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Five Must Reads for the CRE Industry Today (October 21, 2019)

Destination Maternity is preparing to file for bankruptcy, CNBC reports. Legg Mason is starting its first commercial real estate fund, according to ThinkAdvisor. These are among today’s must reads from around the commercial real estate industry.

  1. Destination Maternity Plans Bankruptcy That Could Come Within Weeks “Destination Maternity, a leading retailer of maternity wear, is planning a bankruptcy filing that could come as soon as the next few weeks, as it deals with better-capitalized competition and an onerous debt load, people familiar with the matter told CNBC. The company is working with advisors at the law firm Kirkland & Ellis and Berkeley Research Group, one of the people said. It is trying to find a buyer in bankruptcy, but if it is unable, it will likely be forced to liquidate, that person said.” (CNBC)
  2. Here Are the U.S. Cities with the Highest Growth in Job Openings and Wages “The U.S. job market is still strong, but some cities appear to have more pep than others. The top three cities for the most job openings are Boston (up 8.4% year over year in September with 152,683 open jobs), Philadelphia (up 6.4% over the same period with 112,692 open jobs) and Atlanta (up 5.5% with 192,889 open jobs), according to Glassdoor’s latest job market report. That compares favorably to an overall growth of 3.5% in job openings annually in September, with total open job openings nearing 6 million.” (MarketWatch)
  3. Legg Mason Launches First Commercial Real Estate Fund: Portfolio Products “Legg Mason is fielding its first commercial real estate-focused fund for individual investors. The Clarion Partners Real Estate Income Fund (CPREIF) has a management fee of 1.25% and is being managed by Legg Mason affiliate Clarion Partners. The new fund enables individuals and small institutions to access private real estate transactions that are usually only available to larger investors at ‘significantly higher minimums,’ according to Brad Fryer, managing director of alternative sales for Legg Mason.” (ThinkAdvisor)
  4. SF’s Public Housing Was Crumbling. Is a Multibillion Dollar Makeover Plan the Answer? “In late October, 58-year-old Rodney Randolph will move down the hill from his public housing unit in San Francisco’s once notorious Sunnydale public housing project to a fifth-floor apartment in a new building just completed two blocks away. It’s a five-minute walk from the old spot to the new place. But it feels like a world away.” (San Francisco Chronicle)
  5. A Biotech Real Estate Firm Wants a New Slogan. WeWork Says Not So Fast “Embattled office-subleasing and ‘consciousness-elevating’ company WeWork has a bone to pick with a biotech giant. The company is opposing a request from Alexandria Real Estate, the Boston-based company known for managing nearly all of the major pharma buildings in Kendall Square, to trademark the phrase ‘weARELabs,’ according to documents filed with the U.S. Patent and Trademark Office.” (Stat)
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