- Land & Buildings says it is willing to offer $4.5 billion for LXP “LXP Industrial Trust, a U.S. warehouse-focused real estate investment trust, said on Sunday it had received an expression of interest from hedge fund Land & Buildings Investment Management to acquire it for $4.5 billion. LXP plans to review Land & Buildings’ proposal with its advisers before deciding on next steps, it said in a statement disclosing a letter from the hedge fund.” (Reuters)
- New York Eviction Ban Ends, but Tenants Find Ways to Stay in Homes “New York City landlords entered 231 eviction filings in the week after the state moratorium expired, according to court records analyzed by the Eviction Lab, a research group at Princeton University. That was about one-tenth the number of eviction filings during the week before the moratorium began in March of 2020.” (The Wall Street Journal)
- This Data Centers ’Arms Race’ Could Decide Who Commands The Metaverse “Cloud gaming may be in its infancy, but both Microsoft and its competitors in the gaming and cloud services sectors see building out the infrastructure to support its adoption — not only within the future of gaming — but as a key inroad toward the creation of an interactive metaverse that they envision as the future of the internet.” (Bisnow)
- Hong Kong has more vacant office space than ever before — with more on the way “The reason for the glut is, of course, the pandemic, which has sealed the border between the global financial hub and mainland China, whose companies occupy 30 percent of space in the city’s prized Central district — up from five percent in 2008. That means those companies are starting to focus more on properties on the mainland, where research or meetings can more easily take place, leaving Hong Kong in the lurch.” (The Real Deal)
- NYC real estate empire rocked by property mogul’s marital strife “Now, the incident is poised to make waves in Manhattan, as Haruvi faces an expensive divorce that could finally spell the unraveling of a $200 million, Big Apple real estate empire that has weathered multiple lawsuits between Abe and Arthur Haruvi. Both accused each other of stealing from the business — that their father, Jacob, built — in addition to mismanagement and dereliction, according to court documents.” (New York Post)
- Mall landlords look to remix tenants to entice shoppers back to bricks and mortar stores “In a new survey of 4243 Asia Pacific-based consumers across 14 countries, UBS Evidence Labs says concerns around the growth of eCommerce post the disruption of COVID-19 have weighed on the outlook for retail-focused real estate investment trusts (REITs) and real estate companies.” (The Sydney Morning Herald)
- Bill Ackman Scored on Pandemic Shutdown and Bounceback “In two complex debt investments—one presaging the economy’s swift shutdown and the other its fevered reopening—Mr. Ackman made nearly $4 billion in profit on an outlay of about $200 million, according to fund documents and people familiar with the matter. In short, he called the pandemic’s economic fallout coming and going.” (The Wall Street Journal)
- Real estate bragging rights reach new heights “To paraphrase Sean Parker (via Justin Timberlake), a skyscraper isn’t cool. You know what’s cool? A skyscraper with an observatory. Marc Holliday took the opportunity this week to bask in the early success of The Summit, the Instagram-ready observation deck 1,300 feet in the air at the top of One Vanderbilt, SL Green’s trophy Midtown office tower.” (The Real Deal)
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