LVMH Moet Hennessy Louis Vuitton is close to finalizing an agreement to acquire hotel company Belmond for $25 per share. LVMH beat out multiple bidders in the deal, which could help the company expand its luxury market and hospitality industry influence.
The 537,000 square feet of space Amazon is leasing from JBG Smith at National Landing is being let for a net effective rent of about $35 per square foot, according to an investor disclosure from the REIT. JBG Smith is planning more acquisitions in the submarket, including land across from the planned Virginia Tech Innovation Campus.
The approach of 5G us a "unique opportunity" for data centers to handle more content, says Chad Williams, chairman and CEO of QTS Realty Trust. "[We'll be able to] push it and distribute it in a way that works for more and more creativity, and innovation and technology," he says.
Hudson Pacific Properties will likely experience a 200-basis-point shift in valuation from a cash flow standpoint by the end of 2020 due to its recently formed joint venture to own and operate San Francisco's Ferry Building, says Victor Coleman, the company's chairman, president and CEO. The mixed-use property has more than 200,000 square feet of office space, and the new owners plan to zero in on locals as opposed to tourists for the retail component.
Initial jobless claims dropped by 27,000 to a seasonally adjusted 206,000 in the week ended Dec. 8, the largest decline in three and a half years. The four-week moving average dropped by 3,750 to 224,750.
Advance Realty and Invesco Real Estate have started construction on Paramus Crossroads, a new retail building in Paramus, N.J.; they plan to complete the work by spring. The property will feature a 40,000-square-foot building, with plans for roughly 10 new retail and dining tenants.
Deploying new technology to connect with consumers, such as using Instagram, is helping some property owners fill vacant real estate with pop-up shops. New business models such as "plug and play" allow consumers to scale space quickly to fit their needs.
Retailers including Under Armour, Gap and Target are rolling out in-store charging stations for customer phones; for example, Target has added free chargers to almost 200 of its locations over the past two years. The stations are being deployed as part of a partnership with ChargeItSpot.
Link Real Estate Investment Trust will sell 12 malls and shopping centers in Hong Kong to an investment group headed by Gaw Capital Partners for $1.53 billion. The selling price is 32% more than the Sept. 30 appraised value.
Apple says it will build a 133-acre, $1 billion campus in North Austin, Texas, and plans to hire 5,000 new employees initially. The company also plans growth initiatives in several cities, as well as a $10 billion US data center expansion project.
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