- Ben Lambert’s legacy: Eastdil founder brought Wall Street to real estate “Until the ’70s, commercial real estate brokerage was the unruly stepchild of dealmaking. Properties worth hundreds of millions of dollars were marketed off-the-cuff, research and due diligence were patchy, and the commission-dominant compensation most firms used inspired the infamous ‘eat what you kill’ culture. Benjamin V. Lambert decided that wasn’t for him. (The Real Deal)
- A Zero Cash Flow Net Lease Portfolio Trades for $570M. Why? “But the 2017 Tax Law gives another group of buyers reasons to pursue zero-cash flow deals. The law included bonus depreciation provisions that allow buyers to write off a significant portion of their initial investment in a building all at once, according to Murphy.” (GlobeSt.com)
- Deutsche Bank Holds Firm on CRE Lending Business Amid Bad Press “There were court cases. There were negative headlines. There was a public face-off with the (then) most powerful person on the planet. There were fines due to a relationship with a notorious sex offender. One of its top players exited and thousands of its employees were laid off, thanks to a global pandemic and a cratering economy. And, yet, despite all of this, Deutsche Bank had a pretty good 2020, when it came to real estate lending, and remains at the top of its game as a go-to financing source.” (Commercial Observer)
- Rough Starts: Lessons From Launching A CRE Career In 2020 “The roller coaster of 2020 was especially difficult on those who were just starting their careers, seeking to get a foothold in an industry that suddenly stopped last spring, and has been struggling to regain momentum ever since. The lack of personal interactions outside of Zoom has led many of the new CRE workers Bisnow spoke to to mourn the loss of potential connections and experience.” (Bisnow)
- Minority-owned businesses struggle to access credit during pandemic, Fed survey finds “Outcomes varied widely by race and ethnicity. Some 54% of white-owned firms described their financial condition as "fair" or "poor." But that share rose to 79% for Asian-owned businesses, to 77% for Black-owned firms and to 66% for Hispanic-owned businesses.” (Reuters)
- Macerich looks to tap investors after stings from Covid then day traders “It made for a wild week on Wall Street as Macerich shares surged 72 percent to a high of $22.38 on Jan. 27, before giving up the gains just as quickly. The stock closed Tuesday at $12.31. Despite the massive swings, or perhaps because of them, some companies emerged better positioned to cope with the financial effects of the pandemic.” (The Real Deal)
- Global MarketFlash: Global Investment Volume Surged in Q4 2020 But Fell 26% For The Year “Global CRE investment increased by 84% quarter-over-quarter in Q4 to US$290 billion but was down by 20% from Q4 2019. The surge between Q3 and Q4 2020 was mainly driven by a 97% increase in U.S. volume. Nevertheless, annual global investment was down by 26% from 2019 because of the pandemic.” (CBRE)
- The Latest Hotel Perk for Overseas Travelers: Covid Testing “For many, testing requirements make sense and are quickly becoming part of any journey, like a passport. Many Caribbean destinations began opening up last fall with testing requirements in place, so a test to return back to the U.S. makes sense. International requirements still vary, and can be confusing. Some countries require a PCR test. Others, including the U.S., will accept either a PCR or an antigen test. Both detect the presence of active virus.” (The Wall Street Journal)
- Zoom adds virtual receptionists for when people start going back to the office “The new feature, Kiosk Mode, is part of Zoom Rooms, one of the company’s enterprise offerings. Unlike the standard Zoom video calling service, which people use on their own PCs and mobile devices, Zoom Rooms is meant for meeting places such as conference rooms, and it starts at $499 per year per room.” (CNBC)
- One of Biden’s biggest problems in his first 100 days comes from an unlikely place “The vast majority of California's 6 million public schoolchildren haven't seen a classroom since coronavirus shutdowns in March. California's sky-high infection rates this winter, coupled with a long history of empowering local teachers and district officials, have made school reopening a non-starter in most cities. That has run headlong into a vaccine release that is desperately short on supply while giving teachers the expectation they should receive shots before they return.” (Politico)
- Amazon intensifies 'severe' effort to discourage first-ever US warehouse union “Ballots for the election are scheduled to be mailed out to around 5,800 Amazon workers on 8 February, with vote-counting scheduled for 30 March 2021. Lawyers for Amazon are currently trying to appeal the decision to allow the election to be carried out by mail, and have requested the election be delayed until their appeal is reviewed.” (The Guardian)
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