Company News

J.C. Penney Cuts 1,000 Jobs, Begins Talks With Potential Buyers

by Taylor Williams July 16, 2020

PLANO, TEXAS — J.C. Penney Co. announced on Wednesday that it would reduce its workforce by approximately 1,000 corporate, field management and international positions as part of its store optimization and restructuring plan. The Plano-based retailer, which employs about 90,000 people worldwide, filed for Chapter 11 bankruptcy in May and announced plans to close about 150 stores two weeks later. According to CNBC, J.C. Penney has reached an agreement with its creditors to extend submission of its new business plan and identify potential investors in the business. The network reports that mall developers Simon Property Group and Brookfield Properties are both in talks to buy the 118-year-old retailer, as are Sycamore Partners and Authentic Brands, the respective parent companies of department stores Belk and Barneys.

July 16, 2020

Company News New York Northeast Retail

RTW Retailwinds, Parent Company of New York & Co., Files for Chapter 11 Bankruptcy

by Taylor Williams July 15, 2020

NEW YORK CITY — RTW Retailwinds Inc. (RTW), parent company of women’s apparel chains New York & Co., Fashion to Figure and Happy x Nature, has filed for Chapter 11 bankruptcy protection along with its subsidiaries. The filing came Monday in the U.S. Bankruptcy Court for the District of New Jersey. The company expects to close a significant portion, if not all, of its 378 brick-and-mortar stores and has launched a store closing and liquidation process. In the near term, however, New York City-based RTW will continue to operate its business and reopen stores that were previously temporarily closed due to the COVID-19 pandemic. As of July 13, 92 percent of its brick-and-mortar retail and outlet locations across 32 states had reopened. RTW, which was first incorporated in 1918, says that the bankruptcy will enable it to maintain operations in the ordinary course of business, including the payment of employee wages and benefits, payment of suppliers and vendors and the use of cash collateral.

July 15, 2020

Company News Massachusetts Northeast Restaurant Retail

MGM Reopens Casino in Springfield, Massachusetts, at 25 Percent Capacity

by Taylor Williams July 14, 2020

SPRINGFIELD, MASS. — MGM Resorts International (NYSE: MGM) has reopened its casino in the western Massachusetts city of Springfield at 25 percent of its original capacity due to the COVID-19 pandemic. As of July 13, there were 112,000 confirmed coronavirus cases in the state of Massachusetts and 8,330 deaths. At this time, the resort’s 240-room hotel and spa remain closed, limiting the amenity options for guests to the 125,000-square-foot casino and three of the property’s food and beverage establishments, which will also operate at limited occupancies. Valet parking is also unavailable at this time. Employees and guests are required to wear masks in public settings, and plexiglass barriers have been installed in certain areas where social distancing is difficult to maintain. MGM has also set up handwashing stations throughout casino floor and will use digital menus as its restaurants to minimize sharing of surfaces.

July 14, 2020

Company News New Jersey Northeast

Colliers International Acquires New Jersey-Based Engineering Firm Maser Consulting

by Taylor Williams July 14, 2020

RED BANK, N.J. — Colliers International has completed its acquisition of Maser Consulting, a design and engineering firm based in Red Bank, New Jersey. Maser’s senior leadership team will continue to drive operations and will retain a significant equity stake in the business going forward. The operations will be rebranded as Colliers Engineering Services in the first half of 2021. Maser employs more than 1,000 people across 34 offices in 12 states.

July 14, 2020

Company News Retail Top Stories Washington Western

Sur La Table Files for Chapter 11 Bankruptcy, Plans to Close 56 Stores

by Katie Sloan July 10, 2020

SEATTLE — Privately held kitchenware retailer Sur La Table has filed for Chapter 11 bankruptcy protection. The Seattle-based company is set to close 56 of its 121 stores, according to reports by The New York Times, making it the latest retailer to struggle under strain caused by the COVID-19 pandemic. Following store closures and bankruptcy proceedings, Sur La Table has entered into a stalking horse agreement — or an initial bid on the assets of a bankrupt company — to affiliates of New York City-based Fortress Investment Group. The private equity firm is working with Los Angeles-based STORY3 Capital Partners, a private equity and debt investor that has previously invested in retailers such as Hot Topic, Nordstrom, Oakley, True Religion and West Marine. Jason Goldberger, CEO of Sur La Table, says the company will focus on its successful stores, online platform and in-person cooking classes post-sale. “This sale process will result in a revitalized Sur La Table, positioned to thrive in a post-COVID-19 retail environment,” says Goldberger. “Sur La Table will have a balance sheet and retail footprint optimized to position the company for a bright future that continues our nearly 50-year tradition of offering high-quality cooking products and experiences …

July 10, 2020

Company News New Jersey Northeast Retail Top Stories

Bed Bath & Beyond to Close 200 Stores Over Next Two Years Following 49 Percent Decline in Sales Due to Pandemic

by Alex Tostado July 9, 2020

UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77 percent. During the same period, sales on the digital platform grew 82 percent. “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” says Mark Tritton, president and CEO of Bed Bath & Beyond. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.” As of May 30, Bed Bath & Beyond operated 1,478 …

July 9, 2020

Company News Leasing Activity Maryland Office Southeast

Armada Hoffler, WeWork Agree to Terminate 69,000 SF Office Lease in Baltimore

by Alex Tostado July 7, 2020

BALTIMORE — Armada Hoffler Properties and WeWork have mutually agreed to terminate WeWork’s 69,000-square-foot office lease at Wills Wharf in Baltimore’s Harbor Point neighborhood. The New York City-based coworking company was slated to occupy the top two stories of the office portion of Wills Wharf. A Canopy by Hilton hotel will be situated on the top four floors of the 12-story, 325,000-square-foot building. Armada Hoffler has begun marketing the space again to join other office tenants, which include EY, Jellyfish and Bright Horizons. WeWork also terminated its lease with landlord Columbia Property Trust at 189 Madison Ave. in New York City.

July 7, 2020

Company News Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Acquires Beler Advisory Group, Expands NYC Capital Markets Team

by Taylor Williams July 6, 2020

NEW YORK CITY — Walker & Dunlop has acquired Beler Advisory Group (BAG), a locally based independent real estate finance firm. Mo Beler, former principal at BAG, will join Walker & Dunlop’s New York City capital markets debt and equity team, which is currently led by Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz. Beler, a 15-year industry veteran who has closed more than $6 billion in debt and equity transactions in his career, founded the company in 2019.

July 6, 2020

Acquisitions Company News Georgia Office Southeast

AT&T to Sell CNN Center in Downtown Atlanta, Consolidate Offices at Techwood Campus

by Alex Tostado July 1, 2020

ATLANTA — AT&T informed CNN employees Monday that it will sell the CNN Center in downtown Atlanta, according to multiple media reports. AT&T took control of CNN in 2018 when it acquired Time Warner Media. Employees were notified that the move will not happen right away, as CNN will lease One CNN Center for another five years before moving to Time Warner’s Techwood campus in Midtown Atlanta. Ted Turner founded media giant at Techwood in 1980 before moving to downtown in 1987. It was not immediately clear if AT&T had a buyer lined up. CNN Center totals 150,490 square feet. The building includes a food court with tenants such as Starbucks, BurgerFi, Dunkin’, Moe’s Southwest Grill and Chick-fil-A. Retail tenants include the Atlanta Braves Dugout Store and Wells Fargo. The building is situated next to Mercedes-Benz Stadium, Centennial Olympic Park, State Farm Arena, Omni Hotel & Resort, the Georgia Aquarium, World of Coca-Cola and the College Football Hall of Fame.

July 1, 2020

Acquisitions California Company News Development Mixed-Use New York Northeast Office Top Stories Western

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

by John Nelson June 30, 2020

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 in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …

June 30, 2020

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