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Google Calif. lease deal collapses; Facebook-leased NYC asset eyes $800M sale

Commercial real estate

* Alphabet Inc. unit Google LLC's potential lease agreement for the 27-acre The Assembly office campus in North San Jose, Calif., fell apart, the Silicon Valley Business Journal reported, citing three real estate industry sources. Dave Sandlin, executive vice president of commercial real estate firm Colliers International's San Jose office, told the publication that the deal fell through before the tech giant's purchase of three office buildings and a parking garage from Cisco Systems Inc. earlier this week.

* Orda Management Corp. is looking to sell the 675,000-square-foot office property at 225 Park Ave. S. in New York for between $750 million and $800 million, The Real Deal reported. The property comprises two connected buildings, and tenants include Facebook Inc. and Buzzfeed Inc., the report added.

* The state of New York's Public Finance Commission is proposing to lower the limit on contributions made by real estate donors and other large contributors to candidates for governor and other statewide offices, The Real Deal reported. The commission recommended lowering the limit to $18,000 from $70,000 for statewide candidates between primary and general elections. The new recommended limit for candidates for state Senate will be $10,000, down from $19,000, and for Assembly campaigns, it will be $6,000, down from $9,000. The new limits will take effect after the November 2022 election, the report said.

* St. Petersburg's Development Review Commission approved Red Apple Group Inc.'s $300 million mixed-use project in St. Petersburg, Fla., that will include a 45-story condo tower, a 20-story hotel and an 842-space parking garage, the Tampa Bay Times reported. The project will be built on 2.27 acres at 400 Central Ave. and will also include 20,000 square feet of first-class office space.

* Glenstar Properties LLC purchased the 20-story, 457,901-square-foot Premier Place office building at 5910 N. Central Expressway in Dallas for an undisclosed amount from CBRE Global Investors. Real estate sources estimate the sale price to be about $313 per square foot, or $143 million in total, the Dallas Business Journal reported.

* Bridge Development Partners LLC sold two suburban warehouse developments in Illinois, totaling 1.4 million square feet, to Morgan Stanley's Prime Property Fund, for approximately $200 million, Crain's Chicago Business reported.

* Real estate developers St. Joe Co. and HomeCorp agreed to construct an additional 120 apartment homes at Pier Park Crossings Apartments in Panama City Beach, Fla., adding up to a total of 360 units at the site.

* Developer The Related Group intends to launch preconstruction sales for a 20-story, 105-unit oceanfront condominium at 1116 N. Ocean Blvd. in Pompano Beach, Fla., in the first quarter of 2020, The Real Deal reported. The asking price for the units will be under $1,000 per square foot, the publication said, citing Related's Nick Pérez.

* A fund sponsored by CBRE Group Inc.'s CBRE Global Investors purchased The Penrose apartment community at 327 W. Tremont Ave. in Charlotte, N.C., for $101.3 million, the Charlotte Business Journal reported, citing Mecklenburg County real estate records. The 350-unit community is 90% leased and includes about 2,500 square feet of retail space.

* LBA Logistics acquired two properties in the Columbus area for a combined $60 million, the Columbus Business First reported, citing Franklin County Auditor. The company purchased the 717,717-square-foot Rickenbacker 717 warehouse at 3099 Rohr Road in Groveport, Ohio; its 35-acre site for $45.6 million; the 305,997-square-foot office and industrial property at 2701 Charter St.; and its 20-acre Columbus site for $14 million.

* PricewaterhouseCoopers LLP leased 182,316 square feet at Brookfield Property Partners LP and Douglas Development Corp.'s 768,000-square-foot 655 New York Ave. in Washington, D.C., the Washington Business Journal reported. The tenant plans to move to the new space in early 2021.

* Moin Development secured $135 million in financing backed by its 20-story, 190-key Mondrian Park Avenue NoMad hotel at 444 Park Ave. S. in New York, Commercial Observer reported. The three-year loan includes a $110 million senior mortgage from KeyBank and $25 million in mezzanine debt from Fidelis Asset Management.

* A development team including Thor Equities LLC secured a $144 million construction loan for its speculated 18-story office and retail tower office tower in Fulton Market, The Real Deal reported. The fixed-rate, five-year financing was provided by Bank of Nova Scotia.

After the bell

* There was a sharp decline in U.S. commercial real estate cross-border investment activity, as third-quarter acquisitions of the main property types totaled approximately $10.5 billion, compared to $29.2 billion of sales, according to Real Capital Analytics Inc.

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US housing market: Existing home sales, housing starts on the rise in October: Chart Watch: Recent estimates of housing starts and existing home sales in the U.S. both showed monthly increases in October, while new home sales dipped 0.7% month over month.

The day ahead

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

In Asia, the Hang Seng was up 1.07% to 26,498.37, and the Nikkei 225 inched up 0.23% to 23,354.40.

In Europe, around midday, the FTSE 100 rose 0.81% to 7,195.32, and the Euronext 100 gained 0.50% to 1,119.24.

On the macro front

The employment situation report, the consumer sentiment report, the wholesale trade report, the Baker-Hughes Rig Count and the consumer credit report are due out today.

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