Commercial real estate
* Bloomberg News reported that WeWork Cos. Inc. rivals such as IWG PLC, Convene, Industrious and Knotel are pitching themselves as more stable tenants to landlords with WeWork leases across New York, Los Angeles and Toronto. Novel Coworking has been approached by three large U.S. landlords to gauge the company's interest in buying buildings leased to WeWork, or managing their space if necessary.
Quest Workpsaces CEO Laura Kozelouzek expects more opportunities to arise as WeWork hits the brakes on its previously aggressive expansion.
Citing people familiar with the discussions, Bloomberg News separately reported that The We Co. unit WeWork is expected to let go of about 2,000 staff, or roughly 16% of its global workforce. The move is a cost-cutting measure that follows the postponement of the coworking giant's IPO.
* Two tenants at UDR Inc.'s 10 Hanover Square building in Manhattan, N.Y.'s Financial District are suing the landlord alleging violations of the 421-g tax benefits program, The Real Deal reported. The program requires landlords to provide rent-stabilized leases to tenants, but the lawsuit says none of the property's almost 500 units were listed as rent-stabilized in the company's tax filings.
The lawsuit was made possible after the state's highest court overruled a previous decision allowing UDR to use luxury deregulation to exempt units at the property from the program.
* Residential sale prices in Manhattan's Financial District dropped more than 25% in the third quarter to $1 million and overall sales activity declined 16% compared to the previous quarter, The Real Deal reported, citing Platinum Properties.
* The nine-story, 138,196-square-foot office and retail building at 222 Sutter St. in San Francisco is up for sale and expected to fetch around $100 million, the San Francisco Business Times reported, citing sources familiar with the offering. The former Loehmann's department store building owned by Craigslist, which paid $53.8 million for it in 2012, the report noted, citing Property Shark. The property is 68%-leased.
* Honolulu's office market logged a vacancy rate of 10.32% in the third quarter, compared to 10.65% at the end of the second quarter, Pacific Business News reported, citing Colliers. The vacancy rate was the market's lowest in 10 years, the report noted.
* Angelo Gordon & Co. LP sold two suburban Chicago properties to Broadstone Real Estate, The Real Deal reported, citing public records. An industrial property at 1109 East Lake St. in Streamwood was sold for $58 million and a 528,000-square-foot office building in Hoffman Estates for $36 million.
Angelo Gordon paid $11 million for the industrial property in 2012 and $18 million for the office property, the report said.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Nikkei 225 was down 0.16% to 21,375.25.
In Europe, around midday, the FTSE 100 was up 0.39% to 7,183.19, and the Euronext 100 rose 0.45% to 1,069.87.
On the macro front
The TD Ameritrade IMX report and the Consumer Credit 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.
Data Dispatch: HCP-Brookdale deal is a milestone on a long journey, analysts say: The transaction, the latest in a series of deals between the seniors housing operator and its real estate investment trust landlords, may point to a simpler future for HCP Inc.
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