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CBRE sues former employee for trade secrets theft; JPMorgan leases NYC space

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CBRE sues former employee for trade secrets theft; JPMorgan leases NYC space

Commercial real estate

* CBRE Group Inc. has filed a complaint in federal court in Los Angeles accusing Richard Rizika, a former vice chairman of its retail group, of "stealing almost half a million files of proprietary information and trade secrets" before he left the commercial real estate services and investment firm in February to create his own company, Bloomberg News reported.

The Real Deal, which also reported on the lawsuit, noted that Rizika left the company Feb. 23 after three decades and formed brokerage Beta Retail Agency. The report also noted that 11 other CBRE brokers and employees had resigned to join Rizika's firm as of March 1, aside from his core group members Mitchell Hernandez and Alexander Saks.

* JPMorgan Chase & Co. has leased 436,905 square feet at L&L Holdings' 390 Madison Ave. office tower in Manhattan, N.Y., with the 850,000-square-foot building now fully leased, the New York Post reported. The bank will occupy 16 full floors as well as two street-level storefronts at the building.

JPMorgan also recently announced plans to rebuild its headquarters at 270 Park Ave., also in Manhattan.

* Bank of Montreal plans to build a new 350,000-square-foot campus at CF Toronto Eaton Centre in downtown Toronto in partnership with Cadillac Fairview, according to a release. The opening is scheduled for 2021.

Cadillac Fairview owns the adjoining mall and will invest roughly C$200 million in the redevelopment project, Bloomberg News reported, citing an interview with CEO John Sullivan. BMO did not disclose its investment in the project, the news outlet noted.

The space formerly served as Sears Canada's Toronto head office. Cadillac Fairview is the real estate arm of the Ontario Teachers' Pension Plan Board and has been transforming its malls into mixed-use space in an effort to benefit from office space demand in Canada, Bloomberg noted.

* Real estate investor Charles Urstadt is asking the city and state of New York to sell a 50-acre, underwater site to Amazon.com Inc. for a nominal price such as $5 million so that the online retail giant can build its second headquarters on a landfill, the New York Post reported. The suggested site sits north of Manhattan's Battery Park City, a community built on 93 acres of landfill.

Urstadt, who served as the Battery Park City Authority's first chairman, contends that the site could prove much cheaper for Amazon compared to those "proposed by developers who want to charge as much as they can."

* FCP Fund Manager LLC sold the One Dulles Tower property in Herndon, Va., to affiliates of Harbor Group International LLC for $226.0 million.

According to the Washington Business Journal, the 403,622-square-foot office building is fully leased to Amazon Web Services. FCP acquired the property for $84 million from Corporate Office Properties Trust in October 2015.

* The 532-room Hilton Downtown hotel in Columbus, Ohio, could be expanded to accommodate 470 new rooms in a new 300-foot tall tower with at least 23 stories, Columbus Business First reported, citing Franklin County Convention Facilities Authority documents. The tower would be built next to the Greater Columbus Convention Center and would also feature 24,000 square feet of meeting space and an 18,000-square-foot ballroom.

The project is estimated to cost between $165 million and $190 million, and the budget could be increased if additional amenities are added to the plans, the report noted. The financing would be split between the city and county. According to a preliminary timetable, the project is expected to start by the fourth quarter with the opening planned for 2021.

* Lane Partners is piecing together a site in South San Francisco's Lindenville neighborhood for a 1.5 million-square-foot office and biotech project, the San Francisco Business Times reported, citing two sources familiar with the project. The developer is hoping to acquire land in the industrial neighborhood from multiple owners, the report noted, citing the sources.

* ProsPac Holdings Group LLC's plan for a 41-story mixed-use tower in Honolulu received final approval from the city council, Pacific Business News reported. The project, located behind the Ala Moana Center, would include up to 429 condominium units, including 78 affordable rental units, along with commercial, parking and amenity space.

An interim planned development-transit permit allows the project, which sits along the Honolulu rail project route, to be 400 feet high with an increased floor-area ratio, instead of abiding by the area's 250-foot height limit.

* SPI Holdings acquired the 324-unit Warner Villa apartment complex in Los Angeles' Woodland Hills neighborhood for $96.5 million, The Real Deal reported, citing records. The roughly 9-acre property, sold by Universal Properties, changed hands for the first time since 1992.

* Lincoln Property Co. sold its newly developed and fully leased Lantana Ridge office complex in southwest Austin, Texas, to Ramrock Real Estate LLC for an undisclosed price, the Dallas Business Journal reported. The two-building, 168,923-square-foot complex at 7601 Southwest Parkway was completed in 2017 and serves as the headquarters of Yeti, a maker of outdoor and recreational products.

The day ahead

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

In Asia, the Hang Seng declined 1.48% to 30,583.45, and the Nikkei 225 fell 2.50% to 21,181.64.

In Europe, around midday, the FTSE 100 was down 0.93% at 7,108.93, and the Euronext 100 was down 1.36% at 1,004.59.

On the macro front

The consumer sentiment report and the Baker-Hughes Rig Count report are due out today.

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