- Carlyle Weighs U.S. Real Estate Expansion, Rubenstein Says “Carlyle Group LP, the world’s second-biggest manager of alternatives to stocks and bonds, may add a real estate offering targeting about 10 percent returns, co-founder David Rubenstein said.” (Bloomberg)
- Buyout firm Arcapita Sells $640 mln U.S. Real Estate Portfolio “Bahrain-based Islamic investment firm Arcapita said on Wednesday it had sold its real estate portfolio of retirement communities across the United States to NorthStar Healthcare Income Trust for $640 million. The portfolio includes 16 facilities and 4,000 residential units for continuing senior care.” (Reuters)
- Under Fire from Advocates, REITs Overhaul Pay for Executives “REITs such as mall owner CBL & Associates Properties Inc., retail and office property owner Lexington Realty and CYS Investments Inc. all have changed their pay structures in the past year. These firms now link salaries, bonuses and other benefits more closely to the companies’ long-term financial performance.” (The Wall Street Journal)
- Top 10 Biggest Real Estate Projects Coming to NYC “It seems like developers took a bit of a breather in April. While last month only saw one newly-proposed project larger than 100,000 square feet, nearly all of May’s top 10 were over that size.” (The Real Deal)
- Is Macy’s Moving Closer to a Big Real Estate Transaction? “Reiterating recent comments that any transaction involving real estate such as the creation of a real estate investment trust, or REIT, would be ‘complicated,’ Hoguet nevertheless laid out a case for some kind of deal. The executive pointed to the rise in real estate values across the country since the bottom of the financial crisis in 2009, and the potential to work closely with a mall developer.” (The Street)
- Bjarke Ingels Unveils Design for NYC’s World Trade Tower “Developers of 2 World Trade Center unveiled a new design for the lower Manhattan tower by architect Bjarke Ingels that replaces the four-diamond roof with a series of stepped green terraces. The 80-story, 1,340-foot (408-meter) tower, second-tallest of the four on the site, is about half committed to 21st Century Fox Inc. and News Corp.” (Bloomberg)
- Billionaire Brothers Jump Into Plaza Hotel Fray Draft “David and Simon Reuben, billionaire brothers who reside in Monaco, have jumped into a messy saga in India that could decide who controls the historic Plaza Hotel and two other marquee hotels in New York and London. The brothers have completed a deal with the lender to the hotel’s owner, the Indian conglomerate Sahara Group. The Reubens are paying more than $800 million, or roughly face value, to the Bank of China for the debt on the Plaza, London’s Grosvenor House and the Dream Hotel in downtown Manhattan.” (The Wall Street Journal)
- New Heights for the Mile High City “Evidently not content with already having the largest spec office building under construction in downtown Denver, Hines today held a groundbreaking ceremony for an even bigger project in the Mile High City, a 662,000-square-foot, Class A office tower at 1144 Fifteenth.” (Commercial Property Executive)
- Eliot Spitzer Plans Boutique Office Building at Hudson Yards “The former-governor-turned-developer is looking to build a roughly 415,000-square-foot mixed-use tower with some 300,000 square feet of office space at the northwest corner of 10th Avenue and 35th Street. The site in question sits adjacent to one he purchased for $88 million in late 2013.” (The Real Deal)
- Northwood University Vacates Campus in Florida “Northwood University is selling its 31-year-old campus in West Palm Beach, Fla., a year after shutting its residential campus near Dallas. The nation's pre-eminent auto-retailing school is also restructuring its operations to improve revenue. The moves are in part because of recent poor financial results.” (Crain’s Detroit Business)
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