Industry News
Commercial Real Estate
Top stories summarized by our editors
7/23/2021

Office vacancy rates remain elevated, but home sales are strong in major urban areas such as Manhattan and San Francisco, easing concerns about how gateway cities will perform going forward. "These cities serve deep purposes for the economy and society," says Mark Muro of the Brookings Institution.

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Axios
7/23/2021

Institutional investors are likely to continue to buy homes, with a Green Street forecast showing that single-family rental homes can provide annual returns of 6.6%. Some governments are scrutinizing the practice, so developing new supply could be an appealing alternative.

7/23/2021

Monmouth Real Estate Investment's board of directors has decided to continue with the pending deal with Equity Commonwealth instead of accepting a competing offer from Starwood Capital Group. The Equity Commonwealth offer "represents the best opportunity to maximize value for Monmouth stockholders," the board determined.

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Bloomberg
7/23/2021

Commercial real estate deal activity in the second quarter surpassed average transaction volume trends during the same period from 2015 to 2019 by 14%, according to Real Capital Analytics. "In a sign of market strength, it was the sale of individual assets rather than portfolio and entity-level deals which spurred the growth," RCA noted.

7/23/2021

Most tenants appear unconcerned about rents, instead focusing on "the availability and accessibility of that space," according to Prologis' Chief Customer Officer Mike Curless.

7/23/2021

SL Green Realty has sold a 49% stake in a 37-story art-deco skyscraper located at 220 East 42nd St. in New York City in a $790.1 million deal with a real estate fund managed by Meritz Alternative Investment Management. The REIT is maintaining a 51% interest in the property and will continue to manage it.

7/23/2021

Pebblebrook Hotel Trust is selling its Villa Florence San Francisco Union Square to an undisclosed buyer in a $87.5 million transaction. The deal could close in this quarter.

7/23/2021

Rayonier has sold its co-investment stake in two timber funds, along with the rights to manage the funds, in a $35.9 million deal with BTG Pactual's Timberland Investment Group. "We believe this transaction reflects a favorable outcome for our shareholders, as it allows us to simplify our operations and allocate capital to other strategic priorities," Rayonier President and CEO David Nunes said.

7/23/2021

The Biden administration has unveiled a program that will offer modification options to borrowers with Federal Housing Administration loans and other federally backed mortgages. This pandemic-related relief will allow borrowers to attain lower monthly payments by extending loan duration.

7/22/2021

Brookfield Asset Management is reportedly considering making a bid for Alstria Office REIT, in which it already owns an 8.35% stake. Sources say Brookfield is still in early stages of its evaluation and might not decide to move forward in acquiring the REIT, which is valued at $3.9 billion.

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Bloomberg