- Amazon is weighing a push into physical pharmacies to grab a bigger slice of the $370 billion prescription market “There is not a concrete plan to do so, and the talks are mostly exploratory, the people said. They were not authorized to speak to the press. Any meaningful rollout of stores could take more than a year, one of them said.” (Insider)
- A New Crop in Pennsylvania: Warehouses “Huge warehouses are sprouting up like mushrooms along local highways, on country roads and in farm fields. The boom is being driven, in large part, by the astonishing growth of Amazon and other e-commerce retailers and the area’s proximity to New York City, the nation’s largest concentration of online shoppers, roughly 80 miles away.” (The New York Times)
- If You Thought Working From Home Was Messy, Here Comes Hybrid Work “ JPMorgan Chase, whose CEO Jamie Dimon is notably bullish on offices, has recalled all U.S. employees by early July, but each business unit is designing different approaches, a spokesman says. One rule emerging for some New York teams: They can pick one permanent day to work remotely each week, so long as it isn’t Monday or Friday, according to a person familiar with the matter.” (The Wall Street Journal)
- Google gets the green light to build multi-billion dollar megacampus in San Jose “The approval comes as Google aims to model a shift away from closed-off tech campuses to stem the growing alienation toward tech companies, whose success has contributed to a shortage of affordable housing and big cultural shifts in Silicon Valley and other tech hubs. Google, which is doubling down on bringing workers back to offices amid the weakening pandemic, is also planning another massive, town-like hub just 10 miles up the road in Mountain View.” (CNBC)
- CRE apocalypse? Not quite. Instead, we’re seeing a net lease boom “Jonna said that most retail tenants have continued to pay their rent during the pandemic. As COVID-19 cases continue to fall and more people get vaccinated, the performance of the retail end of the net lease sector has continued to improve.” (Real Estate Journals)
- How a New York private equity giant became Boston’s biggest commercial landlord and biotech investor “Blackstone’s local empire seemingly grows by the month. In March, the company completed a $3.4 billion acquisition of a portfolio of lab buildings primarily in Cambridge. It acquired nine acres for a massive lab and office complex near Assembly Row in Somerville in January. And it has emerged as a key player in the office-to-lab conversions taking place around Boston, by acquiring the former John Hancock headquarters in the Seaport and a state office tower across from the Whole Foods Market in the South End.” (The Boston Globe)
- What Amazon’s $8.45B Deal for MGM Means for LA’s Real Estate “As the value in content rises, demand and interest in new studio space soars in Los Angeles, leading to the current, generation-defining boom in soundstage development. Blackstone made waves last summer with a $1.7 billion investment in Hudson Pacific Properties’ Hollywood soundstage and office portfolio — and other players like Hackman Capital Partners, Quixote Studios, and Atlas Capital are starting billion-dollar developments and adding millions of square feet of studio space to the market.” (Commercial Observer)
- Low-Income Renters Who Fell Behind Face Staggering Debts “In an analysis of 13,163 units that focused on a subset of the city’s affordable housing, the average rent owed by households with arrears through the year ending February 2021 jumped 66 percent, to $3,435 from $2,073. That represents more than two months of rent for 60 percent of the households analyzed, which normally paid $1,500 a month or less.” (The New York Times)
- Evolution, Economics And Commercial Real Estate: How Supply And Demand Has Led To Office Adaptation “This past year has forced businesses and commercial real estate occupiers to rethink the fundamental ways in which they conduct business, and we are seeing this from city to city as well as in central business districts and the suburban areas around them. Do you really need a corporate headquarters in a central business district when, according to our research, 57% of employees want an office closer to home?” (Forbes Real Estate Council)
- Facebook to Bring Back NYC Office Workers Starting in July “Employees on Tuesday received an email from the company informing them that offices in Manhattan will open July 12 at 25% capacity. Masks will be required and ‘where possible, weekly Covid-19 testing will be required for anyone working on site,’ a Facebook spokeswoman said in a statement.” (Bloomberg)
- Baking up a bribe: Former buildings inspector pleads guilty “On May 19, the now former inspector pleaded guilty to solicitation and receipt of a bribe, in federal court in Brooklyn. Ginestri’s case was one of three guilty pleas involving real estate-related crimes that the Department of Justice secured this month in New York.” (The Real Deal)
- Bain plans new fund for life sciences real estate “As of late 2020, Bain’s real estate team had invested in U.S. life sciences property totaling approximately 5 million square feet. The firm’s real estate team came aboard the Boston-based private equity giant in 2018 from Harvard University’s in-house asset manager.” (Boston Business Journal)
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