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$635M biotech project planned in NYC; JV pays $955M for Coca-Cola building

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$635M biotech project planned in NYC; JV pays $955M for Coca-Cola building

Commercial real estate

* Deerfield Management Co. LP plans to develop a drug-research laboratory and office space in Manhattan, N.Y., with a $635 million conversion project, The Wall Street Journal reported, citing Deerfield and city officials. Deerfield recently acquired the vacant 12-story building in the Nomad neighborhood and secured financing for the project.

The facility is slated to open in early 2021 with more than 300,000 square feet of laboratory, office and amenity space. The plans indicate that long-running efforts to create a biotech industry hub in New York City are bearing fruit, the publication noted.

* A joint venture between real estate developer SHVO and real estate-focused Turkish conglomerate Bilgili Group acquired the 354,000-square-foot Coca-Cola building in Manhattan from Nightingale Properties LLC and Wafra Capital Partners Inc. for $955 million, The Real Deal reported, citing people familiar with the matter.

The 11-story building at 711 Fifth Ave. changed hands for the second time in recent months. A previous $907 million sale closed in August, the report noted, citing property records.

* Facebook Inc. is negotiating a lease for the entire 740,000-square-foot office space at the Farley Building being redeveloped by Vornado Realty Trust in New York City, the New York Post reported, citing sources. The property, formerly known as the James A. Farley Post Office building, is expected to open in 2020 after a gut renovation.

* Cammeby's International Group landed a $500 million Fannie Mae loan for its portfolio of nearly 3,300 residential units in Queens, N.Y., The Real Deal reported, citing property records. The refinancing was provided by Capital One and includes a roughly $190 million multifamily mortgage.

The financing replaces a $325 million debt package from 2006 that was provided through Independence Community Bank.

* Vornado has sold the 3040 M St. NW building in Washington, D.C., to an affiliate of Lincoln Property Co. for $83.9 million, the Washington Business Journal reported, citing a deed recorded with the District. The property is one of the last held by Vornado after it spun off its Washington, D.C., portfolio and merged it with The JBG Cos. to create JBG Smith Properties, the report noted.

The 44,000-square-foot building is anchored by a Nike store that spans 31,500 square feet and is also occupied by Amazon Books. Vornado paid $36 million for the property in 2006, the report noted.

* Toll Brothers Inc. plans to develop a mixed-use project next to Audi Field in Buzzard Point in Washington, D.C., the Washington Business Journal reported. The project would replace the property on the 1.4-acre site with at least 400 residential units and 20,000 square feet of ground-floor retail space, along with a 175-room hotel and an underground parking garage, the report noted, citing John Piedrahita, the company's national director for brand and marketing.

* Pennsylvania Real Estate Investment Trust handed its Wyoming Valley Mall in Wilkes-Barre Township, Pa., to the lender of the mortgage loan secured against the property. After an anchor trigger event and a notice of default on the loan, which had a balance of roughly $72.8 million as of Sept. 26, the REIT and the lender had agreed to jointly market the asset for sale for a predetermined period, with the mall to be handed over to the lender if it was not sold.

* Brookwood Financial Partners landed a total $455 million in financing for an office portfolio totaling 27 suburban properties near major metro areas across the Northeast corridor, Florida, Texas and California, Commercial Property Executive reported, citing Yardi Matrix. The portfolio totals 4.3 million square feet.

* SB Yen Management Group received a $147 million loan from Acore Capital Management for two Chicago hotels, The Real Deal reported, citing records. The properties are the 172-room Best Western Grant Park Hotel at 1100 South Michigan Ave. and the 233-room Homewood Suites by Hilton Chicago at 1101 South Wabash Ave.

* Suffolk University acquired the 114-room Ames Boston Hotel at 1 Court St. near Boston's City Hall for $63.5 million, the Boston Business Journal reported. The property previously changed hands for about $53.3 million in 2015.

Housing

* Expensive homes, priced $500,000 and above, comprised a quarter of all new-home sales in August, marking the highest share in Census Bureau data going back to 2002, Bloomberg News reported. The sales appear to be boosted by lower mortgage rates, according to the news outlet.

The day ahead

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

In Asia, the Hang Seng declined 0.33% to 25,954.81, and the Nikkei 225 dropped 0.77% to 21,878.90.

In Europe, around midday, the FTSE 100 was up 1.12% to 7,433.37, and the Euronext 100 was up 0.38% to 1,093.52.

On the macro front

The durable goods orders report, the personal income and outlays report, the consumer sentiment report, the farm prices report and the Baker-Hughes Rig Count report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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