Company News

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

California Company News Hospitality Retail Western

Disneyland Resort Pushes Reopening Date Beyond July 17

by Amy Works June 25, 2020

ANAHEIM, CALIF. — Disneyland Resort has delayed the opening of its theme parks and resort hotels in Anaheim based on the State of California’s announcement that it will not issue theme park reopening guidelines until sometime after July 4. The company plans to announce a revised reopening date once government officials approve a phased reopening. Downtown Disney District, an outdoor shopping center at the resort, will reopen on July with health and safety protocols in place for employees and guests. This opening was approved with the restaurants and retail openings throughout California. Additionally, Disney and The Master Services Union, which represents retail employees at Downtown Disney District, reached an agreement for members to return to work at this location. Disney will negotiate agreements with its unions and agree to enhanced safety protocols that will allow the company to responsibly reopen Disneyland, the company says.

June 25, 2020

Company News Retail Texas

J.C. Penney to Close 13 Additional Stores As Chapter 11 Bankruptcy Continues

by Taylor Williams June 24, 2020

PLANO, TEXAS — J.C. Penney Co. has revealed the locations of 13 additional stores it will permanently close, including seven in Michigan, as part of its Chapter 11 bankruptcy filing. The Plano-based retailer says the other six locations set to close include two in Washington state, two in New York, one in California and one in Maryland. J.C. Penney filed for Chapter 11 protection on May 15 and unveiled a list of 154 stores in late May that were set to close. Multiple news outlets report that going-out-of-business sales at the 13 locations are expected to begin on or around July 3. According to The Wall Street Journal, mall owner Simon Property Group is teaming up with shopping center owner Brookfield Property Partners to explore the possibility of acquiring J.C. Penney Co. According to Business Insider, the 13 stores closing include: 201 S. Washington St, Owosso, Michigan; 125 S. Michigan Ave, Big Rapids, Michigan; Bay City Town Center, 4129 E Wilder Road, Bay City, Michigan; Greenville West Mall, 300 Greenville W. Drive, Greenville, Michigan; Meridian Mall, 1982 W. Grand River Ave., Okemos, Michigan; Mt. Pleasant Shopping Center, 2231 S. Mission Road, Mt Pleasant, Michigan; Northtown Village, 1680 Wright Ave., Alma, Michigan; …

June 24, 2020

California Company News Western

‘Exceptional Leader’: Marcus & Millichap Co-Chairman William Millichap Passes Away at 76

by Amy Works June 24, 2020

CALABASAS, CALIF. — William Millichap, co-chairman of Marcus & Millichap whose leadership and innovation helped pave the way for the company to become a national player and household name in commercial real estate, has passed away at the age of 76 following a year-long battle with cancer. The company made the announcement Tuesday in a press release highlighting his career accomplishments. Millichap joined the company, then known as G.M. Marcus Co., as an investment broker shortly after its founding in 1971. After serving as a regional manager of the Palo Alto, Calif., office in the mid-1970s, Millichap went on to become president and a director of the company from 1985 to 2000. He was co-chairman of the board until his death. “The company’s formative years benefited greatly from Bill’s push for innovation, including our training programs, professionalization of the industry and adoption of technology — key building blocks of the firm’s market leadership,” says George Marcus, founder and chairman of the Calabasas-based company. “Bill was the truest of friends that one could ever have and a real partner in good times and challenging ones,” adds Marcus. “He was a unique and exceptional leader, coach and innovator. All who knew him …

June 24, 2020

Company News Florida Southeast

Maskco Technologies, SharperTek to Manufacture 75M Respirator Masks to Combat COVID-19

by Alex Tostado June 23, 2020

MIAMI — Maskco Technolgies Inc. has teamed with SharperTek to create 75 million N95 respirator masks over the next two years beginning in November. Under terms of the agreement, Pontiac, Mich.-based SharperTek will send 56 units of its assembly lines to Maskco Technologies’ production facilities in Miami, where the masks will be produced. The partners are awaiting certification from the National Institute for Occupational Safety and Health (NIOSH). A group of healthcare providers created Maskco Technologies in April when they realized the need for more N95 masks amid the COVID-19 outbreak. SharperTek has been manufacturing automated ultrasonic systems since 2006.

June 23, 2020

California Company News Western

NAIOP Names Kilroy Realty 2020 Developer of the Year

by Amy Works June 22, 2020

LOS ANGELES — NAIOP, the commercial real estate development association, has selected Los Angeles-based Kilroy Realty Corp. as the 2020 Developer of the Year, which is the association’s highest honor. The award will be presented during NAIOP’s CRE.Converge conference in Las Vegas this October. Kilroy is one of the West Coast’s foremost developers and landlords, with a major presence in San Diego, greater Los Angeles, San Francisco Bay Area and the Pacific Northwest. The company owns and manages more than 14 million square feet office, mixed-use, residential and life science projects. with over 7 million square feet of projects under construction or in the development pipeline. In granting the award to Kilroy, NAIOP cited the company’s innovative approach to sustainable, modern work environments that drive creativity, productivity and employee retention for some of the world’s most influential digital media, entertainment, health, research, science and technology companies. This annual award recognizes a developer demonstrating leadership and innovation in commercial real estate. Nominees must be a principal NAIOP member in good standing and are judged by a panel of industry peers.

June 22, 2020

Company News Retail Texas

AT&T to Close 250 AT&T Mobility and Cricket Wireless Stores, Says Telecomm Union

by John Nelson June 17, 2020

DALLAS — The Communication Workers of America (CWA) has announced that Dallas-based AT&T has informed the telecommunications and IT union its plans to permanently shutter 250 AT&T Mobility and Cricket Wireless stores. The move would impact 1,300 retail jobs. There are currently more than 16,000 AT&T retail locations in the United States, including authorized retailers and company-owned stores and kiosks. CWA also reports that A&T plans to cut 3,400 technician and clerical jobs across the country over the next few weeks. The Dallas Morning News reports that AT&T had to inform CWA, which represents 100,000 AT&T workers, of the planned job cuts due to a collective bargaining agreement covering the workers. The newspaper also reports the job cuts and store closures are part of AT&T’s $6 billion cost-cutting plan. According to CWA, AT&T’s CEO Randall Stephenson pledged in 2017 to create 7,000 new jobs if President Donald Trump’s corporate tax cuts passed. Instead, a CWA review of AT&T’s quarterly reports shows that the company has cut over 41,000 jobs, not including the planned cuts announced June 16.

June 17, 2020

California Company News Retail Top Stories Western

24 Hour Fitness Files for Chapter 11 Protection, Opts to Permanently Close 132 Stores

by John Nelson June 16, 2020

SAN RAMON, CALIF. — Fitness center retail chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection stemming from revenue losses during the COVID-19 pandemic. The San Ramon-based company expects to secure $250 million in debtor-in-possession financing, which is subject to court approval. The fitness chain has also announced its intention to permanently close 132 of its 300-plus gyms. In California alone, 24 Hour Fitness will shutter 41 locations, and in Texas another 26 will permanently close as the company will focus on reopening its other gyms across the country. “If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11,” says Tony Ueber, CEO of 24 Hour Fitness. “With that said, we intend to use the process to strengthen the future of 24 Hour Fitness for our team and club members, as well as our stakeholders.” Although Ueber says the COVID-19 pandemic is the main culprit in the company’s struggles, the retailer’s debt load is also a contributing factor. Brad Umansky, president of Progressive Real Estate Partners, says that the retailer’s ownership group, including private equity firm AEA Investors, hampered 24 Hour Fitness from operating to the best of its ability …

June 16, 2020

Company News Delaware Northeast Retail

Lululemon Reopens 60 Percent of Stores, Reports 17 Percent Drop in Revenue in Latest Quarter

by Taylor Williams June 12, 2020

DOVER, DEL. — Lululemon (NASDAQ: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and North America stores in March. The company noted that although it was forced to close all stores at some point, strong sales from its e-commerce platform helped to mitigate the decrease in revenue. Lululemon said in the filing that it would not provide financial projections for future quarters, but that it ended the first period with $823 million in cash, compared to $576 million in cash at the end of the first quarter of 2019. Lululemon’s stock price opened at $302.84 per share on Friday, June 12, up from $170.89 per share a year ago.

June 12, 2020

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