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WeWork JV plans co-living tower in Seattle; German fund nabs Chicago asset

Commercial real estate

* WeWork Cos. is teaming up with Martin Selig Real Estate to develop a 36-story mixed-use tower in Seattle's Belltown neighborhood for its WeLive co-living brand, Bisnow reported. The project will be the third location for WeLive after Manhattan, N.Y., and Arlington, Va., and the first WeLive on the West Coast. Completion is expected in 2020.

The Puget Sound Business Journal also reported on the project, noting that the building will also contain co-working space.

* CBRE Global Investors LLC and Universal-Investment snapped up a one million-square-foot distribution and warehouse property in the Chicago area on behalf of a pension fund established for Germany's Bayerische Versorgungskammer. The purchase price was not disclosed. The newly completed property is located in the Gateway 57 Corporate Park in University Park, Ill., and is fully occupied with a triple-net lease to Georgia Pacific Consumer Products, CBRE Global Investors said in a release.

* Insurance and risk-management firm Aon signed up for an additional 34,000 square feet at Brookfield Property Partners LP's One Liberty Plaza building in downtown Manhattan, The Real Deal reported, citing the landlord. Aon had leased 203,000 square feet in the 28-story building earlier in 2017, and has now leased another floor, boosting its presence in the tower to five floors.

Business Insider leased space in the building for its headquarters in June.

* Sagamore Development off-loaded a property in Washington, D.C.'s Georgetown neighborhood in what could be a record for a commercial property sale in the city, the Washington Business Journal reported. The 8,769-square-foot asset at 3150 M St. NW was sold for $50.2 million to Capital One NA, reflecting a per-square-foot rate of more than $5,720 for the unleased retail building.

Capital One's plans for the property are unclear. Sagamore is the development arm of Under Armour CEO Kevin Plank's empire, the report noted.

* Goldman Sachs purchased four industrial buildings in Jessup and Landover, Md., for $66.7 million from Exeter Property Group, the Baltimore Business Journal reported. The properties span a total of 650,000 square feet and are 96% leased.

* Enterprise Homes bought The Shelter Group's affordable-housing portfolio for an undisclosed price, The Baltimore Sun reported. The portfolio comprises 43 properties totaling 4,153 apartments. The Shelter Group is shifting its focus to its Brightview senior living business, according to the report.

* IBM sold off a nearly 102-acre tract of wooded and undeveloped land near its campus in Research Triangle Park in North Carolina, and the buyer is planning to develop a $60 million industrial park on the site, the Triangle Business Journal reported. Citing Rich Horn, president of Strategic Capital Partners, the report noted that the planned Patriot Park will have up to one million square feet of industrial warehouse space.

After the bell

* RioCan Real Estate Investment Trust reported second-quarter funds from operations of C$146.6 million, or 45 cents per share, up 10.1% in the aggregate from C$133.1 million, or 41 cents per share, in the 2016 second quarter.

* Regency Centers Corp. reported core FFO for the second quarter of $158.2 million, or 93 cents per share, an increase of 95.3% in the aggregate from $81.0 million, or 82 cents per share, in the comparable 2016 period.

* Glass Lewis & Co. LLC recommended that Sabra Health Care REIT Inc. shareholders vote in favor of the company's proposed common share issuance as part of its planned merger with Care Capital Properties Inc.

* Spirit Realty Capital Inc. plans to create a separate, publicly traded real estate investment trust by spinning off substantially all of its Shopko-leased properties and its Master Trust 2014 assets, confirming an earlier report.

* Portfolio Advisors LLC raised $485 million in the final close of its sixth real estate fund of funds, PERE News reported, citing Secondaries Investor, its sister publication.

The day ahead

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

In Asia, the Hang Seng increased 0.12% to 27,562.68, while the Nikkei 225 declined 0.38% to 19,952.33.

In Europe, around midday, the FTSE 100 was up 0.09% at 7,481.22, and the Euronext 100 had risen 0.01% to 1,001.41.

On the macro front

The employment situation report, the international trade report, the Baker-Hughes Rig Count report and the Treasury STRIPS report are due out today.

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