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10 Must Reads for the CRE Industry Today (November 20, 2018)

Sears has proposed bonus packages worth millions for its top executives, the Wall Street Journal reports. There is a new plan to straighten Millennium Tower in San Francisco and stop it from sinking, according to the San Francisco Chronicle. These are among today’s must reads from around the commercial real estate industry.

  1. There’s a New Plan to Stop Millennium Tower Sinking – And Settle Lawsuits “All sides in the Millennium Tower debacle appear to be nearing an agreement on a $100 million-plus fix to stop the 58-story high-rise from sinking further — but at least part of the building’s tilt will probably remain. ‘We’re very encouraged by the recent progress that has been made,’ said P.J. Johnston, spokesman for Millennium Partners, the luxury condominium’s developer. ‘We look forward to working with the homeowners and the city to get this all completed as soon as possible.’” (San Francisco Chronicle)
  2. Sears Proposes Bonus Package for Top ExecutivesSears Holdings is seeking permission to pay its top executives millions of dollars in bonuses over the next two financial quarters. The company has pinpointed 18 top executives to share in a total $8.5 million in bonuses, split between the periods ending in January 2019 and April 2019, according to court papers filed Thursday.” (Wall Street Journal, subscription required)
  3. Ivanka Trump Made $3.9 Million from D.C. Hotel in 2017 “President Donald Trump's daughter and adviser Ivanka Trump made $3.9 million in profit last year off her stake in the Trump International Hotel, while taking in at least $5 million from businesses connected to her personal brand, a newly released financial disclosure shows. Ivanka Trump also reported taking in about $2 million in 2017 pay and severance from an entity called the Trump Payroll Corp., the disclosure said.” (Politico)
  4. Kroger Names Cincinnati the first US City to Open an Ocado Automated Warehouse “Grocery giant Kroger announced Monday that Monroe, Ohio, a suburb outside of Cincinnati, will be the home of its first Ocado customer fulfillment center.” (CNBC)
  5. Hedge Fund Offers Truce to Save Sears Swaps Wager “One of Sears Holdings ’s largest creditors is offering a settlement to dissuade the bankrupt retailer from launching an unusual bidding war that could upend a credit-derivative bet. Cyrus Capital Partners, a hedge fund hoping to salvage a bad bet that it made on Sears, is offering to pay for hundreds of millions of dollars of internal loans to different Sears affiliates to keep them from being put up for auction, according to people familiar with the matter.” (Wall Street Journal, subscription required)
  6. 9 Facts About Amazon’s Unprecedented Warehouse Empire “This year’s holiday season will be a busy one for Amazon, especially coming after a year in the headlines due to the HQ2 race, the introduction of cashier-less stores, and continued expansion in its hometown, Seattle. Behind the company’s growth and expansion lies an immense, intricate logistics network that enables it to offer incredible delivery times to every corner of the country.” (Curbed)
  7. Sears Is Just One of Five Retailers That Have No Room for Error This Holiday Season “Despite all the changes in retail, one thing remains constant: The holidays are the most crucial season of the year. Many retailers can ring up a third or more of their sales during the holiday quarter.” (CNBC)
  8. Did a Tax Increase Tucked Into Trump’s Tax Cut Come Back to Bite Republicans? “President Trump’s $1.5 trillion tax cut was supposed to be a big selling point for congressional Republicans in the midterm elections. Instead, it appears to have done more to hurt, than help, Republicans in high-tax districts across California, New Jersey, Virginia and other states. House Republicans suffered heavy Election Day losses in districts where large concentrations of taxpayers claim a popular tax break — the state and local tax deduction — which the law capped at $10,000 per household.” (The New York Times)
  9. Peloton Inks 312K-SF Lease to Anchor Cove’s Hudson Commons Office ProjectPeloton is moving its corporate headquarters to Hudson Commons after agreeing to take 312,000 square feet of office space at the Cove Property Group-helmed redevelopment on the Far West Side, the fitness startup announced today. The cycling equipment and technology company will anchor the redeveloped 25-story, 700,000-square-foot office building at 441 Ninth Avenue, where Cove is building a 17-story addition to the existing eight-story, 423,000-square-foot building between West 34th and West 35th Streets.” (Commercial Observer)
  10. The Future of Luxury Retail Includes Making It Harder to Find a Store “Changing consumer attitudes and rents outpacing sales have forced the luxury retail to answer a simple question of survival: Where exactly is the high-end sweet spot?” (BisNow)
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