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10 Must Reads for the CRE Industry Today (October 19, 2018)

Amazon is revisiting some of the finalist cities for its second headquarters location, the Wall Street Journal reported. Forbes details where it is cheaper to rent than buy. These are among today’s must reads from around the commercial real estate industry.

  1. Amazon Revisits Some Cities as HQ2 Decision Loomscom Inc. executives have made a fresh round of visits to several of the 20 finalists for its $5 billion second-headquarters project, fueling added anticipation as it nears a decision in a process that has stretched over more than a year.” (Wall Street Journal, subscription required)
  2. Where Is It Cheaper To Rent Than To Buy? 16 U.S. Cities Make The Cut. “California does it again. The high cost of home ownership is no secret in the West Coast cities, but the gap between monthly rent and monthly mortgage payments (includes principal, taxes, insurance and interest, or "PITI") in those northern California cities is shocking in some cases.” (Forbes)
  3. New ‘Opportunity Zone’ Tax-Break Rules Offer Flexibility to Developers “The Trump administration on Friday will propose guidelines that will help investors use a new tax incentive that encourages development in low-income areas. The Treasury Department designed the rules for the Opportunity Zone program to give businesses enough flexibility and certainty to start making major investments, said senior department officials who described the proposal in advance of its release.” (Wall Street Journal, subscription required)
  4. Sears’s Edward Lampert Was a Wizard. Now He’s Coming to Terms With Failure. “With the bankruptcy this week of Sears Holdings, which he has run as chief executive and chairman since 2013, Mr. Lampert, now 56, was back on the nation’s front pages. The coverage has been as damning as it was once fawning. Mr. Lampert has become the villain, accused of pillaging and destroying an American retail icon to further line his already stuffed pockets.” (The New York Times)
  5. Trump Organization Sues Man Who Died in Trump Tower Fire “The Trump Organization has filed a lawsuit seeking to reclaim $90,000 in unpaid fees from a Trump Tower resident who died in an April fire at the tower.” (The Associated Press)
  6. Among Amazon HQ2 Watchers, Northern Virginia Checks the Most Boxes “Amazon won’t say a word about where it plans to put its much-hyped second headquarters. Officials in the 20 cities and regions named as finalists say that they don’t know anything – and that even if they did, they wouldn’t share it publicly.” (The New York Times)
  7. Six Skills Real Estate Investors And Developers Need To Develop “Real estate can be an excellent investment, but like any investment, there are risks — and you'll want to know what you're doing before you get in too deep. One way to do this is to talk with people active in the industry.” (Forbes)
  8. GWL Acquiring Guggenheim Real Estate “GWL Real Estate Advisors is acquiring real estate manager Guggenheim Real Estate from Guggenheim Investments, said Michele Walkau, senior vice president, corporate services for GWL Realty Advisors, in an email.” (Pensions & Investments)
  9. Mark Lapidus Out at WeWork Amid Real Estate Leadership Shakeup “Mark Lapidus, WeWork’s former head of global real estate and one of the company’s earliest employees, has left the company amid a leadership shakeup in the real estate department, sources told The Real Deal.” (The Real Deal)
  10. Developer to Expand East Side Biotech Campus “The developer of a large life sciences campus on Manhattan’s east side has reached an agreement with the city to raise a third and final tower on the site that could cost $700 million or more to build.” (Crain’s New York Business)
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