- Commercial Real Estate Brokers Talk Networking Tactics During COVID “Commercial Observer took a call from a broker one evening in mid-December. The broker didn’t have long to chat as he was going to a holiday event. ‘An in-person holiday event?’ we asked.” (Commercial Observer)
- What Does Biden’s Stance on Private Prisons Means for Prison REITs? “President Biden ran for office with some pretty lofty promises in regards to prison and judicial reform, including closing all private prisons. After winning the presidential election in November, 2020 prison real estate investment trusts' (REITs) share prices have tumbled and are yet to recover, leaving investors to wonder what the future of prison REITs will look like under the new administration.” (Millionacres)
- Behind the Biggest Real Estate Crowdfunding Implosion “Johanna Trujillo invested $20,000 in what seemed like a sure thing — a piece of Manhattan real estate. She and her mother bought into a co-working development with meditation rooms and views of Park Avenue South. That was the draw of Prodigy Network: It allowed regular people to make real estate investments that were usually accessible only to the rich and well connected.” (The Real Deal)
- Boston Properties CEO On Return to Office vs. New Worker Expectations “On the company's most recent earnings call, Boston Properties CEO Owen Thomas laid out the central dilemma faced by business leaders when it comes to commercial office space in a post-pandemic world.” (Boston Business Journal)
- So You Want to Open a Hotel? Now? “Is it wise to open a new hotel during a pandemic? According to a recent report by Lodging Econometrics, which tracks the lodging industry, more than 900 hotels opened in the United States last year — more than 100,000 new rooms. This year, another 960 new hotels are expected to open. The owners and operators fueling these projects are going beyond hiring bartenders and housekeepers, ordering linens and signage, and establishing booking systems and marketing plans.” (The New York Times)
- How Biden’s Sweeping Climate Plan Impacts CRE “The climate-focused executive orders signed on Wednesday by President Biden were not his first. Last week, on Inauguration Day, he returned the U.S. to the Paris Agreement and ordered a review of all of former President Donald Trump’s climate regulation rollback measures.” (Commercial Property Executive)
- ‘Roaring 20s’ After the Pandemic? Big Banks Say Be Careful What You Wish For “Staley did also note that both the impact of the pandemic and the stabilizing effects of fiscal and monetary policy, along with hopes of an imminent rebound, were distributed unequally across both the economy and society. He added that the greatest risk “is not an economic one but a social one” due to people being ‘left behind,’ nodding to widespread civil unrest in the U.S. over the past year.” (CNBC)
- Brookfield Scores $465M Downtown Los Angeles Office Refi “Brookfield Properties has secured a $465 million CMBS refinancing package for The Gas Company Tower, a 1.3 million-square-foot Class A office high-rise in downtown Los Angeles, The Real Deal reported, citing a Moody’s report. The financing is structured in two parts. The first, a $350 million loan from Citi Real Estate Funding and Morgan Stanley, carries a variable interest rate over a two-year term. The second is a $115 mezzanine note from Citi, Morgan Stanley and SBAF Mortgage fund.” (Commercial Property Executive)
- What New Policies Are Raising Costs for Struggling NYC Landlords During COVID “Even as they struggle with high vacancy rates and tenants defaulting on rent during the pandemic, New York City landlords are also staring down the barrel of new policies, rising liability insurance costs, and delays in city approvals that are making it increasingly challenging to break even financially.” (Commercial Observer)
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