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Forest City plans 27-story resi tower in LA; Macerich signs NYC retail lease

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Forest City plans 27-story resi tower in LA; Macerich signs NYC retail lease

Commercial real estate

* Forest City Realty Trust Inc. intends to develop a 27-story residential tower in Los Angeles' South Park district and will present the plans to the Downtown Los Angeles Neighborhood Council's Planning and Land Use Committee in January 2018, Curbed reported. The project at 949 South Hope St., across the street from Grand Hope Park, would replace a three-story apartment and office structure.

The development will comprise 236 market rate units, the report noted, citing the plans, but pointed out that it was unclear if the units would be apartments or condominiums. The tower will include a number of amenities and will also have retail and restaurant space.

* Macerich Co. is leasing 55,000 square feet to Burlington Coat Factory, now known as just Burlington, at its Kings Plaza Shopping Center in Brooklyn, N.Y.'s Mill Basin neighborhood, The Real Deal reported, citing CNS Real Estate's Cliff Simon, who brokered the lease on behalf of the tenant.

The 10-year lease was signed in November and has three five-year extension options, according to the report.

* The New York Times featured a report on San Francisco's Salesforce Tower, where its namesake tenant is slated to commence occupancy Jan. 8, 2018. The tower is jointly owned by Boston Properties Inc. and Hines. The 1,070-foot-tall building is the tallest in the city and the tallest office building west of the Mississippi, according to the report.

* Unico Properties plans to build a 200,000-square-foot nine-story office building in Seattle's South Lake Union neighborhood next to the former headquarters of Pemco Insurance at 301 Eastlake Ave. E., the Puget Sound Business Journal reported. Inc. confirmed that it is leasing the entire Pemco building but would not confirm whether it plans to occupy Unico's project at 330 Yale Ave. N., the report noted. The Pemco building lease totals 186,250 square feet.

* WeWork Cos. confirmed that it is leasing 48,000 square feet on the sixth and seventh floors of the 27-story Terminus 100 office tower in Atlanta's Buckhead neighborhood, the Atlanta Business Chronicle reported. The space, which will accommodate more than 840 members, is scheduled for a spring 2018 opening.

* Construction starts in the Bronx, N.Y., are expected to total roughly $2.3 billion in 2017, roughly equaling the 2016 figure and marking the third consecutive year of exceeding the $2 billion mark, Commercial Observer reported, citing a New York Building Congress Bronx study of Dodge Data & Analytics data covering the first nine months of the year.

Residential projects accounted for 53% of the projects commenced during the first three quarters of the year, the report noted.

* Also citing Dodge Data & Analytics, the Philadelphia Business Journal reported that the Philadelphia metropolitan region saw $9.12 billion worth of total building activity in the first 11 months of 2017, marking a 57% jump from $5.86 billion in the corresponding year-ago period.

* North Texas' Dallas-Fort Worth saw a 14% year-over-year rise in the value of commercial building projects in November, with residential building project values notching a 7% year-over-year gain, The Dallas Morning News reported, also citing Dodge Data & Analytics.

The region recorded more than $20 billion worth of construction projects in the first 11 months of 2017, reflecting an 8% increase from the year-ago period, the publication noted.


* According to Zillow, the value of the entire U.S. housing stock rose by $2 trillion, or 6.5%, in 2017, Bloomberg reported. The country's homes are cumulatively valued at $31.8 trillion.

Los Angeles takes the top spot as the country's most valuable housing market at $2.7 trillion, with New York coming in second at $2.6 trillion.

The day ahead

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

In Asia, the Hang Seng increased 0.19% to 29,919.15, while the Nikkei 225 slipped 0.08% to 22,764.94.

In Europe, around midday, the FTSE 100 was up 0.40% at 7,653.21, while the Euronext 100 was down 0.13% at 1,035.69.

On the macro front

The Baker-Hughes Rig Count report is due out today.

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