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Former Goldman Sachs HQ up for sale in NYC; US home values on the rise

Commercial real estate

* Retail Properties of America Inc. renamed its Zurich Towers office property in Schaumburg, Ill., and signed up Great American Insurance Group and Swiss Re for a total of approximately 78,000 square feet at the location.

The property, now dubbed Schaumburg Towers, features two 20-story towers totaling approximately 895,000 square feet, the company said in a release.

* American Hotel Income Properties REIT LP completed its US$124 million acquisition of three Embassy Suites by Hilton hotels in the U.S. Midwest. The assets have 782 guest rooms in total, with the deal reflecting a per-room price of approximately US$159,000, according to a release.

* MetLife and Beacon Capital Partners are seeking a buyer for the former Goldman Sachs headquarters at 85 Broad St. in Manhattan, N.Y., The Real Deal reported. The 1.1 million-square-foot property is 91% occupied. Tenants include WeWork, Nielsen, VOX Media and Oppenheimer & Co.

The 30-story property is valued at up to $700 million, the report said, citing Real Estate Alert.

* The Rockefeller Group has signed up commercial property and casualty insurer Endurance for 143,000 square feet with a 10-year lease at the Rockefeller Center office tower at 1221 Sixth Ave. in Manhattan, unnamed sources told The Real Deal. Endurance will take that space on the 17th, 18th and 19th floors at the 2.6 million-square-foot tower, with the tenant moving into the 18th and 19th floors in the first quarter and into the 17th floor in early 2021, according to the report.

Chinese sovereign wealth fund China Investment Corp. recently acquired a 45% stake in the 50-story property.

* Silverstein Properties is considering building two towers instead of a single 1,000-foot tall building at the site of a former Mercedes-Benz dealership on Manhattan's far West Side, according to a report from Crain's New York Business. The plans include a 600,000 square foot condo tower in the first phase and a 1 million-square-foot commercial office tower in the second phase at 514 Eleventh Ave.

The company recently refinanced the site with a $153 million loan from SL Green Realty Corp. The report added that the company has not settled on the two-tower plan. The site was previously reported to be on the market for $500 million after Silverstein scrapped its plan to build a 1.8 million-square-foot residential building on the site.

* Rockwood Capital raised $1.1 billion for its tenth fund, which aims to target office, residential, retail and hotel properties in the U.S., IPE Real Estate reported.

* The administration of Boston Mayor Martin Walsh is floating a plan to toughen up the rules that restrict the heights of future buildings around Boston Common in order to restrict the size of shadows cast on the park, only if an exemption is made for the planned Winthrop Square project, The Boston Globe reported, citing Brian Golden, director of the Boston Planning & Development Agency.

Millennium Partners is offering to pay $153 million for rights to build a $1.02 billion, 750-foot-tall tower at the former garage site in downtown Boston.

* MG Properties Group snapped up Santa Rosa Apartments in Wildomar, Calif., for $74.5 million, according to a release. The property features 320 luxury apartment homes and marks the private company's 13th acquisition in the past 12 months.

* Silver Street Development Corp. announced the closing of its $65 million acquisition of the 250-unit Pequot Highlands development in Salem, Mass. The company plans to increase affordable housing in the community to 200 units from 100 units and carry out rehabilitation works as part of the deal.

After the bell

* NorthWest Healthcare Properties REIT announced a bevy of senior management changes, including the promotion of its interim CFO to CFO and the appointments of a new president and COO.

Housing

* The median U.S. home value rose 6.8% over the course of 2016, compared to 2015, while rents increased 1.5% during the period, according to Zillow's December 2016 market report.

The median U.S. home value reached $193,800 on the Zillow Home Value Index in December 2016, and the report noted that the annual appreciation recorded in December was at the highest pace since July 2006.

The day ahead

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

In Asia, the Hang Seng slipped 0.71% to 22,885.91, while the Nikkei 225 increased 0.34% to 19,137.91.

In Europe, around midday, the FTSE 100 had ticked up 0.03% to 7,210.73, and the Euronext 100 was up 0.42% to 937.37.

On the macro front

No notable reports are due out today.

Now featured on S&P Global Market Intelligence

Conference Chatter: Comprehensive tax reform could be 'really bad' for real estate, observer says: At a private real estate conference in California, an industry observer delivered a warning to a generally upbeat crowd about the possibility of tax reform on Donald Trump's watch that could eliminate longstanding provisions favorable to real estate.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. Articles and links are correct as of publication time.