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Japanese company spends $269M in Seattle; REIT investors face less tax in reform

Commercial real estate

* Japan-based Takenaka Corp. acquired the Amazon.com Inc.-leased Tilt49 office building in Seattle's Denny Triangle area for $268.5 million, the Puget Sound Business Journal reported, citing real estate company Newmark Knight Frank. The new 11-story building is at 1812 Boren Ave.

The property was developed by Touchstone with Principal Real Estate Investors as its joint venture equity partner, according to the report. The Registry, which also reported on the sale, noted that the 2017-built building spans 290,573 square feet of class A office space.

* The new Republican tax plan will include lower taxes on dividends for investors of real estate investment trusts, The Wall Street Journal reported. REIT shareholders who pay the top income-tax rate of 39.6% on received dividends would have to pay 29.6% under the new plan, the publication noted, citing the National Association of Real Estate Investment Trusts.

The Senate voted 51-to-48 to pass the Republican tax bill early on the morning of Dec. 20, but the measure faces another vote before moving to the president.

* The Journal also featured a report on the expected impact of the Republican tax overhaul on developers of rental housing, who are expected to come out "largely unscathed and could even stand to benefit." Affordable-housing developers expect the final legislation to have a modest impact on production.

* Olive Hill Group LLC is under contract to buy a 113,000-square-foot, six-story office building in downtown Santa Monica, Calif., from Tishman Speyer for $117 million, The Real Deal reported, citing unnamed sources familiar with the deal. The building is 82% leased to tenants including WeWork, Flywheel Sports and Boston Private Bank. It presents "a rare acquisition opportunity" in the city, where there are strict limits on development, the report noted, citing Michael Cho, president of Olive Hill Group.

Tishman Speyer had purchased the property for $91.6 million from Vornado Realty Trust in 2015, the report noted.

* The Investment Corporation of Dubai, which is Dubai's sovereign wealth fund, landed a $130 million refinancing of the hotel portion of the 80 Columbus Circle property in Manhattan, N.Y., The Real Deal reported, citing loan documents filed with the city. The loan for the Residences at the Mandarin Oriental was provided by Bank of China and replaces an existing mortgage from the same bank along with $35 million in new financing.

The fund had acquired a 73% stake in the hotel in 2015, the report noted, citing Bloomberg and company regulatory filings. The 55-story tower also has 64 condominium units.

* October multifamily transactions in New York City totaled roughly $687 million, with 38 deals across 47 buildings, reflecting year-over-year increases in sales and volume, The Real Deal reported, citing Ariel Property Advisors. Manhattan and the Bronx accounted for most of the growth, while Brooklyn was the only borough that did not record a year-over-year rise in dollar volume.

The report also noted that the city's "sharp" volume increase could be attributed to buyers and sellers being cautious in the year-ago period before the presidential election.

* ASB Capital Management's Capella Tower office complex in downtown Minneapolis is under contract to be sold to an unidentified entity, the Minneapolis/St. Paul Business Journal reported. The 1.4 million-square-foot complex, which was roughly 85% leased as of October, includes a 56-story main tower and the attached 20-story Star Tribune Building.

ASB acquired the building from Hines in 2006 for $245 million and carried out a $7 million renovation in 2014, the report noted, adding that the tower is assessed at $244.6 million for property tax purposes.

* Griffis Residential acquired the 296-unit The Huron apartment complex in Denver for $100 million, the Denver Business Journal reported. The 2975 Huron St. property in the Ballpark neighborhood was sold by Edwards Cos. The property was built in 2016 and includes a number of amenities, the report noted.

* Nordblom Co. and Alcion Ventures are expected to close on the acquisition of the former Boston Globe headquarters in Boston's Dorchester neighborhood for "just shy of $82 million," the Boston Business Journal reported, citing two real-estate industry sources and The Real Reporter newsletter.

The 16.5-acre site at 135 Morrissey Blvd. came close to selling in 2015 and 2016 but both deals fell through, the report noted. The buyer plans to repurpose the 816,000-square-foot property instead of demolishing and rebuilding, according to the report.

* Sarofim Realty Advisors is looking to sell buildings and land spanning six blocks along Dallas' Knox Street corridor, The Dallas Morning News reported. The assets up for sale include nearly a dozen buildings, roughly 200,000 square feet of commercial space and 165 luxury apartments. Holliday Fenoglio Fowler is marketing the real estate, according to the report.

* Co-working firm Spaces will occupy a newly renovated 61,000-square-foot class A office building at 1800 N. Vine St. in its first lease in Los Angeles' Hollywood neighborhood, the Los Angeles Business Journal reported. The property is owned by Arch Vine.

Housing

* The Journal featured a report on the various ways in which the Republican tax bill could impact the housing market. The mortgage interest deduction cap would be slashed to $750,000 from $1 million, making homeowners with mortgages of more than $750,000 less inclined to move, and further making it difficult for renters to enter the market.

* Canada-based Mattamy Homes Ltd., the largest private homebuilder in North America, is aiming to generate more than half of its business from the U.S. in the next five years, up from about one-third at present, Bloomberg News reported, citing an interview with CEO Peter Gilgan.

The CEO said the strategy is due to skyrocketing land prices in Ontario and an untenable development process. He added that he has no plans to take the company public.

Gaming

* S&P Global Ratings affirmed Penn National Gaming Inc.'s B+ corporate credit rating following its $2.8 billion deal to acquire Pinnacle Entertainment Inc. and lowered the latter's corporate credit rating to B+ from BB-.

Moody's Investors Service placed both companies on review for downgrades following the announcement of the cash and stock deal.

The day ahead

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

In Asia, the Hang Seng fell 0.07% to 29,234.09, and the Nikkei 225 was up 0.10% at 22,891.72.

In Europe, as of midday, the FTSE 100 was down 0.12% at 7,535.33, and the Euronext 100 had fallen 0.39% to 1,041.90.

On the macro front

Mortgage applications decreased 4.9% on a seasonally adjusted basis in the week ended Dec. 15, the Mortgage Bankers Association reported, citing data from its weekly mortgage applications survey.

The Bank Reserve Settlement report, the existing home sales report, the EIA petroleum status report are also due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. Articles and links are correct as of publication time.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.