Savills Acquires Life Sciences, Tech Real Estate Consulting Firm T3 Advisors

NEW YORK CITY —Global real estate advisory firm Savills Inc. has acquired T3 Advisors, which provides site selection, project management and strategic planning services for life sciences and tech users. T3 Advisors, which was founded in 2001 and has offices in Boston, New York City, San Francisco and Palo Alto, will rebrand as T3 Advisors, A Savills Company. Roy Hirshland, CEO and founder of T3 Advisors, will become a vice chairman at Savills and will continue to lead the company. In …

Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

COLUMBUS, OHIO — Washington Prime Group (NYSE: WPG), an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last …

Blackstone Agrees to Acquire Data Center Giant QTS Realty Trust in $10B Deal

NEW YORK CITY AND OVERLAND PARK, KAN. — Blackstone (NYSE: BX) has entered into a definitive acquisition agreement with QTS Realty Trust (NYSE: QTS), a data center real estate investment trust, in an all-cash transaction valued at $10 billion. Upon completion of the transaction, the parties expect that QTS will continue to be led by its senior management team and maintain its corporate headquarters in Overland Park.QTS has a diverse footprint spanning more than 7 million square feet of …

Fanatics, Paris Saint-Germain Open First Standalone European Soccer Club Retail Location in Los Angeles

LOS ANGELES — Paris Saint-Germain (PSG), one of the top soccer teams in the world, has opened a permanent retail store within Westfield Century City Mall in Los Angeles.In partnership with apparel retailer Fanatics, the sports club is expanding its global retail presence with several new stores in key international markets, beginning with the Los Angeles location. The store openings form part of a 10-year retail and merchandising deal signed between PSG and Fanatics in 2020.Fanatics, …

Old National Bank, First Midwest Agree to $6.5B Merger Deal

EVANSVILLE, IND. AND CHICAGO — Old National Bancorp (Nasdaq: ONB) and First Midwest Bancorp Inc. (Nasdaq: FMBI) have entered into a definitive merger agreement valued at $6.5 billion. The two Midwest institutions operate retail bank branches under the Old National Bank and First Midwest Bank brands, respectively.The all-stock transaction is expected to close late this year or early 2022 and is subject to customary closing conditions, including regulatory and shareholder approvals. The …

Gap’s First-Quarter Sales Increase 28 Percent, Net Sales Hit $4B

SAN FRANCISCO — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent over first-quarter 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019.The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines …

Ares Management to Acquire Black Creek Group, Creating Company with $29B in Assets Under Management

LOS ANGELES AND DENVER — A subsidiary of Los Angeles-based Ares Management has agreed to acquire 100 percent of Denver-based Black Creek Group’s U.S. real estate investment advisory and distribution business.Black Creek Group had approximately $11.6 billion assets under management as of March 31 in core/core-plus real estate strategies across two non-traded REITs and various institutional fund vehicles and spanning industrial, multifamily, office and retail property types. Additionally, …

Under Armour’s First-Quarter Sales Exceed Analysts’ Estimates, Surpass Previous Year

BALTIMORE — Athletic apparel giant Under Armour Inc. (NYSE: UA) has reported $1.3 billion in sales in its fiscal first quarter of 2021, a 35 percent jump from last year’s first-quarter sales. The Baltimore-based company’s fiscal first quarter ended on March 31.Under Armour’s earnings in the quarter totaled 16 cents per share, which far surpasses the 3 cents expected by analysts, according to CNBC. The company reported an increase of $1.26 billion in revenue from the $930.2 million …

Macy’s Reports 56 Percent Growth in First-Quarter Net Sales, Raises Full-Year Expectations

NEW YORK CITY — Macy’s Inc. (NYSE: M) reported approximately $4.7 billion in net sales for its 2021 fiscal first quarter that ended on May 1, an increase of about 56 percent from $3 billion in net sales during that period last year. Macy’s CEO Jeff Gennette cited the windfalls of federal stimulus funds and the expanding vaccine rollout as key to the company exceeding expectations. In addition, Gennette said that more Macy’s customers are engaging with its online platform, enabling the …

Amazon to Hire 75,000 Fulfillment, Transportation Employees at Average Pay Above $17 Per Hour

SEATTLE — Amazon (NASDAQ: AMZN) is planning to hire 75,000 employees in its fulfillment and logistics network across the U.S. and Canada as the company continues to expand its footprint. Hiring is currently underway with the most openings in Arizona, California, Colorado, Georgia, Illinois, Kentucky, Maryland, Michigan, Minnesota, New Jersey, Pennsylvania, Tennessee, Washington and Wisconsin.Amazon also announced pay increases across its fulfillment and transportation networks with these …

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