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Online home trader Open Door raises $300M; NYC office up for $190M sale

Commercial real estate

* Online home trading startup Open Door Labs Inc. raised $300 million in funding, with sources pegging the online home marketplace's valuation at $3.8 billion, TechCrunch reported. The new capital will be injected into Open Door's product development and expansion in new markets across North America, the news outlet noted, citing an email from Open Door CEO Eric Wu.

Open Door also received $400.0 million in venture capital funding in September 2018.

* AEW Capital Management LP placed its boutique office building at 360 Lexington Ave. in New York City on the market, seeking approximately $190 million, The Real Deal reported, citing undisclosed sources. The investment firm acquired the property in 2008 from Himmel + Meringoff for $129.5 million.

* A partnership between CT Realty and Diamond Realty Investments sold the NorCal Logistics Center in California for $105 million, IPE Real Assets reported, citing undisclosed sources. The buyer of the newly built, single-tenant property, which totals approximately 1.1 million square feet, was Bentall Kennedy, which made the acquisition through its core U.S. fund.

* A venture of Alliance HSP placed its leasehold interest in the 22-story Burnham Center building in Chicago on the market for over $100 million, Crain's Chicago Business reported, citing sources familiar with the offering. Anchored by online food-delivery company Grubhub Inc., the 92% occupied, 585,000-square-foot asset is valued at $72.6 million, the publication added, citing property records.

Alliance paid $94.6 million for the 111 W. Washington St. property in 2013 according to Cook County property records, the publication noted.

* Tishman Speyer Properties LP is in late-stage negotiations to rent out the entire $500 million Wheeler redevelopment project, spanning 622,000 square feet in downtown Brooklyn, N.Y., to Whittle School & Studios, The Real Deal reported, citing unnamed sources.

In 2016, Tishman paid department store company Macy's Inc. $270 million for the property on Fulton Street. The project is scheduled for completion alongside equity partner HNA Group later in 2019 with the addition of 10 floors and the integration of the upper floors of the former Macy's space.

* Flexible meeting and working space provider Convene LLC signed a 73,000-square-foot lease at Brookfield Property Partners LP's Brookfield Place mall in Lower Manhattan, N.Y., with plans to open its new event venue in November, Bloomberg News reported, citing Ben Brown, Brookfield Property Group's head of New York.

The 10-year lease covers most of the space that was occupied by retailer Saks Fifth Avenue Inc.'s women's store until its closing in January. With Convene's lease, a quarter of the 300,000-square-foot shopping mall will shift away from retail use, the news outlet noted.

* A recent CBRE survey listed Denver as the fifth most attractive city for property investment in the Americas, signifying the third straight year for an advance in Denver's rankings, the Denver Business Journal reported. With the multifamily sector in the lead, commercial real estate investment sales in metro Denver totaled $12.5 billion in 2018, reflecting a 6% increase on an annual basis.

CBRE crowned Los Angeles/Southern California as the top choice for property investment, with Dallas/Fort Worth and Washington, D.C., being ranked second and third, respectively.


* Home sales in the U.S. slipped 4.2% year over year in February, representing the seventh consecutive month of year-over-year declines, The Real Deal reported, citing a Re/Max survey, which covers 54 metro areas across the country. Inventory increased 5.8% year over year, marking the fifth consecutive month of increases.

The median home sales price climbed 5.5% year over year to $240,000, the report added.

The day ahead

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

In Asia, the Hang Seng declined 0.85% to 29,071.56.

In Europe, around midday, the FTSE 100 was up 0.62% to 7,335.92, and the Euronext 100 rose 0.03% to 1,044.26.

On the macro front

The jobless claims report, the Philadelphia Fed business outlook survey, the leading indicators report, the quarterly services survey, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.

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