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Fla. resort up for $1B sale; Rockpoint closes $600M NYC tower acquisition

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Fla. resort up for $1B sale; Rockpoint closes $600M NYC tower acquisition

Commercial real estate

* Brookfield Asset Management Inc. subsidiary Thayer Lodging Group Inc. is looking to sell the 1,000-room Diplomat Beach Resort in Hollywood, Fla., which could fetch up to $1 billion, Bloomberg News reported, citing people privy to the matter. The resort, which includes over 200,000 square feet of meeting space, underwent a $100 million renovation after Thayer acquired the property in 2014, the news outlet noted.

* Rockpoint Group closed its $600 million acquisition of the One Dag Hammarskjöld office tower in Manhattan, N.Y.'s Midtown East and received a $430 million loan from Wells Fargo and Brookfield Asset Management for the acquisition, The Real Deal reported, citing unnamed sources.

The 1970s era tower at 885 Second Ave., totaling 815,000 square feet across 49 floors, was sold by Ruben Cos. Located near the United Nations complex, the tower's tenants include foreign missions and U.N. pension funds, the publication added.

* Sotheby's International Realty has leased roughly 38,000 square feet at Vornado Realty Trust's 650 Madison Ave. for a headquarters move, Crain's New York Business reported. The luxury residential brokerage is moving from 38 E. 61st St. and plans to relocate by the end of 2019.

* Google has leased 190,000 square feet at One Maritime Plaza at 300 Clay St. in San Francisco, the San Francisco Business Times reported, citing brokerage Cushman & Wakefield. The 25-story tower was developed in 1967 and is owned by Morgan Stanley Real Estate Investing.

* The University of Miami plans to develop a $260 million student housing complex at its Coral Gables, Fla., campus with four nine-story buildings, The Real Deal reported. The Centennial Village project would replace the Stanford and Hecht residential colleges with a total development of 522,000 square feet and 1,700 rooms, the publication noted, citing a release.

Construction on the project is planned to commence in the summer of 2020, with the two-phase project's first stage expected to open in the fall of 2022 and the second stage scheduled to open in the fall of 2024.

* Longpoint Realty Partners LP closed its Longpoint Realty Fund I in October 2018 at $280 million, according to PERE News. The debut fund, which was launched in 2016-end, fell short of its $375 million target due to a difficult fundraising environment, Longpoint's managing partner and founder, Dwight Angelini, said, as cited by the report.

* Mast Capital is planning a 20-story, 254-unit apartment building in Miami's Coral Gables neighborhood, the South Florida Business Journal reported. Miami's Urban Design Review Board is scheduled to consider the site plan for the 3811 Shipping Ave. project Jan. 16.

The 385,961-square-foot development will also have a 319-space parking garage and 825 square feet of retail space, along with more than 10,000 square feet of amenity space, the report added, citing Mast Capital CEO Camilo Miguel.


* Suncrest Real Estate & Land is planning a 720-home subdivision in Gaston County in Charlotte, N.C., the Charlotte Business Journal reported, citing Suncrest Principal Sean Cooney. Homebuilders D.R. Horton Inc. and Meritage Homes Corp. have been chosen for the 245-acre Presley community, according to Cooney, and lots will be ready for development at the end of the third quarter.

The day ahead

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

In Asia, the Hang Seng increased 0.22% to 26,521.43, while the Nikkei 225 fell 1.29% to 20,163.80.

In Europe, around midday, the FTSE 100 fell 0.11% to 6,899.04, and the Euronext 100 was down 0.54% to 930.56.

On the macro front

The EIA natural gas report, the Fed balance sheet and the jobless claims consensus 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.

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