- Blackstone to Acquire BioMed Realty Trust for $4.8 Billion “Blackstone Group LP agreed to buy landlord BioMed Realty Trust Inc. for $4.8 billion, betting on growth in real estate demand from the life sciences and biotechnology industries. The world’s largest private equity investor in real estate will pay $23.75 a share in cash, according to a statement Thursday. That’s about 24 percent more than BioMed’s closing share price on Sept. 22.” (Bloomberg)
- Why Rents Could Rise by 8% in 2016 “Rental rates could rise by an average of 8% through next year, according to more than two-thirds of property managers surveyed in a report issued by Rent.com. Out of the 500 property managers surveyed in the rental site’s Property Owner and Manager Market Report—and between them, they are said to represent hundreds of thousands of rental units—88% of them have raised their rates in the last 12 months, and they seem committed to hiking rates again next year.” (Fortune)
- Property Investors Favor Dallas, Charlotte Over Pricey New York “U.S. commercial real estate investors are looking inland. The Dallas-Fort Worth area of Texas, prized for its diverse job market and success luring companies that are relocating, ranked as the top area for commercial-property investment in a survey of almost 1,500 real estate executives, according to a report Wednesday by the Urban Land Institute and PricewaterhouseCoopers LLP.” (Bloomberg)
- 5 Least Affordable Housing Markets in America “In five counties in America, the average worker would have to spend his entire salary — or more — just to afford the mortgage payments on an average home in the area. In the first quarter of 2015, buying a home was at its most affordable level in two years, according to a joint report from real estate analytics firm Clear Capital and real-estate research firm RealtyTrac.” (MarketWatch)
- Wave Buy Buy: With Rents Exploding, It’s a New Day for the Retail Condo Market “To rent or to buy has been a perennial topic for New York City residents. And in more recent days, it has been a question that institutional investors, foreigners and even retailers have been asking themselves. In June, Commercial Observer wrote about how restaurateurs are buying their spaces instead of renting them—but the trend of buying retail condominiums is extending beyond that group.” (Commercial Observer)
- Divested Family Dollar to Become Dollar Express “The new owners of 300-plus Family Dollar Stores are expected to convert those stores to the Dollar Express banner within a couple of years, according to Daniel Binder, an equity analyst with Jefferies, New York. The 330 stores — which are being divested by Dollar Tree, Chesapeake, Va., following its merger in July with Family Dollar, Matthews, N.C., — are being sold to Sycamore Partners, a New York-based private-equity firm.” (Supermarket News)
- New Restoration Hardware Store Format Combines Retail with Hospitality “Restoration Hardware’s (RH) new store in Chicago features its signature blend of upscale home furnishings amid an opulent backdrop but adds a new twist: dining. The company’s new RH Gallery, located in the 101-year-old Three Arts Club building on the city’s Gold Coast, marks the brand’s initial foray into hospitality with a restaurant by famed Chicago restaurateur Brendan Sodikoff.” (Chain Store Age)
- One World Trade Center Among Emporis Skyscraper Award Winners “New York City’s One World Trade Center was among the Top Ten winners of this year’s Emporis Skyscraper Award, the world’s most renowned architecture prize for skyscrapers. The project took fourth place in the 15-year-old competition, with projects chosen by an international panel of experts. More than 300 skyscrapers of at least 100 meters height completed during the previous calendar year were considered.” (Commercial Property Executive)
- $20B Hudson Yards Already a Tech Haven “A few months remain until Related Cos. and Oxford Properties Group complete development of 10 Hudson Yards, but the tenant roster at the first office building within the $20 billion Hudson Yards mixed-use project is already creeping up on maximum capacity. VaynerMedia, a social media-first digital agency, is the latest business to ink a lease for space at the 1.7 million-square-foot tower.” (Commercial Property Executive)
- Victoria’s Secret Opening Flagship at Vornado’s 640 Fifth “Vornado Realty Trust signed Victoria’s Secret to a nearly 64,000-square-foot retail lease at 640 Fifth Avenue in Midtown, which will house the lingerie giant’s flagship store. The 16-year lease is for 63,780 square feet at Fifth Avenue and 51st Street, with Victoria’s Secret securing 78 feet of frontage on the vaunted Fifth Avenue retail corridor in Midtown.” (The Real Deal)
0 comments
Hide comments