Industry News
Commercial Real Estate
Top stories summarized by our editors
12/3/2021

Google is indefinitely delaying its return-to-office plan around the world amid the emergence of the Omicron variant of the coronavirus. The company had originally slated Jan. 10 as the end of its voluntary work-from-home policy.

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Reuters
12/3/2021

Effective Jan. 1, 2022, Federal Realty Investment Trust is reorganizing its corporate structure into an umbrella partnership real estate investment trust. "This reorganization will align our corporate structure with the majority of other REITs and improve our ability to acquire properties in tax deferred structures, all without any impact to our existing shareholders, lenders and other constituencies," says Donald Wood, CEO of Federal Realty.

12/3/2021

Pebblebrook Hotel Trust made a $108 million deal to buy the Estancia La Jolla Hotel & Spa. The San Diego-area hotel has 210 rooms and 50,000 square feet of meeting and event space.

12/3/2021

Peraton is relocating its corporate headquarters to a building in Boston Properties' Reston Town Center development in Northern Virginia. Peraton has grown through several recent acquisitions, but an announcement did not specify the size of the new lease at the 253,000-square-foot property.

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Peraton
12/3/2021

Federal Realty Investment Trust is no longer planning for a new 200-foot residential tower at its Rockville, Md., Pike & Rose development and instead intends to build a 260,000-square-foot life sciences building. The 10-story building will be designed specifically for life science tenants, and it will also feature retail and conference space.

12/3/2021

Office leasing activity reached 3.09 million square feet in Manhattan last month, up 14.8% compared with October, according to Colliers. November was a milestone, as it was the first month since the beginning of 2020 in which leasing activity exceeded 3 million square feet.

12/3/2021

King Ocean Services will lease 157,528 square feet in Miami's Airport West submarket in a building currently under development in the Prologis Beacon Lakes industrial park. The transport company signed a full building lease for the property, which is expected to deliver in the fall of 2022.

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Commercial Observer
12/3/2021

An LLC managed by Essential Properties Realty Trust has acquired an entertainment venue called Smash Park in West Des Moines, Iowa. The property traded hands for $8.55 million.

12/3/2021

Alexandria Real Estate Equities reached a deal to sell a 49% interest in the office campus known as Menlo Gateway, which is leased to Facebook, according to filings with the Securities and Exchange Commission. The deal is worth $400.1 million.

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The Real Deal
12/2/2021

First-time unemployment claims rose last week, reaching 222,000, which was below the 240,000 claims Wall Street had expected. The previous week's tally was revised to 194,000.

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CNBC