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Boston Globe selling HQ; redevelopment cost of NYC's LaGuardia Airport escalates


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Boston Globe selling HQ; redevelopment cost of NYC's LaGuardia Airport escalates

Commercial real estate

*The Boston Globe signed a deal tosell its 815,000-square-foot headquarters building in Boston's Dorchesterneighborhood, the newspaper reported,citing confirmation from Boston Globe Media Partners CEO Mike Sheehan. Thebuyer and the terms of the deal for the Globe building on Morrissey Boulevardwere not disclosed.

*The redevelopment ofNew York City's LaGuardia Airport is now expected to cost about $1 billion morethan the previously announced overall cost of $7 billion for the project, The Real Deal reported,citing the Port Authority of New York and New Jersey.

*Developer Jack Resnick & Sons secured a $295 million loan from AXAEquitable Life Insurance Co. to refinance its asset, The Real Deal reported,citing records filed with the city. The property is a fully leased 35-storyoffice tower located at 199 Water St. in Manhattan, N.Y.'s Financial District.

*The high-tech sector is at the forefront of office use growth in the U.S., National Real Estate Investor reported,citing CBRE's director of research and analysis for the Northern Californiaregion, Colin Yasukochi. He noted that the high-tech companies' share of officeleasing activity increased to 18% in 2015 from 11% in 2011.

*McCraney Property Co. snapped up 70 acres of farmland in Plant City, Fla., tobuild an approximately 1.3 million-square-foot speculative warehousedevelopment, the Tampa Bay BusinessJournal reported,citing a news release from the company.

*Prosecutors from Argentina are investigating nearly $65 million worth of acquisitions by a real estate agent linked to a top aide to formerArgentina President Néstor Kirchner, MiamiHerald reported.

Theproperties, bought in mainly cash deals between 2010 and 2015, includeultra-luxury condominiums in Miami, a $13 million unit at New York's and $30 millionworth of investments in South Florida properties, the report said. Theinvestigation is related to revelations from the Panama Papers, according tothe report.

*Beach Tower LLC sold two office buildings near Miami's Lincoln Road to Ivy MBTProperty for approximately $48.8 million, MiamiHerald reported.The properties cover 119,966 square feet and were sold for around $406 persquare foot, the report said.


* The New York Times featureda reportauthored by Robert Shiller that argued that land and homes are not viablelong-term investments as technological advances and developments in the supplyof housing services will result in lesser demand for land.

Henoted the slow long-term pace of farmland and growth in home values and therise of "micro-apartments" in urban centers. Shiller helped createthe S&P/Case-Shiller U.S. National Home Price Index.

*Single-family home sales in Austin, Texas, were up 3.4% year over year duringthe first half, and the median price increased 5.6% on the year, according to the Austin Board ofREALTORS.


*The Motley Fool featured a reporton MGM Resorts International's$1.3 billion MGM National Harborresort and casino project that is slated to open near Washington, D.C., in thefourth quarter.

Thereport noted that the company is the most indebted casino company and the newdevelopment may pose a risk to investors.

The day ahead

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

InAsia, the Hang Seng rose 0.66% to 21,803.18.

InEurope, around midday, the FTSE 100 was up 0.25% to 6,685.84, but the Euronext100 0.23% was lower to 862.86.

On the macro front  

TheNational Association of Home Builders' housing market index and the TreasuryInternational Capital report are due out today.

Now featured on S&PGlobal Market Intelligence

:The July 15 weekly news roundup in the North American real estate space alsofeatures a pending merger edging closer to completion and another M&A dealfacing a potential spoiler.

: During the first half of 2016,sponsors raised less than half what they raised in the first half of 2015.

:Our real estate editors' picks for the best stories of the week ending July 15.

:The 10 most read real estate articles for the week ending July 15.

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