Scott Miller's Commercial Real Estate Update - January 2015

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Greg Johnson talks about Wright Runstad's one big miss: PacMed tower

In its 42-year history, Seattle commercial real estate company Wright Runstad has lost just one project: The Pacific Medical Center tower that was once Amazon.com's headquarters.

 

Crunch time for Civic Square skyrise project in Seattle

In just over a year, the developer of a 43-story mixed-use high-rise in downtown Seattle plans to be under construction. But first the company has to buy the full-block property, and time is running out.

 

Stretching out: Proposed Second Avenue high-rise may jut out over Broadacres Building

A year ago this week a real estate developer signaled his intent to build a residential skyscraper in the heart of downtown Seattle. Now the project appears to be moving ahead.


Condos atop apartments atop hotel add up to 'Altitude Sky Tower' in Seattle

If a San Francisco company pulls of its plan, an approximately 500-foot-tall hotel/residential project called Altitude Sky Tower will rise on the site of a small surface parking lot at Stewart Street, across Fifth Avenue from the Westin Seattle.

 

Design Center, Campus Fetch $25M for Hines

SEATTLE—Hines has sold the Seattle Design Center, which includes a design center and office campus totaling 406,459 square feet, to California-based investment group Greenbridge Investment for $25 million

 

$2 billion and counting: Chinese shake up Puget Sound region's real estate market in a big way

Wealthy Chinese are sinking billions of dollars into Puget Sound area real estate, and by doing so they're making a clearcut business case for protecting the environment and spending money on education.

 

'It's a series of dominoes:' Seattle waterfront redevelopment delayed at least a year by Bertha project

Seattle's $1 billion waterfront redevelopment project, meant to put a new face on one of Seattle's most popular tourist destinations, is running at least a year behind schedule thanks to the tunneling machine stuck beneath the city.

 

Hazelrigg convicted of tax evasion

Former Bellevue developer Tom Hazelrigg III, 68, was convicted last week of two counts of tax evasion following a nine-day jury trial.

 

Blockbuster $1 billion Seattle real estate deal: URG buys Touchstone

Urban Renaissance Group has acquired another Seattle company, Touchstone Corp., in a deal that will have major repercussions for the Puget Sound region's commercial real estate industry.

 

Unico buys Pemco's Seattle headquarters for $52 million

Public records show that Unico Properties on Wednesday bought Pemco Insurance's headquarters in Seattle's South Lake Union area for $51.75 million.

 


Hudson Pacific Properties Inc. announced one of the largest deals in the office sector in years: its $3.5 billion purchase of a portfolio of northern California office properties owned by Blackstone Group LP.

A development group including athletic shoe tycoon Jim Davis has broken ground on a waterfront hotel in Gloucester, Mass. The project has been the focus of an acrimonious debate between residents who want to expand the city’s tourism sector and others who want to preserve its fishing and seafood industry.

Habitat for Humanity International isn’t building as much new habitat as it used to.

InterContinental Hotels Group PLC agreed to acquire Kimpton Hotels & Restaurants Group LLC. the largest independent boutique-hotel operator, in a bid to overtake its global rivals in this hot corner of the hospitality market.

IRVINE, CA—Millennials have created a revolution in the commercial real estate industry with their fresh and unique approach to life and their shifting priorities in the workplace, at home and in their leisure time.

LOS ANGELES—Restaurants and pharmacies are some of the most sought after property types in the net lease sector, according to Rick Chichester, the president and CEO of Faris Lee Investments

WASHINGTON, DC—Full-service brokerages, to state the obvious, represent landlords and tenants along with offering a wide array of other services.

BOSTON—Prices of loans underlying the CMBS universe held steady in October, DebtX said Monday.

NEW YORK CITY—There are copious amounts of foreign capital coming into the US retail market, as a newly released report from JLL proves. In this exclusive video interview at ICSC’s New York National Deal Making Conference, JLL Americas retail CEO Greg Maloney tells us who those players are and what road bumps might lie ahead.


The giant trucks pumping concrete in Hudson Yards, New York’s biggest real-estate project in a generation, are being financed by an unlikely source: about 1,200 Chinese families in search of U.S. visas.

LONDON—Real-estate investors from the Middle East and Asia have been snapping up trophy assets in London’s commercial-property market. But there is another group on the prowl: Canadians.

Qatar’s sovereign-wealth fund has completed the purchase of the London headquarters of HSBC Holdings PLC, in the U.K.’s largest-ever real-estate deal, giving Qatar a huge slice of Canary Wharf office space even if it fails in its bid to buy the company that owns much of the rest of the business district.

MultiFamily

LOS ANGELES—Although the multifamily market is still experiencing record demand and high occupancy rates, the momentum that we saw in the market last year is beginning to slow, according to Auction.com EVP Rick Sharga

ATLANTA—With 2014 coming to a close, many are planning their strategies for the year ahead. But what’s can we expect in the coming quarters?

DALLAS—Axiometrics data show that the percentage of households that are renting has been increasing for most age groups since the housing bubble burst in 2007/2008.

SAN FRANCISCO—In the first of a three-part series of questions on data and business intelligence, Justin Alanis, co-founder and CEO of Rentlytics Inc., tells GlobeSt.com that there are a few key ways that data will shape the future of the multifamily industry into the future.

 

American Realty Capital Chairman Nicholas Schorsch Resigns

It took Nicholas Schorsch seven years to build one of the biggest real-estate empires in the U.S., and about 15 minutes for him to cede control of its crown jewel.

 

Keppel DC REIT’s IPO heavily oversubscribed

SINGAPORE — Demand for Keppel DC REIT’s initial public offering units was so strong that the placement tranche was 24.4 times subscribed and the public portion was 9.6 times subscribed, the investment banks managing the sale said in a regulatory filing late today (Dec 11).



WASHINGTON—Eight of the largest U.S. banks will need fatter capital cushions as part of U.S. regulators’ latest efforts to make the financial system less risky.

CHICAGO—Fitch Ratings has just released its annual outlook report for the US building materials industry and projects strong growth in overall construction spending during  2015.


NEW YORK CITY—Net lease retail is hot, and it's in large part due to 1031 exchanges. So says Scott Scurich, associate director for Stan Johnson Co. in New York.

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