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WeWork expected to list on Nasdaq; NYC student housing property sold for $101M

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WeWork expected to list on Nasdaq; NYC student housing property sold for $101M

Commercial real estate

* WeWork Cos. Inc. parent The We Co. is opting to list the coworking company's shares on Nasdaq and is also planning a number of governance changes in preparation for its IPO, The Wall Street Journal reported, citing people familiar with the matter.

A preliminary price range is expected to be set by the week commencing Sept. 16, and the trading debut is expected the week of Sept. 23, the Journal reported, citing the people.

Also citing unnamed sources familiar with the talks, London's Financial Times reported that the changes include reining in the voting power of co-founder Adam Neumann and removing his wife from a succession planning role after Neumann's supervoting rights were criticized for giving him more than 20 times the voting power of ordinary shareholders.

* Educational Housing Services, a nonprofit student housing company, acquired the 17-story building at 55 John St. in Lower Manhattan, N.Y., for around $101 million, The Real Deal reported, citing property records and sources familiar with the deal. The building, used as a Pace University dorm, was acquired from Tessler Developments, which paid $38 million for it in 2006.

* Median rents for studio apartments in Manhattan came to $2,700 per month in July and August, marking the highest figure since June 2008, Bloomberg News reported, citing Miller Samuel Inc. and Douglas Elliman Real Estate. The median rent for one-bedroom apartments in the borough came to $3,595.

Sales of smaller apartments fell 13% year over year in the first half, the news outlet noted.

* Median apartment rents in Brooklyn, N.Y., hit a record $3,015 in August, marking the eighth consecutive month of growth, The Real Deal reported, citing Douglas Elliman. Miller Samuel CEO Jonathan Miller attributed the increase in Manhattan and Brooklyn rents to a softer sales market that is causing potential buyers to wait before making a decision.

* Property Markets Group and Greybrook Realty Partners Inc. received a $161.5 million development loan for the planned co-living apartment tower at 400 Biscayne Blvd. in Miami, Miami Herald reported.

* Clothing retailer Gap Inc.'s Old Navy brand is targeting a total store count of 2,000 locations, up from roughly 1,200 stores, the Journal reported, citing an investor event. The brand opened 145 stores between 2016 and 2018. Old Navy is also slated to separate from its parent company into a new publicly traded company.

* A joint venture between Forge Capital Partners and Intown/Framework Group sold the 500 Harbour Island luxury community in Tampa, Fla., to Northwestern Mutual for roughly $103.5 million, according to JLL, which marketed the asset. The 235-unit, 21-story property was completed in 2017.

The day ahead

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

In Asia, the Hang Seng rose 0.98% to 27,352.69, and the Nikkei 225 rose 1.05% to 21,988.29.

In Europe, around midday, the FTSE 100 was down 0.06% to 7,340.47, while the Euronext 100 was up 0.26% to 1,094.53.

On the macro front

The retail sales report, the import and export prices report, the business inventories report, the consumer sentiment 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.

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