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Silverstein partly selling NYC campus for $220M; Uber signs large Chicago lease

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Silverstein partly selling NYC campus for $220M; Uber signs large Chicago lease

Commercial real estate

* Silverstein Properties is selling three assets that form part of the West End Campus in Manhattan, N.Y., it acquired for more than $1 billion in 2018, Commercial Observer reported, citing sources familiar with the transaction. Taconic Investment Partners is paying roughly $220 million for the 125 West Side Ave., 320 W. 66th St. and Lot 61 properties.

The overall campus totals 513,437 rentable square feet.

* Uber Technologies Inc. agreed to occupy 463,000 square feet of office space with a 10-year lease at The Old Post Office in what is the largest office lease signed so far in downtown Chicago in 2019, the Chicago Tribune reported. Citing CBRE, the publication noted that the deal is the fourth-largest deal in Chicago in the past five years, excluding renewals or extensions.

Developer 601W Cos. is carrying out a more than $800 million redevelopment of the 2.8 million-square-foot property at 433 W. Van Buren St. and has completed more than 1 million square feet of leases, according to the report.

* Washington Real Estate Investment Trust paid $70 million for the 277-unit Cascade at Landmark Apartments multifamily community in Alexandria, Va., Connect Commercial Real Estate reported. The 300 Yoakum Pkwy. property, which includes a number of amenities, was sold by Greystar Real Estate Partners LLC.

* Howard Hughes Corp. and Riverside Investment and Development have leased four floors at their 110 North Wacker tower in Chicago to law firm Jones Day, The Real Deal reported, citing Howard Hughes. The 55-story, 1.5 million-square-foot tower, set for delivery in late 2020, is now 67% leased.

* Apartment inventory in Manhattan's Financial District jumped 24% year over year in the second quarter as new developments came online, Bloomberg News reported, citing Corcoran Group. The average sale price for resale condominiums dropped 11% year over year during the period and average prices at new developments fell 46%.

At least four new luxury residential towers are slated to open in the area in 2020, which would make it even more difficult to sell older inventory. A number of office-to-residential conversion projects are also underway in the area.

* Bader Development is seeking city approval to revise its planned two-tower, 744-apartment Calhoun Towers project in Minneapolis, the Minneapolis / St. Paul Business Journal reported. The developer is now planning to build a single tower instead of two 26-story towers, but with eight fewer apartments than originally planned.

The tower will be accompanied by a seven-story building, and the total number of parking stalls would be reduced to 760. The previously planned development was estimated to cost $100 million, according the report.

* Swift Real Estate Partners sold the 175,000-square-foot Academy Tower office building in Los Angeles' North Hollywood neighborhood to a joint venture between Rockwood Capital and Artisan Realty Partners for $91.3 million, The Real Deal reported, citing property records. Swift had paid $62 million for the 5200 Lankershim Blvd. property three years ago, according to the report.

The property has an eight-story office building with ground-floor retail and post-production studios along with a six-story parking structure. The asset was 80% leased at the time of the sale.

* Dillin LLC plans to redevelop the 330,000-square-foot Centerville Place shopping center in Centerville, Ohio, in a $130 million project, the Dayton Business Journal reported. The mixed-use project, spanning 27 acres, has received a commitment from an unnamed tenant for a 60,000-square-foot professional building. Current tenants at Centerville Place will continue their leases and will be offered space in the new project.

The strip mall will see four levels of residential space built atop with 205 units.

* Frankforter Group bought a 448-unit multifamily community in Lutz, Fla., from Cortland for $58.5 million, Multi-Housing News reported, citing Yardi Matrix data.

Housing

* Lennar Corp. filed a pre-application with Miami-Dade County officials to build 651 homes in the Princeton area where it has 88 acres under contract, the South Florida Business Journal reported. The Silver Palms West project will have 185 single-family homes and 466 townhouses.

The day ahead

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

In Asia, the Hang Seng dropped 0.23% to 26,231.54, while the Nikkei 225 gained 0.55% to 20,677.22.

In Europe, around midday, the FTSE 100 climbed 0.43% to 7,220.27, and the Euronext 100 rose 0.07% to 1,045.99.

On the macro front

The Redbook Index for retail sales is 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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