10 Must Reads for the CRE Industry Today (March 4, 2015)

10 Must Reads for the CRE Industry Today (March 4, 2015)

  1. Chicago’s 110-Story Willis Tower Put Up for Sale “Chicago’s Willis Tower, once the world’s tallest building and one of the city’s top tourist attractions, is up for sale. The owners, which include New York-based investors Joseph Chetrit and Joseph Moinian, have hired brokerage Eastdil Secured to market the 110-story skyscraper, said a person with knowledge of the matter, who asked not to be identified because the listing isn’t public. It may fetch around $1.5 billion.” (Bloomberg)
  2. Tech Firms Buy Up Property for Future Growth “Some of Silicon Valley’s biggest companies are on a real estate buying binge, paying premium prices to make sure they have enough space for future expansion. Facebook  Inc. is the latest to dive in, agreeing last month to spend $395 million for Menlo Science and Technology Park, a jumble of 21 low-slung warehouses and office buildings 30 miles southeast of San Francisco.” (The Wall Street Journal)
  3. Lowes Hotels & Resorts Debuts New Downtown Chicago Property “Loews Hotels & Resorts has opened the 400-room Loews Chicago Hotel, the second hotel to open in the city’s downtown so far this year, but it won’t be the last with about 2,200 new rooms scheduled to come online in 2015. Located in Streeterville, the luxury hotel is one block north of the Chicago River and two blocks east of North Michigan Avenue.” (Commercial Property Executive)
  4. Equity Firms are Lending to Landlords, Signaling a Shift “Three big private equity firms — the Blackstone Group, Colony Capital and Cerberus Capital Management — are betting that so-called landlord loans to small and midsize investors will become the next big opportunity to profit from the rebound in the United States housing market. The private equity firms are providing financing indirectly to hundreds of real estate funds buying single-family homes, something that until recently was not widely available.” (The New York Times)
  5. Judge Poised to Close the Spire Case, but Not the Hole “A federal judge could close the Chicago Spire bankruptcy case as soon as this month, but what happens to Chicago's most famous hole in the ground won't be decided anytime soon. About four months after taking over the Chicago Spire property, Chicago developer Related Midwest has filed a motion in U. S. Bankruptcy Court in Chicago asking Judge Janet Baer to close the Chapter 11 case involving the site at Lake Shore Drive and the Chicago River.” (Crain’s Chicago Business)
  6. Silicon Desert? Developer Bets on Scottsdale as a Tech Hub “Where will tech companies expand when they grow weary of soaring rents and prices in Silicon Valley and San Francisco? At least one developer is hoping it will be 750 miles to the southeast in Scottsdale, Ariz.” (The Wall Street Journal)
  7. Hardest-Hit States Won’t Revisit House-Price Peaks This Decade “The hardest-hit states won’t get back to their housing-boom-era peak prices this decade. That’s according to a MarketWatch analysis of the latest home-price data from CoreLogic. For this analysis, MarketWatch looked at the year-over-year growth rates both nationally and at state levels for the states where prices skidded at least 20% from their peaks.” (MarketWatch)
  8. Argent, Related Form New JV Company “Related Cos. and Argent have formed Argent Related, which will capitalize on the U.S. and U.K. firms’ expertise and track record of significant urban placemaking in the development of all future projects in London and throughout the U.K.” (Commercial Property Executive)
  9. Target to Shift Big Chunk of Spending to Tech from Stores “This fiscal year, Target will spend about $2.1 billion on capital projects, about the same as it did in 2010. But back then, the bulk of the spending went to new stores and remodels. This year, company executives said at a meeting with Wall Street analysts to unveil its five-year plan, $1 billion of that budget, or just about half, on its digital capabilities.” (Fortune)
  10. Google Pays Cash to WebMD to Decamp from 111 Eighth Ave. “The health information services company is receiving an undisclosed pot of cash to relocate from the search giant's huge Chelsea office building 15 blocks south to 395 Hudson St., where it has signed a 150,000-square-foot lease. Google has been reclaiming space where it can at 111 Eighth Ave. in order to accommodate its own voracious needs.” (Crain’s New York Business)
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