trending Market Intelligence /marketintelligence/en/news-insights/trending/p1lfgd_jkzxhvcahfkmnbw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Trump Tower tenant signs lease at SL Green property; Reiser plans $450M project

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Trump Tower tenant signs lease at SL Green property; Reiser plans $450M project

Commercial real estate

* Industrial and Commercial Bank of China, a tenant at the Trump Tower in Manhattan, N.Y., has leased roughly 100,000 square feet at SL Green Realty Corp.'s 1185 Sixth Ave., The Real Deal reported, citing unnamed sources. The publication noted that the new lease does not explicitly imply that the Chinese government-owned bank would be moving out of Trump Tower, where it is the third largest commercial tenant.

A relocation out of Trump Tower is possible on account of the size of the new lease and the fact that its Trump Tower lease expires in 2019, the report added.

* The Wall Street Journal reported that negotiations by WeWork Cos. to lease roughly 220,000 square feet, or up to 12 stories, at the One World Trade Center tower in Manhattan fell apart after landlord Durst Organization received better offers for some of the space. The more competitive offers came from media and technology companies, the publication added, citing an interview with Chairman Douglas Durst.

WeWork's potential lease would have made it the top private occupier of Manhattan office space, a distinction it is still on track to achieve in 2018, the report added, citing real estate analysts.

* KBS Realty Advisors sold the Stonebridge Plaza I & II office complex at 9600 and 9606 North MoPac Expressway in Austin, Texas, to Intercontinental Real Estate Corp. for an undisclosed price, the Austin Business Journal reported. Citing Travis Central Appraisal District figures, the report noted that the 5.1-acre site is appraised at $138.9 million.

The class A office complex offers 388,024 square feet of space. KBS Realty had paid $124 million for the property in 2016.

* An affiliate of The Hanover Co. sold the Hanover East Paces Apartments in Atlanta for $117.1 million to Utah Property Management Associates, the Atlanta Business Chronicle reported, citing Fulton County property records. The 375-unit property at 400 Pharr Road in the Buckhead residential district changed hands in an all-cash deal on Aug. 24, the report added, citing Databank Inc.

* Foulger-Pratt is planning an up to $400 million mixed-use project near the Wiehle-Reston East Metro station in Fairfax County, Va., that would total 1.5 million square feet, the Washington Business Journal reported. The developer is under contract to acquire eight parcels totaling 24 acres for the project, the report added, citing Michael Abrams, senior vice president of acquisitions with Foulger-Pratt.

The Reston Association Drive project would include up to 907 residential units including apartments, condominiums and townhomes, along with an assisted living facility, ground-level retail and a 308,000-square-foot office building.

* A joint venture between Foulger-Pratt and Cerberus Capital Management has bought Discovery Inc.'s longtime headquarters building at 1 Discovery Place in Silver Spring, Md., for $70 million, the Washington Business Journal reported, citing a source familiar with the deal. Discovery plans to move its headquarters to New York in 2019. The 548,953-square-foot property has an assessed value of $147 million, according to the report.

* Mayo Clinic revealed preliminary plans for roughly $800 million worth of building projects at its campuses in Jacksonville, Fla., and Phoenix, the Minneapolis / St. Paul Business Journal reported. The health giant plans to nearly double the size of its Phoenix campus by adding a 1.4 million-square-foot extension to the existing 1.7 million square feet.

According to the Phoenix Business Journal, the Phoenix campus expansion project is expected to cost $648 million.

In Florida, Mayo Clinic will add two projects totaling over $144 million.

* Lennar Corp.'s LMV II Wynwood Holdings is under contract for a 1.11-acre site at 48-98 N.W. 29th St. and 63 N.W. 28th St. in Miami with plans to develop apartments, according to the South Florida Business Journal. The site houses the Wynwood Yard dining and food space and the O Cinema.

Lennar intends to commence work in 2019 on Wynwood Green, which would total 323,057 square feet in 11 stories. The project is slated to have 189 apartments, 16,768 square feet of commercial space and 324 parking spaces.

After the bell

* LaSalle Hotel Properties moved to terminate a planned buyout by Blackstone Group LP after determining that an unsolicited merger offer from Pebblebrook Hotel Trust is a superior proposal.

Housing

* Reiser Land Development is in the process of buying a 441-acre estate in Chester County, Pa., for a total of $75 million with plans to build a residential subdivision with 598 homes, the Philadelphia Business Journal reported. The total project is expected to be worth up to $450 million at build-out.

Other real estate news

* CatchMark Timber Trust Inc. said it is evaluating a potential offer to acquire Phaunos Timber Fund Ltd. in a stock-for-stock deal that would result in a combined company with an enterprise value of US$1.3 billion. The target company owns a portfolio of premium timberland assets located in New Zealand and the Americas.

The day ahead

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

In Asia, the Hang Seng fell 0.99% to 26,974.82, while the Nikkei 225 was down 0.41% to 22,487.94.

In Europe, around midday, the FTSE 100 was down 0.22% to 7,367.23, and the Euronext 100 fell 0.15% to 1,031.10.

On the macro front

The ADP Employment report, the jobless claims report, the productivity and costs report, the PMI Services index, the factory orders report, the ISM's non-manufacturing index, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Now featured on S&P Global Market Intelligence

Conference Chatter: ESG dialogue in real estate converging on employee health: At a conference in New York City, sustainability experts said environmental, social and governance considerations in real estate are coalescing around worker health, with potentially significant implications for landlords' bottom lines.

The Daily Dose has an editorial deadline of 7 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.