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Chicago's Old Main Post Office cleared for $500M revamp; Pulte, D.R. Horton report earnings

Commercial real estate

*601W Cos. LLC has been cleared to commence redevelopment work at Chicago's vacant Old Main PostOffice building, according to a reportfrom DNAinfo. The iconic 2.7 million-square-foot building will be converted toprovide new office space in a $500 million project that will also include apublic river walk and a three-acre rooftop park with outdoor cafes and tenniscourts, among other things, the report said.

*The University of Pennsylvania Health System is planning an 18-story officetower development at 3600 Civic Center Blvd. in Philadelphia, The Philadelphia Inquirer reported,citing an email from Penn Medicine spokeswoman Susan Phillips. The540,000-square-foot Center for Healthcare Technology will be developed in twophases, according to the report.

*RAL Development Services and Oliver's Realty Group closed a nearly $110 millionground lease agreement with Brooklyn Bridge Park Corp. at Pier 6, Commercial Observer reported,citing property records filed with the city.

Plansfor the controversialproject include two apartment buildings with 300 units at Brooklyn Bridge Parkin Brooklyn, N.Y.

* has leased nearly 619,000 square feet of industrial space at awarehouse in Teterboro, N.J., reported,citing real estate brokerage firm Colliers International.

After the bell

*SL Green Realty Corp.reported ayear-over-year gain in second-quarter FFO, citing the effects of its of Citigroup Inc.'sheadquarters.

Second-quarterFFO attributable to common stockholders and noncontrolling interests totaled$355.7 million, or $3.39 per share, compared to $168.7 million, or $1.62 pershare, a year earlier.

*Consolidated-Tomoka Land Co.'sboard of directors concluded its reviewof strategic alternatives and has decidedto proceed with the company's existing business plan.

*Urstadt Biddle Properties Inc.announced a public offeringof 2,750,000 shares of its class A common stock and the acquisition of NewfieldGreen Shopping Center in Stamford, Conn., for approximately $45.3 million.


*PulteGroup Inc.reportedsecond-quarter net income of $117.8 million, or 34 cents per share, for thequarter ended June 30.

Thegroup appointed three independent directors, and its board authorized a $1billion increase in its existing share repurchase authorization.

*D.R. Horton Inc.logged net income of$249.8 million, or 66 cents per share, for the fiscal third quarter ended June30, reflecting a 13% increase from$221.4 million, or 60 cents per share in the year-ago period.

*Condominium and single-family home sales in New York's Hamptons area fell 20.5%year over year in the second quarter, while the median sales prices increased4.3% year over year during the period, according to a reportfrom Douglas Elliman Real Estate and Miller Samuel Inc. Real Estate Appraisers.

The day ahead

Early morning futures indicators pointed to a mixed openingfor the U.S. market.

In Asia, the Hang Seng rose 0.54% to 22,000.49, and theNikkei 225 was up 0.77% to 16,810.22.

In Europe as of midday, the FTSE 100 was down 0.34% to6,706.02, and the Euronext 100 fell 0.29% to 865.42.

On the macro front

The jobless claims report, the Chicago Fed national activityindex, the FHFA house price index, the existing home sales report, the LeadingIndicators report, the EIA natural gas report, the Fed balance sheet and themoney supply report are due out today.

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