The week in global real estate - 22 June 2020

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A weekly update of the biggest real estate news from around the globe.

Institutional investors / REITs

  • Primewest has announced plans to create a $300M retail property trust. It plans to start with Spring Farm Shopping Centre in south-west Sydney. More info here.
  • Hong Kong listed ESR has announced a new $1.5B fund targeting the Asian industrial sector. The fund is a joint venture with APG and the Canada Pension Plan Investment Board. More info here.
  • Listed property group OUE is progressing the sale of US Bank Tower in Los Angeles. It purchased the tower for US$367M in 2013. More info here.

Office

  • GPT Group’s new 54 level office tower at 111 Eagle Street, Brisbane has achieved a carbon neutral certification. The building has been certified by NABERS and Climate Active in alignment with the International Greenhouse Gas Protocol. The 63,700 sqm building is the first in Brisbane to achieve this certification. More info here.
  • Occidental Petroleum Group has extended its head office lease in Greenway Plaza, Houston through to 2031. The company has anchored the 90,000 sqm office since 1987. More info here.
  • WeWork is talking to private schools in New York City about holding classes in its offices. The offer would enable the schools to reduce their class sizes. More info here.

Industrial

  • Amazon has signed a lease for a 14,400 sqm warehouse in Santa Clarita Valley, Los Angeles. More info here.
  • Construction has started on another new Amazon fulfilment centre new Houston, Texas with completion of the 79,000 sqm building expected in 2021. The development is designed to incorporate extensive robotics use and will create 1,000 jobs. More info here.

Retail

  • The new $750M Sydney Fish Market has been fast-tracked for completion by 2024. It is one of 24 projects to be accelerated to kick-start the economy after COVID19. The design features a curved scale-like roof, waterside promenade and new ferry stop. More info here.
  • Apple is temporarily closing 11 stores in the US again after spikes in COVID-19 cases in Florida, Arizona, North Carolina and South Carolina. All Apple stores outside of China were closed during March and have been re-opening in stages. More info here.
  • Target has signed two leases for new stores in Manhattan. Sites include a 20-year lease of 5,100 sqm previously held by Barnes & Noble.  

Residential

  • Government agency Homes England has contracted developer Vistry Partnerships to build 935 homes. More info here.

Related Experts

Chris Farhi

Director | Strategic Advisory

Auckland CBD

Chris is a Director within the Strategic Advisory team. The team helps you with your big property decisions and complex transactions.

Chris' advisory work focuses on:

  • Decision making processes (eg property strategy, business cases, feasibilities, etc)
  • Tenant representation for large lease transactions (office,  industrial and specialist-use)
  • Multi-site networks (eg consolidation strategies, optimisation, etc)

Chris’ background in brief:

  • Property strategy advisor for some of New Zealand’s most successful private sector, public sector and non-for-profit organisations.
  • Tenant representative (tenant-paid lease negotiator) for organisations ranging from small-to-medium enterprises through to major listed companies and government agencies.
  • Specialist skills in commercial leasing, financial analysis and market research.
  • Part-time lecturer at the University of Auckland Business School and commercial leasing trainer for the Royal Institution of Chartered Surveyors.

Chris’ qualifications include Honours degrees in both Civil Engineering and Property from the University of Auckland, and a Master of Philosophy from the University of Cambridge, UK. He is a Chartered Member of the Royal Institution of Chartered Surveyors.

Outside of work, Chris is a combat engineer in the NZ Army Reserve and a keen baker.

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