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Six Must Reads for the CRE Industry Today (Aug. 17, 2021)

Big banks are looking at potential alternatives to the Secured Overnight Financing Rate, a LIBOR replacements, reports The Wall Street Journal. Dunkin’ Donuts is looking at airports, university campuses and travel plazas for its new locations, according to Chain Store Age. These are among today’s must reads from around the commercial real estate industry.

  1. Banks Weigh Alternatives to LIBOR Replacement as Companies Seek Longer-Term Rates “Some big banks are evaluating if the reference rate that is backed by regulators as the best replacement for the scandal-plagued London interbank offered rate is the only option for companies, or if they should offer other rates. Many large U.S. financial institutions are providing the Secured Overnight Financing Rate, or SOFR, to corporate borrowers as part of the transition away from Libor. But SOFR may not cover all companies’ needs, banks and corporate advisers say, because the benchmark lacks rates that are weeks or months in the future, making it hard for companies to plan around future interest-rate risk.” (The Wall Street Journal)
  2. Aldi Plans to Hire 20,000 Workers in Holiday Season Ramp-Up “Discount supermarket chain Aldi aims to hire more than 20,000 workers in the U.S. this year as its network grows and as it prepares for holiday shopping, the company said Monday. Jobs that Aldi is hiring for include cashiers, stockers and associates at its more than 2,100 American stores and its 25 warehouses. The company will be drawing from a tight U.S. labor market in which openings have recently exceeded the number of people looking for work.” (The Wall Street Journal)
  3. Dunkin’ Continues to Accelerate Non-Traditional Expansion “Dunkin’ continues to focus on opening non-traditional locations. The company is targeting airports, universities and travel plazas for growth. Dunkin’s recent non-traditional openings include various sites across Las Vegas, including at the Convention Center, LINQ Hotel and Arizona Charlie’s Boulder Casino, as well as a reopening at the new Virgin Hotel.” (Chain Store Age)
  4. New York City Mandates Vaccines for Museum Visitors and Staff “New York City plans to require visitors to its museums and other cultural institutions to be vaccinated, a city official said Monday. The policy — which Mayor Bill de Blasio was expected to outline at a news conference on Monday that also addressed sports activities — will require that visitors and employees at the city’s museums, concert halls, aquariums and zoos be vaccinated, according to a City Hall official who was granted anonymity because bthe policy had yet to be officially announced.” (The New York Times)
  5. Bankrupt Winick Being Forced to Sell Stake in Brokerage “Bankrupt brokerage mogul Jeff Winick is being forced to sell a majority stake in his formerly high-flying retail brokerage, Winick Realty Group.” (The Real Deal)
  6. State Street Closes NYC Offices in Pandemic Pivot “State Street made the decision early in the pandemic to significantly cut back on office space. By January, it had shrunk its global footprint by roughly 1 million square feet, or about 13% of its total square footage.” (Boston Business Journal)
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