Commercial real estate
* Amazon.com Inc., Facebook Inc. and Google Inc. are all in talks to lease space at the Park Tower project in San Francisco, the San Francisco Business Times reported, citing unnamed sources. The sources told the publication that it could be months before a lease is signed and it is likely that only one of the companies will lease space at the tower. The lease could span from 250,000 square feet to the tower's full 750,000 square feet, the report noted, citing the sources.
Park Tower is being developed by John Buck Co. at 250 Howard St. and is slated to open by the end of 2018. It is one of two new projects underway in San Francisco that do not have any tenants. The other is the 1.1 million-square-foot Oceanwide Center, which is expected to be delivered in late 2020, according to the report.
* ASB Real Estate Investments, which agreed to sell the 1.6 million-gross-square-foot Infomart Dallas to Equinix Inc. in an $800 million deal in February, said it completed the all-cash sale of its three remaining data centers and their operations for an undisclosed price.
The assets were sold to an affiliate of IPI Data Center Partners Management LLC. The properties, totaling 665,000 square feet, are in San Jose, Calif.; Hillsboro, Ore.; and Ashburn, Va. The sale was on behalf of ASB's Allegiance Fund.
* Amazon is seeking bigger locations for Whole Foods in cities to serve as both grocery stores and urban distribution centers for online retail deliveries, Bloomberg News reported, citing a person briefed on the plans. Amazon acquired the grocery chain in 2017, and the online retail giant's investment in physical retail is partly meant to boost its online shopping business, according to the report.
The news outlet also noted, citing the person, that Whole Foods is working with Regency Centers Corp., which is one of its biggest landlords, to convert parking areas at existing Whole Foods locations into stalls for Amazon delivery contractors. Regency Centers Vice President of Investments John Nahas confirmed that Whole Foods is seeking larger retail spaces and parking stall installations, Bloomberg reported. The landlord owns 28 Whole Foods properties across the U.S.
* Donahue Schriber Realty Group LP acquired four shopping centers in the Seattle area, the Puget Sound (Wash.) Business Journal reported, citing property records from King and Snohomish counties. The company paid more than $126 million for three of the properties while the price of the fourth asset was not yet recorded.
* The Related Cos. unveiled plans for a 285,000-square-foot project that would be the first class A office tower in downtown West Palm Beach, Fla., in a decade, the South Florida Business Journal reported. The 360 Rosemary project would be at the corner of Rosemary Avenue and Evernia Street, near Related's CityPlace mixed-use project.
Construction on the 18-story building is expected to commence later in 2018, subject to city approvals.
* The New York City Council approved a plan to convert a former juvenile detention center in the Bronx into middle-class and low-income housing, retail units, industrial space, a nonprofit and arts center, a small-business incubator and a 1.2-acre public plaza, Crain's New York Business reported.
The project, dubbed The Peninsula, will replace the former Spofford Juvenile Detention Center and will provide 740 apartments. It will be developed by Gilbane Development Co., Hudson Cos. and the Mutual Housing Association of New York.
After the bell
* Forest City Realty Trust Inc. will continue to pursue its stand-alone plan following its just-completed strategic review and reached deals with shareholder activists to reconstitute its board.
* FRP Holdings Inc. agreed to sell a portfolio of 41 industrial warehouses and a pair of adjacent lots to Blackstone Real Estate Partners VIII LP affiliate BRE Foxtrot Parent LLC for $358.9 million.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng decreased 2.45% to 30,309.29, and the Nikkei 225 declined 4.51% to 20,617.86.
In Europe, around midday, the FTSE 100 was down 0.56% to 6,913.57, and the Euronext 100 was down 1.37% to 995.91.
On the macro front
The durable goods orders report, the new home sales report and the Baker-Hughes Rig Count report are due out today.
Now featured on S&P Global Market Intelligence
Conference Chatter: To soften blow of disruption, embrace it: In conversations this week at NYU's annual REIT Symposium, office REIT executives described relationships with co-working startups as symbiotic and discussed ways that new tech is transforming operations for the better.
The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.