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News & Views
Plots & Ploys: Selling in Seattle
Wall Street Journal (05/15/13) Brown, Eliot
In Seattle, Beacon Capital Partners LLC has reportedly reached an agreement to sell the 47-story Wells Fargo Center to a joint venture of Canadian pension-backed Ivanhoé Cambridge and Callahan Capital Partners. Terms of the deal have yet to be disclosed. The sale of the 980,000-square-foot downtown office tower reflects a strategy by Beacon to sell off individual properties from its $6.2 billion portfolio purchase from Blackstone Group LP just prior to the downturn. Seattle's office property sector has been strong lately, mainly because of growth by... More
Abstract News © 2013 INFORMATION, INC.
Hines Global REIT Buys The Campus at Playa Vista
National Real Estate Investor (05/16/13) Hinderer, Katie
The Campus at Playa Vista has been purchased by Hines Global REIT Inc. for an undisclosed sum. The four-building, class-A office campus is located in the West Los Angeles submarket and is 97-percent leased to such tenants as Facebook Inc., Belkin International Inc., and the University of Southern California's Institute for Creative Technology. Hines Global REIT President and CEO Sherri Schugart states, "We were attracted to this property due to its strong tenancy, recent construction, excellent access, and long-term prospects for this emerging west... More
Abstract News © 2013 INFORMATION, INC.
Real Estate Overtakes Commodities as Top Sovereign Asset
Bloomberg (05/16/13) Wille, Klaus
Institutional Investor's Sovereign Wealth Center reports that real estate topped the list of sovereign wealth funds' investments in 2012, overtaking commodities and financial services. According to the study, properties made up 26 percent of investments by these funds last year, up from 14 percent in 2011. That is followed by financial services and commodities, each making up 23 percent. Victoria Barbary, director at the Sovereign Wealth Center, said that state funds have increased investments in alternative assets, including real estate and private... More
Abstract News © 2013 INFORMATION, INC.
Empire State Building REIT Closes In on Investor Approval
Reuters (05/16/13) Jonas, Ilaina
A plan to roll New York's landmark Empire State Building into a REIT has moved even closer to reality after receiving the necessary investor approval for a stock offering, which would allow the public to own a piece of the skyscraper. According to an SEC filing, investors holding 99.3 percent of the Empire State Building units required to approve the plan for an initial public offering have voted in favor of it. The plan calls for the iconic building to be the centerpiece of more than 18 properties in Empire State Realty Trust Inc. A couple of other... More
Abstract News © 2013 INFORMATION, INC.
Large Lease Rollovers Pose Loan Risks in Era of the Shrinking Office
CoStar Group (05/15/13) Heschmeyer, Mark
Wells Fargo Securities recently reported that the trend in less square footage requirements per employees can have serious implications for landlords with near-term lease rollover risk. According to CoreNet Global, the average square footage per worker dropped 20 percent between 2010 and 2012. Wells Fargo's new analysis shows that older existing office leases -- written in an era with higher square footage requirements -- will likely renew under a more efficient standard. Upon examining tenant data backing commercial mortgage backed securities... More
Abstract News © 2013 INFORMATION, INC.
Wall Street Journal (05/15/13) Brown, Eliot
In Seattle, Beacon Capital Partners LLC has reportedly reached an agreement to sell the 47-story Wells Fargo Center to a joint venture of Canadian pension-backed Ivanhoé Cambridge and Callahan Capital Partners. Terms of the deal have yet to be disclosed. The sale of the 980,000-square-foot downtown office tower reflects a strategy by Beacon to sell off individual properties from its $6.2 billion portfolio purchase from Blackstone Group LP just prior to the downturn. Seattle's office property sector has been strong lately, mainly because of growth by... More
Abstract News © 2013 INFORMATION, INC.
Hines Global REIT Buys The Campus at Playa Vista
National Real Estate Investor (05/16/13) Hinderer, Katie
The Campus at Playa Vista has been purchased by Hines Global REIT Inc. for an undisclosed sum. The four-building, class-A office campus is located in the West Los Angeles submarket and is 97-percent leased to such tenants as Facebook Inc., Belkin International Inc., and the University of Southern California's Institute for Creative Technology. Hines Global REIT President and CEO Sherri Schugart states, "We were attracted to this property due to its strong tenancy, recent construction, excellent access, and long-term prospects for this emerging west... More
Abstract News © 2013 INFORMATION, INC.
Real Estate Overtakes Commodities as Top Sovereign Asset
Bloomberg (05/16/13) Wille, Klaus
Institutional Investor's Sovereign Wealth Center reports that real estate topped the list of sovereign wealth funds' investments in 2012, overtaking commodities and financial services. According to the study, properties made up 26 percent of investments by these funds last year, up from 14 percent in 2011. That is followed by financial services and commodities, each making up 23 percent. Victoria Barbary, director at the Sovereign Wealth Center, said that state funds have increased investments in alternative assets, including real estate and private... More
Abstract News © 2013 INFORMATION, INC.
Empire State Building REIT Closes In on Investor Approval
Reuters (05/16/13) Jonas, Ilaina
A plan to roll New York's landmark Empire State Building into a REIT has moved even closer to reality after receiving the necessary investor approval for a stock offering, which would allow the public to own a piece of the skyscraper. According to an SEC filing, investors holding 99.3 percent of the Empire State Building units required to approve the plan for an initial public offering have voted in favor of it. The plan calls for the iconic building to be the centerpiece of more than 18 properties in Empire State Realty Trust Inc. A couple of other... More
Abstract News © 2013 INFORMATION, INC.
Large Lease Rollovers Pose Loan Risks in Era of the Shrinking Office
CoStar Group (05/15/13) Heschmeyer, Mark
Wells Fargo Securities recently reported that the trend in less square footage requirements per employees can have serious implications for landlords with near-term lease rollover risk. According to CoreNet Global, the average square footage per worker dropped 20 percent between 2010 and 2012. Wells Fargo's new analysis shows that older existing office leases -- written in an era with higher square footage requirements -- will likely renew under a more efficient standard. Upon examining tenant data backing commercial mortgage backed securities... More
Abstract News © 2013 INFORMATION, INC.
The links at the end of each abstract are to the publisher, publication, or article. Some links may require registration or subscription. CoreNet Global and the content provider Information, Inc. are not affiliated with the referenced publications.
05/17/2013
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MSNBC.com: CoreNet Global outlines balanced work practices model in feature on Yahoo’s ending of telework.
- March 7, 2013
MSNBC.com: CoreNet Global outlines balanced work practices model in feature on Yahoo’s ending of telework. Combining heads-down knowledge work remotely with collaboration in the office is one of many approaches. ‘Virtual work won’t trump physical space,’ as Corporate Real Estate 2020 predicts. -
Wall Street Journal via Market Watch: CoreNet Global Survey Finds Companies Are Updating Workplace Strategies in Response to Hurricane Sandy
- February 12, 2013
Wall Street Journal via Market Watch: CoreNet Global Survey Finds Companies Are Updating Workplace Strategies in Response to Hurricane Sandy -
Did You Get Your Annual Bonus?
- February 7, 2013
Did You Get Your Annual Bonus? CEO Angela Cain featured in Globe Street.com exclusive highlighting CoreNet Global – FPL Associates’ 2012 Compensation Study results. -
American Cities Business Journals highlights CoreNet Global position paper
- January 18, 2013
American Cities Business Journals highlights CoreNet Global’s new position paper, ‘Let’s measure quality of life per square foot.’
- CoreNet Global partners with Tongji University - April 24, 2013 CoreNet Global partners with Tongji University to upscale development of strategic asset management skill sets in China. Formation of a new research and learning center for corporate real estate is one key objective of the alliance.
- CoreNet Global Announces Winners of 2013 Awards for Industry Excellence, Economic Development and Sustainable Leadership: - April 5, 2013 Judges select Fidelity, Google, Panasonic, Brick City Development Corporation and the San Francisco Center for Economic Development. Special commendations go to Louisiana Department of Economic Development, Perkins + Will’s Washington, D.C. studio, BASF North American HQ in Brigham Park, NJ, Paharpur Business Center in India, and Liberty Properties Office Building in King of Prussia, PA
- Soft Skills Take Center Stage at CoreNet Global’s Spring Forward Event, April 17-19 - April 3, 2013 NEW YORK (April 2, 2013) — More than 200 corporate real estate executives will meet April 17-19, 2013 in New York City for CoreNet Global’s Spring Forward conference on leadership development. The event will be held in East Midtown at the Convene conference center, 730 Third Avenue.
- INDIA’S YOUNG MIDDLE CLASS DRIVING ITS ECONOMIC TRANSFORMATION - March 27, 2013 INDIA’S YOUNG MIDDLE CLASS DRIVING ITS ECONOMIC TRANSFORMATION Corporate Real Estate Function Seen as Key Indicator of Increasing Business Sophistication
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CoreNet Global · 133 Peachtree Street NE, Suite 3000, Atlanta, GA 30303 · 1.404.589.3200
