- Blackstone to Buy Simply Self Storage for About $1.2 Billion “The private-equity firm’s nontraded real-estate investment trust, known as BREIT, is buying the 8 million square-foot portfolio of self-storage facilities for about $1.2 billion, the two firms said.” (The Wall Street Journal)
- Dunkin’ Brands Is in Talks to Sell Itself and Go Private “The deal being discussed, which could be announced as soon as Monday, would take Dunkin’ Brands private at a price of $106.50 a share, said two people with knowledge of the negotiations, who spoke on condition of anonymity because the talks are confidential. The price would be a 20 percent premium over the company’s closing price on Friday, and implies a company valuation of about $8.8 billion.” (The New York Times)
- With offices closed, WeWork and other coworking spaces jump on market opportunity “WeWork, which weathered financial troubles last year and sold off all noncore assets, is now enjoying a resurgence during the coronavirus pandemic owing to increased demand from workers who are fed up with working from home and are unsure if or when their offices will reopen. In addition to the All Access option, WeWork also launched a pay-as-you-go option in New York City with plans to expand in other markets. For $29 per day, anyone can reserve a desk at WeWork.” (Fortune)
- Newmark CEO Barry Gosin: Rebranding Reflects “The Organization That We’ve Become” “Earlier this month, Newmark Group Inc. announced the latest evolution in the 91-year-old, New York-bred services firm’s history: a formal rebranding to “Newmark.” More than simply a name change, the rebrand highlights a brand strategy and visual expression that reflect the company’s vision. Following the announcement, we followed up with Newmark CEO Barry Gosin for insights into what led to the rebrand.” (Connect Real Estate)
- Why a potential vaccine is creating a boom in cold storage “With nearly 400 potential COVID-19 vaccines in development, the race is on to secure temperature-controlled spaces required for storage and distribution. Giant cold storage facilities – or freezer farms – are used to temporarily hold perishable goods, usually groceries. But now many of these vast industrial facilities are needed to securely store millions of vials of a vaccine.” (JLL)
- A Brief Timeline of the NYC Commercial Eviction Moratorium “If you are renting a commercial space in New York City, it can feel like your future has been constantly in question since the COVID-19 pandemic began. Livelihoods hang in the balance of shifting and evolving rules. In today’s blog post, we’re taking a quick look at a timeline of the development of the regulations, as well as the latest information regarding the Commercial Eviction Moratorium.” (BFK)
- Wall Street-Funded Plan to Gentrify Affordable Housing Crumbles in Harlem “Today, the combination of new laws meant to preserve low-income housing and the pandemic has left many of the borrowers struggling to pay off their debt. Forbearance programs tied to the pandemic are delaying a possible reckoning.” (The Wall Street Journal)
- How Shorenstein is mapping out its $500M real estate pipeline in Charlotte “Amid the uncertainty that's served as the theme of this year, a national commercial real estate firm feels good about its big bet on the Queen City.” (Charlotte Business Journal)
- 'Kind of Morbid': Some Coronavirus-Crippled Hotels Will Thrive Again After Changing Hands “In the cyclical world of real estate, investors have learned to acclimate and seize opportunities in down times. Investors focusing on the hotel bust have plans to buy deeply discounted, distressed hotels to convert to multifamily, a much more in-demanded and pandemic-resilient sector.” (Law.com)
- Donahue Schriber Names Michael Glimcher Chair, CEO & President “Costa Mesa-based Donahue Schriber Realty Group hired Michael Glimcher to replace retiring executives Patrick S. Donahue, Chairman and CEO, and Lawrence P. Casey, President and COO, effective November 2, 2020. Donahue and Casey, with 41 and 20 years, respectively with the firm, will remain with the company as Board Representatives until early Q2 2021.” (Connect Real Estate)
- Deutsche Bank’s Global CRE Head Departs for Oak Hill Advisors “Deutsche Bank’s global head of commercial real estate, Matt Borstein, has exited his role at the bank for a role at Oak Hill Advisors (OHA), Oak Hill announced today. Deutsche’s Dino Paparelli, who most recently served as the bank’s head of commercial real estate in Europe, will be handed the reins of the global CRE outfit, sources said.” (Commercial Observer)
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