Commercial real estate
* Health insurer Aetna Inc. confirmed that it is planning to move its headquarters out of Hartford, Conn., and is negotiating with a number of states for a new location, the Boston Business Journal reported, citing a statement from the company. Boston and New York are among the locations vying to land the new headquarters or a sizeable office presence, the report noted, citing unnamed sources.
The company has been based in Hartford since 1853 and occupies a 1.7 million-square-foot campus at 151 Farmington Ave. Its departure from the state would follow that of General Electric, which is moving to Boston from Fairfield.
* A 20-story office tower owned by CBRE Global Investors LLC in Philadelphia's Center City is on the market and is expected to sell for an estimated $160 million, the Philadelphia Business Journal reported. The 617,476-square-foot property known as United Plaza is being renamed Duane Morris Plaza for its anchor tenant law firm, which occupies 42% of the space.
The building, at 3 S. 17th St., is 95% leased, the report noted, citing Robert Fahey of CBRE Inc., which is marketing the asset.
* BlackRock Inc. and L&L Holding Company are again trying to unload a stake in their office building at 600 3rd Ave. in Midtown Manhattan, N.Y., Real Estate Alert reported. The 42-story building spans 575,000 square feet and is valued at approximately $403 million, the report added, citing industry sources.
The partners tried to sell a 49% stake in the property in 2016, the report noted.
* The New York State Attorney General's office approved the offering plan of Extell Development's Central Park Tower condominium project on Manhattan's Billionaires' Row with a total target sellout of $4.02 billion, making it the most expensive offering plan ever accepted in the city, The Real Deal reported. The target sellout price translates to an average per-unit price at the 179-unit tower of just under $22.5 million, which is double the average sales price in the top 10% segment of Manhattan's market, the report noted, citing Miller Samuel data.
The previous record for the most expensive offering plan ever accepted was held by Vornado Realty Trust's 220 Central Park South at $3.4 billion from March 2015, according to the report.
* Speaking of Extell, the company is assembling a development site on Manhattan's Upper West Side with more than 200,000 square feet of buildable space, unnamed sources told The Real Deal. The total assemblage on the southwest corner of W. 96th St. and Broadway is expected to cost more than $100 million, the sources said.
* Ashkenazy Acquisition is looking to sell a five-story property at 690 Madison Ave. in Manhattan, which is net-leased to retailer Hermes, with an asking price of $135 million, The Real Deal reported, citing unnamed sources. The company bought the 7,850-square-foot property for $115.2 million in 2015.
* New York City's Human Resources Administration will move to East New York as part of Mayor Bill de Blasio's administration's efforts to boost commercial development in outer boroughs by moving city offices to those locations, Crain's New York Business reported, citing James Patchett, president and CEO of the Economic Development Corp.
The Human Resources Administration will rent 250,000 square feet in one or more buildings and will issue proposals to developers in the summer. The move will also help free up prime office space for the private sector. The Flushing, Harlem and Jamaica neighborhoods are also on the agenda for similar boosts, the report noted, citing Patchett.
* Developers Rescore Property Corp. and Presidio Development Partners received a $66.5 million construction loan from Square Mile Capital for a 160-unit apartment project in San Francisco's Upper-Market/Hayes Valley neighborhood, Multi-Housing News reported.
After the bell
* American Hotel Income Properties REIT LP agreed to acquire an 18-hotel U.S. portfolio for roughly US$407.4 million. The company also launched a bought-deal public offering of limited partnership units and convertible debentures in connection with the purchase.
* Brixmor Property Group Inc.'s operating partnership is offering $500 million of 3.650% senior notes at a price equal to 99.576% of par value.
* Prologis Inc.'s operating partnership priced its offering of £500 million of 2.250% senior unsecured notes due 2029 at 99.940% of their principal amount.
* PIMCO pulled in $750 million over two months for its BRAVO Fund III, bringing the firm closer to the low end of its fundraising target range of $3 billion to $4 billion, PERE News reported, citing its sister publication Private Debt Investor.
* Gambling revenue in Macau surged 23.7% year over year in May, according to Macau's Gaming Inspection and Coordination Bureau. Reuters pointed out that the month's results exceeded analysts' expectations of between 15% and 20% growth and marked a 10-month winning streak for the region.
Gambling revenue came in at 22.7 billion Macanese patacas, and the growth rate was the fastest since February 2014, the news outlet noted.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.58% to 25,809.22, while the Nikkei 225 was up 1.07% to 19,860.03.
In Europe around midday, the FTSE 100 was up 0.38% to 7,548.95, and the Euronext 100 rose 0.66% to 1,026.67.
On the macro front
The weekly bill settlement report, the chain store sales report, the ADP employment report, the jobless claims report, the PMI manufacturing index, the ISM manufacturing index, the construction spending report, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.
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