Commercial real estate
* Facebook Inc. has signed the largest office lease deal in San Francisco's history by agreeing to fully occupy the 755,900-square-foot Park Tower in the city's Transbay district, the San Francisco Business Times reported. The social media giant had been eyeing the 250 Howard St. property in recent months, along with Amazon.com Inc. and Google Inc.
MetLife Inc., John Buck Co. and Golub & Co. are the developers of the tower, according to the report.
* Flexible-workspace and meeting-space provider Convene is leasing 93,000 square feet at the One Liberty Plaza building in Manhattan, N.Y., that is owned by Brookfield Property Partners LP and Blackstone Group LP, The Wall Street Journal reported.
Brookfield Property Partners is also an investor in Convene and has partnered with the company to provide coworking locations in its downtown Los Angeles buildings, the publication noted. The landlord is also planning to open more Convene facilities within its New York properties, the report added.
* Delshah Capital Ltd. is purchasing a portfolio of 210 residential units and 12 commercial units, mostly in Brooklyn, N.Y., from Silvershore Properties for $100.7 million, The Real Deal reported, citing sources familiar with the properties. The portfolio contains 28 buildings in Brooklyn and two on Manhattan's Lower East Side, the report noted, citing documents Delshah filed with the Tel Aviv Stock Exchange, where the company has issued bonds.
The buyer plans to upgrade the properties and increase their collective net operating income by 31% within two years, the report noted, citing the documents. The deal is expected to close in August.
* The dollar volume for New York City multifamily property sales reached more than $1 billion in March, reflecting the highest monthly total since December 2016, The Real Deal reported, citing Ariel Property Advisors. The high volume was attributed to strong activity in Manhattan, which accounted for roughly $600 million of the city's total for March.
* Drug developer Denali Therapeutics Inc. has leased 148,020 square feet at HCP Inc.'s Britannia Cove at Oyster Point development in San Francisco, near its current headquarters, the San Francisco Business Times reported. The drugmaker will move to the new space in early 2019.
The property is one of three buildings being developed in the final phase of the seven-building, 884,000-square-foot Cove. The report noted that biotechnology real estate vacancy rates in South San Francisco stand at roughly 1%, adding that multiple developers including BioMed Realty Trust Inc., Kilroy Realty Corp. and Alexandria Real Estate Equities Inc. are building or planning projects in the area.
* Singapore's sovereign wealth fund GIC Pvt. Ltd. is joining a Rockwood Capital LLC-led venture in the acquisition of a portfolio of A-grade office properties in Playa Vista, Los Angeles, for an undisclosed amount. The joint venture is acquiring the 259,000-square-foot, two-building Water's Edge office campus and the 251,000-square-foot, five-building Playa Jefferson multitenant complex.
* Apollo Commercial Real Estate Finance provided a $140 million loan to Access Industries to refinance the Faena District properties in Miami Beach, Fla., that were developed by Argentina's Faena Group, Commercial Observer reported. The Faena District spans more than 1 million square feet of hospitality, residential, cultural and commercial space, including the 169-room Faena Hotel.
Housing
* Toll Brothers Inc. disclosed net income of $111.8 million for the fiscal second quarter ended April 30, down 10.3% year over year from $124.6 million.
EPS totaled 72 cents, compared to 73 cents in the fiscal second quarter of 2018.
* Lennar Corp. and Taylor Morrison Home Corp. are acquiring home lots from WestLand Capital Partners in the Folsom Plan Area in Folsom, Calif., amid a homebuilding rush, the Sacramento Business Journal reported.
Lennar is buying 181 lots earmarked for single-family homes that were previously expected to sell to CalAtlantic Group Inc., which has since merged with Lennar, the report noted, citing Jim Radler, senior vice president at land brokerage firm Land Advisors Organization.
Taylor Morrison is buying 206 lots in Folsom Ranch and The New Home Co. is planning to build 878 homes nearby, the report noted.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Nikkei 225 dropped 0.18% to 22,960.34.
In Europe, around midday, the FTSE 100 had climbed 0.20% to 7,874.50 and the Euronext 100 was up 0.12% at 1,087.44.
On the macro front
The Redbook and the Richmond Fed Manufacturing Index are due out today.
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