REBusinessOnline

Facebook Leases 730,000 SF of Office Space at Vornado’s Farley Building in Manhattan

NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The …

US Multifamily Originations to Decline 20 to 41 Percent in 2020, Says Freddie Mac

WASHINGTON, D.C. — In its midyear multifamily outlook report, Freddie Mac predicts U.S. multifamily loan originations will drop severely for all of 2020 due to the outbreak of COVID-19 and the big blow the virus has dealt the U.S. economy. The gross domestic product from April to June plunged 32.9 percent on an annualized basis, according to the U.S. Commerce Department. The government-sponsored enterprise (GSE) is projecting that loan volume will decrease 20 to 41 percent across the …

Developer Trio Plans 11-Acre ATC West Mixed-Use Project in Downtown Durham

DURHAM, N.C. — A trio of real estate owners and developers has unveiled plans for an 11-acre mixed-use development in downtown Durham. Capitol Broadcasting Co. (CBC), Hines and USAA Real Estate have formalized a joint venture to move forward with the 700,000-square-foot project known as ATC West. Construction is expected to begin in late 2021 or early 2022. The development will be situated on the west side of the American Tobacco Campus (ATC), an adaptive reuse district that houses …

First Inning: South Florida Retail Market Resets as COVID-19 Throws a Curveball, Says SCB Webinar

The outbreak of COVID-19 has had an outsized impact on South Florida. According to Johns Hopkins University School of Medicine, the region’s three primary counties rank in the top 20 of confirmed COVID-19 cases as of Wednesday, July 22. At 92,345 cases, Miami-Dade County is No. 4 on the list. Broward County comes in at No. 9 with 43,747 cases, and Palm Beach County is No. 20 with 27,506 cases. The surge in cases has had a pronounced effect on the area’s retailers as citizens have resumed …

Parent Company of Men’s Wearhouse, Jos. A. Bank to Shutter Up to 500 Stores, Cut Staff by 20 Percent

FREMONT, CALIF. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont-based firm says the “unprecedented and industry-wide" disruption caused by the COVID-19 outbreak was the catalyst behind the move. Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in …

Charlotte City Council Gives $600M Mixed-Use Project in Uptown District First Approval to Move Forward

CHARLOTTE, N.C. — Seventh and Tryon, a planned $600 million mixed-use project in Charlotte’s Uptown district, has cleared a critical hurdle with the Charlotte City Council. The proposed development will include a 160,000-square-foot mixed-use building, 450,000-square-foot office tower, market-rate and affordable multifamily units, retail space and below- and above-ground parking. At a virtual meeting yesterday, the council unanimously approved a memorandum of understanding (MOU) that …

Northwood Office is Adapting and Expanding 535-Acre Ballantyne Office Campus for a Post-COVID-19 World

As one of the largest owners and operators of office space in the Charlotte market, Northwood Office is focusing on what office users want — safety, quality, productivity, flexibility and a sense of community. The firm’s largest asset is Ballantyne, a 535-acre campus featuring 4.4 million square feet of Class A office space situated in the heart of a 2,000-acre community. Ballantyne is home to 17,000 employees and 300 companies. While the COVID-19 pandemic has shifted the landscape for …

Vantage Data Centers, Colony Capital Agree to Form $3.5B Partnership to Grow Data Center Platform

DENVER AND LOS ANGELES — Data center developer and operator Vantage Data Centers has entered into a definitive agreement with an investor group led by Colony Capital Inc. (NYSE: CLNY) to form a $3.5 billion partnership that will expand Vantage’s data center platform in North America and Europe. The firms expect the agreement to be finalized toward the end of the month. As part of the agreement, the Colony-led investor group will invest $1.2 billion in Vantage’s portfolio, including 12 …

Pain Felt in Charlotte Retail Sector, But Phased Reopenings Give Market Hope

The COVID-19 outbreak had a tremendous impact on retail across the country, and Charlotte was no exception. As stores were forced to close, business owners had to devise creative ways to operate during the pandemic. Rent deferral, Paycheck Protection Program funds, layoffs and furloughs were some of the ways owners addressed cash flow. Many restaurants faced questions regarding takeout, delivery service, menu adjustments, table spacing and employee safety. Enhanced cleaning procedures, …

Hudson Pacific, Blackstone Form Joint Venture to Grow Movie Studio and Office Platform in Hollywood

LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake …

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