- JPMorgan, Wells Fargo Bulk Up Reserves for Office Loan Losses “JPMorgan Chase & Co. and Wells Fargo & Co. boosted allowances for losses tied to commercial-property loans in the second quarter, driven mostly by their exposure to offices, according to earnings releases Friday. Wells Fargo flagged a $949 million increase in their credit loss allowance, primarily for office loans.” (Bloomberg)
- San Francisco's Office Market Has One Of Its Worst Quarters Since 1997 “The big companies giving up space are concentrated in the technology industry, where despite decent earnings and a tightening labor market, the new realities of remote and hybrid work have dented demand for office space.” (Bisnow)
- Multifamily real estate continues to take a beating this summer “This summer is shaping up to be one of the hottest on record, but there’s a cold front hammering multifamily real estate.” (The Real Deal)
- Blackstone’s REIT Experienced Strongest Month in June Since August 2022 “The June showing marked the third month in a row of positive performance bringing the non-listed REIT to 1.3 percent year-to-date aided by particular strength in its data center investments, Blackstone (BX) announced late Friday afternoon.” (Commercial Observer)
- The value of office buildings is sinking – but turning 'zombie' offices into apartments is harder than you think. Here's why. “Turning some buildings into residential to help places like New York tackle a growing housing shortage seems like the obvious solution – but actually doing so is far from simple or inexpensive.” (Insider)
- Harlan Crow, Other Billionaires Donate to DeSantis Campaign “DeSantis has been discussed by donors and other party insiders as one of the most viable options to defeat Trump, but his campaign has so far failed to gain the momentum to overtake the former president.” (Bloomberg)
- Insurer’s Retreat in Florida Signals Crisis With No Easy Fix “Insurers’ trouble in raising rates may be among the reasons they are retreating in places like Florida and California, where climate change is causing the costs of paying claims — which insurers refer to as ‘losses’ — to soar. When it’s hard to raise rates as companies have done in certain places, the best business decision is to leave.” (The New York Times)
- 5 Questions With Related Companies’ Jordan Rathlev “A sharp shift in white-collar work means office landlords across the country are struggling. But you’d never know it from Related Companies’ ambitious plans to reshape the skyline of Downtown West Palm Beach.” (Commercial Observer)
- NMHC, NAA Back Section 8 Housing Bill Aimed To Increase Private Landlord Participation “Private landlord participation in the program has been on the decline for the past decade. Between 2009 and 2016, the number of private landlords participating in the program fell from 775,000 to 695,000, according to the Department of Housing and Urban Development. Without this participation, advocates say voucher holders have experienced difficulty in the housing search process.” (Bisnow)
- Cowboys owner Jerry Jones is a shark and he pulled in a sucker named Clarence Thomas “Jones has always been able to sense the sucker in the room, and he likely knew that Thomas was open for business, and to Jones, a ring was a cheap price to get his designer boots in the door with Thomas. You never know when Cowboys business might need a helping hand from a Supreme.” (USA Today)
- Brookfield hands landmark Brill Building to lender “Bruce Flatt’s Brookfield Asset Management has transferred control of the former big band jazz haven in Midtown to its lender, the family owned and operated Mack Real Estate Group, in a transaction valued at $216.1 million.” (The Real Deal)
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