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Beacon Capital closes $435M Seattle deal; HNA ordered to sell NYC tower stake

Commercial real estate

* Beacon Capital Partners acquired the Metropolitan Park East and West office buildings in downtown Seattle for $435 million in what is the Puget Sound region's largest property sale so far in 2018, the Puget Sound Business Journal reported. The 18- and 20-story buildings were sold by CBRE Global Real Estate, which paid roughly $273 million for them three years ago, according to the report.

* Embattled Chinese conglomerate HNA Group Co. Ltd. was ordered by the U.S. government to sell its majority stake in a 21-story Manhattan, N.Y., building near the Trump Tower, The Wall Street Journal reported, citing sources familiar with the matter. The Committee on Foreign Investment in the U.S. raised concerns about "some unique facts and circumstances" over the property's location at 850 Third Ave., located a few blocks away from the Trump Tower.

* France-based photography startup Meero is planning to establish a presence in New York City, having raised $60 million in venture funding since September 2017, The Real Deal reported. The startup runs a global online marketplace for the real estate industry, providing photography services such as virtual tours for clients that include Airbnb and UberEats. Citing a company representative, the news outlet noted that Meero's New York City office is slated to open in September.

* A Jones Lang LaSalle Inc. study of 75 coworking offices that occupy over 1 million square feet of former retail space found that the strategy of converting vacant retail space to coworking space carries additional benefits for workers, consumers and retailers on top of backfilling the vacant space, The Real Deal reported.

Mall landlord Macerich Co. recently announced a partnership to add coworking space tp some of its properties.

* The Triangle Business Journal reported that Inc. has officially been identified as the company behind the Project Axis development in Garner, N.C., that will serve as a four-story, 2.6 million-square-foot high-tech fulfillment center. The project entails an investment of $200 million, the publication noted, citing Economic Development Director Joseph Stallings.

The project will be at the old ConAgra Slim Jim site.

The day ahead

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

In Asia, the Hang Seng was down 1.52% to 27,936.57. The Nikkei 225 retreated 1.98% to 21,857.43.

In Europe as of midday, the FTSE was down 0.51% to 7,628.81, while the Euronext 100 had slipped 0.43% to 1,057.93.

On the macro front

No notable reports 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

Data Dispatch: Among most-populous US markets, multifamily deals average lowest cap rates: Chart Watch: In this U.S. property-market snapshot based on data from Real Capital Analytics, over the last 12 months, the Manhattan, N.Y., office market had the highest transaction volume, at $16.40 billion.

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