3 billion debt-and-equity package to make its Hudson Yards tower 3 Hudson Boulevard a reality.” (The Real Deal)
  9. Pols Warn Proposed Sale of Starrett City Could Jeopardize Development’s Affordability “A clause in the federal government’s subsidy of Starrett City may jeopardize the huge development’s affordability if a proposed sale is approved as is, two New York politicians warn.” (New York Daily News)
  10. Baby Boomers Embrace the Live-Work-Play Lifestyle “Christopher Brown, co-developer of Giralda Place, talked to CPE about the new mixed-use development underway in downtown Coral Gables, as well as how the project appeals to Baby Boomers.” (Commercial Property Executive)
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