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Staples/Office Depot merger scrapped; Howard Hughes to self-fund NYC project

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Staples/Office Depot merger scrapped; Howard Hughes to self-fund NYC project

Commercial real estate

*The owners of Sheraton Grand Chicago in downtown Chicago and the Westin atTimes Square in Manhattan, N.Y., have filed a over andStarwood Hotels & ResortsWorldwide Inc.'s merger agreement, saying the deal would unfairlyhurt their business.

*Altisource Residential Corp.said it came to anagreement with RESIShareholders Group and will add two new independent directors to its board.

*Staples and Office Depot's $6.3 billion merger was blocked because of concernsabout antitrust violations, London's FinancialTimes and other outlets reported.The retail chains' proposedmerger was challengedby the Federal Trade Commission, as reportedearlier.

*Howard Hughes planning to take the "unusual route" of funding its commercialdevelopment in South Street Seaport in Manhattan through its own balance sheet,The Real Deal reported,citing company CEO David Weinreb, who was speaking at a panel in New York.

Thecompany is looking to build a smaller commercial building after scrapping plansfor a 52-story condominium tower, as reportedearlier.

*Glenwood Management is believed to be selling a 265-unit rental building inManhattan's Upper East Side to Bonjour Capital for $150 million, The Real Deal reported,citing unnamed sources. The buyer is planning a $20 million renovation of theproperty, the sources told the news outlet.

* The Wall Street Journal carried a reporton the slowing demand for luxury apartments in Manhattan, and the impact ondevelopers and their ongoing projects. The report noted that Extell Development'sOne57 tower still has20 unsold units.

*Sales advisory firm ZS Associates is taking up 19,869 square feet of space onthe 51st floor of the Empire State Building, according to a reportfrom the New York Post. The askingrent was $72 per square foot for the EmpireState Realty Trust Inc.-owned building, the report said.

*Nasdaq's futures and options trading and tech operation is set to occupy 75,000square feet of office space at the 49-story FMC Tower in Philadelphia in 2017, The Philadelphia Inquirer reported.The building was developed by BrandywineRealty Trust, the report noted.

* The New York Times featured a reporton the uptick in commercial and residential developments in downtown Miami inthe wake of increasing jobs in the city's business and financial sectors.

After the bell

*InnVest Real Estate InvestmentTrust agreed to be acquiredby Bluesky Hotels and Resorts Inc. in a deal valued at roughly C$2.1 billion,including debt.

*Vornado Realty Trust's55%-owned joint venture concludeda $273 million refinancing of the Warner Building, a 621,000-square-foot officebuilding at 1299 Pennsylvania Ave. in Washington, D.C.

*CBL & Associates PropertiesInc. and HorizonGroup Properties Inc. jointly agreed to The Outlet Shoppes at Laredo, a358,000-square-foot project in Laredo, Texas.

* Asrecommended by its board, Marriott International Inc.'s shareholders a shareholderresolution proposingthat a simple-majority voting standard be applied throughout the company'sgovernance documents.

*Hudson Pacific Properties Inc.priced itsunderwritten public offeringof 10.6 million shares of its common stock, expecting to generate grossproceeds of approximately $295.4 million.

*Public Storagepriced a publicoffering of 8.0 million depositary shares at $25.00 apiece, expecting togenerate gross proceeds of $200 million.

*Ventas Inc.'s boardnamed James Sheltonto serve as the company's independent presiding director. He succeeds DouglasCrocker II, who has retiredin line with the company's retirement policy after serving in that role for 13years.

*Cominar Real Estate InvestmentTrust unit holders electedLuc Bachand as trusteeat the company's annual and special unit holder meeting held May 10.

* Single-family home sales were up nearly 21% year over year in March inConnecticut, The Hartford (Conn.) Courant reported,citing a report from The Warren Group. The median sale price fell 3% during theperiod.


*The Massachusetts gaming commission is set to on 's proposedredesign of the under-construction MGMSpringfield casino, reported,citing a newsrelease from the commission.

Theredesign includes the removal of a hotel tower for a low-rise building, and areduction in the $950 million project's footprint, according to the report.

The day ahead

U.S. markets are expected to start the day's trading on alower note as the Nasdaq composite index, the S&P 500 and the Dow JonesIndustrial Average were trading below fair value in early morning futurestrading.

In Asia, the Hang Seng dropped 0.93% to 20,055.29, and theNikkei 225 rose 0.08% to 16,579.01.

In Europe as of midday, the FTSE 100 was down 0.23% to 6,142.68,and the Euronext 100 had fallen 0.91% to 851.30.

On the macro front

The Bank Reserve Settlement report, the MBA mortgageapplications report, the EIA petroleum status report and the Treasury budgetare due out today.

Now featured

: The company's Station Casinos unit entered intoa definitive agreement to acquire the Palms Casino Resort in Las Vegas.

: The company said it will open itsnew $60 million, land-based casino in Bettendorf, Iowa, on June 24.

: After the company disclosed plansto spin off properties leased to skilled nursing operator HCR ManorCare,observers wondered whether the new company can succeed where its predecessorshave not.

: Thisroundup collects recently reported guidance from North American real estatecompanies.

: TheMay 10 North American property news roundup also features details of CT REIT'snew investments.

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