10 Must Reads for the CRE Industry Today (September 25, 2014)

10 Must Reads for the CRE Industry Today (September 25, 2014)


  1. Verizon Said to Hire TAP Advisors for Tower Sale by Year End “Verizon Communications Inc. is pushing for a sale of its wireless network towers by year-end, according to people familiar with the situation, in a deal that may raise about $6 billion for spectrum purchases. Verizon, the biggest U.S. mobile-phone company, has hired TAP Advisors LLC, a New York boutique investment bank, to work on a tower sale and leasing agreement, two of the people said. The package would involve about 12,000 towers and could be announced within 30 to 60 days, according to one of the people, who asked not to be identified because the discussions were private.” (Bloomberg)
  2. Upscale new residential complex opens in L.A. arts district “In what may be the strongest sign of the neighborhood's upscale transformation, a massive residential project — which looks more like a long train than a typical apartment complex — has opened in the arts district of downtown Los Angeles. The 438-unit One Santa Fe development — nicknamed the ‘Empire State Building on its side’ — has begun welcoming its first residents. If stacked vertically, the more than 1,500-foot-long project would rise higher than the New York landmark.” (Los Angeles Times)
  3. Stephen Blyth Named Next President and CEO of Harvard Management Company “Stephen Blyth will be the next president and chief executive officer of Harvard Management Company, the University’s investment arm which manages its $36 billion endowment. Blyth, who is currently a managing director and head of public markets at HMC as well as a professor of statistics, will assume the role Jan. 1, 2015. He will manage the largest university endowment in the world, which, as reported yesterday in HMC’s annual report, currently sits at $36.4 billion.” (The Harvard Crimson)
  4. Austin Office Space: More Supply, Less Demand? Guess Again “Even with nearly 750,000 square feet of office space under construction in downtown Austin, the area's occupancy rate is poised to increase under intense demand from tenants in a variety of industries. ‘When all the buildings that are under construction deliver, the occupancy rate will actually go up, because of the preleasing in the buildings,’ said Charles Heimsath, president of Austin-based Capitol Market Research. ‘That may be an unprecedented situation and shows the tremendous strength of the downtown market.’” (The Wall Street Journal)
  5. Invest Group Overseas Unveils Plan for $700M Mixed-Use Project in Frisco “Invest Group Overseas (IGO), a Dubai-based development company, recently made public its plan to develop The Gate, a $700 million luxury, mixed-use project in Frisco. It represents the company’s first project in the state of Texas.” (Commercial Property Executive)
  6. Macy's aims to become retail tech powerhouse with latest moves “Macy’s  has spent hundreds of millions of dollars beefing up its e-commerce firepower in recent years. That has given Macy’s a big head start over rivals such as J.C. Penney and Kohl’s, in terms of having the ability to use stores to fill online orders or orders from other stores, as well as the ability to offer customers the option of ordering online before coming in stores.” (Fortune)
  7. Saks to Open in Lower Manhattan as Hudson’s Bay Relocates “Saks Fifth Avenue agreed to anchor the retail portion of lower Manhattan’s Brookfield Place and its parent company, Canadian retailer Hudson’s Bay Co., will move its U.S. headquarters into office space at the complex. Hudson’s Bay signed leases totaling 485,000 square feet (45,000 square meters) at the property, landlord Brookfield Property Partners LP said today in a statement. The agreements will bring the occupancy level at the 8.5 million-square-foot Brookfield Place to 95 percent, its New York-based owner said.” (Bloomberg)
  8. Casino hearing focuses on the spoils “At a public hearing to consider nine casino proposals in the Hudson Valley on Tuesday, developers and their surrogates offered some unorthodox arguments to woo the state's casino siting board. ‘I guess many of you are asking yourselves, why would a clergyman be at a hearing advocating gambling?’ said the Reverend William Mizell, of Mount Vernon’s Grace Baptist Church. ‘Reverend, why are you here?’ Dennis Glazer, one of the five members of the state’s Gaming Facility Location Board, duly asked.” (Capital New York)
  9. Grand Central owner offers SL Green $400M for One Vanderbilt “Andrew Penson, an investor who owns Grand Central Terminal, offered SL Green $400 million on Tuesday for the adjoining block on which the developer plans to build One Vanderbilt. The move marked the latest chapter in an ongoing feud between Penson and one of the city’s largest commercial landlords, which involves a number of zoning issues, a question of air rights values and a potential lawsuit.” (The Real Deal)
  10. Durable Goods Show Record Decline, Following Record Gain “Durable goods are showing a record drop for the month of August, but that is on the heels of a record gain in the month of July. August’s durable goods reading from the Commerce Department came in at -18.2%, worse than the -17.5% consensus from Dow Jones and even worse than the -17.1% consensus from Bloomberg. We would remind readers that durable goods is perhaps the most volatile of all economic readings from a month-to-month perspective.” (247WallSt.com)
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