Roche is seeking a buyer for one of the world's largest biotech manufacturing facilities or will close it by 2029, but plans to retain the 800 employees and move drug production to a newer facility.

Developers of the Springside Middletown apartment complex in Connecticut have made $1m available to minority contractors working on the project, and said they will buy $100,000 worth of gift cards from local merchants to give to future residents. The 414 home complex will be constructed in two phases at a cost of $100m and include amenities such as a pool, playground and pickleball courts, and generate up to $1.5bn for the city, according to project liaison Alan Marshall.

Blackstone has shifted its real estate portfolio from 60% to 2% of its holdings, but whether its offloading of some buildings to recover additional costs after buying Sam Zell’s office portfolio for $39bn was a stroke of luck or genius is debatable.

Allstate and State Farm have stopped selling new home and fire insurance policies, respectively, in California, leaving many home buyers without insurance options and potentially weakening the FAIR plan, a provider of last resort.

Tishman Speyer has secured an extension on a $485m loan for its office building at 300 Park Avenue, despite concerns that it would default, with the extension adding one year to its maturity date, although Tishman has the option to extend to August 2025.

The exit of WeWork from 25 West 45th St in Midtown Manhattan may have pushed the building to the brink of distress, as a $65m loan backed by the property has landed in trouble, according to Moody's, with recent declines in occupancy undermining operating income.

Real estate investment firm, The Sobrato Organization, has sold the Homestead Shopping Center in Cupertino to an affiliate of MetLife Investment Management for $92.5m.

Long Island's residential market on the East End has rebounded after a slow April, with more homes hitting the market and new signed contracts increasing in both the Hamptons and North Fork, according to a report from Miller Samuel for Douglas Elliman.

The Chicago Bears' plans for a new $5bn stadium and entertainment district at the former Arlington International Racecourse are up in the air due to challenges securing public subsidies and a high property assessment value, with Naperville Mayor Scott Wehrli sending a letter to the team's CEO offering his town as an alternative location.

The Chicago Bears are considering alternative locations for their $5 billion suburban stadium and entertainment complex, meeting with Naperville Mayor Scott Wehrli to explore potential sites and listen to proposals while continuing demolition work at Arlington International Racecourse.

Diamond Offshore Drilling has downsized by 37% by relocating its headquarters to the Energy Corridor of West Houston, signing a lease for 63,000 sq ft at the One Eldridge building.

SummerHill Homes is to build 292 apartments and 42 townhomes in North San Jose replacing an office block, according to a draft environmental study.

Lucid Motors and NIO are offloading more than 200,000 square feet of industrial space in San Jose and the East Bay, while other companies in the EV sector are expected to become the next wave of industrial tenants in San Francisco.

Beverly Hills voters have rejected LVMH's proposal to build the 109-key Cheval Blanc hotel on Rodeo Drive, resulting in the luxury retailer scrapping its plans for the project, which was expected to generate $725m for the city over the course of 30 years.

Sustainability professionals in the real estate industry are pushing back against the misconception that reducing a building's carbon footprint is necessarily more expensive, and instead seeking to dispel the idea that lower-carbon materials cannot be included in an affordable build.

Service Properties Trust has paid $164.5m to acquire Miami Beach's Nautilus Hotel, an eight-storey Morris Lapidus-designed Art Deco building constructed in 1950 with 250 rooms and 17,500 sq ft of event space. The hotel will now be operated by Sonesta, part of Service Properties' portfolio, and renamed Nautilus Sonesta Miami Beach. A $25m renovation is planned, which will see it rebranded as The James in early 2025.

The iconic "Wave House" in Malibu, designed to look like a cresting wave, is for sale at $49.5 million, and is considered a Mid-Century Modern masterpiece; it was first designed in 1957 by architect Harry Gesner while on a surfboard.

Signed contracts for single-family homes in Los Angeles County increased by 4% in May compared to the previous month, with a corresponding increase in new listings in the area, according to research by brokerage Douglas Elliman.

Lawsuit filed against the Chicago Housing Authority, U.S. Department of Housing and Urban Development and HUD Secretary Marcia Fudge over Chicago Fire's proposed training facility, with claims that the CHA did not undergo proper reviews and the site would have been better for affordable housing.

The Arlington Partnership for Affordable Housing is developing the $61m Fort Totten Senior Apartments in Washington, DC, with assistance from a $30.6m bond issue by the District of Columbia Housing Finance Agency and a $25.5m loan from the city's Housing Production Trust Fund.

Chipotle Mexican Grill will open its first Anne Arundel County restaurant in Maryland, adding to the roster at the Lakeshore Plaza retail centre.  

Naftali Credit Partners has provided a $22m mezzanine note for an 11-story, 28-unit condo building with retail space at 64 University Place in Greenwich Village, amid banks' increasing retreat from commercial property loans.

Texas Attorney General Ken Paxton is facing impeachment for allegedly abusing his powers to help real estate investor Nate Paul delay a foreclosure auction of his properties, including the Spaghetti Warehouse building in Austin, which he had acquired at the age of 24 and lost at 34 to creditors after a long foreclosure battle.

Meta is cutting approximately 1,200 jobs across California, with the bulk of the cuts hitting the Bay Area, resulting in 528 layoffs at the company's Menlo Park headquarters and more than 5,100 jobs eliminated in the area since the start of the year.

The US added 339,000 jobs in May, significantly higher than the Dow Jones poll of economists' forecast of 190,000 and on par with the average monthly gain over the last year; however, unemployment rose slightly to 3.7%, with 440,000 people losing jobs or completing temporary work.

Multifamily owners in North Texas are facing significant increases in property values proposed by central appraisal districts, with some counties suggesting increases of up to 52%, leading to difficulties in absorbing any significant increases when lost revenue, rising expenses, and slowing rent growth are already affecting the industry.

Activist investor Blackwells Capital has criticised the planned merger of real estate investment trusts Global Net Lease and The Necessity Retail REIT, claiming the deal is an attempt to bypass ongoing proxy fights against management. The merger would create a net lease REIT with $9.6bn in assets, but Blackwells said it was a "compromised" deal that would benefit top officials at advisory company AR Global, and urged shareholders to oppose it.

Stan Kroenke, the owner of several notable sports teams, including the Los Angeles Rams and Arsenal FC, has purchased a 51,000-square-foot shopping center in Malibu for $81.5 million.

Google is subleasing at least seven office buildings in Mountain View, California, as part of a cost-cutting effort to ensure that real estate investments match the needs of its hybrid workforce. 

Tenants of Veritas are planning to stage a rent strike with the hope of affecting the outcome of the company's expected bid on $1bn of its own debt tied to 95 apartment complexes in San Francisco. The tenants have staged the strike ahead of the company's intended submission of bids to Eastdil Secured before 6 June.

Swire Properties is planning to build a two-tower development called One Island Drive on Brickell Key in Miami, featuring an 800-plus-foot tower with 220 condos and a 400-foot Mandarin Oriental hotel with 151 rooms, 61 condos and 28 hotel residences.

New York-based real estate firm MSquared has raised $200m for two funds that invest in affordable housing projects, helped by contributions from the Ford Foundation, the Skoll Foundation and Goldman Sachs. The capital will be invested in a number of developments in different US cities including the Oakhouse complex in Dallas, Square 10 in New Haven, Connecticut and the Koz on Alderwood apartments in Lynwood, Washington. 

Investment management company Invesco is looking to sell the ground lease on its 100,000 sq ft, fully leased converted parking garage Class A office building in New York's Meatpacking District for over $90m, less than the $150m it paid to acquire the property in 2018.

Reeves CMC Venture, a collaboration between CSG Urban Partners, MRP Realty, and Capri Investment Group, has been selected by the DC government to redevelop the Frank D. Reeves Center of Municipal Affairs with a mixed-use development that includes 322 mixed-income residential units, a hotel, office space, and retail, including a restaurant and comedy club. Additionally, the development will pay homage to the area's rich Black history, with venues named after notable Black Washingtonians such as Marion Barry Jr. and Frederick Douglass.

Developer Leo Pustilnikov has filed a new lawsuit against energy company AES, alleging breach of contract in relation to his purchase agreement to buy a power plant in Redondo Beach, which is worth tens of millions of dollars and part of a larger bankruptcy case.

Rosenthal Properties, FarmViewVentures, and HIG Realty Partners are joining forces for a $110m investment into four grocery-anchored shopping centers in Richmond, VA, boasting 592k sq ft of retail space.

The San Francisco Planning Department is expected to recommend the approval of a new design that would turn the 111-year-old Clay Theater into a retail space while maintaining and restoring many of its landmark details.

Coral Gables Mayor Vince Lago owns 40% of a retail building where developer Rishi Kapoor's Location Ventures leases space, prompting Lago to abstain from voting on matters involving Kapoor's proposed luxury high-rise condominium across the street.

Airbnb is suing New York City over regulations that require short-term rentals to be registered, claiming it is causing the firm to remove listings and is costing it millions, with just 29 units having successfully registered so far under Local Law 18, which comes into force in July.

Apple is planning to open 53 new, relocated or remodeled locations globally, with the majority in Asia-Pacific, as well as four new stores in the US and Canada, and upgrades to existing locations, according to reports.

Ross Perot Jr. warns that if banks do not start lending again, there could be a potential real estate recession with bank failures earlier this year causing an extremely tight lending climate across the nation.

AustralianSuper has committed more than £2.4bn to buy stakes in two of London's largest mixed-use developments, King's Cross and Canada Water, with plans to build them out, aiming to create diversified income streams from offices, residential, retail and leisure that can provide sustainable returns.

The US nonfarm payroll employment rose by 339,000 jobs in May, more than expected, with the leisure and hospitality sector adding 48,000 jobs, whilst the unemployment rate increased to 3.7%, the highest level since October 2021.

JPMorgan Chase's Al Brooks, managing director and head of commercial real estate, has claimed that the industry is not in "free-fall" and that things are nowhere near as bad as they were during the financial crisis. Brooks said there were several "bright spots", including the possibility of interest rate stabilisation, and that healthy asset classes including multifamily, industrial and neighborhood retail continue to perform well, according to the bank.

The delinquency rate on CMBS loans in May spiked by the most in three years, with the rate of loans behind on payments rising due to troubles in the office market and a trickier time securing refinancing on loans coming due at maturity.

The developers of a stalled high-rise project in River North have filed for Chapter 11 bankruptcy protection in an attempt to block their lenders from foreclosing on the property, extending a four-year legal battle with ventures led by Madison Realty Capital and Arena Investors.

D.R. Horton has sold around 4,000 completed and partially completed houses to Pretium Partners for $1.5bn, the latest example of increased demand for single-family rental properties in the US.

Former Chief Operating Officer of Major League Baseball, Tony Petitti, sold his SeaGlass Jupiter Island condo for $9.4 million, reaping a 71% gain in seven months, after being hired as the seventh commissioner of the Big Ten Conference.

Pretium Partners is acquiring over 4,000 homes from D.R. Horton, valued at roughly $1.5bn, as the company bets on the single-family rental market amidst high interest rates in the US.

A Long Island property with a 189,000 sq ft warehouse and distribution complex and parking and repair facilities for trucks has been acquired by a joint venture between Thor Equities and Reinsurance Group of the Americas, who will invest $35.62m on renovations and repurpose it as a new industrial asset.

A 254k sq ft, 12-storey, terracotta-clad building in the West Loop area of Chicago, whose previous owners included the late property mogul Sam Zell, is up for auction with a starting bid of $2m.

United Construction and Development Group has secured $40m in acquisition financing to purchase a development site in Rego Park, Queens, to build a mixed-use multifamily project.

The Nautilus by Arlo, a 250-room hotel in Miami Beach, has been acquired for $165.4m by Service Properties Trust from property investor Quadrum Global.

Despite returning to the market, buyers and sellers of commercial real estate assets are taking longer to come to agreements on pricing, according to Northmarq's VP Katie Elliott.

Chicago has the most racially-tilted housing appraisals of all large US cities outside Los Angeles, with a median $608,160 home value in majority-white neighborhoods compared to $218,801 in majority-minority neighborhoods, according to a study from the University of Illinois Chicago. The practice of comparing properties to others in the same neighborhood exacerbates the effects of historical factors such as redlining and disinvestment, said the report’s author, sociologist Junia Howell.

Airbnb has filed two lawsuits against New York City over its aim to enforce Local Law 18, which requires short-term rental hosts to submit their listings to the city. Airbnb users are being prevented from listing more than one unit at a time, with just 29 units registered on May 3, and legal battles still to take place.

Lennar is asking for a rezoning of two halves of a property to build a 266-townhouse complex near the Princeton neighbourhood in Florida’s Miami-Dade County.

The American Embassy in Dublin is in the process of buying the former Jurys Hotel in Ballsbridge as part of its plan to relocate its staff over the next decade, with planning permission granted to split the site and erect a fence to separate it from the Lansdowne Place residential development as a key security requirement.

Real estate investment firm Rise48 has acquired the Cantebria Apartments in Bedford, Texas, its third multi-family property in the region. The company intends to acquire further value-add assets across the Dallas-Fort Worth area, with the latest $166,000-per-unit investment to be rebranded as Rise Oak Creek.

David Doctorow is stepping down as CEO of Move, Inc., parent company of Realtor.com, and will be succeeded by Damian Eales.