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This Week's Atlanta Deal Sheet: Atlanta Moving Forward On Affordable Housing Tower
The city of Atlanta is moving forward on the construction of a 219-unit all-affordable housing tower called Trinity Central Flats, according to a permit filed with the planning department. The $60M, 10-story project will feature 6,700 SF of retail and will rise on city-owned land on Trinity Avenue across from...
Office Availability Declines For First Time In Half A Decade
Tenants have been scooping up office space at an accelerating rate over the past few quarters. But the office market reached an important turning point as Q3 came to a close, with the past several months marking the first time in five years that national availability levels for office buildings declined, according to JLL.
This Week's D.C. Deal Sheet: Alarm.com Expands HQ To 245K SF
Property security company Alarm.com signed a long-term renewal and expansion of its headquarters in Tysons, bringing its space at 8281 Greensboro Drive to 245K SF. The deal represents a 57K SF expansion from its previous space and three times its initial lease of 82K SF in 2014, according to Avison Young, which represented the tenant. The expansion makes Alarm.com the sole tenant in the building, part of The Meridian Group's The Boro mixed-use development near the Greensboro metro station.
Houston CRE Avoids Property Tax Hike, But Legislative, Valuation Dangers Lurk
Houston property owners seemingly averted a city tax bill increase after the state announced it would deliver $50M in disaster relief funds to Texas communities impacted by May’s derecho and July’s Hurricane Beryl. But commercial real estate might not be off the hook yet. Commercial property owners had...
Atlas Capital Group Drops $202M On Downtown Brooklyn Tower
Just two years after KKR bought 80 Dekalb Ave., the Downtown Brooklyn tower has traded hands again. Atlas Capital Group acquired the 36-story multifamily property for $202.5M, The Real Deal reported. KKR, in partnership with Dalan Management, spent $190M to buy the building from Brookfield Properties in 2022. Atlas confirmed...
This Week's Houston Deal Sheet: Litigation Firm Leases Almost A Full Floor Downtown
Reynolds Frizzell LLP, a Houston boutique litigation firm, will expand its lease at 1100 Louisiana St. by 35%. This will bring its lease to 23K SF, occupying nearly a full floor at the 1.3M SF building in Downtown Houston. Savills’ Jim Bell, Kyle Kelley and Jennifer Meehan represented Reynolds Frizzell...
7-Eleven To Shutter 444 North American Stores, Plans To Offload Even More
7-Eleven plans to shutter 444 stores across North America as the company falls behind on previous earnings forecasts, and the shedding of real estate assets is unlikely to end there. Japanese parent company Seven & i Holdings also plans to offload an undisclosed number of North America properties via sale-leaseback,...
Senior Living And Single-Family Rental To Lead £283B Growth Of Living Sectors
The value of operational living real estate sectors in the UK are set to grow by £283B over the next five years, but only if current supply shortfalls can be addressed. The combined value of the current build-to-rent, student accommodation, single-family rental and senior living sectors stands at £190B today. That could be worth as much as £473B by 2029 if current demand patterns continue, BNP Paribas Real Estate predicted in a research note.
Mountpark, Deka And ICG Inject Momentum Back Into Industrial And Logistics Market
Despite its consistently strong performance in recent years, Dublin’s industrial and logistics market slammed on the brakes in the first half of 2024. A higher interest rate environment, increasing rents and economic uncertainty contributed to a pause on new leases, along with the ongoing low availability of prime stock.
Long-Dormant Tech Firms Start To Make A Stir In Office Market
The comeback is officially on in the New York City office sector, with the most active leasing market in three years being fueled largely by private equity firms and hedge funds. The resurgence has happened without the help of technology companies, which have been noticeably absent from the list of...
Aimco To Sell Miami Multifamily, Land Assets In $204M Deal
Denver-based REIT Apartment Investment and Management Co. is set to offload two Miami assets in a $204M deal. The pending sales include a 28-story, 276-unit waterfront apartment tower and a nearby development site in Miami’s Edgewater neighborhood. The transaction is expected to close by the end of the year, according to a press release first reported by the South Florida Business Journal.
Chicago Landlords Face Long Sales Timelines, Hefty Demo Fees After Affordability Ordinance Takes Effect
An ordinance meant to combat gentrification on Chicago’s northwest side went into effect this week, with massive potential implications on housing affordability and the multifamily transaction environment. The Chicago City Council quietly approved the Northwest Side Housing Preservation Ordinance in September, and it became law on Wednesday. The ordinance...
Bronx Megaproject To Include 160K SF Charter School
Schoolhouse Project has formed a joint venture with Dynamic Star to bring a charter high school to the developer's new megaproject in University Heights. Under the partnership, 160K SF of the 350K SF community facility building, dubbed One Fordham Landing, will be co-developed into educational use, Bisnow can first report.
Prosecutors Seize Phone Of Cushman & Wakefield Broker In Probe Of NYC Real Estate Deals
A broker working for one of the world's largest commercial real estate services firms has been ensnared in a new investigation into possible corruption in the administration of New York City Mayor Eric Adams. The office of Manhattan District Attorney Alvin Bragg is looking into potential bribery, money laundering and...
Why Health And Wellness Should Be A Priority For Sustainable Developments
With the goal of achieving net-zero building emissions by 2050, commercial real estate owners and developers are embracing sustainability measures in new and existing buildings. In the process, they are finding that these efforts can also dramatically reduce costs and appeal to tenants who prioritize wellness in their living spaces.
The Fall Of Y'allywood: A Reckoning Comes For Georgia Studio Owners Amid Collapse In Film Production
Hollywood has dramatically scaled back the number of productions being filmed in Atlanta, leaving swaths of new studio space in the metro area quiet and owners scrambling to cover operating costs. “We got nothing right now,” Rooker Co. CEO John Rooker, who co-owns Atlanta Metro Studios in Union City, told...
Affinius Capital Faces Foreclosure On $69M Miami Office Loan
A 262K SF Coral Gables office tower could be headed to foreclosure as it struggles with occupancy despite the neighborhood’s rising profile as a destination for Miami's office users. The foreclosure suit was filed against San Antonio-based Affinius Capital regarding a $69M mortgage backed by Columbus Center, a 14-story...
Weekend Interview: The Fallon Co. President Brian Awe On Bringing Downtown Back In Boston And Beyond
This series goes deep with some of the most compelling figures in commercial real estate: the dealmakers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting. The Fallon Co.'s Fan Pier project in Boston's Seaport District is near and dear to President Brian Awe's heart. After all,...
Europe’s Largest Property Lender To Pull Back From New Office Loans
Deutsche Pfandbriefbank has unveiled a new strategy to reduce its exposure to office lending in favour of sectors like data centres and senior living. PBB has a loan book of €29B (£24B). Unveiling what it called Strategy 2027, the company said it wants to reduce its office loan proportion from 50% to 40% over the next few years.
Brookfield Steps In With £1.1B Deal To Scupper Segro Offer For Tritax
Canadian private equity giant Brookfield has agreed to acquire Tritax EuroBox for £1.1B, exceeding a previous offer from European REIT Segro. The Brookfield acquisition values Tritax EuroBox's ordinary share capital at approximately £557M, based on Tritax EuroBox's net debt as of 31 March, implying an enterprise value of approximately £1.1B.
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