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Google buys NYC building for $600M; WeWork nears lease at $200M Atlanta project

Commercial real estate

* Google LLC picked up the Milk Building in Manhattan, N.Y.'s Chelsea neighborhood from Atlanta-based Jamestown Properties for an undisclosed amount, Crain's New York Business reported. London's Financial Times reported that Google is paying $600 million for the property.

The building at 450 W. 15th St. previously changed hands in January 2013 when the seller purchased it from Stellar Management for more than $284 million, according to a Commercial Observer report from the time of the deal. The tech giant plans to take up three of the eight floors at the Milk Building, Crain's noted. The property is connected by a bridge to Chelsea Market, which Google bought from Jamestown in 2018 for $2.4 billion.

* Flexible workspace giant WeWork Cos. Inc. could lease two floors at developer New City LLC's nearly finished $200 million office building at the Eastside Trail in Atlanta, the Atlanta Business Chronicle reported, citing building permit applications.

In Manhattan, the coworking company's Headquarters by WeWork division, which caters to medium-sized businesses, agreed to lease 52,477 square feet at Adler Group Inc.'s office building at 550 Seventh Ave. in the Garment District, Commercial Observer reported.

* New York-based Tishman Speyer is in discussions to buy out Northwood Investors LLC's stake in two office campuses in Los Angeles' Playa Vista neighborhood, The Real Deal reported, citing sources familiar with the deal. Tishman has been seeking bids ranging from $600 million to $650 million since early 2019 for the 620,720-square-foot portfolio, in which Northwood's exact interest is unknown.

Social networking giant Facebook Inc. leases 60%, or 260,000 square feet, of the office space at the 425,300-square-foot Brickyard campus, while web services provider Yahoo occupies 130,000 square feet at the 204,420-square-foot Collective campus.

* Alexander & Baldwin Inc. wrapped up its purchase of the Queens' MarketPlace in the Waikoloa Beach Resort in Hawaii in a $90 million off-market transaction.

The 135,000-square-foot resort retail center is anchored by Island Gourmet Market, with other specialty retailer tenants including Romano's Macaroni Grill, Sansei Seafood and Steak & Sushi Bar.

* Omega Healthcare Investors Inc. reached an agreement in principal with tenant Diversicare Healthcare Services Inc. under which the latter will amend its master lease to terminate operations at 10 nursing facilities, totaling 885 beds, in Kentucky.

At the same time, Diversicare will transfer operations to an operator selected by the healthcare real estate investment trust and eventually exit the Kentucky market.

* Coworking operator Industrious LLC signed a lease for 55,000 square feet at the Two Liberty Place office tower in Philadelphia, the Philadelphia Business Journal reported. Coretrust Capital Partners LLC owns the office portion of the property, according to the report.

The location, slated to be Industrious' second in the city, will encompass two floors and offer individual offices for 20 to 100 people. The paper added that the space is expected to launch during the first quarter of 2020.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng fell 1.58% to 27,267.13, while the Nikkei 225 was down 0.62% to 21,151.14.

In Europe, around midday, the FTSE 100 was down 1.35% to 7,235.19, and the Euronext 100 decreased 1.45% to 1,033.16.

On the macro front

The jobless claims report, the PMI Composite FLASH index, the new home sales report, the EIA natural gas report, the Kansas City Fed Manufacturing index, the Fed balance sheet and the money supply report are due out today.

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