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Tishman Speyer partners with Qatari Diar on WeWork-anchored project; Columbia Property sells in DC suburbs

Commercial real estate

*Columbia Property Trust Inc.said it sold a40-acre property in the Washington, D.C., suburb of Gaithersburg, Md., for $48million. The property houses a 393,000-square-foot office building that will beredeveloped as a distribution center by the buyer, SunCap Property Group.

*Tishman Speyer has partnered with Qatari Diar for a 1.1 million-square-footWeWork-anchored projectin the Long Island City neighborhood of Queens, N.Y., according to a newsrelease.

CEORob Speyer said more than 800,000 square feet of space at the development hasbeen pre-leased, including WeWork's 250,000-square-foot lease. The project, comprisingtwo 27-story towers, will commence in early 2017 and completion is slated for2019. The company also said it secured an undisclosed amount of financing fromThe Bank of the Ozarks.

Crain's New York BusinessJournal alsoreportedon the roughly $700 million project.

*Online retail giant Amazon.comInc. is leasing an 855,000-square-foot industrial building inKansas City, Kansas, the St. LouisBusiness Journal reported.

*Simpson Housing has snapped up two apartment complexes in Denver forapproximately $144 million, the DenverBusiness Journal reported.

Theproperties include a 164-unit project completed in 2015 that sold for $62million and a 226-unit complex that went for $81.9 million, the report said,citing an executive involved in the transaction.

* Maefield Development aims to raise $300 million in EB-5funding for the $2 billion redevelopment of its property in Manhattan's TimesSquare, The Real Deal reported,citing documents circulated to Chinese investors.

The plans include a revamp of the DoubleTree Guest SuitesTimes Square hotel and a new retail and entertainment space. The historicPalace Theater on the site will be physically lifted by 29 feet in order tobuild the retail component, the report said.

*Fairstead Capital has completed its $315 million acquisition of the apartment complex inManhattan, N.Y.'s Harlem neighborhood, TheReal Deal reported,citing a company announcement.

The10.5-acre complex comprises 1,790 rent-stabilized units in seven 16-storybuildings, according to the report.

*The Vanbarton Group has snapped up a retail condominium unit at 235 W. 57th Manhattan for $103.5 million, The RealDeal reported,citing recently filed property records. Madison Capital and PGIM Real Estatesold the roughly 19,000-square-foot retail space at the property, which is alsoknown as 2139 Broadway, the report said.

* The New York Times featured a reporton the "falling market" of ultra-luxury homes in New York City. Thepaper said wealthy investors are pulling back because of global marketvolatility and increased government scrutiny on certain all-cash transactions,among other reasons.

*The Brooklyn Cultural District in New York City will see the completion of fivenew rental towers throughout 2016 and 2017 that will transform the area nearthe Brooklyn Academy of Music, The WallStreet Journal reported.Almost a third of the more than 2,200 upcoming units are reserved for peoplewith low or moderate incomes, the report noted.

*Related Group's Jorge Perez, known as Miami's "condo king," plans totransfer control of the company to his two sons, one of whom works for NewYork-based independent group Related Cos., Bloomberg News reported,citing an interview with the billionaire developer.

*Wells Holdings plans to develop a 190-acre master-planned residentialdevelopment in Baytown, Texas, the HoustonBusiness Journal reported.The Trinity Oaks project will include 384 homes in its first phase, along withretail, office, restaurant, multifamily and green space developments, accordingto the report.

*Engineering services firm Aecom was awarded a $100 million contract for programand construction management services as part of Dallas/Fort Worth InternationalAirport's $2.7 billion terminal upgrade plan, L.A. Biz reported.

After the bell

*Regency Centers Corp.priced a publicoffering of 4,350,000shares of its common stock for expected gross proceeds of roughly $353 million.

*HCP Inc. President andCEO Lauralee Martin stepped downand was replaced in those roles by Executive Chairman Michael McKee.

McKeebecame HCP'sexecutive chairman in May, and had served as independent chairman and leaddirector prior to that time.

The day ahead

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

In Asia, the Hang Seng rose 1.65% to 21,224.74, while theNikkei 225 was up 2.46% to 16,095.65. In Europe, as of midday, the FTSE 100 wasdown 0.05% to 6,679.45, and the Euronext 100 rose 1.31% to 862.09.

On the macro front

NFIB Small Business Optimism Index, Redbook and thewholesale trade report are due out today.

Now featured

: Year over year,common equity raised was down 43.9% at $11.19 billion, compared to $19.96billion raised during the first half of 2015.

: The "other"retail sector had the greatest premium to NAV, while the office sector had thegreatest discount to NAV.

: Two initiations, three downgrades and anupgrade are included in a roundup of recent analyst actions, three of whichinvolved homebuilders.

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