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Rezoning proposed for Brandywine's Philly project; Pfizer planning NYC HQ sale

Commercial real estate

* Rezoning legislation has been proposed in Philadelphia to allow the first phase of Brandywine Realty Trust's Schuylkill Yards project to commence, The Philadelphia Inquirer reported, citing the city's website. Brandywine said earlier that it expects the first phase to comprise an approximately 700,000-square-foot mixed-use facility. The company is partnering with Drexel University for the first phase.

* DCT Industrial Trust Inc. said it acquired a 301,000-square-foot building in Cincinnati's northwest submarket. The deal price was not disclosed. The property is 60% occupied.

* New York City housing construction permits saw the highest number of approvals for 2016 in September, The Real Deal reported, citing an analysis of permit data from the Department of Buildings. Approvals were granted for 2,218 new units.

However, the year-to-date total of 10,982 was down 74% from 42,140 during the same period in 2015. The report said this is due to the expiration of the 421-a tax incentive in 2015, which led to a spike in construction permits.

* Pfizer Inc. is planning a headquarters move and expects to sell its buildings in Midtown Manhattan, N.Y., by 2017-end, The Wall Street Journal reported, citing a spokeswoman for the drug company. The company owns two properties, one each at East 42nd St. and Second Ave., which have a total of 1 million square feet of space, the publication noted.

Pfizer expects to lease its new headquarters rather than own it, and the location is still undecided, the report said, citing the spokeswoman.

* Single-family home rents in the U.S. are expected to rise 1.7% in the year ending August 2017, Bloomberg News reported, citing data from Zillow. The prediction continues the trend of slower rental growth in 2016.

* Seven & I Holdings Co., the parent of convenience-store chain 7-Eleven, is planning to increase its North American store count to 10,000 by fiscal 2019, from almost 8,900 stores at the end of June, the Journal reported.

* According to Cushman & Wakefield, the Dallas-Fort Worth region had the highest net office leasing volume in the U.S. for the first nine months of 2016, The Dallas Morning News reported. Total leasing for the first nine months has reached 3.6 million square feet, and the region is expected to see a record year for office take up, the report noted.

* The Dallas Morning News is planning to move across town to a $221 million redevelopment project in Dallas, the news outlet's officials announced. Developer Centurion American is leading the redevelopment of the former site of the main Dallas Public Library and the adjoining Statler Hilton hotel building, and the newspaper is in lease negotiations to move to the old library's site, according to the report.

After the bell

* Public Storage priced a public offering of 14.0 million depositary shares, each representing 0.001 of a 4.90% series E cumulative preferred share of beneficial interest. The offering, set to close on or around Oct. 14, was priced at $25.00 per depositary share for expected gross proceeds of $350 million.

* Washington Prime Group Inc. tapped Lou Conforti as CEO. He had served in the role on an interim basis since June.

* U.S. hotels registered positive performance for the week ended Oct. 1, according to STR data. Year over year, RevPAR rose 3.2% to $88.83 and ADR rose 1.3% to end the week at $126.95. Occupancy increased 1.8% to 70.0%.


* Almost $189 billion worth of residential property in Florida is at risk of storm surge damage from Category 4 Hurricane Matthew, The Real Deal reported, citing CoreLogic. In Miami, 576,056 homes worth $108 billion in reconstruction value are at risk, the report noted.

* The average home price in metro Denver, including detached single-family houses and attached condos and townhomes, increased 11.8% year over year in September to $396,706, the Denver Business Journal reported, citing the Denver Metro Association of Realtors. The median price in the region increased nearly 13% to $348,000, the report said.

The number of sales, however, dropped 5.5% from the year-ago period, the report noted.

The day ahead

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

In Asia, the Hang Seng decreased 0.42% to 23,851.82, and the Nikkei 225 slipped 0.23% to 16,860.09.

In Europe, around midday, the FTSE 100 was up 0.76% to 7,053.01, while the Euronext 100 was down 0.94% to 878.83.

On the macro front

The employment situation report, the consumer credit report and the Treasury STRIPS report are due out today.

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