- Sam Zell Edges Out of Apartments “Sam Zell has agreed to sell more than 23,000 apartments controlled by his real-estate company, Equity Residential, for $5.4 billion to Starwood Capital Group, the companies said. The transaction, announced Monday, represents about a quarter of the units in Equity Residential’s portfolio of apartments and would be one of the largest since the recession.” (Wall Street Journal)
- This is Your Office, If Ex-Goldman Twins Have Their Way “Last October a New York startup called Delos, founded by twin brothers who were once partners at Goldman Sachs, published what may be the most marketable proposition in real estate short of a front lawn overlooking the Fountain of Youth. It's a manual they called The Well Building Standard and styled after the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program.” (Bloomberg)
- America’s Best Malls Have This Tenant in Common “Goldman Sachs on Thursday released its list of the top 100 malls in the U.S., which included 16 new additions. Among the premier properties, 75 percent are home to an Apple store, up from 69 percent last year. That compares to just 14 percent of all malls that count the tech behemoth as a tenant, the report found. But the percentage of Apple stores wasn't the only thing on the rise.” (CNBC)
- We’re Seeing the First Signs of Trouble in San Francisco’s Red-Hot Real Estate Market “In a note to clients on Friday, analysts at Morgan Stanley led by Vance Edelson wrote: ‘The tech IPO slowdown has stoked concern that San Fran, one of the hottest real estate markets, could be ready for a pause.’ Specifically, Edelson and his team look at the commercial real-estate market, in which rents have risen about 70% since 2009 and demand has been robust — just 6.5% of the city's office space is vacant, a 10-year low — as the economy has bounced back.” (Business Insider)
- Lord & Taylor Off-Price Spinoff to Debut in Paramus “Hudson’s Bay Company is launching an off-price spin-off of the Lord & Taylor department store, and it has picked Paramus for the first location of the new concept, called Find @ Lord & Taylor. The Paramus store will be located at 180 Route 4 East, in the 35,000 square foot former Loehmann’s space. The store is scheduled to open Nov. 19.” (NorthJersey.com)
- When Detroit Stood Tall and Shaped the World “My recent post about how urban planning decisions helped lead to the Motown sound in Detroit was inspired by David Maraniss’ new book Once in a Great City: A Detroit Story. The book takes a deep dive into Detroit 1963, a city that was, although in some ways already in decline, in others near its zenith.” (Urbanophile)
- Good News for Singles Who Don’t Want Roommates: More Tiny Apartments Are on the Way “The de Blasio administration is pursuing two zoning changes that could make the city a denser place without increasing the size of buildings. The city hopes to allow more so-called micro apartments, or units smaller than 400 square feet, and give developers leeway to carve up buildings into more apartments. The modifications—which would only alter a building's innards, not size—are buried in a citywide proposal called Zoning for Quality and Affordability.” (Crain’s New York Business)
- First Look: Microsoft’s Flagship Store “Microsoft opens its flagship store on New York City's Fifth Avenue. Marketwatch's Jennifer Booton takes a look inside Microsoft's answer to the Apple Store and its hopes to draw consumers.” (MarketWatch)
- PGGM Maps CO2 Footprint of Real Estate Portfolio “PGGM has mapped the carbon dioxide footprint of its €20 billion ($22.7 billion) in real estate assets with the help of data analytics platform GeoPHY, said a spokesman for the Dutch pension fund provider. The partnership means PGGM can map the CO2 footprint of its entire real estate portfolio — both listed and private — down to individual buildings. The firm also can compare its portfolio with other local real estate markets.” (Pensions & Investments)
- Multifamily Lending in U.S. Jumped 13 Percent in 2014 “According to the Mortgage Bankers Association (MBA) 2014 Report on Multifamily Lending, in 2014, there were 2,876 different multifamily lenders that provided a total of $195.1 billion in new mortgages for apartment buildings with five or more units. The 2014 dollar volume represents a 13 percent increase from 2013 levels. Sixty-five percent of the active lenders made five or fewer multifamily loans over the course of the year.” (World Property Journal)
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