- Bill Rudin to Step Down as CEO With His Son and Daughter Taking Over “Samantha and Michael Rudin will take over as co-CEOs of the family company early next year with longtime Chief Investment Officer Neil Gupta becoming president, Bloomberg first reported. Current CEO Bill Rudin and president Eric Rudin will stay in the picture as co-chairmen, focusing on the firm’s long-term investment strategy.” (Commercial Observer)
- Silverstein Properties Parts Ways With CEO Marty Burger “Silverstein Properties, best known as the developer of New York City’s World Trade Center, has replaced its longtime chief executive with Lisa Silverstein, the daughter of chairman and founder Larry Silverstein. Employees were told of CEO Marty Burger’s departure on Wednesday, according to people familiar with the matter.” (The Wall Street Journal)
- A Niche Real-Estate Corner Goes Mainstream in the Digital Age “Tech giants such as Google, Microsoft and Amazon Web Services have leased more than 2.3 gigawatts of capacity in North America data centers this year. That already exceeds last year’s record level, according to datacenterHawk, a data, research and consulting firm.” (The Wall Street Journal)
- Morningstar agrees to $8M settlement over CMBS ratings “It’s a deal that highlights the power ratings agencies have over borrowers and bondholders in securitized debt markets — and the potential consequences of employing practices deemed to lack transparency during analyses of risks posed by financial instruments.” (The Real Deal)
- Commercial Real Estate Data Standards Are Finally Catching On “Data standards allow users, software companies, and data providers to easily share data thanks to uniform naming and formatting. Commercial real estate data is known for often having incongruences when it comes to data (for example, lease price per square foot is calculated on a yearly basis in New York versus month in California).” (Propmodo)
- Retail Vacancy Reaches Lowest Level Since At Least 2005 “Retail availability nationwide fell to 4.8% in the third quarter, at least an 18-year low. That number, a 10-basis-point drop from Q2, is the lowest level reported since CBRE began tracking the market in 2005.” (Bisnow)
- New York City Has a Bold Plan to Fix Its Housing Crisis. Will It Work? “In high-density parts of the city — most of Manhattan, northwest Brooklyn, much of the Bronx and a few parts of Queens — the changes would let developers build even bigger buildings than currently allowed if they include a certain number of subsidized apartments, either for lower income people or people struggling with homelessness.” (The New York Times)
- What’s Happening at SL Green? “Since opening in September 2020, One Vanderbilt has quickly staked its claim as the prime office property in all of New York City. The building gave SL Green -– a publicly traded real estate investment trust (REIT) and New York City’s largest private office landlord — a much-needed boost at a time when work from home and rising interest rates seemed to herald a potential death knell for the beleaguered asset class.” (Commercial Observer)
- Casino landlord Vici Properties goes bowling for dollars with acquisition of 38 alleys “Midtown-based Vici Properties, which owns the real estate occupied by 10 major Las Vegas casinos, is lacing up some rented shoes and branching into bowling.” (Crain’s New York Business)
- Harlan Crow donates max to Cornel West’s presidential campaign “Crow, the founder and chairman of Dallas-based Crow Holdings, is a well-known conservative donor who has given millions of dollars to Republican candidates and causes over the years. He has been a major donor to the Republican National Committee, the Republican Governors Association, and the campaigns of former President George W. Bush and former Texas Gov. Rick Perry.” (The Real Deal)
- California Slams San Francisco for ‘Egregious’ Barriers to Housing Construction “Gov. Gavin Newsom has demanded that cities approve far more construction as residents struggle to make ends meet and begin moving to other states in search of cheaper places to live. But some local governments still give housing opponents generous leeway to slow or block projects.” (The New York Times)
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