- Art Deco Office Tower 11 Madison Ave. is Up for Grabs “SL Green Realty Corp., the real estate investment trust that owns an adjacent office property at 1 Madison Ave., is said to be among the bidders angling for 11 Madison Ave. Foreign buyers, particularly from Asia, who have become an increasing force in the city's real estate investment market, could also make a play for the tower, sources say.” (Crain’s New York Business)
- Fortress Revs Mortgage Machine as its Buyout Funds Stall “Shares of the mortgage real estate investment trust that Fortress manages soared 50 percent including dividends in the past year. The REIT, New Residential Investment Corp., alone accounts for more than a quarter of all of Fortress’s private-equity fees.” (Bloomberg)
- Pinnacle Confirms Talks to Sell Real Estate Assets to Gaming and Leisure Properties “Pinnacle Entertainment Inc. confirmed Monday that it is in talks to sell its real-estate assets to Gaming and Leisure Properties Inc., after months of discussions between the two companies. Gaming and Leisure Properties said separately that Pinnacle has provided tax basis information about its assets.” (The Wall Street Journal)
- Private Commercial Real Estate: Balancing Liquidity Concerns and Better Outcomes “I believe that the investment premium provided by commercial real estate in terms of enhanced income, total return, inflation protection and risk mitigation must be evaluated in context of reduced liquidity in comparison with mutual funds and other public securities.” (Seeking Alpha)
- Shorenstein Snaps Up Lightstone-Owned Office Building “In 2007, Lightstone chairman & CEO David Lichtenstein saw long-term value in the 42-story, 1.1 million-square-foot former Garment Center Office building at 1407 Broadway in Manhattan. Lightstone paid $122 million for the building.” (Commercial Property Executive)
- Developers Compete for Nearly 1M SF Civic Center “The quest to redevelop the Boisfeuillet Jones Atlanta Civic Center is now down to two contenders with two very different visions. Texas-based Weingartern Realty Investors is looking to redevelop the 858,600 SF facility and surrounding property into what one source familiar with the proposal says is a more traditional urban mixed-use project.” (Bisnow)
- Snapchat Signs Lease to Expand Operations in Venice “This week, Los Angeles’ most famous technology start-up signed a 10-year master lease, with a five-year option, to occupy a spacious complex at the southeast corner of Abbot Kinney and Venice boulevards. Snapchat plans to spruce up the four office buildings and connect some units now separated by walls, but it won’t be doing a complete teardown” (Los Angeles Times)
- Physical Stores Benefit from Digital First-Strategy “When shoppers research products on their mobile devices or browse the website, then enter a store, they spend two to four times as much money than if they shopped using only one channel.” (The Wall Street Journal)
- China Sportswear Tycoon Leads $29 Mln Investment in Washington State Real Estate “A group of investors led by China entrepreneur Chen Yihong has agreed to invest $29 million to develop a marina and real estate in the Boundary Bay area of the U.S. state of Washington.” (Forbes)
- CRE Pros Okay with Burying the LEED “The chief executive officer of Empire State Realty Trust thinks the clean air certification for buildings (officially Leadership in Energy and Environmental Design) is a good starting point, but it doesn’t do much for tenants or landlords. Instead, it’s all about keeping energy costs low in buildings with new technologies as opposed to a points system for miniscule things.” (Commercial Observer)
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