German investor to pay $850M for NYC office; CyrusOne exploring options

S&P Global Market Intelligence offers our top picks of real estate news stories published throughout the week.

The outlook for the office real estate market, upended by the onset of the COVID-19 pandemic in March 2020, still remains far from clear after 1.5 years. Some corporate employers have been rethinking their real estate strategies as work-from-home concepts took hold amid lockdowns, re-evaluating their needs for office space. Jefferies equity research analyst Peter Abramowitz expects a multiyear process for many office tenants to arrive at their optimal office needs after trial and error.

Mizuho Americas' Haendel St. Juste told Nareit that the office sector's near- and long-term outlooks are not without risks, and an eventual return to office may not be a full-time commitment for many employees. Some employers intend to adopt hybrid models combining work-from-home as well as partial office attendance, while others are allowing employees to indefinitely work from home.

Foreign buyers

* Singapore's Mapletree Investments Pte. Ltd. has bought two U.S. logistics portfolios totaling 141 properties for a combined investment value of about $3 billion. The portfolios were acquired in July and September.

* German investor Commerz Real AG is buying a 27-story office building in New York City for $850 million, the Commercial Observer reported, citing unnamed sources. The 967,886-square-foot property at 100 Pearl St. is being sold by GFP Real Estate and Northwind Group.

Exploring options

* Data center real estate investment trust CyrusOne Inc. is exploring strategic options including a potential sale, and is working with Morgan Stanley on the options, Reuters reported, citing people familiar with the matter.

Major property deals

* Privately held apartment investment and management company Bell Partners Inc. sold a portfolio of 23 apartment communities across the U.S. for more than $1.8 billion. The properties were part of the company's managed investment vehicles.

* Apple Inc. bought five buildings near its former headquarters in Cupertino, Calif., for $450 million, the Silicon Valley Business Journal reported, citing deals recorded with the Santa Clara County Clerk-Recorder's Office and Reonomy.

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