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In This List

WeWork eyes sale of company-leased asset; Alexandria JV buys in San Francisco

Credit Analytics Case Study Poundworld Retail Ltd


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

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Real Estate

Real Estate Solutions Overview

WeWork eyes sale of company-leased asset; Alexandria JV buys in San Francisco

Commercial real estate

* WeWork Cos. Inc. CEO Adam Neumann is looking to sell the 11-story building at 88 University in New York City’s Greenwich Village neighborhood for over $110 million, The Real Deal reported, citing unnamed sources. The property is almost fully leased to WeWork, and the move is part of Neumann's effort to avoid a potential conflict of interest ahead of the coworking giant's planned IPO in September, the publication noted.

Separately, the Washington Business Journal reported that WeWork signed a lease with Carr Properties for space at the 361,000-square-foot The Wilson building in Bethesda, Md. The size and terms of the deal were not disclosed.

* Alexandria Real Estate Equities Inc. and TMG Partners LLC are jointly buying the $150 million, 264,000-square-foot 6x6 mall at 945 Market St. in San Francisco from Cypress Equities LLC, the San Francisco Business Times reported. The property has remained vacant since it was built in 2017, and Cypress later secured approval to convert 50,000 square feet to office, the publication added.

* Developer Michael Shvo received zoning approval from the Miami Beach City Commission for an up to 200-foot-tall residential tower in the Art Deco district of Miami Beach, Fla., The Real Deal reported. The building will be built at the rear of the Raleigh Hotel at 1775 Collins Ave. co-owned by Shvo, and the neighboring Richmond and South Seas hotels, which are under contract to Shvo and his partners.

* An affiliate of AEW Capital Management LP purchased the 344-unit Novel NoDa multifamily development at 424 E. 36th St. in Charlotte, N.C., for $90 million, or about $260,000 per unit, the Charlotte Business Journal reported, citing Mecklenburg County real estate records. Charlotte-based Crescent Communities was the seller.

* A partnership of Lincoln Property Co. and Principal Real Estate Investors LLC sold a 191,000-square-foot data center at 2500 W. Frye Road in Chandler, Ariz., to CBRE Global Investors LLC for about $72.8 million, the Phoenix Business Journal reported. The data center is fully leased long term to Internap Corp.

* Sebastian Partners is planning to build a $400 million master-planned community near Denver International Airport, the Denver Business Journal reported. The project, called Avelon, will include hotels, about 1,100 single-family residential lots, apartments built over retail, 40 acres of commercial space and an amphitheater.

* Endeavor Real Estate Group Ltd. is planning to build a 19-story mixed-use tower on half a block at Boll Street and McKinney Avenue in the Uptown district of Dallas, The Dallas Morning News reported, citing plans filed with the Oak Lawn Committee. The building will include 290 residential units, about 60,000 square feet of office space and 15,000 square feet of retail space, the publication added.

* Marwest Enterprises LLC is planning to build a $53 million industrial project at the intersection of 91st Ave. and Buckeye Road in Phoenix, the Phoenix Business Journal reported. The three-building, 720,000-square-foot Logic Park 91 development will be built on 44 acres of land and is expected to be completed in the second quarter of 2020.

* Property developer Al. Neyer LLC is planning to build a 50-acre industrial park in Garner, N.C., the Triangle Business Journal reported. Construction on the four-building, 625,000-square-foot Garner Business Park 70 started Aug. 1, with the first building expected to open in mid-2020.

After the bell

* Apartment Investment & Management Co. disclosed second-quarter pro forma funds from operations of 60.0 cents per share, a 2% decrease on a per-share basis from 61.0 cents per share in the prior-year period.

* Regency Centers Corp. reported second-quarter Nareit funds from operations of $160.0 million, or 95 cents per share, a rise on a per-share basis from $157.3 million, or 93 cents per share, in the prior-year period.

* Federal Realty Investment Trust disclosed second-quarter funds from operations available for common shareholders of $121.0 million, or $1.60 per share, an increase on a per-share basis from $114.8 million, or $1.55 per share, in the 2018 second quarter.

The day ahead

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

In Asia, the Hang Seng dipped 2.35% to 26,918.58, and the Nikkei 225 declined 2.11% to 21,087.16.

In Europe, around midday, the FTSE 100 was down 1.69% to 7,456.63, and the Euronext 100 was down 2.42% to 1,060.63.

On the macro front

The motor vehicle sales consensus, the employment situation report, the international trade report, the consumer sentiment report, the factory orders 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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