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Boston Properties nears full-building lease; $200M project planned in Seattle

Commercial real estate

* NYU Langone Medical Center is close to fully leasing Boston Properties Inc.'s 159 E. 53rd St. office building in Midtown Manhattan, N.Y., Crain's New York Business reported, citing sources with knowledge of the transaction. The 200,000-square-foot building recently underwent a $150 million renovation.

NYU Langone would locate doctor's offices and other clinical space in the property, the report noted.

* Nonprofit company HomeSight and community groups are planning a roughly $200 million project in Seattle's Rainier Valley for which HomeSight has agreed to buy the area's largest redevelopment property from the Seattle Housing Authority, the Puget Sound Business Journal reported.

The Othello Square project at 7301 Martin Luther King Jr. Way S. will have roughly 200 mixed-income apartments, affordable retail and commercial space, along with education space for HomeSight and other groups. Construction is expected to commence in 2019.

* The 680-unit Pavilion Apartments property in Newark, N.J., was acquired by regional investor The Pavilion Towers LLC for $70.5 million, NJBiz reported. The property comprises two 22-story towers on more than eight acres of land at 136 Dr. Martin Luther King Jr. Blvd.

The Kislak Co. Inc., which marketed the asset on behalf of Pavilion Broad Street LLC, said, citing CoStar data, that the deal is the single largest sale of a multifamily property in Newark.

* The University of California, Davis, board of regents approved a new on-campus student housing project that would provide 809 beds in Davis, Calif., the Sacramento Business Journal reported. The project would comprise two four-story buildings and a five-story building, the report noted, citing the university.

Citing Matt Dulcich, the university's director of environmental planning, the report noted that the next steps for the $109 million project include soliciting bids from developers. The university expects to open the new buildings by fall 2022.

* A 4.46-acre site with 500 feet of beach frontage at the corner of Las Olas Boulevard and State Road is up for sale as a major redevelopment opportunity in Fort Lauderdale, Fla., the Sun Sentinel reported. The private land has been assembled and placed on the market by Lior Avidor and Aiton Yaari. Marketing materials suggest the site could accommodate 1.6 million square feet of development.

After the bell

* Regional mall landlord GGP Inc. received a new takeover bid from diversified commercial real estate company Brookfield Property Partners LP more than three months after GGP's special board committee rejected Brookfield Property's $14.8 billion cash-and-stock offer, Reuters reported, citing people with knowledge of the matter.


* Citing the Federal Reserve Bank of Kansas City, The Wall Street Journal reported that home construction per household in the U.S. remains near the lowest level in the 60 years since records have been kept. Builders have turned to luxury homes with higher profit margins amid increased land and construction costs in desirable markets. This has led to a decline in the production of starter and midprice homes.

The day ahead

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

In Asia, the Hang Seng was up 0.04% at 31,513.76. The Nikkei 225 slid 0.90% to 21,480.90. In Europe as of midday, the FTSE 100 declined 1.31% to 7,070.26, and the Euronext 100 lost 0.67% to 1,022.56.

On the macro front

There are no economic reports due out today.

Now featured on S&P Global Market Intelligence

Data Dispatch: Retail REITs slip on Toys R Us planned liquidation: Already steeply discounted shopping center landlords traded down after the debt-laden toy retailer said it would close all of its 735 U.S. stores. A pair of analysts said the liquidation is likely already priced into companies' guidance.

Data Dispatch: 46 North American real estate companies increase their dividends through March 1: Invitation Homes Inc. raised its quarterly dividend by the largest relative amount during the period, with a 37.5% increase.

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.