- Senate Approves Terror Insurance Bill “The Senate approved legislation Thursday to reauthorize the Terrorism Risk Insurance Act (TRIA) for six years, over the objections of some Democrats who criticized a provision they said would weaken Wall Street regulations. The bill, which cleared the House a day earlier, passed the upper chamber on a 93-4 vote.” (The Hill)
- KKR Said to Recruit Rialto Team for Real Estate Debt Expansion “KKR & Co., the private equity firm run by Henry Kravis and George Roberts, is hiring about 12 dealmakers from Rialto Capital Management to invest in real estate debt, according to a person with knowledge of the matter.” (Bloomberg)
- Zara Parent Breaks Soho Record with $20,000 PSF Retail Condo “Aside from its eye-popping $280 million price tag, mondo clothier Inditex’s impending purchase of a retail condo on Broadway in Soho will break the neighborhood’s retail record with a price tag of more than $20,000 per square foot. The international fashion corporation, which is the parent company of Zara, signed a contract to pay $20,588 a foot for the 13,600-square-foot ground floor of a newly created retail condo at 503 Broadway.” (The Real Deal)
- Canadian Pension Fund Buys Stake in San Francisco Office Tower “Canada Pension Plan Investment Board agreed to pay about $219.2 million for part of a San Francisco office building where ride-sharing company Uber Technologies Inc. and mobile-payment provider Square Inc. have their headquarters. The pension fund plans to buy the 45 percent stake in 1455 Market St. from Hudson Pacific Properties Inc., the companies said today in a statement.” (Bloomberg)
- Macy’s Closing 14 Stores, Expects Charges of Up to $110M “Macy's is closing 14 stores and expects to take charges of up to $110 million, according to the company on Thursday. Shares for Macy's was down nearly 3 percent in after-hours trading.” (CNBC)
- Multifamily Recycling: An Opportunity to Reach Zero Waste “As the fastest-growing large city in the U.S., Austin Texas attracts 100+ new residents a day. Due to a tight housing market, most of these transplanted Austinites rent apartments, condos or other multifamily units. While curbside recycling is the norm for Austin homeowners, many rental properties don’t yet offer recycling pickup.” (Waste 360)
- Inside Lending Trends in Real Estate Finance: The U.S. v. Europe “Several years on, how has real estate finance in U.S. and Europe recovered, and what trends have emerged? Has the financial shock of 2008 brought the real estate markets closer together or driven them further apart?” (Inside Counsel)
- Mercedes-Benz USA HQ Finds New Home “Saying it is designed to better serve its customer base and strengthen the company’s position for long-term, sustainable growth, Mercedes-Benz USA will move its U.S. headquarters from Northern New Jersey to Atlanta.” (Commercial Property Executive)
- See if Your Hometown JC Penney is Closing “Belus Capital Advisors analyst Brian Sozzi says he expects more retailers to announce store closures in the coming weeks, including Macy's, Abercrombie, Aeropostale, Target, and Wal-Mart.” (Business Insider)
- Volcker Criticizes Congress’ Attempt to Weaken Dodd-Frank “Former Federal Reserve Chairman Paul Volcker criticized Congress’ attempt to delay provisions of the Dodd-Frank law rule that bears his name. On Wednesday, the House of Representatives voted down a bill that would have delayed a provision of the so-called Volcker rule that would have given banks until 2019 to comply with rules regarding collateralized loan obligations, a type of security backed by debt, often high-risk commercial loans.” (MarketWatch)
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