- Norway Restructuring Real Estate Program “Norges Bank, which manages the investments of the Government Pension Fund Global (GPFG), wants to reduce its target allocation for the segment to between 3% and 5%, from 7%.… The world’s largest sovereign wealth fund has chosen to cut back on unlisted assets to instead focus on listed real estate companies as it has struggled to buy unlisted properties on the cheap.” (Chief Investment Officer)
- LG Electronics to outsource rationalization in real estate assets “The electronics maker has previously chosen a different agency for every real estate deal. The latest move indicates its resolve to speed up transactions through a fixed advisory pool.” (Pulse News)
- The Benchmark Set to Replace Libor Suffers Volatility Spike “If SOFR proves unusually volatile or hard to predict, it would diminish the benchmark’s appeal to companies that are considering tying their borrowing costs to it, adding uncertainty to the market’s search for a suitable Libor alternative.” (The Wall Street Journal)
- Big Bank Merger Fallout “The decade-long drought in big bank mergers ended last week when southern regional banks BB&T Corp. and Sun Trust Banks Inc. agreed to a $66 billion merger to create the sixth-largest U. S. retail bank with major implications for Atlanta, Charlotte and Orlando.” (GlobeSt)
- Diversity and Inclusion: “It Has to Be on the Agenda” “To address those lingering demographic disparities, a panel discussion during NAIOP’s Chapter Leadership & Legislative Retreat, held last week in Washington, D.C., highlighted notable efforts by three NAIOP chapters to promote inclusivity in the workplace.” (NAIOP)
- Silverstein May Start Building Final WTC Tower Without Signed Tenant “The firm might build 2 World Trade Center “on spec,” or without a committed tenant, Chairman Larry Silverstein said in an interview. The building’s foundation was started, with no further work done because the developer hadn’t found a company to anchor the space. But a strong economy and leasing progress at neighboring towers may change those plans, he said.” (Bloomberg)
- Real Estate's Blink Moment: The Clamor for Kardashian-Like Eyelashes Spurs Demand for New Salons “What was once the sole province of the rich and famous, falsies now have gone mainstream with franchises growing to meet the desire for longer, luxurious lashes at a fraction of the cost.” (CoStar)
- Despite Financial Woes, Wanda Dominates China’s Top Commercial Developers In 2018 “Dalian Wanda boss Wang Jianlin has been forced to scale back his ambitions and sell off overseas and non-core assets in the past two years, but his flagship real estate operation still has more than twice the operating revenue of its closest rivals in China’s commercial real estate market, according to recently compiled statistics.” (Mingtiadi)
- WeWork finally owns its HQ property “The transaction was scheduled to close in August 2018 but WeWork extended the deadline twice, to Jan. 31, by making payments of $50 million to the seller, HBC. The Canadian retail giant also took a minority stake in the building worth $125 million.” (The Real Deal)
- New York’s Capitale Heads to Auction in Unconventional Real Estate Arrangement “Potential bidders for 130 Bowery will be asked to tour the property and submit written bids, along with a deposit of $1 million, before the auction deadline of April 30. If more than three viable offers are received, a live, auction house-style sale will take place.” (Bloomberg)
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