- Ares Management to Acquire Black Creek Group “A subsidiary of Ares Management Corp. has entered into a definitive agreement to acquire Black Creek Group’s US real estate investment advisory and distribution business. As of March 31, 2021, Black Creek had approximately $11.6 billion of assets under management in core and core-plus real estate strategies across two non-traded REITs and various institutional fund vehicles.” (GlobeSt.com)
- Reading the State of Retail in Fashion’s Quarterly Reports “The pandemic is waning in the U.S. and Europe as vaccinations rise, consumers are coming back out (buying dresses, but staying casual) and the start of the new normal could be here after more than a year of hibernation. Many companies went bust in the pandemic, but the strongest players did their best to position themselves to try to catch the boom afterward — and now they’re starting to go for it.” (Women’s Wear Daily)
- How work from home fatigue is brightening the office market outlook “Signs of homeworking fatigue are accentuating the importance of office life, especially when it comes to mentoring and managing, innovation and corporate culture. Far from heralding the end of the office, the pandemic is giving some of its key functions a new lease of life.” (South China Morning Post)
- Charles Koch funded eviction push while investing in real estate companies “Since 2017, the Charles Koch Foundation has disclosed donating roughly $4.6m to the Texas Public Policy Foundation, $2m to the New Civil Rights Alliance and $1.1m to the Pacific Legal Foundation. These groups have been suing to overturn the CDC eviction moratorium since last fall, arguing the CDC has no authority to prevent landlords from evicting delinquent tenants, despite the pandemic.” (Guardian)
- Brookfield takes $155M super-regional mall loan to CMBS market “Brookfield Properties is tapping CMBS investors to finance a new $155 million loan for a regional shopping mall in Houston, Tex. The bonds will be backed by a first-lien mortgage on Willowbrook Mall, a 1.52-million square-foot shopping center approximately 20 miles northwest of the downtown central business district.” (Asset Securitization Report)
- How Seattle Seeded A Life Sciences Boom “A little more than a decade ago, Seattle’s South Lake Union neighborhood was a low-rise industrial district with a sea of surface parking lots. Fast-forward to today, and the grid of high-rise office towers, nicknamed Amazonia, underscores how the growth of Amazon and its fellow tech giant, Microsoft, has transformed the city’s real estate market.” (Bisnow)
- California Governor Newsom gushes over Google as he signs real-estate bill on site of future mega-campus “Google chief legal officer and global affairs SVP Kent Walker joined local and state officials, including Newsom, as he signed California bill SB7 at an event in San Jose. The law changes zoning to allow denser housing and speeds up the state’s environmental review process for construction projects, which would include Google’s proposed mega campus in San Jose.” (CNBC)
- What The American Rescue Plan Means For The Future Of Downtown Office Space “The plan also offers hope for small businesses across the country. Another round of Paycheck Protection Program (PPP) loans are available, as well as a number of grants specifically for shuttered arts venues and restaurants. This wide-scale investment across city infrastructure serves as a welcoming backdrop as residents of the country’s cities return to work.” (Forbes Real Estate Council)
- Shuttered Subway Shops Show Manhattan’s Lagging Recovery Amid ‘Terrible’ Losses “But at the Backwoods branch at the 42nd Street-Port Authority Bus Terminal station in Manhattan — part of the busiest subway complex in the city — the sting of the pandemic has been slower to subside, even as overall weekday ridership has rebounded to two million, or about 35% of pre-2020 levels. ‘Business is down 20% in Queens, but in Manhattan, we’re down 40%,’ Wernick told THE CITY. ‘It’s like a ghost town.’” (The City)
- Crypto Crackdown Drives Bid For Real Assets “The tech-heavy Nasdaq 100 (QQQ) snapped a two-week losing streak with gains of 0.2%. Investors rotated into real assets this week with real estate and gold (GLD) leading the way as the Equity REIT Index (VNQ) gained 0.8% this week with 13 of 19 property sectors in positive territory while the Mortgage REIT Index (REM) gained 0.9%.” (Seeking Alpha)
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