- Inflation Pressure Hits New Warehouse Leases “The rising warehouse rental rates are part of a broad increase in costs across supply chains, from the prices of raw materials to the charges for shipping goods. Transportation companies that have been garnering high rates on the sector’s spot markets over the past year now are looking to embed the pricing in longer-term contracts they are negotiating with shippers.” (The Wall Street Journal)
- Google real estate exec says 5% more workers coming in to office each week “Nevertheless, David Radcliffe, Google's vice president for real estate and workplace services, said many Googlers are returning of their own volition. About 40% of its U.S. employees on average came in to the office daily in recent weeks, up from 20-25% three months ago, he said. Globally, 5% more employees are returning to offices week after week, he added.” (Reuters)
- Levered and loaded: KKR looks to flex its real estate muscle “Many of the private equity giants went public in the last 15 years. And the founders of these firms, who defined an industry with their audacious takeovers and personal rivalries, are handing the reins to a new generation of executives who have mostly avoided the headlines. At KKR, Kravis and Roberts stepped down in October to make way for their protégés, Joseph Bae and Scott Nuttall.” (The Real Deal)
- D.C. Attorney General Pushing To Expand Inclusionary Zoning, Protect Affordability “Racine's office said it will push to expand the areas in which developers must provide inclusionary zoning units and lower the income threshold for those units. The city's first elected attorney general, Racine said he was advocating for the changes because rising rents over the last several years are pushing out long-term and low-income residents, a phenomenon developers have also watched accelerate.” (Bisnow)
- Israeli firm to sell HSBC Tower in New York for $855 million “Israel's Property and Building Corp said on Sunday it agreed to sell the HSBC Tower building in midtown Manhattan for $855 million to New York-based real estate firm Innovo Property Group, recording a net loss of $45 million. The Israeli company, which is 63% owned by Discount Investment Corp, said it had also sold property in Israel for 390 million shekels ($123 million).” (Reuters)
- Real estate lawyer who allegedly stole $14 million from clients to take plea deal “The 64-year-old attorney of firm Kossoff PLLC ‘stole in excess of $14 million from his attorney escrow accounts through a scheme that lasted more than four years,’ Assistant District Attorney Ryan Gee told the judge. Gee requested that Kossoff be put on supervised release, be forced to turn over his passport and be limited to traveling within New York.” (New York Post)
- Amazon Could Be a Late Holiday Bloomer “The ability to get products to consumers quickly will likely be useful as the holiday season progresses. Not all shoppers heeded the frequent advice to make purchases early to avoid shipping delays and product shortages.” (The Wall Street Journal)
- Blackstone just became the biggest warehouse landlord in the world “Blackstone, the world’s largest private equity firm, invests in nearly everything in the global economy: biomedical research, digital payments, autonomous robots, power plants, motel chains, dating apps, and a slew of amusement parks including SeaWorld and Legoland. But lately, there’s nothing Blackstone loves more than a warehouse.” (Quartz)
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