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10 Must Reads for the CRE Industry Today (November 6, 2018)

Sears is said to be nearing a bankruptcy financing deal without Chairman Eddie Lampert’s hedge fund, Reuters reports. is planning to split its two HQ2 between two locations, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Amazon Plans to Split HQ2 Evenly Between Two Citiescom Inc. plans to split its second headquarters evenly between two locations rather than picking one city for HQ2, according to a person familiar with the matter, a surprise decision that will spread the impact of a massive new office across two communities.” (Wall Street Journal, subscription required)
  2. Exclusive: Sears Near Bankruptcy Financing Deal Without Lampert’s Hedge Fund – Sources “Sears Holdings Corp is nearing a deal with new lenders to increase a bankruptcy financing package to as much as $600 million, from $300 million, without Chairman Eddie Lampert’s hedge fund contributing, people familiar with the matter said on Monday.” (Reuters)
  3. CVS to Test Stores With Added Health Services Early Next Year After Aetna Deal Closes “Consumers will soon start to see CVS Health’s vision for the future of health care. CVS expects its roughly $69 billion acquisition of health insurer Aetna to close before Thanksgiving, the company said Tuesday when announcing third-quarter financial results.” (CNBC)
  4. What Amazon’s HQ2 Will Mean for House Prices “Having Amazon as a neighbor will result in very different consequences for homeowners and renters.” (MarketWatch)
  5. The 25 Most Powerful Real Estate Figures in Los Angeles “Selecting a mere 25—or, 26, if you count our honorable mention, Elon Musk—individuals who represent the power players in commercial real estate in a city as vast and diverse as Los Angeles is a daunting task.” (Commercial Observer)
  6. Lower Manhattan’s Boom Continues – For Now “Lower Manhattan’s remarkable commercial diversification is exultantly reported in the Downtown Alliance’s third-quarter Manhattan real estate market report.” (New York Post)
  7. WeWork Launches New Investment Fund, Plans First Ground-Up Development “WeWork launched a new real estate investment fund and is close to buying a massive development site in Austin, Texas, according to sources familiar with the matter.” (The Real Deal)
  8. In Nine West Bankruptcy, Some Creditors Say That Too Much Money Went to Private Equity “Creditors seeking to scrape value out of the shoe manufacturer Nine West Holdings Inc., now in bankruptcy, suspect they have found where they money went: its private equity sponsors.” (Barron’s)
  9. Silicon Nation: Tech Firms, Chasing Millennial Workers, Look Beyond the West Coast “In 2016, Thiel bucked his fellow new-economy titans and offered an unqualified endorsement to Donald Trump; he promoted efforts to forge floating societies in international waters; he’s even advocated space colonization. But one of the entrepreneur’s boldest heresies came earlier this year, when he launched a broadside at Silicon Valley itself.” (Commercial Observer)
  10. Real Estate Mogul Won’t Pay $160K in Back Rent: Suit “A real estate big shot refuses to pay a $160,000 rental tab he’s been running up for two years for a luxury midtown co-op, according to a lawsuit. Jeffrey Kosow, 73, who owns more than 4,500 rental and condo units in New York, New England and Florida, has shirked the $9,000 monthly bill for the suite he shares with wife June at the high-end Lombardy Hotel on East 56th Street, according to court papers filed by the unit’s owners.” (New York Post)
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