10 Must Reads for the CRE Industry Today (February 12, 2015)

10 Must Reads for the CRE Industry Today (February 12, 2015)


  1. Blackstone to Buy Stake in New York Office Portfolio “Mr. Rechler has agreed to sell a roughly 50% stake in a portfolio of six New York office buildings to private-equity firm  Blackstone Group  LP in a deal that values the properties at $4 billion, according to people familiar with the matter. The properties include the landmark Starrett-Lehigh Building on Manhattan’s West Side, as well as 340 Madison Ave., 620 Sixth Ave. and 1330 Sixth Ave.” (The Wall Street Journal)
  2. Prologis to Acquire Morris Realty Portfolio in $820M Deal “Upon closing, Prologis will acquire a 100-percent occupied portfolio of 8 Class-A operating and development properties totaling 3.2 million square feet. Also included in the portfolio are 13 retail properties totaling 2.2 million square feet, which will be marketed for sale.” (StreetInsider.com)
  3. Brokerage Colliers Splitting from Parent in Bid to Expand “Colliers International plans to split from parent FirstService Corp., Canada’s largest real estate services provider, to focus on acquisitions and expanding in the commercial-property market. The current publicly traded company will change its name to Colliers International Group Inc., and FirstService will become a new public company.” (Bloomberg)
  4. Chico’s Clothing Stores Near Sale to Sycamore Partners “Chico’s FAS, the women’s clothing retailer, is nearing a sale to the private equity firm Sycamore Partners for upward of $3 billion, according to a person briefed on the matter. If completed, the deal would be the largest buyout of the year.” (The New York Times)
  5. DDR Names David Oakes CEO of U.S. Shopping Center Owner “DDR Corp., a U.S. shopping-center owner, named David J. Oakes as chief executive officer and a member of the board with immediate effect. Oakes joined DDR in 2007 and became president and chief financial officer of the Beachwood, Ohio-based company in January 2013.” (Bloomberg)
  6. Life Companies Now: Higher Volumes, Lower Standards “For life companies and other lenders of a conservative ilk, prevailing conditions are in contrast with the tighter standards enforced in the initial reaction to the financial crisis. Looking forward, some life companies risk compromising that discipline as they increase allocations and work to maintain or improve upon their strong market standing in an environment of heightened competition.” (Commercial Observer)
  7. Wal-Mart to Invest $340 Million in Canada “Wal-Mart Stores Inc said it would invest about $340-million this fiscal year to expand in Canada, lower than what it had budgeted for last year. Wal-Mart’s move comes less than a month after rival Target Corp said it would exit Canada.” (The Globe and Mail)
  8. Vulcan Hands Over Luxury Residential in Seattle “Stockbridge Capital Group has acquired the Rollin Street Flats apartments, a mixed-use property in Seattle’s South Lake Union, from Vulcan Real Estate for $138.2 million.” (Commercial Property Executive)
  9. Freed Sells Shopping Center for More Than $70 Million “While he tries to fight off federal criminal charges and an ugly lawsuit over his family's real estate business, Chicago investor and developer Laurance Freed can still pull off a big real estate deal. A venture of Freed's Joseph Freed & Associates sold the Norridge Commons shopping center in its eponymous suburb to an affiliate of AmCap.” (Crain’s Chicago Business)
  10. Inside the Battle for Washington’s Biggest Real Estate Prize: the Hoover Building “Until now, the public tug-of-war over the FBI and its headquarters has been over where the agency will relocate. On Tuesday, the opening bell rang on a related competition, this one for a half-a-billion-dollar prize: the J. Edgar Hoover Building on Pennsylvania Avenue.” (The Washington Post)
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.