Eight Must Reads for the CRE Industry Today (Oct. 18, 2021)

Developer Don Peebles has a plan to build the tallest tower in the Western hemisphere in Manhattan, reports Commercial Observer. The U.S. office market posted positive absorption in the third quarter, according to Colliers. These are among today’s must reads from around the commercial real estate industry.

  1. Peebles Proposes Manhattan’s First Black-Built Skyscraper at ‘Site K’ “Developer Don Peebles is hoping to quite literally up his Manhattan presence, with a recent proposal to convert a 1.2-acre lot on the West Side into a 1,500-foot-tall tower. If accepted, Peebles’ firm, The Peebles Corporation, will lead the development of the tallest building in the Western Hemisphere — and the first majority-Black-built skyscraper in Manhattan.” (Commercial Observer)
  2. Good News for the U.S. Office Market: Net Absorption Turns Positive in Q3 2021 “The latest numbers on net absorption provide encouraging news for the U.S office sector. Data for Q3 2021 shows that net absorption, which measures the change in occupied office inventory, is turning positive in an increasing number of metro office markets. In Q2 2021, one-third of office markets saw positive absorption. This share has risen to 56% in 3Q 2021.” (Colliers Knowledge Leader)
  3. Starwood raises $10B for distressed real estate plays “The Starwood Distressed Opportunity Fund XII easily outpaced a previous fund that raised about $7.6 billion in 2018, the Wall Street Journal reports. All of the money raised in this fund was generated during the pandemic.” (The Real Deal)
  4. Blue Owl Capital to acquire Oak Streat Real Estate Capital and investment advisory business for $950 million “Chicago-based Oak Street was founded in 2009 and has more than 35 employees and $10.8 billion of assets under management. The company focuses on structuring sale-leasebacks, including triple net leases, and providing seed and strategic capital.” (via press release)
  5. Zillow Tumbles After It Stops Buying New Homes “The Seattle-based company, which acquired more than 3,800 homes during the second quarter, has seen its stock price tumble about 27% this year after it nearly tripled in 2020 amid the pandemic-fueled housing market boom.” (Bloomberg)
  6. Labs Are Getting Smaller, Smarter And Forcing Landlords To Pivot Quickly “A confluence of factors is impacting the way startups, especially those operating in incubator spaces or postgraduate lab space, are thinking about their real estate needs. Lab automation, machine miniaturization and advancement, and the advent of more robotics in workspaces all means existing lab space can be more efficient.” (Bisnow)
  7. Heroic American Shoppers Braved High Prices, Low Inventory “How the fourth quarter will end is a different matter. Understandably there are a lot of worries about what supply-chain problems might do to the holiday shopping season, with retailers straining to figure out how they will stock their shelves. But people’s willingness to spend might hinge on whether they feel the country is on course to escape the pandemic.” (The Wall Street Journal)
  8. New York real estate heir Robert Durst is hospitalized with Covid days after life sentence, his attorney says “The diagnosis comes just two days after Durst, 78, was sentenced to life in prison for murdering a close friend more than two decades ago. Jurors convicted Durst last month in the death of Susan Berman, who was shot in the back of her head in her home on Dec. 23, 2000.” (CNBC)
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