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Dallas tower fetches more than $100M; NY budget may unlock $2B in housing funds

Commercial real estate

* The 18-story Parkside Tower in Dallas' Oak Lawn neighborhood has been snapped up for more than $100 million by a partnership between the Illinois Teachers Retirement System and Lincoln Property, The Dallas Morning News reported. The 378,000-square-foot property, which is about 75% leased, was sold by Champion Partners and Building & Land Technology.

* The new budget expected to be approved in New York state could unlock $2 billion worth of housing funds allocated in the previous state budget, according to a report from Crain's New York Business. The funds were set aside as part of a five-year housing program to construct and preserve residential units for low-income and homeless New Yorkers, but Gov. Andrew Cuomo and state legislators never detailed how the money would be used.

According to estimates by housing advocates, 12,000 units could have been financed over the last year if the money had been made available, the report noted.

* Philadelphia's Center City is expected to add 4,100 new apartment units in 2017 and 2018, The Philadelphia Inquirer reported, citing estimates from the Center City District. Data from REIS Inc. indicates that rents in the area grew 5.2% in 2016, down from 8.8% in 2015, while average vacancies across Center City rose to almost 9%, the report noted.

* The 22-story Grant Deneau Tower in Dayton, Ohio, has been placed back on the market by Matrix Group, the Dayton Business Journal reported. The 40 W. 4th St. property, spanning 224,000 square feet, has been almost completely vacant since 2012, according to the report.

* Developer H. Ross Perot Jr.'s Hillwood real estate company has appointed British architect Sir Norman Foster to design an almost 70-story tower on the northern edge of downtown Dallas, according to The Dallas Morning News. If completed, the project would be the tallest tower built in the city in over 30 years, according to the report. Plans for the one million-square-foot tower are being marketed to potential office tenants, the report said, citing Perot.

* United Parcel Service has leased one million square feet of distribution space at a new building in Exeter Property Group's Arlington Commerce Center business park in South Arlington, Texas, The Dallas Morning News reported. Exeter Property's Barney Sinclair said the new building is expandable to 1.2 million square feet, the report noted.


* A study by Rosen Consulting Group indicates that below-average homeownership rates in the U.S. may be partly to blame for the economy's "sluggish" recovery from the previous recession, The Wall Street Journal reported. If construction levels had returned to the long-term average, the homebuilding industry would have added more than $300 billion to the economy in 2016, the publication noted, citing the study.

The day ahead

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

In Asia, the Hang Seng slid 0.68% to 24,193.70, while the Nikkei 225 fell 1.44% to 18,985.59.

In Europe, around midday, the FTSE 100 was down 0.65% at 7,289.48 and the Euronext 100 was 0.20% lower at 967.06.

On the macro front

The Dallas Fed manufacturing survey is due out today.

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