Commercial real estate
* Blackstone Group Inc.-managed real estate funds agreed to take over Dream Global REIT in a C$6.2 billion all-cash transaction. The C$16.79-per-unit deal reflects an 18.5% premium to the Sept. 13 closing price of the diversified real estate investment trust on the Toronto Stock Exchange, as well as a 47% total return for 2019, according to a news release.
The transaction is expected to be complete in December, subject to the approval of a majority of the REIT's unit holders and other customary conditions.
* The We Co., the parent of coworking giant WeWork Cos. Inc., unveiled several changes to its proposed governance structure ahead of its planned IPO in response to market feedback. The company said any CEO who succeeds co-founder Adam Neumann will be selected by its board, acting as a group, and no member of Neumann's family will sit on the board. Neumann also agreed to give to the company any profits he receives from the property transactions he has entered into with the company.
Separately, the coworking company leased about 37,000 square feet across three floors in the office building at 1814 Franklin St. in Oakland, Calif., which will serve as headquarters for its division that caters to small and midsize business, the San Francisco Business Times reported, citing sources familiar with the deal. The Leamington Building is owned by Harvest Properties Inc.
* Amazon.com Inc. is close to signing leases for office space in Bellevue, Wash., with property developers Fana Group of Cos. and Skanska, the Puget Sound Business Journal reported, citing commercial real estate sources. The e-commerce giant is expected to lease space at Fana's 420,000-square-foot, 18-story Four 106 office tower project at Northeast Fourth Street and 106th Ave. NE.
Citing the sources, the publication also added that Amazon preferred Skanska over Vulcan Real Estate as Skanska offered lower rates. Vulcan is seeking construction permits to develop the first phase of Bellevue Plaza at 117 106th Ave. NE comprising a 17-story tower with 297,400 square feet of office space in the first phase and about 584,000 square feet in the second.
Skanska is in early planning stages for a mixed-use office tower at the northwest corner of Northeast Eighth Street and 108th Ave. NE, the report noted.
* CBRE Global Investors Inc. is looking to sell The Galleria Office Towers on LBJ Freeway in Dallas, The Dallas Morning News reported. The property comprises three towers totaling 1.5 million square feet of office space and was purchased for over $300 million in 2015. The buildings are about 90% leased to tenants including Amazon, the publication added.
* Portland, Ore.-based Menashe Properties Inc. paid $113 million for the historic 18-story, 300,000-square-foot Medical Dental Building at 509 Olive Way in Seattle, the Portland Business Journal reported. Goodman Real Estate was the seller, which purchased the building in 2005 for $38 million.
* American Campus Communities Inc. will build a student-housing development with room for at least 2,100 beds for Texas State University's campus in San Marcos, Texas, the Austin Business Journal reported.
* Howard Hughes Corp. settled a dispute with Layton Construction over the Aeo Tower in Honolulu and certain other projects, the Pacific Business News reported. Terms of the settlement were undisclosed.
* New York developer Michael Shvo and his partners are planning to invest between $250 million and $500 million over the next year to develop a 200-foot residential tower behind the Richmond Hotel and South Seas Hotel in South Beach, Fla., The Real Deal reported.
* Preylock Real Estate Holdings LLC purchased a four-story, 151,000-square-foot office building leased to Google LLC at 620 National Ave. in Mountain View, Calif., for $190 million through an affiliate, The Mercury News reported, citing Santa Clara County public documents.
* Risland US Holdings, the U.S. subsidiary of a Hong Kong-based firm, is developing an almost 3,000-acre residential community with a total of 6,000 houses upon completion on U.S. Highway 75 between the towns of Anna and Van Alstyne in Texas, The Dallas Morning News reported. The Mantua community will include 2,000 acres for single-family homes.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng slipped 0.83% to 27,124.55.
In Europe, around midday, the FTSE 100 shed 0.24% to 7,349.78, and the Euronext 100 dropped 0.59% to 1,087.19.
On the macro front
The Empire State manufacturing survey is due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
The Daily Dose has an editorial deadline of 7 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
