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Seven Must Reads for the CRE Industry Today (Feb. 11, 2022)

Metropolitan Transportation Authority officials expect a large-scale return of New York City office workers by the end of the year, according to Commercial Observer. Salesforce is building a 75-acre California retreat for its employees, reports The Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Forget the Office—Saleforce Is Making a Wellness Retreat for Workers “Reinvigorating corporate culture and employee enthusiasm at Salesforce. com Inc. after nearly two years of remote work will involve the great outdoors as much as returning to an office. The software giant signed a multiyear booking agreement for a 75-acre retreat set among the redwoods in Scotts Valley, Calif., to create an employee work-and-wellness center for its nearly 70,000-person staff. Salesforce plans to use the property 70 miles south of San Francisco to onboard new hires and conduct off-site team meetings for social bonding and leadership training, said Brent Hyder, chief people officer.” (The Wall Street Journal)
  2. MTA Banking on Major Return to Office by End of Year “Transit leaders are giving up on the idea that New Yorkers are too concerned about COVID-19 to board the subways once more for work. Metropolitan Transportation Authority Chair Janno Lieber said that the agency expects a surge in ridership after the Partnership for New York City found that 61 percent of Manhattan employers are going to require daily, in-person attendance for 50 percent of staff by the end of March.” (Commercial Observer)
  3. Kohl’s Poison Pill Won’t Kill Potential Sale “A poison pill is clearly a tough one for Kohl’s activist investor Macellum to swallow. Macellum on Thursday nominated a slate of 10 directors to Kohl’s board, which currently seats 14 members, including two that Macellum plus a group of investors had picked as part of a settlement with Kohl’s last year. The activist is eager to sell the company while interest still exists and its board-member selection seems optimized for such a process: At least four of the 10 board members Macellum nominated have investment-banking backgrounds.” (The Wall Street Journal)
  4. CRE Still Reckoning with Unforeseen Costs One Year After the Collapse of Texas’ Grid “On the anniversary of Texas' grid meltdown, CRE is learning to expect the unexpected — and tallying the costs.” (Bisnow)
  5. How Neiman Marcus CEO Is Riding the Luxury Pandemic Boom to Rebuild Post-Bankruptcy “The upscale department store—long known for $5,000 Brioni suits, $8,000 evening gowns, and the occasional $300,000 bracelet—is focusing more intently on splashy, premium products both in stores and online. This pivot comes at a time when some of its rivals, notably Saks and Nordstrom, are casting a wider net for customers in pursuit of growth, just as Neiman had for years before landing in bankruptcy protection in 2020.” (Fortune)
  6. Hines Names Late Founder’s Granddaughter as Company’s CEO “Hines has promoted Laura Hines-Pierce, daughter of current CEO Jeff Hines, to co-CEO.” (Bisnow)
  7. Rick Caruso Appears Poised to Jump into L.A. Mayor’s Race “Rick Caruso has made an appointment for Friday afternoon to file paperwork to enter the L.A. mayor's race, according to the city clerk's office.” (Los Angeles Times)
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