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Brookfield Property leases NYC building; gaming sector may see M&A boost in 2018


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Brookfield Property leases NYC building; gaming sector may see M&A boost in 2018

Commercial real estate

* Brookfield Property Partners LP has leased the entire 386,000-square-foot 1100 Sixth Ave. building in Manhattan, N.Y., to Bank of America, which will move in after the property is vacated by HBO in 2019, the New York Post reported, citing unnamed sources. HBO, along with parent Time Warner, is moving to 30 Hudson Yards, the publication noted. The bank signed the lease, which was reportedly in the works since November, on the eve of the Christmas weekend, according to the report.

Bank of America will keep its Manhattan headquarters at the Durst Organization's One Bryant Park across the street from 1100 Sixth and will consolidate its other offices across the city into the Brookfield Property asset. Brookfield Property and California-based Swig Co. acquired a long-term leasehold for 1100 Sixth earlier in 2017. The landlord is expected to announce a redesign of the property, the report noted.

* New Jersey-based developer Nehalkumar Gandhi filed a permit application to build a 92-room hotel at 187 Cook St. in Brooklyn, N.Y.'s Williamsburg neighborhood, The Real Deal reported, citing documents filed with the city's Department of Buildings. The six-story project will span more than 26,000 square feet. In the past two years, the developer has filed plans for at least nine other hotels, the report noted, citing records.

* Cortland Partners paid $69.6 million for a 322-unit suburban apartment community in the Nashville, Tenn., neighborhood of Bellevue, the Atlanta Business Journal reported, citing newly filed public records. The 645 Old Hickory Blvd. property, originally called Accent Bellevue, has been dubbed Cortland Bellevue. It was developed by Westplan Investors in 2016, according to the report.

* Three developers have filed proposals for the 7.1-acre former HD King power plant site in downtown Fort Pierce, Fla., TCPALM reported. The power plant was demolished in 2008 and the site has recently completed environmental cleanup, the report noted, citing the state Department of Environmental Protection.

Framework Group's plan includes a 200-unit apartment complex and a 120-room hotel, among other things. Other development plans include the King Station commercial project and a craft brewery, according to the report.


* MGM Resorts International is set to see the completion of five projects in 2018, which accounts for more than half of the company's roughly $8 billion expansion plans since mid-2014, including plans made with partners, the Las Vegas Review-Journal noted.

The upcoming completions include the renovation and re-branding of the Monte Carlo in Las Vegas, the openings of the $3.4 billion MGM Cotai in Macau and the roughly $1 billion MGM Springfield in Massachusetts and the $280 million expansions of two Las Vegas convention centers.

* Citing Deutsche Bank's 2018 Gaming Outlook report, the Las Vegas Review-Journal reported that the gaming sector could see more mergers in 2018 due to a strong economy, lower borrowing costs, a lack of new licenses and the use of REITs to drive consolidation. The report pointed out that the sector's "acquisition frenzy" is leading to a rise in the prices of regional properties.

The day ahead

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

In Asia, the Nikkei 225 fell 0.20% to 22,892.69.

On the macro front

The Richmond Fed manufacturing index and the State Street Investor Confidence Index are due out today.

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