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Blackstone wraps up sale of Equity Office assets; California passes rent law

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Blackstone wraps up sale of Equity Office assets; California passes rent law

Commercial real estate

* Blackstone Group Inc. realized a $7 billion profit after completing the sale of the portfolio that used to be owned by Equity Office Properties Trust, which Blackstone acquired for $39 billion, The Wall Street Journal reported, citing people briefed on the matter. Blackstone sold 100 Summer St. in Boston, the last property from the portfolio, to Rockpoint Group for $806 million in a deal that closed late September, the publication added, citing city property records.

The profit, which includes property sales and rental income, is three times the equity that the private equity giant originally contributed, according to the sources.

* California passed Tenant Protection Act of 2019, becoming the third state in the U.S. to pass rent control legislation, joining the states of New York and Oregon, The Real Deal reported. The law will require landlords to limit annual rent increases on apartment buildings that are 15 years or older to up to 5% plus annual inflation and also pay relocation assistance to tenants evicted from regulated units on certain conditions.

* Haslem Housing Venture LLC and Magellan Housing LLC responded to a request for proposals by the North Miami city government by proposing a 134-unit rental apartment project for low-income residents of the city, The Real Deal reported. The 6.32-acre mixed-use project at a city-owned site at 13780 NE Fifth Ave. will also contain a 10,000-square-foot commercial building.

* Brookfield Asset Management Inc.'s real estate arm, Brookfield Property Group LLC, purchased six industrial condos at the Palmetto Distribution Facility in Miami from an affiliate of Aventura for $82.9 million, The Real Deal reported. The properties, spanning 412,924 square feet at 3400 NW 74th Ave., last traded for $31.8 million in 2013, the publication added, citing records. Tenants include Flora Logistics.

* Ankur Jain, co-founder of venture capital firm Rhino is proposing to eliminate security deposit to make rental housing more affordable, Bloomberg News reported. Rhino allows renters to pay as little as $2 a month for an insurance policy that can be used as a substitute for a security deposit. The company has already signed agreements with Starwood Capital Group, UDR Inc. and The Moinian Group Development Corp. to offer the option to their tenants in major metropolitan cities, according to the newswire.

* Grocery store chain The Kroger Co. plans to build a 360,000-square-foot automated distribution center on the 56-acre land in southern Dallas it purchased from Ridgeline Property Group LLC and Archway Properties, the Dallas Business Journal reported. The project near the northwest corner of Telephone and Bonnie View Roads is set to begin by early 2020.

* Storage facilities operator Emergent Cold LLC signed a long-term lease for the 300,000-square-foot DFW ColdSpot facility at 8200 Will Rogers Blvd. in Carter Industrial Park in Fort Worth, Texas, the Dallas Business Journal reported. The property is owned by Hunt Southwest Real Estate Development LLC.

The day ahead

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

In Asia, the Hang Seng fell 0.81% to 25,682.81, and the Nikkei 225 declined 0.61% to 21,456.38.

In Europe, around midday, the FTSE 100 climbed 0.45% to 7,175.70, and the Euronext 100 was up 0.63% to 1,066.43.

On the macro front

The job openings and labor turnover survey, the wholesale trade report, the EIA petroleum status report and the FOMC minutes 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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Data Dispatch: 87 US Forever 21 stores slated for possible closure at REIT properties: Chart Watch: Forever 21 identified 178 U.S. properties that it has slated for potential closure. Paris-based Unibail-Rodamco-Westfield has the highest exposure to those stores that could be closed.

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