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10 Must Reads for the CRE Industry Today (December 6, 2019)

Facebook is in negotiations for a 700,000-sq.-ft. Midtown Manhattan lease, reports the Wall Street Journal. San Francisco approves a plan to convert two Nordstrom floors at Westfield San Francisco Centre to office space, according to the San Francisco Chronicle. These are among today’s must reads from around the commercial real estate industry.

  1. Facebook in Talks for New York Office, in Deal Making the Company One of City’s Largest “Facebook Inc. is in talks to lease a landmark Manhattan building in a deal that would make it one of New York’s largest corporate tenants and would help offset the lack of Inc. ’s second headquarters earlier planned for the city. The social-media giant has its eye on about 700,000 square feet of space at the Farley Building, a vast post office undergoing mixed-use redevelopment in Midtown Manhattan, people familiar with the discussions said.” (Wall Street Journal, subscription required)
  2. Airbnb to Open ‘Natiivo’ Condo Tower in Miami “Miami’s first Airbnb-branded building is rising Downtown. The 48-story tower, dubbed Natiivo, will boast 604 units — 412 condos and 192 hotel rooms — all of which can be rented and managed via the short-term rental giant. Better still, the condo owners’ right to list their homes for extra cash is grandfathered in with the city.” (New York Post)
  3. Union Square Retailers Fight to Bar Cannabis Dispensary from ‘Luxury Zone’ “Alexis Bronson is having some serious trouble with his neighbors — and he hasn’t even moved in yet. Since the spring of 2018, Bronson and his business partners have been working to transform a vacant storefront at 152 Geary St. in the heart of San Francisco’s posh Union Square into a high-end cannabis store. Bronson has been selling marijuana since long before it was legalized.” (San Francisco Chronicle)
  4. Three Common Real Estate Mistakes Physicians Make “Real estate is the second highest expense behind payroll for most healthcare practices. The benefits of capitalizing during lease negotiations can include a healthy raise through increased profitability, reduced debt, a nicer office and more. On the contrary, if negotiations are not handled properly, the results can be decreased profitability; resulting in the need to produce tens to hundreds of thousands of additional dollars just to pay the same bills that should have cost dramatically less.” (Medical Economics)
  5. After Fighting Hasidic Housing, a Small Town Faces a Backlash “For the past two years, the residents of a small town 60 miles north of New York City have openly fretted about a proposed housing development that they fear will be filled with Hasidic Jews. Officials in Chester, N.Y., according to a lawsuit filed against it, have passed ordinances, denied building permits and imposed costly requirements on the developer in a concerted effort to slow or even stop the project.” (The New York Times)
  6. SF Approves Plan to Convert Two Nordstrom Floors to Office Space at Westfield San Francisco Centre “The San Francisco Planning Commission unanimously approved the Westfield San Francisco Centre’s plan Thursday to convert a portion of the mall’s upper retail floors to office space. Westfield SF, considered to be the city’s largest shopping center, plans to convert 49,999 square feet of retail space on the seventh and eighth floors to offices. The floors, currently used for retail, storage and meetings, are part of a larger $75 million renovation that includes a facade with more glass and three rooftop terraces facing Market Street on one end of the mall.” (San Francisco Chronicle)
  7. Kroger to Divest its Interest in Lucky’s Market “Kroger has reviewed its portfolio and opted to divest its interest in Lucky’s Market. The retailer announced the move in its third-quarter earnings report. In 2016, Kroger made a significant investment in Niwot, Colo.-based Lucky’s to accelerate the growth of the specialty grocer. At the time Kroger announced its new partnership with Lucky’s, the chain had 17 stores. As of August, Lucky’s has 39 locations and a new distribution center in Florida.” (Produce Retailer)
  8. Why Is Healthcare Real Estate a Solid Investment? “What will 2020 bring in regard to new development, leasing, and financing in healthcare? That was one of the many questions tackled by panelists at the recent GlobeSt. Healthcare Real Estate Conference held here this week. In one particular panel, for example, panelists discussed how investor groups are designing their strategies to meet the demands and challenges of the current market and shared their insights and predictions for key market dynamics.” (
  9. Prologis Commits $5B to China Funds “Prologis Inc. has just made a couple of major moves involving more than $5 billion in China. The logistics real estate giant has announced the expansion of Prologis China Logistics Venture 3 to approximately $3.5 billion and the creation of Prologis China Core Logistics Fund LP, a $1.7 billion open-ended investment vehicle.” (Commercial Property Executive)
  10. Southern California’s First Luxury LGBTQ Retirement Community Is Waiting in the Wings “Long a popular retirement harbor for gay men, Palm Springs will soon welcome what’s perhaps the ultimate queer golden-age ticket: a luxury condominium community designed for active LGBTQ seniors. Set to break ground in January, the $60-million $70-million amenity-rich Living Out complex is the vision of longtime developer partners Paul Alanis and Loren Ostrow of Los Angeles-based KOAR International.” (Los Angeles Times)
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