trending Market Intelligence /marketintelligence/en/news-insights/trending/d6DKbBvwY7ZE0LPD-OgVxg2 content esgSubNav
In This List

Google to spend $1B on NYC expansion; Skanska USA sells Boston asset for $455M

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Infographic: The Big Picture 2024 – Energy Transition Outlook

Google to spend $1B on NYC expansion; Skanska USA sells Boston asset for $455M

Commercial real estate

* Google LLC plans to carry out capital improvements worth over $1 billion to establish a new campus called the Google Hudson Square in Manhattan, N.Y. Spanning upward of 1.7 million square feet, the planned campus is the result of lease agreements at 315 and 345 Hudson St., which the technology giant plans to move into by 2020, as well as a letter of intent at 550 Washington St., which the company expects to move into in 2022.

Google Hudson Square will be the company's primary location for its New York-based Global Business Organization.

* Skanska USA Commercial Development Inc. sold the 17-story, 450,000-square-foot future Seaport District, Boston, headquarters of Alexion Pharmaceuticals Inc. and PTC Inc. to a joint venture of American Realty Advisors and Norges Bank Real Estate Management for $455 million, the Boston Business Journal reported, citing Charley Leatherbee, executive vice president of commercial development operations for Skanska in Boston.

WS Development remains the owner of 50,000 square feet of retail space across two stories in the building at 121 Seaport Blvd. Skanska paid $36 million for the land in November 2013, the publication added, citing a Suffolk County deed.

* Joint venture partners Finmarc Management Inc. and Bernstein Management Corp. are planning to redevelop an industrial square in Silver Spring, Md., into a $450 million mixed-use development, the Washington Business Journal reported, citing Marc Solomon, a principal with Finmarc.

The partners expect to break ground on the $150 million first phase of the White Oak Town Center in the summer of 2019, subject to county approval. The first phase is expected to deliver up to 275 multifamily units, as much as 75,000 square feet of retail space, and an acre and a half of green space in late 2020 or early 2021. After the initial phase is approved, the joint venture will begin planning the remaining $300 million second phase of the project, the publication added, citing Solomon.

* TradeMark Properties Inc. and William Peace University selected developer PN Hoffman Inc. as the buyer and partner for the nearly seven-acre Seaboard Station site in Raleigh, N.C., where PN Hoffman will carry out a $250 million redevelopment to deliver roughly 650 apartments, 150 hotel rooms and 90,000 square feet of new retail space.

The project will be developed in three phases and comprise approximately 800,000 square feet of mixed-use space, including a total of 135,000 square feet of retail space at full build-out.

* The Melo Group LLC refinanced the two-tower, 710-unit Square Station apartment development in Miami's Arts and Entertainment District with a 10-year, $142 million loan from Freddie Mac, The Real Deal reported. Aztec Group, which arranged the financing, said the single-asset permanent loan is one of the largest for multifamily real estate in South Florida, the news outlet added.

The developer had used a $103 million loan from BB&T to start construction on the project at 1424 Northeast Miami Place in 2016. Completed in June, Square Station is now 95% occupied.

* The Moinian Group Development Corp. landed $131.5 million in financing for the development of its 31-story North Building at 2 Washington St. in Manhattan's Financial District, The Real Deal reported, citing a city filing.

Square Mile Capital extended the financing, which includes a roughly $64 million senior loan, a building loan of about $60.5 million and an approximately $6.9 million project loan.

The Moinian Group teamed up with Collaborative Construction Management to undertake a partial residential conversion at the tower. The two-building, mixed-use 17 Battery Park complex will include 345 rental units post conversion, the news outlet added.

* Rabsky Development is planning to develop a 942-foot-tall building including 902 apartments, 739,000 square feet of office space and an elementary school at 625 Fulton St. in Brooklyn, N.Y., The Real Deal reported, citing Politico.

If approved as planned, the project will be the densest development in the borough, with 1.8 million square feet of space.

Local City Council member Laurie Cumbo said she aims to push for the inclusion of a significant affordable component, according to the report.

The day ahead

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

In Asia, the Hang Seng retreated 0.03% to 26,087.98. The Nikkei 225 rose 0.62% to 21,506.88.

In Europe as of midday, the FTSE was down 0.47% to 6,812.80, and the Euronext 100 fell 0.69% to 936.76.

On the macro front

The Federal Reserve Bank of New York's Empire State Manufacturing Survey, the Housing Market Index and the Treasury International Capital 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.

Now featured on S&P Global Market Intelligence

M&A speculation swells around potential Macerich-Simon deal: Talk about another potential Simon-Macerich deal is mounting, and some think a transaction is more likely to manifest this go-round due to favorable pricing trends and changes in Macerich's C-suite.

The Daily Dose has an editorial deadline of 7 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.