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Boston Properties, partner kick off NYC office project; Cole Office CFO resigns

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Boston Properties, partner kick off NYC office project; Cole Office CFO resigns

Commercial real estate

*Cole Office & Industrial REITInc. CFO and Treasurer Simon Misselbrook is leaving his post topursue another opportunity. He also resignedfrom the same posts at ColeCredit Property Trust IV Inc., Cole Credit Property Trust V Inc. and

CFO MichaelBartolotta will take on the role of interim principal financial officer if thecompanies do not find and appoint a replacement by May 30.

*Boston Properties Inc.and Rudin Development have commenced work on a 675,000-square-foot,WeWork-anchored office building on Dock72 in the BrooklynNavy Yard in Brooklyn, N.Y., Crain'sNew York Business reported.

The16-story project, expected to complete by 2017-end, is part of a broaderdevelopment effort at the city-owned industrial park, the report said.

*Vornado Realty Trustis marketing an apartment at its 220Central Park South luxury tower in Manhattan, N.Y., at a record$250 million, The Real Deal reported.The asking price translates to around $11,000 per square foot, the report said.

*Google Inc. is set to occupy 250,000 square feet of office space at Pier 57 onthe Hudson River Park in Manhattan as part of an expansion effort after a $350million renovation is completed next year, according to a reportfrom Crain's New York Business.

*The $1 billion Frisco Stationdevelopment in Frisco, Texas, is set to kick off with the construction of a228,000-square-foot speculative office building, The Dallas Morning News reported.

*The South Florida Business Journal reportedthat plans for the mixed-use Oasisproject in Hallandale Beach in Broward County, Fla., gained initial approvalfrom the city commission. The 10.1-acre development will include 500residential units and 200 hotel rooms, along with office and restaurant space,the report said.

* AnAEW Capital Management affiliate acquired a 297,557-square-foot office andretail center in Coconut Creek, Fla., for $85.6 million, the South Florida Business Journal reported.

*The Green Street Commercial Property Price Index remained unchanged in April,according to a news release from Green Street Advisors. The firm said propertyappreciation "has come to a halt" in 2016.

After the bell

*Preferred Apartment CommunitiesInc.'s board declared a second-quarter dividend of 20.25 cents percommon share, reflecting a 1-cent-per-share boost, or about 5.2%, over the first-quarter payout of19.25 cents per share.

Thecompany also filed ashelf registration statement for a base prospectus covering the sale of up to$300.0 million of its securities and a sales agreement prospectus for the saleof up to $150.0 million of its common stock in at-the-market offerings fromtime to time.

*CatchMark Timber Trust Inc.declared a second-quarter dividendof 13.5 cents per share, representing a quarter-on-quarter increase of 8%.

Thecompany also agreedto buy the Carolinas Midlands III timberlands from Forest InvestmentAssociates-managed funds for $101.8 million, excluding closing costs.

*Forest City Realty Trust Inc.boosted its unsecured creditfacility to $600 million from $500 million and also closed a newcredit agreement providing a $335 million, five-year term loan facility.

Thecompany plans to use borrowings under the term loan along with asset saleproceeds to address the 2017 mortgage maturity on the company's interest in theNew York Times building in midtown Manhattan.

*Vornado Realty Trust obtained a $60 million loan to three retail units at its 11East 68th St. property in Manhattan.


* Insouthern Nevada, the median sales price of previously owned single-family homeprice inched up 0.3% month over month in April to $220,600, VegasInc. reported,citing the Greater Las Vegas Association of Realtors. It was also up 3.8% fromthe same period in 2015.


*Casino revenues in Maryland totaled $103.8 million in April, surpassing theprevious monthly high of $98.9 million recorded in July 2015, The Baltimore Sun reported,citing the Lottery and Gaming Control Agency.

*The Kansas Crossing Casino + Hotel in Pittsburg, Kan., held its groundbreakingceremony. The state-owned project is the last of four nontribal casinos allowedby a state law, according to a newsrelease.

The day ahead

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

InAsia, the Hang Seng fell 1.66% to 20,109.87, and the Nikkei 225 dropped 0.25%to 16,106.72.

InEurope, as of midday, the FTSE 100 was down 0.88% to 6,063.17, and the Euronext100 had fallen 1.04% to 843.86.

On the macro front

Theemployment situation report, the consumer credit report and the Treasury STRIPSreport are due out today.

Now featured

: Net revenues were hit by a 13.8%decline in revenue from the company's Macau operations.

: Thisroundup of recent guidance from real estate companies includes updates fromVEREIT, W. P. Carey and Chatham Lodging.

: Thisroundup of recent guidance from real estate companies includes updates fromFederal Realty, Corrections Corp. and Mid-America Apartment.

: This feature presents a weeklyrundown of recent significant management and board changes and personnel movesin the North American real estate industry, including U.S. REITs and REOCs,homebuilders, and gaming operators.

: The May 5 North American property news roundup alsofeatures City Office REIT's sale of an Allentown, Pa., property for $44.5million.

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