- Monmouth REIT shareholder revolt leads to $4B sale, $600M better than before “Two months after shareholders rejected a bid for their company and their own board of directors' recommendation, Monmouth Real Estate Investment Corp. said Friday it agreed to be acquired by Industrial Logistics Properties Trust for $4 billion. The sales price to the Newton, Massachusetts-based real estate company is estimated to be about $600 million higher than Sam Zell's Equity Commonwealth offered.” (Asbury Park Press)
- To Build the Metaverse, Meta First Wants to Build Stores “Meta, the social media company formerly known as Facebook, has discussed opening retail stores that will eventually span the world, said people with knowledge of the project and company documents viewed by The New York Times. The stores would be used to introduce people to devices made by the company’s Reality Labs division, such as virtual reality headsets and, eventually, augmented reality glasses, they said.” (The New York Times)
- Taxing endeavors: Real estate accountants brace for change out of D.C. “At the state level, accountants were busy devising a workaround to the $10,000 federal cap on the state and local tax (SALT) deduction. Certain New York corporations and partnerships had until Oct. 15 to opt in to paying New York state tax at the “entity level,” which would allow them to deduct their tax payments at the federal level, essentially bypassing the $10,000 limit.” (The Real Deal)
- The $1 Trillion Infrastructure Bill Paves The Way For Billions Of Dollars To Pour Into CRE “One small piece of the bill that could have an outsized impact on commercial real estate is a $1B fund for reconnecting communities, most likely to be neighborhoods of color, separated or otherwise disrupted by highways and other pieces of infrastructure in the 20th century, CNN reports. A $50B provision in the bill to improve resilience against extreme weather and national disasters and the environmental remediation component could both directly impact or create commercial real estate projects.” (Bisnow)
- $1M broker bonus on 100,000 sf at Rising’s Trust Building “If a broker signs a tenant to a minimum of 10 years at the building, Rising Realty will offer $1 million. Rising Realty will offer a prorated amount on a tenant that takes more than 40,000 square feet for at least seven years. It also will pay a bonus of $3 per square foot on smaller deals.” (The Real Deal)
- Mattel Wanted Its Remote Workers to Be OK With Regular Surprise Visits from the Boss “The posting for ‘Seasonal Customer Service Home Agents,’ who process customer orders on the phone, gained traction in recent days after screenshots of the outrageous requirements were shared on social media. Besides unplanned surprise visits from the boss, the job also required selected employees to work in a closed-door area with ‘no distractions,’ provide their own high-speed internet, and be free from ‘the caretaking of others.’” (Gizmodo)
- GSE Seeks Inclusion of Rent in Credit Scores “The company says it is encouraging operators of multifamily properties to report on-time rent payments to the three major credit bureaus. Less than 10 percent of renters currently see their rental history reflected in their scores. Freddie Mac's initiative incentivizes rent reporting via technology created by Esusu Financial Inc. It will deliver on-time rental payment data from property management software platforms to the credit bureaus and will automatically unenroll renters when missed payments occur, preventing harm to those who struggle financially.” (Mortgage News Daily)
- Some Companies Sit Out the Fight Over Democrats’ Tax Increases “The largest Washington industry associations including the U.S. Chamber of Commerce oppose Mr. Biden’s roughly $2 trillion tax-and-spend package. But some major U.S. companies are on the sidelines, in part because they support other provisions in the bill to allocate hundreds of billions of dollars to combat climate change.” (The Wall Street Journal)
- NYC’s hottest real estate gala to return in December “To the delight of dealmakers and moguls, the annual Fried, Frank holiday party is coming back on Dec. 7 after a year off for the pandemic. The boozy bash thrown by the law firm’s powerful real estate department and its chairman Jonathan Mechanic has been the property world’s No. 1 celebration since it started 26 years ago at the 21 Club.” (New York Post)
- Hines Names First-Ever Chief Carbon Officer “Hines has established the position of chief carbon officer to lead the firm in assessing its global carbon emissions and develop the strategy to set and achieve the firm’s science-based targets. New York-based Michael Izzo, formerly VP-construction in Hines’ U.S. East Region, has been appointed to this role.” (Connect Real Estate)
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