- COVID Didn’t Kill Cities. Why Was That Prophecy So Alluring? “’We have to ask, who is telling the story, and how do they benefit if it becomes a self-fulfilling prophecy?’ ‘Cities are over,’ in other words, is a convenient conclusion if you have decided they are over for you. Or if you believe the pandemic proved wrong all the economists and urbanists who’ve been preaching the virtue of density, Professor Carr said.” (The New York Times)
- Related Cos., CareMax Partner Up to Develop Senior Health Centers in Underserved Communities “Related Cos., one of the largest owners of affordable housing in the U.S., is acquiring as much as a 9% stake in healthcare provider CareMax Inc. as part of its plan to develop scores of senior health centers in underserved urban communities throughout the U.S. Related, a developer of office buildings, malls and upscale apartments as well as affordable housing, will act as an investor, adviser, developer and, in some cases, landlord of CareMax health centers. As part of the deal, Related will buy $5 million in CareMax stock and receive warrants to purchase up to 8 million shares at $11.50 a share.” (The Wall Street Journal)
- Amazon Warehouse Aims to Go Public as Single-Property Business “A startup is attempting to create something that U.S. real-estate executives say doesn’t exist in their industry today: a public company that owns only one property. The prospective property is a 146,000-square-foot Bay Area warehouse leased to Amazon.com LLC. The startup, ROX Financial LP, aims to use an initial public offering to create a real-estate investment trust that will acquire the Amazon facility. It then hopes to grow and own a collection of warehouses to serve the Seattle-based online giant, according to a June securities filing.” (The Wall Street Journal)
- Homeless People’s Plight at Center of NYC’s Plan to Revive Manhattan “As New York struggles back from the economic devastation caused by the pandemic, it has embarked on an all-fronts effort to get homeless people out of hotels and off the streets and subway in Manhattan, the core of both business and tourism. The termination of the hotel program is one of several moves that also include frequent removals of encampments where homeless people stay and an expansion of the 311 system to let subway riders call in complaints about panhandlers and report the presence of homeless people so that outreach workers can come to them.” (The New York Times)
- How Real Estate Firms Regard Remote Work for Their Own Staff “An exclusive data analysis of real estate job postings shows the industry is leaning heavily toward in-office work in the post-pandemic world.” (Bisnow)
- For Women, Remote Work Is a Blessing and a Curse “While the ability to work from home has been a godsend for working parents who were able to keep their children and jobs safe during the pandemic, it’s also exacerbated deeply ingrained gender inequality. Too often a crying toddler makes a cameo on a mother’s Zoom call and not a father’s. In a spare moment, women turn over the laundry while men don’t. Day-to-day scheduling, schooling, as well as decisions about their family’s health amid a global health crisis disproportionately fall to women. And that’s only talking about women fortunate enough to be able to work from home.” (Recode)
- CBRE-Sponsored SPAC to Acquire Altus Power in $1.6B Deal “CBRE Acquisition Holdings buys solar specialist Altus Power in a $1.5B deal.” (Bisnow)
- Facebook Is Getting into the Real Estate Business “Facebook is planting its roots in the real world, with a planned community near its Menlo Park, California, headquarters—complete with a supermarket, restaurants, shops, and a 193-room hotel. Willow Village will truly be a company town—with 1,729 apartments on-site, including 320 affordable units and 120 set aside for seniors. The development of the 59-acre site, currently an industrial and research complex, is a collaboration between Facebook and Signature Development Group.” (Architectural Digest)
- How a Singaporean REIT’s Might U.S. Hotel Investment Sunk “Eagle Hospitality Trust offered investors a chance to bet on the booming U.S. hotel market, but its timing couldn’t have been worse.” (The Real Deal)
- Michael May on Silverstein’s West Coast Expansion, Post-COVID Outlook “Criss-crossing the country as a child between the East and West coasts prepared Silverstein Properties’ Michael May well for a life in the commercial real estate industry and, more recently, for his firm’s big push into newer markets. May is president of the firm’s lending arm, Silverstein Capital Partners (SCP). Growing up, he lived in both the San Francisco and Washington, D.C., areas, and traveled often with his father, a criminal attorney, on business trips to Seattle and San Diego.” (Commercial Observer)
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