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Skanska selling $373M Houston tower stake; Vornado sells 3 condos for $150M

Commercial real estate

* Swedish developer Skanska AB (publ)'s Skanska USA Commercial Development Inc. agreed to sell a 90% stake in the 35-story Bank of America Tower in downtown Houston to Beacon Capital Partners LLC for $373 million, the Houston Business Journal reported.

* Vornado Realty Trust sold three condominium units at its 220 Central Park S. property in Manhattan, N.Y., in three separate deals for about $150 million, The Real Deal reported, citing deed records. Daniel Och of Och-Ziff Capital Management paid $93 million for the 9,800-square-foot Penthouse 73, while the Unit 55B and 34A sold for $26.8 million and $31 million, respectively.

* Chinese coworking giant Ucommune plans to raise $100 million in a New York IPO that could happen as soon as January 2020, The Wall Street Journal reported, citing a filing with the Securities and Exchange Commission and people familiar with the matter. The move would be a test of investor faith in the coworking concept after WeWork Cos. Inc.'s IPO debacle, and could provide clues as to whether investors were more wary of the coworking model or had specific issues related to The We Co. unit, the publication noted.

* Arlington City Council approved the $810 million expansion of the Entertainment District in The American Dream City in Arlington, Texas, under a public-private partnership with Texas Rangers, Loews Corp. unit Loews Hotels LLC and The Cordish Cos.

The 30-year public-private partnership will see the development of a $550 million, 888-room Loews Arlington Hotel with 1,500 parking spaces; a mixed-use residential building with 280 units and 100,000 square feet of retail, entertainment, and Spark coworking and incubator space; a planned 200,000-square-foot corporate office headquarters; and an additional 1,900-space public parking garage.

* The Miami-Dade County Commission approved Plenary Group's plan to build a new $267 million, 23-story civil courthouse at 73 W. Flagler St. in downtown Miami, replacing an older courthouse on the site, The Real Deal reported. The courthouse will comprise 46 courtrooms, 59 parking spaces, and space for future growth. Plenary will operate the facility under a 30-year contract with the county worth an average of $27 million a year.

* An affiliated company of private equity firm Triton Pacific Capital Partners LLC completed the acquisition of 117 Pizza Hut restaurants along with select strategic real estate assets in the states of Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Virginia and West Virginia for around $80 million.

* State Universities Retirement System of Illinois is looking to invest up to $475 million in real assets in 2020, IPE Real Assets reported, citing a board meeting document. The investment will include up to $250 million in core strategies, and up to $225 million in noncore real assets in international real estate, infrastructure and agriculture strategies.

* The Related Group filed plans with the city of Brookhaven, Ga., for a more than six-acre development at 2601 Briarcliff Road that will include 382 apartments, a 140-room hotel, 25,000 square feet of office space, and a combined 20,000 square feet of restaurants and retail space, the Atlanta Business Chronicle reported.

* The Related Group is also seeking approval for its Dorsey project in Miami's Wynwood Arts District at 286-252 NW 29th St. and 2801 NW Third Ave., according to a report from the South Florida Business Journal. That project will total 604,110 square feet, with 306 residential units in a 12-story building, 58,760 square feet of office space, 35,858 square feet of commercial space and 521 parking spaces.

* The Kroenke Group acquired the Meadows Marketplace shopping center development at 8477 S. Yosemite St. in Lone Tree, Colo., for $57.9 million from Dallas-based Invesco, the Denver Business Journal reported, citing Douglas County public records. The 217,867-square-foot property previously traded for $28.9 million in 1997.

* Intercontinental Real Estate Corp. purchased the two-building Roosevelt Commons office property at 4300 Roosevelt Way NE and 4311 11th Ave. NE in Seattle's University District for $157 million, the Puget Sound Business Journal reported. The asset previously traded for $94.5 million 14 years ago, according to the report.

WeWork has leased 30,425 square feet in the property and is slated to open in January 2020, the report noted, citing a WeWork spokesperson. The sale also includes two parking structures with a total of 432 stalls.

* ICM Asset Management Inc. formed a partnership with an unnamed Canadian institutional investment and pension fund manager to develop the 246,340-square-meter Santa Rosa Park, a class A build-to-suit and spec industrial project in Guadalajara in Jalisco, Mexico. The project's first phase will include three buildings and will be completed over a 36-month period.

After the bell

* WeWork and backer SoftBank Group Corp. entered into a commitment letter with Goldman Sachs Group Inc. whereby the embattled coworking giant will receive $1.75 billion in new financing, Bloomberg News reported, citing WeWork spokesperson Erin Clark.

The day ahead

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

In Asia, the Hang Seng gained 0.15% to 27,844.21, while the Nikkei 225 dropped 0.55% to 23,934.43.

In Europe, around midday, the FTSE 100 was up 0.13%% to 7,535.25, and the Euronext 100 increased 0.05% to 1,141.47.

On the macro front

The MBA mortgage applications report and the EIA petroleum status report is due out today.

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