10 Must Reads for the CRE Industry Today (April 17, 2015)

10 Must Reads for the CRE Industry Today (April 17, 2015)


  1. Starwood Hotels is Giving Activists Reason to Check In “Starwood, which owns high-end hotel chains such as W and Westin, has one of the worst stock-return and growth outlooks in the industry. It’s also entering the second month of searching for a chief executive officer as pressure builds for the $14 billion company to buy some lower-cost hotel brands to keep up with rivals.” (Bloomberg)
  2. GE’s $23B Deal with Blackstone Took Just Three Weeks: Jon Gray “If you think the $23 billion price tag the Blackstone Group paid for most of General Electric’s real estate assets is an impressive figure, try this one on for size: three. That’s the number of weeks the private equity firm’s real estate group had to close the blockbuster deal.” (The Real Deal)
  3. Hines Breaks Ground on Office Complex in NoCal “Hines, along with capital partner Pearlmark Real Estate Partners, of Chicago, broke ground Tuesday on 400|450 Concar, a 305,000-square-foot Class A office complex in San Mateo, Calif.” (Commercial Property Executive)
  4. Potential Buyers Vetting Cushman & Wakefield for Bids “Exor SpA, the Italian holding company that owns a majority ownership stake in Cushman & Wakefield Inc., confirmed it has received nonbinding expressions of interest from potential buyers interested in the global real estate services firm.” (CoStar News)
  5. RXR Completes 32 Old Slip Buy With $325M Loan Brokered by Meridian “Scott Rechler’s RXR Realty closed on its purchase of Manhattan’s 32 Old Slip with a $325 million loan from GE Capital, Commercial Observer has learned. New York-based Meridian Capital Group brokered the financing. RXR bought the 36-story office building between Front and South Streets from Beacon Capital Partners for $675 million in a deal that closed this week.” (Commercial Observer)
  6. Minnesota’s Commercial Real Estate Begins Effort to Diversify “An industry-sponsored study conducted in 2013 revealed that, nationwide, 78 percent of senior commercial real estate executives were white men. Only 5.8 percent were male minorities. Women, meanwhile, held just 14 percent of those senior executive positions, with minority females accounting for less than 1 percent of the total.” (Star Tribune)
  7. Take a Tour of Scientology’s Massive Los Angeles Real Estate Empire “The Church of Scientology has a huge footprint in Los Angeles. The religion, which made headlines in recent weeks via HBO's ‘Going Clear’ documentary, owned a "real-estate empire of 26 properties" worth as much as $400 million in the city as of 2011, according to the Hollywood Reporter.” (Business Insider)
  8. Frederick’s of Hollywood Closes All of its Stores “Two months after Frederick's of Hollywood said that it will close at least one-third of its 93 stores to improve profitability, the risqué lingerie shop's website now says that it no longer has store locations. Instead, the retailer explained on its website that its "online store offers the same selection of products," and it encouraged visitors to shop the page with a free shipping offer.” (CNBC)
  9. Three Reasons Value Stock Investors Will Investors Real Estate Trust (REIT) “Many investors like to look for value in stocks, but this can be very tough to define. There is great debate regarding which metrics are the best to focus on in this regard, and which are not really quality indicators of future performance. Fortunately, with our new style score system we have identified the key statistics to pay close attention to and thus which stocks might be the best for value investors in the near term.” (Zacks)
  10. Baby Boomers Investors Exchanging Multifamily Ownership for Net Lease Retail “Since bottoming five years ago this quarter, the average per square foot price being paid for single-tenant net leased retail properties has now surpassed their pre-recession highs of 2007. The average price increased to about $263 per square foot in the past quarter, up from its low of about $175, according to CoStar Group sales data.” (CoStar News)
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