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Eight Must Reads for the CRE Industry (April 10, 2021)

In his later to shareholders earlier this week, Jamie Dimon laid out JP Morgan’s approach to working from home post-pandemic, reports Slate. McDonald’s is closing hundreds of its locations inside Walmarts across the country, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Jamie Dimon Will Let Some Bankers Work From Home, but He Won’t Like It “Generally speaking, we envision a model that will find many employees working in a location full time. That would include nearly all of the employees in our retail bank branches, as well as jobs in check processing, vaults, lockbox, sales and trading, critical operations functions and facilities, amenities, security, medical staff and many others. Some employees will be working under a hybrid model (e.g., some days per week in a location and the other days at home). And a small percentage of employees, maybe 10%, will possibly be working full time from home for very specific roles.” (Slate)
  2. McDonald’s Is Closing Hundreds of Its Walmart Restaurants “Around 150 McDonald’s stores will remain at U.S. Walmart locations after another wave of planned closures that are expected to finalize by this summer, according to the burger giant. McDonald’s said in filings that closures focused on low-volume stores based at the retailer. At the peak of the partnership, there were roughly 1,000 McDonald’s restaurants inside Walmart stores.” (The Wall Street Journal)
  3. Proposal Could Make Life Insurers Bigger Real Estate Owners “State insurance regulators are working on a change in the rules for counting life insurers’ assets. In theory, the change could lead life insurers to spend billions of dollars more on buying office buildings, apartment complexes, industrial properties and other types of commercial real estate.” (Think Advisor)
  4. Meet the man working on L.A.’s next great skyscraper, Angels Landing “Angels Landing has been touted as a mini neighborhood. Plans for the ambitious project include affordable as well as market-rate condos, apartments, shops, restaurants, two hotels, a park and even an elementary school. A brick has yet to be laid, but if the larger of the two buildings reaches its planned height of 1,000 feet, the skyscraper will be one of the tallest buildings west of the Mississippi River. (Los Angeles Times)
  5. Regal Cinemas to re-open 500 locations this spring “The next largest chain in America after AMC, Regal operates 7,211 locations in 42 states. After the outbreak of the pandemic, Warner Bros. announced it would release all its 2021 films simultaneously in theaters and on HBO. Regal’s owner, Cineworld, made an agreement to abide by Warner’s earlier pledge and will therefore be opening theaters and showing Warner Bros. pictures.” (Chain Store Age)
  6. NYC's Investment Sales Dropped Again To Start 2021 After Hints Of Recovery “Only four Manhattan office buildings changed hands for a combined $88.9M, including the Kaufman Organization's ground lease for 135 West 29th St., down almost 90% from the average of the previous three quarters. The average price per square foot was up slightly, indicating that sellers not in distress are not yet willing to drop their asking prices.” (Bisnow)
  7. Billionaire Developer Launches Super PAC with Half Million Dollar Contribution “For Ross and other real estate and business leaders, New York City’s future rests on whether its economy can bounce back from the pandemic-induced recession. Ross has said doing business in New York is too expensive, under what he called ‘bad leadership.’ Last summer, Ross said he wanted City Hall to be led by someone ‘not named de Blasio’ — invoking the name of a mayor who has often railed against big business.” (The City)
  8. DC Students Learn Ins and Outs of Real Estate Business via Project Destined “Thirty high school students from Friendship Collegiate Academy and Friendship Tech Prep Academy in Washington, D.C., are completing Project Destined, a 10-week course that teaches them about opportunities in commercial and residential real estate developments. The social impact platform was co-founded by Cedric Bobo, former principal at The Carlyle Group, and utilizes an online teaching curriculum to educate students in the fundamentals of deal financing and sourcing, market research and the actual acquisition of real estate properties.” (Commercial Observer)
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