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Seven Must Reads for the CRE Industry Today (Nov. 16, 2021)

KKR and Global Infrastructure Partners are buying data center REIT CyrusOne in a $15 billion deal, reports The Wall Street Journal. Forbes looks at how urban commercial real estate is coming back. These are among today’s must reads from around the commercial real estate industry.

  1. CyrusOne to Be Sold in $15 Billion Deal to KKR and Global Infrastructure Partners “CyrusOne Inc. said Monday that it is selling itself to investment company KKR & Co. and Global Infrastructure Partners LLC in an all-cash transaction valued at about $15 billion. Based in Dallas, CyrusOne is a real-estate investment trust that designs, builds and operates data centers. It owns more than 50 in North America, South America and Europe, serving over 1,000 customers, according to its website. The company, which went public in 2013, has benefited from the explosion in data usage, which is managed in warehouselike buildings where companies can base their computer operations.” (The Wall Street Journal)
  2. What Does the Future Look Like for New York’s Eviction Moratorium? “Twenty months into the pandemic, New York state’s eviction moratorium appears to be on its last legs. Until a few months ago, New York tenants facing eviction could block their court cases from moving forward by filing a form that stated they could not pay rent because they had lost income during the pandemic. Then, in August, the U.S. Supreme Court struck down this measure, arguing it denied landlords due process in court.” (Commercial Observer)
  3. When Corporations Break Up CRE Usually Sees a Benefit “GE is to split into three separate companies. So is Toshiba. Johnson & Johnson? Two—at least that’s a Johnson for each. The hope is that shareholders will be happy and the separate businesses, better able to focus. But what are the impacts to commercial real estate? Potentially good for a while and not so good over a longer period, if history is any guide.” (
  4. Urban Is Coming Back Strong… And Better Than Ever Before “Urban areas are primed for a revival post-pandemic, with an emphasis on much needed sustainability and social equity, like the country's first all-electric neighborhood.” (Forbes)
  5. The Scramble Is On for Mayors, Governors to Get Their Piece of Infrastructure Spending Pie “Now that the infrastructure bill is signed, who gets what?” (Bisnow)
  6. WeWork Shows More Losses in its First Quarterly Report as a Public Company “WeWork shares were up more than 1% in premarket trading on Monday after the company reported third-quarter earnings, the company’s first report since going public in October. Total revenue for the quarter was $661 million, up 11% from the previous quarter, WeWork said. The company also saw a loss of $4.54 per share. That’s an improvement from the loss of $5.51 per share in the year-ago quarter. No analysts covered WeWork for the third quarter, so there are no estimates to compare the results against.” (CNBC)
  7. If Remote Work Empties Downtowns, Can Theaters Fill Their Seats? “Arts groups are trying to gauge what the embrace of more flexible work-from-home policies will mean for their ability to draw audiences in a city whose housing crunch has already driven many people to settle far from downtown. Close to 70 percent of the audiences at the San Francisco Opera and the San Francisco Symphony — two nationally recognized symbols of this city’s vibrant network of performing arts institutions — live outside the city, according to data collected by the two organizations.” (The New York Times)
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