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Doug Bibby Photo: NMHC
NMHC President Doug Bibby

Nine Must Reads for the CRE Industry (April 15, 2021)

NMHC President Doug Bibby has announced he is postponing his retirement until early 2023. Philadelphia real estate developer and former PREIT CEO Ron Rubin passed away at age 89, reports the Philadelphia Inquirer. These are among today’s must reads from around the commercial real estate industry.

  1. NMHC President Doug Bibby Postpones Retirement “Doug Bibby, the veteran president of the National Multifamily Housing Council (NMHC), has announced that he will now retire at NMHC’s Annual Meeting in January of 2023.” (NMHC)
  2. Developer and ex-mall CEO Ronald Rubin, a father of modern Center City, dies at 89 “Ronald Rubin, who altered central Philadelphia’s streetscape and skyline as a developer before taking the helm of what would become the region’s biggest mall landlord, PREIT, has died. He was 89.” (Philadelphia Inquirer)
  3. Vornado Realty Trust’s Steven Roth Sees Strong Office Turnaround in NYC “ Roth stressed that New York City is well positioned to thrive in the post-COVID environment, despite high taxes due to its infrastructure already in place from large financial services firms, the world’s largest concentration of Fortune 500 headquarters, global tourist attractions, and that its a growing tech center. He noted that technology companies like Facebook and Apple have recently leased or have under construction in Manhattan ‘will require’ 20,000 new employees.” (Commercial Observer)
  4. Ford Retools Headquarters for Hybrid Work “Known as the Glass House, its main 12-story building has sat mostly empty since mid-March of last year, when most of the company’s roughly 30,000 employees who work in or near the campus—from sales, marketing and human resources staff, to designers and engineers—shifted to remote work to guard against the spread of Covid-19.” (The Wall Street Journal)
  5. Prison REITs Consider Going Private As Political Tide Turns Against Them “What may have sealed the fate of GEO Group and CoreCivic as REITs was President Joe Biden's executive order, signed six days into his term, prohibiting renewals of any federal contracts with private prison operators. Federal contracts account for roughly half of the business for GEO Group and CoreCivic, Hoya Capital reports.” (Bisnow)
  6. This long-held economic theory on real-estate prices has been upended by COVID-19 “A new analysis from researchers at Columbia University and New York University examines the question of whether urban housing markets will snap back to their pre-pandemic states or be permanently changed by the health crisis.” (Marketwatch)
  7. Vacant Storefronts Proliferate in NYC, And It’s No Easier To Identify Owners “Kallos’s legislation would require anyone who owns more than 5% of an LLC to disclose their name when the company files for a certificate of occupancy or another permit with the Department of Buildings. Building owners would have to update this information whenever it changes. Failure to do so would result in a fine of up to $2,500.” (Gothamist)
  8. Partners Group Strikes $1B Industrial Deal “Partners Group had acquired the collection of assets in a joint venture with Equus Capital Partners Ltd. over the last few years, and now the properties belong to a newly created partnership between Equus and a large U.S.-based insurance company.” (Commercial Property Executive)
  9. KKR Secures $600M Loan On $1B Buy of Dropbox’s San Francisco Campus “Global private equity firm KKR has secured $600 million in debt from Goldman Sachs and JPMorgan Chase to fund its roughly $1.1 billion purchase of a new, ‘high-quality’ mixed-use, office and life sciences complex in San Francisco’s busy Mission Bay submarket, according to information from Moody’s Investors Service.” (Commercial Observer)
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