- Prologis Launches Bid for Blackstone’s 21 Bln Euros Warehouse Portfolio “Prologis Inc (PLD.N), the world's biggest warehouse owner, has launched a bid to buy Blackstone Inc's (BX.N) portfolio of logistics properties in what would be the largest ever private real estate deal, the Financial Times reported on Monday.” (Reuters)
- Midtown Manhattan with Fewer Office Workers: Imagining the Unthinkable “People want to live in Manhattan as much as they ever have. The problem is that not enough people want to work there. And for Midtown Manhattan, a neighborhood built on the five-day-a-week commuter, that is a problem so momentous that after decades as the dominant office district in the country, real-estate developers and city planners are trying to imagine what else it can offer.” (The Wall Street Journal)
- New SEC Proposal Would Make It Harder for Companies to Skimp on Climate Pledges “The U.S. Securities and Exchange Commission (SEC) introduced a landmark proposal today aimed at regulating the way companies report greenhouse gas emissions and how climate change affects their businesses. If the proposal is adopted, ‘it would provide investors with consistent, comparable, decision-useful information for making their investment decisions’ along with giving companies ‘consistent and clear’ requirements for reporting, SEC Chair Gary Gensler said in his statement of support.” (Fortune)
- New Senior Housing Projects Charge Big Bucks for Luxury “Developers are making bets that as baby boomers age demand will soar for ultraluxury senior-housing projects with rents that can exceed $25,000 a month. A venture of developer Related Cos. and Atria Senior Living, one of the largest U.S. senior-housing operators, earlier this month opened the first of its Coterie line of senior-housing projects in San Francisco’s Cathedral Hill neighborhood. Amenities at the 208-unit project include five dining options, a rooftop terrace, an outdoor pool and a garden with bocce ball courts.” (The Wall Street Journal)
- Assembly Bill Would Tax House Flippers, Those Who Sell Homes a Few Years After Buying “House flippers could be taxed 25% of their profit under the California Speculation Act, a bill introduced by Assemblymember Chris Ward (D-San Diego). Assembly Bill 1771 aims to discourage real estate speculation that Ward said drives up home prices as equity investors outbid individual home buyers. ‘We’ve heard of people getting into their first home getting beat by cash offers’ from investors, Ward said at a news conference Wednesday at the San Diego County Administration Center.” (Los Angeles Times)
- MTP Lands $1.7B Recap and Debt Financing for Massachusetts Hospital Portfolio “Medical Properties Trust (MPT) has sealed a $1.7 billion equity recapitalization and debt financing of a portfolio of eight inpatient general acute care hospitals in Massachusetts, the company announced. Apollo provided a roughly $920 million loan in the deal, sources said.” (Commercial Observer)
- Opportunity Zone Investment Is Still Flocking to Areas That Don’t Really Need It “California and Los Angeles remain hot spots for investment through the opportunity zone program, but the regions being targeted aren't the ones lacking funds.” (Bisnow)
- Developers of Build-to-Rent Single Family Pushing Back on Opposition “Proponents say institutional investors will keep single-family rental homes in better shape than the average homeowner.” (Bisnow)
- Amazon Celebrates HQ2 Milestone “Amazon has completed the highest floors of the twin 22-story office towers at Metropolitan Park, which comprise the first phase of the company’s second headquarters—or HQ2—in Arlington, Va. The buildings total more than 2.1 million square feet, including more than 50,000 square feet of retail space for local small businesses, and will open for employees in 2023.” (Commercial Property Executive)
- Blackstone Handing Back Keys to 1740 Broadway “The $308 million loan on Blackstone’s 1740 Broadway has transferred to special servicing, and Blackstone is handing back the keys to the 26-story office property, Commercial Observer can first report. Deutsche Bank initially originated the loan on the property as part of the BWAY 2015-1740 commercial mortgage-backed securities single-asset single-borrower deal back in November 2015, although it’s now in the hands of the CMBS trust.” (Commercial Observer)
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