Commercial real estate
* Hong Kong's Gaw Capital Partners purchased the Standard Hotel in New York City for a "bargain price" of US$323.3 million, the New York Post reported, citing records from the city's Department of Finance.
Dune Capital Management and Greenfield Partners sold the asset, the publication said, attributing the discounted price to saturation in the city's hotel market, as well as reduced occupancy and revenue per available room.
* Rugby Realty Corp. Inc. bought 1.2 million square feet of office space across 15 buildings in Pittsburgh from Equity Commonwealth for an undisclosed amount, the Pittsburgh Business Times reported. The transaction includes eight buildings in the 10-building Foster Plaza complex and seven buildings in the Cherrington Corporate Center. Rugby Realty is planning to add restaurants, conference centers and other amenities to the buildings, the report noted.
* Law firm Kirkland & Ellis signed a lease for an additional 120,000 square feet across four stories at Boston Properties Inc.'s 59-story office tower at 601 Lexington Ave. in Manhattan, N.Y., The Real Deal reported, citing unnamed sources. In 2015, the firm renewed its lease at the former Citigroup Center for 400,000 square feet through 2039. The landlord is in the process of renovating the property, the report added.
* Dr. Phillips Charities President Ken Robinson has proposed a $480 million, 202-acre mixed-use project in Orlando, Fla., to be developed over the next decade in partnership with the city, the Orlando Business Journal reported. The Packing District project, planned at the southwest corner of Princeton Street and Orange Blossom Trail, would include homes, businesses and a 100-acre park, among other facilities. Dr. Phillips Charities expects to acquire the land for the park in February from Keybank National Assn TR.
* Social services agency Weingart Center is planning to build a $138-million, 18-story apartment tower that would offer 278 units of affordable housing beside its existing facility at San Pedro and 6th streets in Los Angeles, the Los Angeles Times reported. The building is slated for completion in 2021, the report added, citing President and CEO Kevin Murray. The proposed tower forms part of a three-building project, for which the agency had submitted applications to the city, but plans for the other two are yet to be finalized, the report noted.
* Global Holdings secured a $140 million mortgage from HSBC to refinance its 410 Park Ave. office building on the corner of E. 55th St. in Manhattan, The Real Deal reported. The loan replaces a $125 million mortgage issued by HSBC in 2013. The 21-story property spans 250,000 square feet.
* Azimuth Development intends to build a 326-unit nine-story mixed-use project at 1755 Watson Ave. in the Soundview neighborhood of the Bronx, N.Y., The Real Deal reported, citing a plan filed with the Department of Buildings. The developer had originally planned a 250-unit development. The revised plan calls for 255,864 square feet of residential space, 16,592 square feet of commercial space and 10,419 square feet for a community facility.
* The Connor Group bought the 372-unit Highland Park West Lemmon luxury apartment community in Dallas for $66 million, the Dayton Business Journal reported.
* Western Union signed a lease for 85,000 square feet at Colorado's Denver Tech Center at 7979 E. Tufts Ave, where it plans to relocate its corporate headquarters in fall 2018, the Denver Business Journal reported, citing a company statement.
Gaming
* AC Ocean Walk LLC will pay more than $375 million to buy and reopen the former Revel Casino Hotel in Atlantic City, N.J., according to the Press of Atlantic City, which cited a Moody's report with details of the deal's proposed financing. AC Ocean Walk plans to operate 100 gaming tables, 2,000 slot machines, 1,399 hotel rooms, 55,000 square feet of retail space and a parking garage, among other facilities, according to the report.
* The $1.2 billion Resorts World Catskills resort casino is expected to open in Sullivan County, N.Y., in March 2018, The Morning Call reported. The property will include an 18-story casino, hotel and entertainment complex, with a 100,000-square-foot casino floor, the report added.
After the bell
* All State Properties Holdings tapped Maurice Parham as its new CEO and a board member, effective Dec. 8, and the company will change its name as part of a common stock purchase agreement.
* Iron Mountain Inc. agreed to acquire the U.S. operations of a Phoenix-based colocation data center services provider and launched a public offering of 14.5 million common shares to partly fund the acquisition.
* The tech boom has led the technology industry to become the largest customer for U.S. commercial real estate, with 2017 leasing volume from growing tech companies expected to top 2015 and 2016 levels, according to JLL's seventh annual technology outlook.
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng dropped 0.59% to 28,793.88, while the Nikkei 225 slid 0.32% to 22,866.17.
In Europe, at around midday, the FTSE 100 had gained 0.16% to 7,465.70 and the Euronext 100 had climbed 0.20% to 1,046.20.
On the macro front
The NFIB Small Business Optimism Index, the PPI-FD report, the Redbook, and the Treasury budget are due out today.
Now featured on S&P Global Market Intelligence
Q&A: Current housing cycle 'may have a little more room to run' Roofstock CEO says: With consolidations and government-sponsored enterprises providing financing to single-family rental companies, the sector has proven it is a "real business" as opposed to "a trade," the executive said.
Q&A: Blackstone, other institutions will create bigger nontraded REIT pie: John Grady, president of the trade association for nontraded real estate investment trusts, expects new institutional sponsors to help lift sales in 2018 following a multiyear low.
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