- Amazon Bets on Office-Based Work With Expansion in Major Cities “Amazon.com Inc. is expanding its physical offices in six U.S. cities and adding thousands of corporate jobs in those areas, an indication the tech giant is making long-term plans around office work even as other companies embrace lasting remote employment.” (The Wall Street Journal)
- What To Watch As Simon Looks To Exit $3.6B Taubman Deal “Simon's argument in part relies on the grounds of a material adverse change clause being triggered. MAC clauses, sometimes alternately called material adverse effect clauses, allow parties to terminate agreements if some adverse change, as defined by the specific nature of the clause, occurs after the deal is signed, although the bar is high for convincing a court to call a deal off.” (Law360)
- Seven Percent of CMBS World Hit Special Servicing in First Half of 2020 “Around 7 percent of the commercial mortgage-backed securities (CMBS) sphere was transferred to special servicing in the first half of this year as the country and the commercial real estate finance sector wrestled with life under the weight of COVID-19, according to a Fitch Ratings analysis of Trepp CMBS monthly special servicing data.” (Commercial Observer)
- Report: Nursing home cases up nearly 80% in COVID-19 rebound “COVID-19 cases in U.S. nursing homes jumped nearly 80% earlier this summer, driven by rampant spread across the South and much of the West, according to an industry report released Monday…. Long-term care facilities account for less than 1% of the U.S. population, but more than 40 percent of COVID-19 deaths, according to the COVID Tracking Project.” (The Associated Press)
- Construction Starts Decline in July, Dodge Finds “Dodge’s study found that the total number of construction starts decreased 7 percent to a seasonally adjusted annual rate of $631.6 billion in July, compared to the previous month’s $678.6 billion. The drop in the overall count was mostly attributed to the steep decline of 31 percent in nonbuilding construction starts.” (Commercial Property Executive)
- NMHC Detailed Analysis: What Do President Trump’s COVID-19 Executive Orders Mandate? “There has been speculation that the Executive Orders could face multiple legal challenges. But at this time, no court challenges have been filed. NMHC and NAA will continue to follow actions related to these Executive Orders, any legal challenges and will push Congress and the Administration to return to the bargaining table to reach a consensus on a comprehensive COVID-19 relief package that addresses the needs of both residents and housing providers.” (NMHC)
- Newsom nears pivotal decision: Should California try to reopen again? “Newsom will face his toughest test as soon as Tuesday when San Diego County is expected to get off the state's list of coronavirus trouble spots. Not only would the county of 3.3 million become the most populous to shed its watch list status, it features a Republican big city mayor who has been driving hard to reopen businesses in a more politically moderate region — and who may be the GOP's best hope to challenge Newsom in two years.” (Politico)
- World’s largest sovereign wealth fund reports $21 billion loss after ‘volatile’ first half of the year “Norway’s huge pension fund — the largest sovereign wealth fund in the world — reported negative returns for the first half of the year on Tuesday, citing “major fluctuations” in equity markets. The Government Pension Fund Global said it returned -3.4% for the first six months of 2020, equivalent to -188 billion kroner (-$21.3 billion).” (CNBC)
- U.S. activists complain that virtual shareholder meetings let companies silence them “Investors faced obstacles, such as not being able to ask questions or not having their inquiries addressed, about 55% of the time in a sample of 88 virtual shareholder meetings held this year and reviewed in a Hebrew University of Jerusalem study published this month. The researchers did not provide such figures for in-person shareholder gatherings in previous years but estimated that this year’s virtual meetings had significantly increased the number of dodged questions. (Reuters)
- Shoe Seller Payless Attempts a Comeback “Payless ShoeSource Inc. twice filed for bankruptcy protection and last year closed its 2,500 North American stores. Now, amid the coronavirus pandemic, the discount shoe retailer is attempting its third comeback.” (The Wall Street Journal)
- NBA legend-turned-real estate investor David Robinson anticipates a return to the office with ‘refreshed perspective’ “NBA legend-turned-real estate investor David Robinson told CNBC on Monday that he believes the coronavirus pandemic has not ushered in the end of corporate offices, despite the widespread work-from-home shift during the crisis.” (CNBC)
- NYC pols propose tax breaks for landlords who go easy on small businesses’ rent “Landlords would get property tax abatements if they renegotiate leases and limit annual rent increases under the proposal from Councilmen Brad Lander (D-Brooklyn) and Keith Powers (D-Manhattan), state Sen. Brian Kavanagh (D-Brooklyn) and Assemblywoman Yuh-Line Niou (D-Manhattan).” (New York Daily News)
- SF’s housing market is weakening as some suburbs see ‘crazy heated insanity’ “July existing, single-family home sales were strongest year over year in Sonoma and Marin counties, each up roughly 36%, and in Napa, up 28% from the prior year, according to a California Association of Realtors report issued Monday. They were weakest in San Francisco, up 1.4%, and Alameda, up 6.5%, the report said. Overall, Bay Area existing, single-family home sales were up 14.8% year over year and up 26.1% from June.” (The San Francisco Chronicle)
- NYC hotels, rentals must require guests to fill out traveler form “Mayor Bill de Blasio on Tuesday signed an executive order requiring the traveler health forms be completed by people coming from states on the restricted list during the coronavirus pandemic.” (New York Post)
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