Levi Strauss will go public for the second time in its history when it starts trading Thursday on the New York Stock Exchange. The offering is the culmination of a turnaround effort begun in 2011 under CEO Chip Bergh.
The Securities and Exchange Commission is expected to propose rules on proxy advisers as early as this spring, in response to public companies' arguments that these entities have too much influence over shareholder initiatives. Rob Hays, chief strategy officer of Braemar Hotels & Resorts, said that in most years, "we seem to have at least some sort of concern with the accuracy of the numbers used in the reports, their reliability, and we're forced to go out to our shareholders to correct the report."
JLL is acquiring HFF in a $2 billion cash-and-stock deal that will significantly expand the brokerage's capital markets reach. "The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities," said JLL Global CEO Christian Ulbrich.
Co-living company Common and Tishman Speyer have teamed up to launch a brand called Kin that's aimed at families. The concept, which includes playrooms, family-sized units and on-demand child care via a mobile app, is being tested at one existing building, and the duo plans to announce new developments in other locations.
Twenty-nine real estate associations, including Nareit, are collaborating to highlight the many career paths within the real estate industry. "It's no secret that the job market is really, really tight right now," said Doug Bibby, president of the National Multifamily Housing Council, adding that commercial real estate "is looking to fill literally millions of jobs."
Office Properties Income Trust has sold a 129,035-square-foot property for $70 million. The REIT had planned to renovate and reposition the Washington, D.C., property, "but at a sales price of more than $540 per square foot for a to be vacant building, we decided to be opportunistic and focus our capital elsewhere," said David Blackman, president and CEO.
The Miami Downtown Development Authority says the number of hotel rooms in Miami-Dade County has risen 17% over the past five years -- a rate that some believe could be starting to outpace tourist growth. The market remains optimistic, and in February, two of the most expensive trades in the US occurred in the area, one of which was Host Hotels & Resorts' $610 million purchase of the 429-room 1 Hotel South Beach.
Private equity firms Ares Management and Crescent Capital Group will take a controlling stake in for-profit thrift-store chain Savers in a restructuring deal, sources say. Current owners Leonard Green & Partners and TPG acquired the chain in 2012.
A $300 million "village center" is the vision developer Jeff Fuqua of Fuqua Development has for the Skinner family property in Jacksonville, Fla. The project could include retail and commercial space, along with residential property, spanning 1,063 acres.
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