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WeWork makes $330M San Francisco buy; Highwoods files plans for 2 Fla. towers

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WeWork makes $330M San Francisco buy; Highwoods files plans for 2 Fla. towers

Commercial real estate

* WeWork Cos. Inc. purchased a 20-story, 360,000-square-foot building at 600 California St. in the Financial District of San Francisco for about $330 million, the San Francisco Business Times reported, citing public records and people familiar with the transaction. The We Co. unit purchased the building from Bentall Kennedy through its ARK investment fund. The coworking space provider first signed a 73,000-square-foot lease at the property in 2016, the publication added.

* Highwoods Properties Inc. filed plans to build two 10-floor modern glass towers totaling 270,000 square feet at the 2.8-acre property at 4600 W. Cypress St., in Tampa, Fla., the Tampa Bay Business Journal reported, citing documents filed with the city. The project would replace the present 1977-built five-story Westshore Square building on the site that houses The Bank of Tampa as well as the Tampa division of Lennar Corp.

The report noted that Highwoods' rezoning request does not necessarily indicate plans to immediately demolish the existing building but could be a precursor to future redevelopment if and when it secures tenants.

* Amazon.com Inc. listed Hillwood Investment Properties LP's 237,000-square-foot industrial facility at 3639 Howard St. in Skokie Commerce Center in Skokie, Ill., as an address for a new job listing, appearing to have leased the property, The Real Deal reported. The building was previously being marketed by Cushman & Wakefield, but the listing has been taken down, the publication said, citing a Cushman & Wakefield official handling the leasing. The e-commerce giant did not respond to a request for comment, The Real Deal noted.

* Facebook Inc. opened a new office in Austin, Texas, spanning 11 stories or 256,500 square feet at Third + Shoal at 607 W. Third St., the Austin Business Journal reported. The publication also noted, citing confirmation from unnamed sources, that Facebook is the entity that fully leased the 17-story Domain 12 office tower that is slated for completion in the fourth quarter.

* An affiliate of property developer Jefferson-Werner LLC is planning to develop Sérénité, a $150 million timeshare community at 503 Camelback Road in Tannersville, Pa., the Philadelphia Business Journal reported. The property will also be associated with Marriott International Inc. division Interval International, and will comprise 105 houses and a clubhouse on 120 acres. The development will also include 40 single-family houses.

* Comstock Holding Cos. Inc. agreed to lease 100,000 square feet to Neustar Inc. for its new headquarters at Reston Station, in Reston, Va. The company will anchor Comstock's second of three office towers at 1906 Reston Metro Plaza.

* Toll Brothers Inc. filed plans to redevelop a 1.35-acre property along 14th Street in Midtown Atlanta, the Atlanta Business Chronicle reported. The site includes a house used as offices and a vacant lot. The company is also planning to construct a two-tower residential project at 1018 W. Peachtree St. in Midtown, with nearly 600 units of market-rate and student housing.

* Portman Holdings LLC is teaming up with developer David Creed Jr. to work on a $107 million project to develop a 15-story building in the Midtown neighborhood of Nashville, Tenn., totaling 227,000 square feet of office and 8,500 square feet of retail space, the Nashville Business Journal reported. The project is expected to be completed by fall 2021.

Portman executive Travis Garland said work is slated to commence in December, with or without signing up a tenant, the report noted.

* A joint venture of KKR & Co. and Banyan Street Capital obtained a $167 million loan secured by the Salesforce Tower office building in Atlanta's Buckhead submarket from Square Mile Capital Management LLC, Real Estate Weekly reported. The property recently underwent a $14 million renovation as part of its rebranding.

* The Related Group unit Related Urban Development Group is planning to build 355 new units and rehabilitate 674 affordable housing units in five projects in Miami-Dade County, the South Florida Business Journal reported. The project is planned through the Miami-Dade County Public Housing and Community Development Department.

After the bell

* Spirit MTA REIT received shareholder approval for the sale of substantially all of the single-tenant net-lease real estate investment trust's assets to Hospitality Properties Trust.

* Phillips Edison Grocery Center REIT III Inc. reached a deal to merge with Phillips Edison & Co. Inc. following its strategic review.

* Welltower Inc. named Tim McHugh senior vice president and CFO.

The day ahead

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

In Asia, the Hang Seng fell 0.03% to 26,515.53, and the Nikkei 225 rose 2.12% to 21,085.94.

In Europe, around midday, the FTSE 100 dropped 0.65% to 7,263.46, and the Euronext 100 was up 0.67% to 1,080.80.

On the macro front

The motor vehicle sales report, the ADP employment report, the jobless claims report, the productivity and costs report, the PMI services index, the factory orders report, the ISM non-manufacturing index, 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.

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