- How Blackstone became the world’s biggest corporate landlord “Since going public in 2007, Blackstone has multiplied eightfold the equity capital it devotes to real estate, to $163 billion. Blackstone leverages that capital by taking out mortgages, so the total value of the property it owns ‘in the ground’ is around $325 billion. By these measures it ranks, by Fortune’s estimates, as the world’s largest commercial real estate company.” (Fortune)
- REITs Surge On Merger Mania “REITs delivered their best week in more than a year, jumping 4.2% as earnings results continue to top estimates and the M&A animal spirits come alive. Cell Tower REITs surged more than 10% after Sprint and T-Mobile reached a merger deal. Meanwhile, Simon Property plans to buy Taubman Centers, further consolidating Class-A mall ownership.” (Seeking Alpha)
- Florida investors paid $218 million for a share of Pioneer Natural Resources’ new Irving headquarters “Investors who last year made one of the biggest commercial real estate buys on record in North Texas have flipped part of the deal. Florida-based Benderson Development has paid $218 million to buy the land under the new Pioneer Natural Resources headquarters in Irving. The sale of the ground lease under the 1.1-million-square-foot office campus comes about three months after investors from Washington, D.C., Saudi Arabia and New York paid $584.2 million for the newly-built Las Colinas office complex.” (The Dallas Morning News)
- Millions of dollars are flowing into projects to transform Houston's Westchase District “In addition to being more pedestrian friendly, the expectation is owners of some of the 30-plus-year-old retail centers along one of Houston’s busiest bus routes will eventually push their developments closer to the street as part of future redevelopments. The stores would be more inviting to pedestrians, and portions of their land could potentially be developed for other uses.” (Houston Chronicle)
- Here’s what Wall Street bonus season means for real estate this year “Wall Street bonus season is the stuff of New York City home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market with sluggish sales and a glut of high-end units, that vision may be more like a mirage, according to residential brokers and other industry pros.” (The Real Deal)
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