- Landlord and Tenant Groups Join Forces to Stave Off Evictions “While these two groups are usually antagonists—and they are currently on opposite sides in a federal lawsuit over rent control—the pandemic has created common ground. Too many New York tenants can’t pay rent right now, which is making it harder for landlords to pay back their loans and causing tenant debt to pile up.” (The Wall Street Journal)
- Laboratories In Former Department Stores Will Be A Thing In 2021 “Savills said that a pre-pandemic shortage of laboratory space is driving life sciences businesses to look at novel new property solutions. This has combined with a surge in capital raising from private equity, IPOs and venture capital, providing life sciences occupiers with a war chest ready for investment and growth.”(Bisnow)
- Split Ticket: New York Politicians and Real Estate at Odds “So far, more than 30 candidates have plunged into the New York mayoral contest with the unbridled audacity of a Coney Island bather in January. But a spiraling health crisis and a litany of metastasizing problems happening all at once haven’t occurred in public life since the city’s dreaded era of near-bankruptcy almost a half-century ago.” (Commercial Observer)
- 3650 REIT Closes First Tranche of $950M Investment Vehicle “The investment expands the relationship between the public pension fund giant and 3650, a nationwide lender that originates and manages portfolio commercial real estate loans for institutional investors. In August 2018, CalSTRS and the recently launched 3650 REIT formed a $500 million joint venture, according to IPE Real Assets. CalSTRS initially invested $250 million in the joint venture with the remaining investment to follow at a later date.” (Commercial Property Executive)
- ElmTree Teams Up With Guggenheim in $600 Million Real Estate Deal “ElmTree focuses on acquiring build-to-suit properties that are net leased to investment grade tenants, meaning that the tenants pay some of the taxes, insurance, and other operating costs. ElmTree will invest in industrial real estate that is tied to the so-called last mile of the e-commerce transaction pipeline, or the delivery of products to consumers from a central site.” (Institutional Investor)
- Can big tech float NYC’s struggling leasing market? “The good news for potential occupiers is that this space is cheaper than what can be had in the direct marketplace — according to Savills, there’s a $20 difference per foot. Currently, space leased directly from property owners runs at an average of $82.60 per foot — subleases go for $62.79.” (New York Post)
- After Vaccine Pledge, ShopRite Shutters 23 Pharmacy Locations In NJ “It's not clear how many employees will be laid off, but pharmacists and technicians will have a chance to interview with CVS and support staff will be reassigned elsewhere in the stores, O’Shea said.” (Gothamist)
- Covid-19 Vaccines Mean an End to Isolation at a Retirement Home “The rollout Jan. 15 at The Sequoias Portola Valley, located 40 miles south of San Francisco, went smoothly. Nurses shepherded residents from an outside waiting area with chairs 6 feet apart into a large room where pharmacists from CVS administered the shots. They were monitored for 15 minutes in case of any adverse reactions. None was reported.” (The Wall Street Journal)
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