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Spotify Signs 20,000 SF Office Lease Within Oasis at Wynwood in Miami

by Alex Tostado February 28, 2020

MIAMI — Spotify has signed a 20,000-square-foot lease to anchor the office component of The Oasis at Wynwood, a mixed-use development in Miami’s Wynwood submarket. The music streaming company is based in Stockholm and has its U.S. headquarters in New York City. The Oasis at Wynwood will feature 20,000 square feet of office space; 17,000 square feet of retail space; and a 35,000-square-foot landscaped courtyard featuring an outdoor food hall, a stage that will have live music programming on a nightly basis, an outdoor bar and a 75-foot tower featuring rotating art installations. New York City-based developer Carpe Real Estate is developing the project, which is slated to open by the end of this year. Brian Gale and Andrew Trench of Cushman Wakefield represented the landlord in the transaction. JLL represented Spotify.

February 28, 2020

Data Centers Development Industrial Office Top Stories

Google to Invest $10B This Year in Office, Data Centers Across the United States

by Alex Tostado February 27, 2020

MOUNTAIN VIEW, CALIF. — Google (Nasdaq: GOOGL) plans to invest $10 billion in office and data centers in 11 states this year that will create thousands of jobs. The 11 states will be Colorado, Georgia, Massachusetts, Nebraska, New York, Oklahoma, Ohio, Pennsylvania, Texas, Washington and California, according to Sundar Pichai, CEO of Google and its parent company, Alphabet Inc. In 2019, Mountain View-based Google announced it would invest $13 billion in major office and data center expansions in 14 states. Combined with other investments, Alphabet was the largest investor in the United States last year, according to the Progressive Policy Institute’s Investment Heroes 2019: Boosting U.S. Growth report. Data Centers Google plans to open or expand 13 data centers nationwide. Data center expansions in the South include locations in Georgia, Texas, Virginia, Alabama, South Carolina and Tennessee. In the Midwest, the company will open a new data center in Ohio and expand an existing center in Iowa. Nebraska and Oklahoma will see expanded data centers. Lastly, Google will expand data centers in Oregon and Nevada. Office Space Google plans to open new offices or expand its existing space in 19 communities. Google office expansions are slated for Minnesota, Wisconsin, Illinois …

February 27, 2020

Philadelphia Rent & Occupancy Graph 2020

Content Partner Features Lument Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania RED Capital Group

Philadelphia’s New Brand Identity in Commercial Real Estate

by Sarah Daniels February 26, 2020

Interest in Philadelphia among commercial real estate investors has been on the rise for years. But the Eastern Pennsylvania market managed to maintain a relatively low profile in the public consciousness, overshadowed by its larger East Coast primary market rivals, each with its own clear brand identity. But this is largely a thing of the past. Philadelphia has emerged lately as a leader in cutting-edge biotech and life science innovation. The city is a magnet for gene and cell-level therapy entrepreneurs, a status that is rapidly evolving into a distinct brand. Billions in venture capital and real estate investment have followed, elevating the Athens of America to the top rank of U.S. competitors for global investment cash. The multifamily sector is a chief beneficiary of the trend. Fueled by strong demand for luxury space, builders ratcheted apartment development higher over the past 10 years, raising construction starts from about 4,000 units per year at mid-decade to 6,000 annually since 2017. Currently, there are about 8,000 multifamily units under construction, and the pace isn’t likely to slow much this year. The magnitude of the supply surge is anticipated with a degree of trepidation in some quarters. Philadelphia renters have never absorbed …

February 26, 2020

New Jersey Northeast Northeast Market Reports Pennsylvania Retail

Philadelphia Retail Market Embraces Change in ’20s

by Alex Patton February 25, 2020

As our economy fades out of one decade and cruises into the next, a look in the rearview mirror reveals more than 10 years of expansion and 10-year GDP growth in excess of 26 percent. Sean Beuche, Marcus & Millichap The Philadelphia and Northeastern retail investment sales markets should be both thankful for progress made and road bumps navigated and mindful of several current trends affecting transactions and challenges looming on the horizon for owners and tenants of single and multi-tenant retail assets alike. Savvy Investors enter 2020 with the wind at their backs in many respects while also facing some familiar and unconventional challenges ahead. The 3.7 percent unemployment remains near a 50-year low, meaning that consumers are gainfully employed with money to spend. Mixed-use developments that capture the live-work-play lifestyle are ubiquitous and keep placemaking everywhere they spring up. Millennials and baby boomers alike are demanding walkable communities and opportunities to spend more of their money closer to home via dining out, signing up for memberships at gyms and fitness centers. Both these groups are enjoying the experiential retail that every landlord desires in their centers and portfolios. Stocks of publicly traded retailers like Target, Walmart, and Home …

February 25, 2020

Market Reports Multifamily Texas Texas Market Reports

How Austin’s Growth Creates Opportunities for Multifamily Developers, Investors

by Taylor Williams February 18, 2020

With its unique culture, relatively low cost of living, warm weather and booming economy, Austin has emerged as one of the fastest-growing cities in the United States. As more people and companies flock to this vibrant city, the multifamily real estate market looks primed for growth from both a development and investment perspective. At its core, this real estate potential lies in the fact that the housing supply needs to keep up with a growing population of workers. According to the Austin Board of Realtors (AboR), in October 2019, the number of homes sold reached new highs, while the inventory of single-family homes reached new lows. As this gap shows, and as ABoR notes in its report, housing demand is outpacing housing stock, particularly in areas close to major employers and transit options. To remedy this problem, multifamily developers and investors can step in to build multi-unit buildings throughout Austin. Adding multifamily buildings can help tackle the housing shortage much faster than building more single-family homes, and many newcomers to Austin are young, well-paid professionals looking to rent apartments in exciting urban neighborhoods. As such, developers and investors can look to add more units in both existing high-density areas that …

February 18, 2020

Acquisitions Mixed-Use Multifamily New York Northeast Top Stories

SL Green Realty to Sell West Manhattan Mixed-Use Tower, Adjacent Development Site for $446.5M

by John Nelson February 18, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …

February 18, 2020

Interpark-Industrial-Center-Broomfield-CO

Acquisitions Colorado Industrial Western

United Properties, Brue Baukol Divest of Interpark Industrial Center in Colorado for $47.8M

by Amy Works February 14, 2020

BROOMFIELD, COLO. — The Denver office of United Properties and Brue Baukol Capital Partners have completed the disposition of Interpark Industrial Center, a two-building industrial property located at 11325 Main St. and 11380 Reed Way in Broomfield. San Francisco-based Stockbridge Real Estate purchased the asset for $47.8 million. Completed in 2018 and situated on 16.1 acres, the property offers a total of 239,816 square feet of industrial space. The asset features ESFR sprinklers, 24-foot clear heights, modern column spacing, dock-high and drive-in loading, and ample parking. Additionally, Interpark Industrial Center includes a 220-foot shared truck court and 60-foot concrete loading pads. The property is currently 89.7 percent leased to three tenants: Swisslog Healthcare, MKS Instruments and GC Imports. Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Osternick and Frank Kelley of CBRE’s Denver offices, along with Jeremy Kroner of CBRE’s Boulder office, represented the seller in the transaction.

February 14, 2020

Acquisitions Office Texas Top Stories

Piedmont Office Realty Trust to Acquire Galleria Office Towers in North Dallas for $400M

by Kristin Harlow February 12, 2020

DALLAS — Piedmont Office Realty Trust Inc. (NYSE: PDM) is under contract to acquire Galleria Office Towers in Dallas for $400 million. Situated at the corner of the Dallas North Tollway and the LBJ Freeway in the Far North Dallas neighborhood, the three office buildings total 1.5 million square feet and were built between 1982 and 1991. The properties are also attached to Galleria Dallas, a shopping destination with over 140 stores and 40 restaurants, as well as the 432-room Westin Galleria Hotel. The seller, CBRE Global Investors, spent more than $20 million in capital improvements at the properties. Amenities include lounges, conference centers, a fitness center and rooftop terrace. Piedmont, an Atlanta-based REIT, listed the transaction in a Securities and Exchange Commission filing but did not disclose the property name. However, multiple local media reports identified the acquired asset. The transaction is expected to close this quarter. JLL marketed the Galleria portfolio for sale. It is nearly 90 percent leased to tenants such as Amazon, Ryan LLC, Ansira Partners, Kimley-Horn and Hospital Corp. of America. Piedmont owns several office buildings in the Dallas market, including Park Place on Turtle Creek and One Lincoln Park. Other markets the firm targets …

February 12, 2020

Acquisitions Retail Top Stories

Simon Property Group to Acquire Majority Interest in Taubman Centers for $3.6B

by Taylor Williams February 10, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has agreed to acquire an 80 percent interest in Taubman Centers Inc. (NYSE: TCO), a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. The purchase price represents a 51 percent premium over Taubman’s closing price of $34.67 per share on Friday, Feb. 7. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2 percent. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional malls and power centers totaling more than 25 million square feet of gross leasable space in the United States and Asia. “By joining together, we will enhance the ability of Taubman to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers and substantial new job prospects for local communities,” says David Simon, CEO of Simon Property Group. Simon Property Group’s stock price opened at $142.11 per share on Monday, Feb. 10, down from $185.30 per …

February 10, 2020

California Conference Coverage Features Loans Southeast Feature Archive Western

MBA Forecasts U.S. Economy to Slow in 2020 as Job Market Weakens

by John Nelson February 10, 2020

SAN DIEGO — The U.S. economy is likely to take a hit this year from the effects of geopolitical uncertainty and a global recession in the manufacturing sector, according to Michael Fratantoni, chief economist for the Mortgage Bankers Association (MBA). His forecast calls for U.S. GDP growth of 1.2 percent in 2020, down from 2.2 percent in 2019, and for job growth to dip from a monthly average of 175,000 last year to 150,000 this year. The unemployment rate, which currently stands at 3.6 percent and is near a 50-year low, is expected to reach 3.9 percent by year’s end. The wave of tumultuous events on the world stage have come fast and furious, the veteran economist observed. “Just recently you had the situation with the assassination of [Iran’s General Qassem Soleimani] and ballistic missiles being fired across the Middle East. Now we have got the coronavirus. We just concluded an impeachment trial. We have a presidential election. The trade wars of 2018 and 2019 are perhaps simmering down a little bit, but still a concern and still impacting a lot of decisions by private actors out there.” Such conflicts pose a threat to what has been a “remarkable” run …

February 10, 2020

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