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Cousins, Hines JV plans Atlanta project; Caesars in Australian casino deal

Commercial real estate

* Cousins Properties Inc. and Hines are planning another office building next to their 8000 Avalon mixed-use project in Atlanta, the Atlanta Business Chronicle reported, citing a conference call announcement from Cousins. The company bought an undeveloped site at the location for an undisclosed price from Prudential Financial affiliate PGIM.

The new building is expected to span nearly 225,000 square feet, and the partners intend to break ground after "significant pre-leasing," the report noted, citing Cousins President Colin Connolly.

* Law firm Cooley LLP signed up for 130,000 square feet to relocate its New York headquarters to 55 Hudson Yards in Manhattan, N.Y., according to a release. The firm, which occupies roughly 100,000 square feet at Brookfield Office Properties Inc. and Swig Co.'s Grace Building at 1114 Sixth Ave., also in Manhattan, was reportedly eyeing the move back in February.

The 1.5 million-square-foot 55 Hudson Yards tower is being developed by Related Cos., Oxford Properties Group and Mitsui Fudosan America, and is slated to open in 2018, according to The Real Deal, which also reported on the lease.

* Macmillan Publishers signed a 261,000-square-foot lease at Silverstein's 120 Broadway property in Manhattan's Financial District, according to the New York Post. The publisher was reported to be eyeing the move in April from the landmarked Flatiron Building in the borough. The move is expected in early 2019 and will leave the Flatiron Building vacant.

The 1915-built 120 Broadway property recently underwent a modernization to achieve class A status, the publication noted.

* Apollo Global Management signed a sublease for roughly 70,000 square feet at the 3 Bryant Park tower in Manhattan, vacating its office space at the Crown Building on Manhattan's Fifth Avenue, The Real Deal reported, citing unnamed sources.

The 1.2 million-square-foot 3 Bryant Park property at 1095 Sixth Ave. is also known as Salesforce Tower.

* Sterling Bay won a bid to buy 18 acres of city-owned land in Chicago with a $104.7 million offer, the Chicago Tribune reported, citing a release from the city. The developer will own nearly 60 acres in the area near Goose Island after the deal concludes later in 2017. The site was owned by the Department of Fleet and Facility Management. The publication said the company has a "once-in-a-generation development opportunity" with the assemblage.

Sterling Bay also has a $680 million deal in the works to buy the two-tower Prudential Plaza office complex in Chicago and is also building McDonald's new headquarters in the city.

* Lotus Equity Group is planning a mixed-use project with up to 2,000 rental apartments and 400,000 square feet of office space at the site of the failed Bears & Eagles Riverfront Stadium in Newark, N.J., Bloomberg News reported. The 2.3 million-square-foot project will also comprise retail stores and open space, the news outlet noted, citing preliminary plans.

After the bell

* Vornado Realty Trust reported second-quarter funds from operations attributable to common shareholders, plus assumed conversions, of $257.7 million, or $1.35 per share, compared with $229.4 million, or $1.21 per share, in the 2016 second quarter.

* SBA Communications Corp. reported a 24.8% year-over-year gain in adjusted FFO for the second quarter.

* Alexandria Real Estate Equities Inc. disclosed second-quarter FFO attributable to common stockholders of $131.7 million, or $1.45 per share, up from $29.3 million, or 39 cents per share, in the corresponding 2016 period.

* M/I Homes Inc. priced its offering of $250 million of 5.625% senior notes due Aug. 1, 2025.

* Public Storage priced an offering of 12.0 million depositary shares at $25.00 apiece for $300 million in gross proceeds.


* Citing media reports in Australia, G3 Newswire reported that Caesars Entertainment Corp. has signed a deal to be the casino operator for Chinese-backed ASF Consortium's waterfront resort project on Australia's Gold Coast. Caesars has reportedly completed an initial assessment of the project, for which ASF previously tapped Crown Resorts, which turned down the opportunity, the report noted.

The day ahead

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

In Asia, the Hang Seng climbed 0.79% to 27,540.23, while the Nikkei 225 rose 0.30% to 19,985.79.

In Europe, around midday, the FTSE 100 gained 0.59% to 7,415.74 and the Euronext 100 rose 0.31% to 998.86.

On the macro front

The motor vehicle sales report, the personal income and outlays report, the Redbook, the PMI manufacturing index, the ISM manufacturing index, the construction spending report and the Gallup US ECI are due out today.

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