- Blackstone Plants its Flag in Boulder, Colo., an Emerging Biotech Hub “A unit of real-estate company Blackstone Inc. is acquiring a sprawling life-sciences and office campus in Boulder, Colo., the latest sign that the city at the base of the Rocky Mountains is emerging as a hub for the biotechnology and pharmaceutical industries. Blackstone’s BioMed Realty Trust Inc., a real-estate owner that focuses on life science and tech buildings, is paying more than $600 million for Flatiron Park, a 22-building complex. BioMed Realty plans to invest another $200 million in the property, in part toward converting traditional office space to labs targeted at new and existing Boulder life-sciences companies.” (The Wall Street Journal)
- The Red-Hot Housing Market Is Showing First Signs of Cooling, Redfin Says “There's no doubt about it: The U.S. housing market continues to run hot. Home shoppers are engaging in bidding wars at the highest clip ever recorded. Inventory remains 48% below pre-pandemic levels. And the annual rate of home price appreciation—19.2%—is just shy of the record set last summer. That said, the U.S. housing market may finally be showing signs of cooling. At least that's according to Redfin.” (Fortune)
- Moody’s: Some Office, Hotel Loans Are Defaulting in Warning Sign for Market “At least 13 CMBS loans that were more than 60 days behind payments in August 2020, but recovered, missed repayments in the last six months.” (Bisnow)
- Roofstock and Commodification of Single-Family Rentals “The Malvina Reynolds song, immortalized in the opening credits of ‘Weeds,’ is a dig at the numbing uniformity of suburbia’s single-family homes. One just like the next, interchangeable, generic. A commodity. Veteran real estate investors, however, knew the truth: The single-family home was far from a commodity. Pricing was all over the place, as was quality. Tenants were wild cards, and home-level data was a cesspool.” (The Real Deal)
- Newmark Acquires Premiere London Capital Markets and Leasing Real Estate Advisory Firm, BH2 “Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark"), a world leader in commercial real estate, announces the acquisition of leading London-based real estate advisory firm, BH2, led by the iconic Tony Gibbon. Tony joins with his partners, Dan Roberts, Sam Boreham and Rupert Williams. The acquired BH2 business will operate as Newmark BH2.” (PR Newswire)
- Is There a Correlation Between the Great Resignation and CRE Activity? “The professional and business-services sector, which includes back-office functions, have seen higher quit rates since pre-pandemic levels.” (The Business Journals)
- Former Mall Site to be Turned Into Housing, Retail, Dining Destination “A 50-acre site that once housed a mall is being transformed into a mixed-use development that will, among other things, feature the largest green roof in the world. Sand Hill Property is redeveloping the site, located in Cupertino, Calif., and formerly home to Vallco Town Center, into The Rise, a 7 million sq.-ft. project that will combine housing, office spaces and retail/restaurant venues.” (Chain Store Age)
- How Black Female Designers Are Excluded from Commercial Contracts “At the height of the Great Recession, Dennese Guadeloupe Rojas decided to diversify her Maryland-based interior design business, Interiors by Design, by seeking work in commercial real estate. She explored jobs in window treatments, involving the procurement and installation of window shades, because it seemed like a natural segue from work she had already done on residential projects, and the easiest way to enter the commercial sector.” (Commercial Observer)
- JPMorgan Chase Still Moving ‘Full Steam Ahead’ on New Headquarters “JPMorgan Chase, the largest U.S. bank by assets and the largest private occupier of office space in Manhattan, is ‘moving full steam ahead’ on the construction of a new headquarters at 270 Park Avenue, despite marked shifts in office usage by the bank and other major companies, according to Chairman and CEO Jamie Dimon’s annual shareholders letter out April 4. (Commercial Observer)
- Nordstrom Leadership Reclaims Oversight of Struggling Rack Business as Executives Retire “Nordstrom on Monday announced it is streamlining leadership of its struggling Rack business with that of its full-line department stores, as two executives retire and company veterans reclaim oversight. Scott Meden, Nordstrom chief marketing officer, and Geevy S.K. Thomas, Rack president, will both be moving on, the department store chain said in a release. Meden has worked for Nordstrom in various roles for 37 years, and Thomas for 39, the retailer said.” (CNBC)
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