trending Market Intelligence /marketintelligence/en/news-insights/trending/kkk-ktzenxvrvn1pgwwmmq2 content esgSubNav
In This List

Seattle hotel trades for $145M; developer plans wooden tower in Newark, NJ

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Seattle hotel trades for $145M; developer plans wooden tower in Newark, NJ

Commercial real estate

* A Hong Kong-based limited liability company affiliated with Junson Capital paid Cornerstone Real Estate Advisors $145 million for the Motif Seattle hotel in downtown Seattle, the Puget Sound Business Journal reported, citing an affidavit posted with the King County Recorder's office.

The hotel, at 1415 Fifth Ave., was rebranded from Red Lion in 2014 after a $25 million renovation. Cornerstone bought it in mid-2014 from Lowe Enterprises for $130.7 million, the report added, citing public records.

* Developer Lotus Equity Group is planning to build a 500,000-square-foot office tower with a wood structure as part of its 4.8 million-square-foot mixed-use Riverfront Square project in Newark, N.J., The Wall Street Journal reported. The office building would comprise three ascending sections, rising from six to eight to 11 stories.

The roughly $1.7 billion Riverfront Square project, comprising seven to 10 buildings, will include around 2,000 apartments, over 100,000 square feet of shops and restaurants, 2 million square feet of office space, a public square, and hotel and entertainment space, the publication said, citing Lotus CEO and founder Ben Korman.

* Starwood Capital Group affiliate SVT Sawgrass Point I LP sold the 231,000-square-foot, six-story Sawgrass Pointe 1 office building in Sunrise, Fla., to investment management firm True North for $51.1 million, The Real Deal reported. Sawgrass Pointe 1, in the Sawgrass International Corporate Park, is 96% occupied by 17 tenants with a remaining average lease term of over five years, according to the report.

Starwood purchased the class A building in 2015 for $44 million from Duke Realty Corp., which divested the asset as part of a $178.3 million office portfolio sale to the investment company, Trinity Capital Advisors and Vanderbilt Office Properties, according to the report.

* Outgoing Federal Reserve Chair Janet Yellen said in an interview with CBS that U.S. commercial real estate prices are currently "quite high relative to rents," Bloomberg News reported. Yellen said it is hard to tell whether the market is in a bubble, but noted that high asset valuations are "a source of some concern," the report added.

* Graves Hospitality Corp. opened the 125-unit Moxy Minneapolis Uptown hotel at 1121 W. Lake St. in Minneapolis, Commercial Property Executive reported. The hotel is Marriott International Inc.'s fifth Moxy-branded hotel to open in the U.S. and its 22nd globally.

* United Airlines started its relocation to its new 225,000-square-foot space at 609 Main in downtown Houston, the Houston Business Journal reported. The company signed an 11-year lease for the space that is set to house 1,400 employees. Its current leases at 1600 Smith St. and 600 Jefferson are scheduled to expire in June, the report added.

D.E. Harvey filed at least $43 million worth of building permits with the city for the property, according to the report.

Housing

* Boston Mayor Martin Walsh is seeking redevelopment proposals for 83 city-owned buildings as part of the city's goal to add 53,000 apartments, condominiums and houses by 2030, The Boston Globe reported. The buildings include older branch libraries, the Inspectional Services Division-occupied property at 1010 Massachusetts Ave. and the Boston Fire Academy on Moon Island, the report noted.

Submissions for proposals are due in late March.

The day ahead

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

In Asia, the Hang Seng was down 1.09% at 32,245.22. The Nikkei 225 slid 2.55% to 22,682.08.

In Europe as of midday, the FTSE 100 declined 1.19% to 7,354.66, and the Euronext 100 was down 1.27% at 1,030.28.

On the macro front

The U.S. Services Purchasing Managers' Index and the Institute for Supply Management non-manufacturing index are due out today.

Now featured on S&P Global Market Intelligence

Data Dispatch: US REITs trade at 7.6% median discount to NAV as of Jan. 31: Chart Watch: Regional mall real estate investment trusts traded at the greatest median discount to net asset value, while the industrial REIT sector traded at the largest premium as of January-end.

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.