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The week in global real estate - 1 December 2020
A weekly update of the biggest real estate news from around the globe.
Real estate developer LDK Ventures has obtained a $358M CMBS from Goldman Sachs to refinance the McClellan Business Park mixed-used complex in Sacramento. The complex has 175 office, retail, residential and industrial tenants including Amazon. More info here.
Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has raised over $1B in capital for its Breakthrough Life Science Property Fund. The fund aims to develop and purchase leading biotechnology facilities around the globe. More info here.
Apple has added two additional floors to its recent sublease at 11 Penn Plaza in Manhattan. Apple now occupies space from the 9th to 14th floor, totalling 31,215 sqm. . More info here.
Coffey Architects have opened their three-storey office complex in King’s Cross, London. The 3,344 sqm building has been designed to draw in natural light. They are aiming to achieve BREEAM Outstanding certification. More info here.
Cohen Asset Management has purchased a warehouse in Los Angeles for $37.3M after receiving a $21M loan from the Life Insurance Company of the Southwest. The warehouse is 10,412 sqm. More info here.
Elion Partners has purchased four last-mile industrial distribution assets in San Diego, Seattle and San Jose for $83M. The four properties total 39,483 sqm. More info here.
Vantage Data Centres has purchased the hyperscale data centre arm of Hypertec in Montreal. The purchase expands the company’s presence in the Quebec Province to 81 MW of combined power across three campuses. This is Vantage Data Centre’s third purchase in 2020. More info here.
Target has signed a lease for 2,601 sqm in Chelsea, New York. Target is planning to open 15 stores across New York. More info here.
Suit retailer Moss Bros has launched a company voluntary arrangement proposal due to the impact of COVID-19. Moss Bros is considering moving branches to a turnover rent model. More info here.
The City of London Corporation is offering the pubs, shops and restaurants at Leadenhall Market to be charged rent on a turnover basis. The aim is to support the businesses during the pandemic. More info here.
Dogus Holdings AS has agreed to sell a 30% stake in the high-end shopping mall Istinye Park in Istanbul. The buyer is the Qatar Fund, with the deal expected to value the property at $1B. More info here.
Hotel and tourism
The Hotel at Times Square is the first hotel to seek special CMBS loan servicing during COVID-19. The hotel requested a 90-day forbearance due to reduced business. The loan of $34.8M matures in May 2023. More info here.
The planned redevelopment of the Grand Hyatt Hotel in New York could result in a tower rising more than 1,600 feet above Midtown. If the hotel rises above 1,646 feet then it will become the tallest building by roof height in the city. More info here.
The Rand Tower in Minneapolis reopens this week after a $110M renovation. The renovation converted the original art deco office building into a luxury hotel. More info here.
90% of the 120 units released for The Landmark condominium in Singapore were sold during its launch over the weekend. The units sold for an average price of $20,661 per square metre. The development is a 39-storey tower with 396 units. More info here.
Far East Orchard has purchased their third purpose-built student accommodation asset in Bristol for £39.3M. The property has 301 beds bringing their portfolio total bed count to 3,561 across 12 properties in the UK. More info here.
A joint venture between Promark Partners, Eleventh Street Development and Mill Creek Residential is set to develop The Kirkwood, a multifamily community in Arlington. The development will consist of 270 units and is expected to be completed in 2023. More info here.
Developer Adam America Real Estate has obtained two loans totalling $63M to fund an Upper West Side development in New York. The development will have between 41 to 44 condo units, plus 501 sqm of commercial space on the ground floor. More info here.
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