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Amazon to build R&D HQ; Liberty sells Philadelphia property for $65M

Commercial real estate

* Inc. is building a satellite research-and-development headquarters in Redmond, Wash., the Puget Sound Business Journal reported. The e-commerce giant's Project Kuiper will comprise two buildings totaling 219,000 square feet. Amazon is also looking to turn a former Macy's store at Redmond Town Center into an office, while a source told the publication that the online retail giant has leased the two-building, nearly 219,600-square-foot Redmond Corporate Center at 18340 and 18460 NE 76th St.

* Liberty Property Trust sold the 96,000-square-foot Three Crescent Drive building at the Philadelphia Navy Yard for $65 million to Norvin Healthcare, the Philadelphia Business Journal reported. Liberty Property, which is in the process of being acquired by Prologis Inc., was the building's developer, and it now owns three office buildings at the Navy Yard, the report noted.

* LIHC Investment Group, Belveron Real Estate Partners LLC, and Camber Property Group LLC struck a deal to buy eight buildings in the Bronx, N.Y., for $170 million, The Real Deal reported. The Mitchell-Llama buildings are in the Mount Hope, Belmont and Fordham neighborhoods of the Bronx, totaling 1,275 affordable housing units and 10 commercial units.

* Vornado Realty Trust completed the sale of a condominium at its New York skyscraper, 220 Central Park South, to Dauton66 LLC for $54.5 million, The Real Deal reported, citing property records.

* The Peterson Cos. is planning to construct an eight-story, 150-key, 82,000-square-foot hotel and a seven-story, 2,467-space garage at an undeveloped parcel across from MGM National Harbor in Prince George's County, Md., the Washington Business Journal reported.

* Leasing activity by coworking space providers almost came to a halt in Washington, D.C., where less than 50,000 square feet were leased in the fourth quarter of 2019, the Washington Business Journal reported, citing CBRE Group Inc. The firms could not land any deal during the quarter in Northern Virginia, having inked 192,000 square feet of agreements in the first three quarters of the year.

* Clarion Partners LLC purchased a multifamily portfolio in Torrance, Calif., for $126 million from an affiliate of Rockpoint Group LLC, The Real Deal reported. The portfolio comprises three garden-style multifamily properties totaling 422 units, according to Rockpoint's website.

* Texas-based developer Embrey Partners Ltd. sold the 382-unit Luxe at Mile High luxury apartment complex in Denver for $145 million, the Denver Business Journal reported. The roughly 326,000-square-foot property at 3200 W. Colfax Ave. was purchased by OZH Holding 2 LLC.

* Slosburg Co. purchased the six-story, 131-unit The Revel Apartments mixed-use project at 1300 W. Lake St. in Minneapolis' Uptown for $48.9 million, the Minneapolis / St. Paul Business Journal reported. Reuter Walton Development, North Bay Cos. and New Jersey-based The Michaels Organization were the developers of the property, the publication noted.

The day ahead

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

In Asia, the Hang Seng declined 0.32% to 28,451.50.

In Europe, around midday, the FTSE 100 was down 0.46% to 7,569.23, and the Euronext 100 was down 0.66% to 1,150.59.

On the macro front

The motor vehicles sales report, the ISG Manufacturing Index, the construction spending report, the EIA Natural Gas Report and the Baker-Hughes Rig Count 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

Data Dispatch: NAV Monitor: U.S. equity REITs close 2019 at median 2.8% discount to NAV: Chart Watch: The healthcare and "other retail" sectors finished the year at the largest premiums to their consensus NAV per-share estimates, while the mall REITs traded at a significant discount to NAV.

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