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10 Must Reads for the CRE Industry Today (March 18, 2016)

10 Must Reads for the CRE Industry Today (March 18, 2016)


  1. Starwood Gets Binding $78-a-Share Offer from Anbang Group “Starwood Hotels & Resorts Worldwide Inc., owner of brands such as Westin, Sheraton and W, said it received a binding $13.2 billion takeover bid from a group led by China’s Anbang Insurance Group Co., a superior offer to one by Marriott International Inc. Anbang and its partners will pay $78 a share in cash for Starwood, according to a statement Friday. The offer is $2 a share more than the surprise bid the group made last week.” (Bloomberg)
  2. These Are the Cities Where Rich Millennials Live “Millennials are giving up on getting rich and more likely to identify as working class than other generations, according to recent research. Just not all millennials. Lots of young bankers and lawyers and software developers are making big bucks, and they're especially likely to be your neighbors if you live in Arlington, Va. Aaron Terrazas, an economist at Zillow, compiled a list of the cities in which the most rich millennials live 1, defining millennials as 22 to 34 years old and "rich" as households earning at least $350,000 a year. His research offers one finding you'd expect and another that's a little more surprising.” (Bloomberg)
  3. Fundrise CFO says he was ousted after alerting crowdfunding company of ‘serious fraudulent behavior’ “The former chief financial officer and treasurer of Fundrise, the real estate crowdfunding start-up, says he was terminated by the company after alerting its chief executive to what he called “serious fraudulent behavior” and said the company’s assertion that he had tried to extort it for more than $1 million was baseless. Michael S. McCord’s allegations came in response to two public filings with the Securities and Exchange Commission last month, in which Fundrise alerted investors that it had terminated its chief financial officer and treasurer of nearly two years.” (The Washington Post)
  4. Shared Office Space a Cost Effective Option in Expensive Gateway Cities “According to a new report from CBRE Group, shared office workplaces can be feasible and cost-effective alternatives to traditional office leases--even for larger occupiers, and especially in costly metro areas such as New York, San Francisco, Los Angeles, Miami, London, Hong Kong, Singapore and Tokyo. A number of misconceptions that have perhaps kept larger occupiers away from extensive use of co-working facilities remain, including that this type of space is priced at a premium compared with traditional leases; that it is only utilized by entrepreneurs and small businesses; and that the users are exclusively post-college millennials. Yet CBRE's report found that these assumptions are not accurate.” (World Property Journal)
  5. D.C. Office Building Commands $229M “Carr Properties has acquired 1615 L St., NW., a 418,527-square-foot office building in Washington, D.C.’s Central Business District, from Spitzer Enterprises for $229 million…1615 L St. includes a dramatic central lobby, excellent access to light and air from tenant spaces with long vistas across L Street and the low-rise buildings on 16th Street to the east. Amenities include full-service on-site concierge, 24-hour manned security, restaurant, tenant-only fitness center and a 263-stall underground parking garage with two entrances.

 There’s also collaborative open area work spaces.” (Commercial Property Executive)
  6. Collect and Defend: How to Handle Residents' Data “To quell any concerns, it’s best to update the lease agreement with language regarding what data are being collected and how they’re being used. For example, if you’re collecting data from residents’ smart thermostats, it should be expressly stated whether the manager can track what each resident is doing or if the data collection is just aggregated from all units to provide information such as average temperatures in the building or percentage of units set to the ‘away’ mode.” (Multifamily Executive)
  7. NYC multifamily market pulls in $1.4 billion at start of 2016 “The New York City multifamily market kicked off the year with $1.37 billion in sales involving 76 buildings during January. Dollar volume leaped 68 percent year-over-year, while building volume was down slightly from the 98 multifamily buildings sold during the same period last year. January was anchored by A&E Real Estate Holdings’ purchase of the Riverton housing complex in Central Harlem for $201 million. The deal included nearly 1,000 affordable housing units.” (The Real Deal)
  8. MGM Resorts gets final OK for real estate reorganizationThe Nevada Gaming Commission unanimously signed off on the transactions approved by the Gaming Control Board at a special meeting Wednesday, allowing MGM Resorts to move forward with a major restructuring effort. The company announced last year that it would create a real estate investment trust called MGM Growth Properties LLC that will own 10 of its properties, including seven on the Strip.” (Vegas Inc)
  9. Public Employees Retirement Association of Colorado Purchases 43 Shares of Macerich Co “Public Employees Retirement Association of Colorado boosted its position in Macerich Co (NYSE:MAC) by 0.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,802 shares of the real estate investment trust’s stock after buying an additional 43 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Macerich were worth $2,808,000 as of its most recent SEC filing. A number of other large investors have also recently added to or reduced their stakes in the company.” (Microcap Magazine)
  10. Brookfield refinances One New York Plaza with $750M Wells Fargo loan “Brookfield Office Properties refinanced its office tower One New York Plaza with a $750 million loan from Wells Fargo, according to public records filed with the city Thursday. Brookfield took over the 2.59-million-square-foot building at 1 Water Street in 2006, when it bought Peter Munk’s Trizec Properties for $8.9 billion in partnership with the Blackstone Group.” (The Real Deal)
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