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Genentech parent company Roche to sell 427K sf Vacaville facility

40 minutes ago
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.

More than 400 market-rate units planned for Middletown, Connecticut

about 3 hours ago
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.

CRE’s landscape is rapidly shifting

about 7 hours ago
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 announces halt to new homeowner policies in California

about 18 hours ago
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 snags extension on 300 Park Ave’s $485M loan

about 18 hours ago
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.

A Midtown office loan’s in trouble. Is WeWork to blame?

about 19 hours ago
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.

Sobrato Organization sells Cupertino strip mall for $93M

about 19 hours ago
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.

Hamptons, North Fork markets heat up

about 19 hours ago
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.

Bears running option: Team eyes Naperville amid horse track’s tax fight

about 19 hours ago
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.

Bears Step Out On Arlington Heights As Stadium Site Search Widens To Naperville

about 19 hours ago
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 leases 62K sf in Houston’s Energy Corridor

about 19 hours ago
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 moves ahead on 334 apartments and townhomes in San Jose

about 20 hours ago
SummerHill Homes is to build 292 apartments and 42 townhomes in North San Jose replacing an office block, according to a draft environmental study.

EV companies drop industrial space in East Bay, Silicon Valley

about 20 hours ago
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.

LVMH to scrap Rodeo Drive hotel after Beverly Hills ballot rejection

about 20 hours ago
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 Pros Say Green Building Techniques Are Gaining Steam In LA

about 20 hours ago
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 pays $165M for Nautilus Hotel in Miami Beach

about 20 hours ago
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.

Malibu’s famous Wave House hits the market asking $50M

about 21 hours ago
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.

LA single-family home sales show slight uptick in May

about 21 hours ago
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.

Chicago Fire’s training facility project ignites lawsuit

about 21 hours ago
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.

Arlington Partnership to Build $61M Affordable Housing in DC’s Fort Totten

about 21 hours ago
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 and Public Library Among New Tenants at Lakeshore Plaza in Maryland

about 22 hours ago
Chipotle Mexican Grill will open its first Anne Arundel County restaurant in Maryland, adding to the roster at the Lakeshore Plaza retail centre.  

Naftali’s lending arm provides mezzanine note on Greenwich Village project

about 22 hours ago
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.

Nate Paul’s role in Texas attorney general’s impeachment, explained

about 22 hours ago
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 Cutting Another 1,200-Plus Jobs In Bay Area, LA

about 22 hours ago
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.

Jobs Report Blows Out Expectations, Sets Up Chance for Another Rate Increase

about 22 hours ago
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.

Double-Digit Property Value Hikes Hammer DFW Apartment Owners

about 22 hours ago
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 Slams Proposed Merger of Nick Schorsch-Managed REITs

about 22 hours ago
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.

Kroenke snaps up Malibu shopping center for $82M

about 22 hours ago
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 Puts 1.4 Million Square Feet of Silicon Valley Office Space Up for Sublease

about 22 hours ago
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. 

Rent strike looms ahead of potential Veritas buyback of $1B debt

about 22 hours ago
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 unveils plans for two-tower Mandarin-branded Brickell Key project

about 22 hours ago
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.

MSquared Raises $200M for 2 Affordable Housing Funds

about 23 hours ago
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. 

Invesco willing to take loss on Meatpacking office building

about 23 hours ago
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.

D.C. Picks Team For Huge Reeves Center Project With NAACP HQ, Dave Chappelle Club

about 23 hours ago
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.

Pustilnikov files suit over Redondo Beach power plant sale

about 23 hours ago
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.

New JV Acquires Four Virginia Grocery-Anchored Shopping Centers for $110M

about 23 hours ago
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.

SF’s historic Clay Theater could become a retail center

about 23 hours ago
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.

Rishi Kapoor’s firm leases storefront from Coral Gables mayor

about 23 hours ago
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 Sues New York City Over Short-Term Rental Law, Claiming $85M In Damages

about 23 hours ago
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 Plans Major Retail Real Estate Effort With New Stores, Relocations

about 24 hours ago
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 of real estate recession

about 24 hours ago
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.

Why A Giant Aussie Investor Is Spending £2.4B On A London Mixed-Use Push

about 24 hours ago
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.

'Whew': Economists React To May Jobs Report On Twitter

about 24 hours ago
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’s Al Brooks to America: Calm Down, It’s Not 2008!

1 day ago
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 Tipping Point Came': Delinquency Rate On CMBS Loans Shoots Up

1 day ago
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.

Symmetry files for bankruptcy, evades foreclosure — for now

1 day ago
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.

REPORT: D.R. Horton Selling $1.5B In Houses To Single-Family Rental Giant Pretium

1 day ago
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.

Big Ten commissioner Tony Petitti flips Jupiter Island condo

1 day ago
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 pays $1.5B in D.R. Horton deal

1 day ago
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.

Thorofare Capital Provides $36M Acquisition Loan for LI Industrial Complex

1 day ago
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.

Landmark West Loop office building headed to auction block

1 day ago
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.

Maxim Capital Supplies $40M Acquisition Loan for Queens Development Site

1 day ago
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.

Nautilus by Arlo in Miami Beach Sells for $165M, Will Undergo Major Renovation

1 day ago
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.

Closing Retail Deals in Today’s Market: What Investors Need to Know

1 day ago
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 second-largest racial gap for home appraisals in U.S.

1 day ago
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.

“Grinch who stole summer”: Airbnb sues New York City

1 day ago
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 proposes 266 townhomes in south Miami-Dade

1 day ago
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 Closes In On Ballsbridge Relocation

1 day ago
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.

Rise48 looks for multifamily value in DFW

1 day ago
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 out as Move, Inc. CEO

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