Commercial Real Estate News from CoStar

These stories are supplied by the CoStar Group.  The articles contain a cross-section of national happenings in the world of commercial real estate.  These articles are updated regularly.


National Commercial Real Estate News From CoStar Group

A U.S. federal judge has ruled in CoStar's favor in its ongoing legal battle with Xceligent after one of Xceligent's primary research providers, Pennsylvania-based RE BackOffice Inc., admitted to repeatedly hacking CoStar's websites in order to illegally download property data and photos to populate Xceligent's rival database. In the filing last Friday in the U.S. District Court for the Western District of Pennsylvania, RE BackOffice admitted that...

10/23/2017 4:42:11 AM

Live-action sports are finally coming to Las Vegas, which until recently was one of the largest major U.S. markets without a major-league sports franchise. Yesterday MGM Resorts International announced that it purchased the WNBA's San Antonio Stars and will move the team to Las Vegas, joining the Golden Knights NHL franchise, which makes its debut this season. Also, retail developer Howard Hughes Corp. (NYSE: HHC) recently revealed plans to build...

10/18/2017 10:41:49 PM

One of two equity analysts covering BGC Partners, Inc. (NASDAQ: BGCP) has suspended research coverage of the firm ahead of the expected IPO and spin-off of its real estate services subsidiary, Newmark Knight Frank (NKF), as a separately traded public company. The undisclosed financial institution suspended coverage on Oct. 13, according to an SEC filing this week by BGC, which reported the move to be "consistent with such financial institution...

10/18/2017 8:14:05 PM

Irvine, CA-based Sares Regis Group has acquired Toyota's 110-acre former North America headquarters campus in Torrance, CA, more than three years after the Japanese automaker announced plans to relocate to a brand-new office campus in Plano, TX. JLL listed the property in February. Managing Director Jeff Adkison and Senior Vice President Brendan McArthur represented Toyota Motor North America, Inc. in the sale to Sares Regis, which prevailed over...

10/18/2017 1:37:03 AM

Bank branch consolidations have quickened over the last two years as customers continue to embrace digital banking. Simultaneously, the number of new branch openings continues to fall. But analysts view this as part of a larger shift in how retail branches are being utilized by customers and where those brick-and-mortar institutions need to be located. Through the first nine months of this year, U.S. banks have closed more than 2,600 branches....

10/17/2017 7:17:04 PM

A year after acquiring a nearly $1 billion portfolio of suburban office properties, Horsham, PA-based Workspace Property Trust on Monday filed to raise up to $100 million through an initial public offering. Workspace Property, which first filed a confidential S-11 registration statement on June 30, plans to list on the New York Stock Exchange under the symbol WSPT, selling an undisclosed number of common shares in the IPO at a to-be-determined...

10/16/2017 8:35:10 PM

Singapore-based Keppel Corp. has received approval to launch a new REIT on the Singapore Exchange and has reached a deal for that REIT to acquire 11 U.S. office properties from Newport Beach, CA-based KBS Strategic Opportunity REIT, a nontraded REIT. The properties have not been specifically identified nor has a final purchase price been set. However, KBS currently values the portfolio at $800 million with $400 million in outstanding debt, according...

10/15/2017 7:17:24 PM

Dropbox has signed a lease for 100% of the office space in Kilroy Realty Corp.'s The Exchange on 16th project in a deal that represents the largest single office lease ever signed in San Francisco. The file hosting service and leading global collaboration platform agreed to a 15-year lease for 736,000 square feet within the 751,242-square-foot, four-building project currently under development along the 16th St. corridor in San Francisco's Mission...

10/15/2017 7:00:00 PM

Lost in the coverage of Amazon's very public search for a second, multi-billion dollar national headquarters, was the barely-noticed lease the company signed in New York City last month. Yet that lease could signal billions of dollars in losses coming for retail commercial real estate across the country. Amazon signed a 15-year office lease for 360,000 square feet at Brookfield Properties' recently-renovated 5 Manhattan West building. Amazon will...

10/11/2017 8:19:47 PM

After a quiet first half of 2017, Columbia Property Trust, Inc. (NYSE: CXP) has fired off more than $1 billion in acquisitions since the July 4 holiday including a flurry of deals for buildings in New York City and Washington, D.C. totaling $935 million, the company announced Wednesday. In early July, Atlanta-based Columbia obtained a nearly 50% interest in an office tower at 114 Fifth Ave. in Manhattan as part of a joint venture with German...

10/12/2017 4:42:14 AM

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