Commercial real estate
* The Wall Street Journal reported that a Marion County, Ind., Superior Court judge ordered Starbucks Corp. to keep its Teavana stores open at 77 of Simon Property Group Inc.'s shopping centers after the landlord had sued the coffee giant over its planned closure of the tea stores. The judge granted a preliminary injunction to stop Starbucks from closing and carrying out any going-out-of-business sales at the Simon-owned locations.
The publication noted that only two of the Teavana leases with Simon are slated to expire before spring 2018, with the remaining extending as far as 2027. Simon had argued that the closures would hurt foot traffic for other tenants, who might also be inclined to close. Starbucks had announced the planned closure of all 379 of its Teavana stores in July.
* Law firm Greenberg Traurig is negotiating a lease at SL Green Realty Corp.'s One Vanderbilt office project in Manhattan, N.Y., The Real Deal reported, citing unnamed sources. The amount of space under negotiation is not clear, according to the report. The law firm presently occupies roughly 200,000 square feet at the MetLife Building at 200 Park Ave. on a lease that expires in late 2021, the report noted.
Greenberg Traurig is also in talks to lease back-office space at the Graybar Building at 420 Lexington Ave., where SL Green is headquartered, according to the report.
* The San Francisco Business Times reported on a planned 2018 ballot measure that, if approved, could expedite approvals for six million square feet of office projects in San Francisco's Central South of Market plan area in exchange for increased developer fees for affordable housing. Prop. M, a measure from 1986, caps the office space that the city can approve each year to 950,000 square feet.
Office projects from various developers including Boston Properties Inc., Kilroy Realty Corp. and Alexandria Real Estate Equities Inc. could potentially benefit from the faster approvals. The companies' proposed projects in the area could take eight years to be approved under the present law, the report noted.
* The 41-story, 1.2 million-square-foot Marathon Oil Tower in Uptown Houston that is owned by a fund of CBRE Global Investors is back on the market, the Houston Business Journal reported, citing Jeff Hollinden of HFF, which is marketing the asset. The fund acquired the property in 2013 for roughly $250 million and invested roughly $7 million in improvement works, the report noted, citing Real Estate Alert.
The property, which has an appraisal value of $278.8 million, according to city of Houston records, was previously placed on the market in 2015 but received disappointing bids, the report added, citing Real Estate Alert.
* Brookfield Property Partners LP leased 103,000 square feet across seven floors in The Lofts building at its Manhattan West project to coworking space provider Spaces, Commercial Observer reported, citing the landlord. The Amsterdam-based tenant will take up the seventh through 13th floors at the 424-434 W. 33rd St. property on a 10-year lease, the report noted, citing Brookfield executive vice president David Cheikin.
* The New York Post reported that Kushner Cos., which owns the 666 Fifth Ave. office skyscraper in Manhattan with Vornado Realty Trust, does not mention the tower's proposed redevelopment in its 2018 "look book" and instead highlights the present building. The company had been seeking financing for a revamp that would increase the asset's height, add more retail at its base, and incorporate a hotel and residential condominiums.
Vornado has opposed the redevelopment plans, according to an earlier report. Kushner is also facing a refinancing of its roughly $1.22 billion loan on the property in February 2019, the publication noted.
* Law firm Blank Rome is in advanced negotiations to lease roughly 130,000 square feet at Rockefeller Group's 1271 Sixth Ave. building in Manhattan, The Real Deal reported, citing unnamed sources. The 48-story, 2.1 million-square-foot former Time & Life building, which is undergoing a $600 million redevelopment, has seen a number of leases over the last couple of years, the report noted.
* Halcyon Management has filed plans for a 33-story building in Brooklyn, N.Y.'s Greenpoint neighborhood that would be the third building in its waterfront residential complex, The Real Deal reported, citing records from the Department of Buildings. The 37 West St. building would span 366,608 square feet and consist of 410 apartments, with a number of amenities. The developer filed plans for the site's first two rental buildings in 2015 and September 2017, the report noted.
* The New York Times featured a report on the re-imagining of aging suburban office parks across the U.S. into a variety of uses including sports domes, upscale townhouses, retail shops and green spaces.
Citing Robert Youngentob of developer EYA, which is building townhouses in a suburban Bethesda, Md., office park, the report noted that the car-centric suburban office park model is becoming obsolete with modern office tenants requiring access to public transportation and walkable areas with a retail presence.
* Columbus Downtown Development Corp. brought in developer Buckingham Cos. to lead its $500 million redevelopment project on the Scioto Peninsula in downtown Columbus, Ohio, Columbus Business First reported. The 2.8 million-square-foot mixed-used community will be constructed on 21 acres of land leased from the city and will feature 1,700 residential units, up to 800,000 square feet of office space, 150,000 square feet of retail space and 150 hotel rooms.
Buckingham beat out three other contenders for the project, the report noted.
* Invesco Ltd. paid The Calida Group $84.6 million for the 360-unit Elysian at Stonelake apartment complex in Henderson, Nev., the Las Vegas Review-Journal reported, citing property records. The asset's $235,000-per-unit price is more than twice the average price at which apartment complexes were sold in 2017, the report noted.
* Greystar Real Estate Partners LLC sold its Avana West Lemmon apartments in Dallas' Oak Lawn district to The Connor Group of Ohio, The Dallas Morning News reported. Greystar Equity Partners VIII LP, a subsidiary of the company, divested the 372-unit rental property on its behalf. The 2008-built property also features ground-floor retail space.
Terms of the deal were not disclosed, according to the report.
Housing
* Clark County, Nev., saw 746 new-home sales closed in October, taking the year's sales so far to 7,392. which reflects a 14.3% jump from the corresponding 10-month period of 2016, the Las Vegas Review-Journal reported, citing Home Builders Research.
The median sales price of the October closings reached a record $356,400, up 6% year over year. The report noted, citing Home Builders Research, that the median sales price for five of the last six months has been trending above the previous price peak from August 2007.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng fell 2.14% to 28,224.80, and the Nikkei 225 was down 1.97% at 22,177.04.
In Europe, as of midday, the FTSE 100 had climbed 0.07% to 7,332.69, and the Euronext 100 had fallen 0.63% to 1,035.28.
On the macro front
Mortgage applications increased 4.7% on a seasonally adjusted basis in the week ended Dec. 1, the Mortgage Bankers Association reported, citing data from its weekly mortgage applications survey. The association noted that the previous week's results included an adjustment for the Thanksgiving holiday.
The Bank Reserve Settlement report, the ADP employment report, the Productivity and Costs report, the EIA petroleum status report and the Treasury STRIPS report are due out today.
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The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. Articles and links are correct as of publication time.
Ayesha Waqar contributed to this report.
