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October 15, 2019

Paint Giant Sherwin Williams Eyeing
Atlanta For HQ Relocation

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Atlanta is in the running to lure the headquarters of a global Fortune 500 company.

Paint Giant Sherwin Williams Eyeing Atlanta For HQ Relocation

Cleveland-based Sherwin Williams has eyed Atlanta as a possible relocation destination for its headquarters and research and development operations, a source familiar with the search tells Bisnow. It is a move that could potentially add up to 2,000 new jobs to the metro area.“I think the early favorites here, based…

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Zillow Offers To Sign Long-Term Deal At Three Ravinia Drive

Zillow Offers To Sign Long-Term Deal At Three Ravinia Drive

The homebuying unit of residential search site Zillow has landed at Three Ravinia.Seattle-based Zillow has agreed to lease permanent space at iconic office tower Three Ravinia Drive in Central Perimeter for its Zillow Offers Southeast hub, company spokesperson Viet Shelton confirmed to Bisnow.Zillow is currently in temporary space in the 817K SF,…

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CRE Master’s Programs Can Widen Horizons, Even For Seasoned Developers

PRESENTED BY:   Auburn Master of Real Estate Development
 
CRE Master’s Programs Can Widen Horizons, Even For Seasoned Developers  

At the start of each semester, students in the Master of Real Estate Development program at Auburn University gather for a week of seminars and discussions. But a look around the room shows that this is no average graduate program. Among its two dozen enrollees, the program boasts a combined…

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Carolina On Their Mind: Developers Rush South In Search Of Yield

 

Jim Abdo has been developing in D.C. for over 20 years, but the developer who helped bring Whole Foods to Logan Circle is looking to expand beyond the District for the first time, and his sights are set on North Carolina. 

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The $39B EOP Deal Should Have Killed Blackstone. Instead It Reaped A $7B Profit

The timing of Blackstone’s purchase of Equity Office Properties could hardly have been worse. On 9 February, 2007, it paid $39B for the listed company, using $32B of debt. Two days earlier, HSBC reported losses on a fund it managed that invested in subprime mortgages, and the phrase "credit crunch" started to enter the public consciousness. The financial crisis had just begun.

Blackstone’s purchase of EOP remains the biggest deal in real estate history, and the debt it raised is the biggest financing in history. Many deals struck with 83% leverage at the top of the market saw buyers lose control of their assets.

Deals of that magnitude have the potential to bring down a whole franchise, or see managers spend years recovering the trust of investors. Just ask Morgan Stanley or Goldman Sachs

But last week, Blackstone completed a deal to sell the last of the 580 office buildings it acquired when it bought EOP. Rockpoint bought 100 Summer St. in Boston for about $800M. More than 12 years on, what could have been a poisoned chalice has instead seen Blackstone sell the portfolio for a combined $46B, according to The Wall Street Journal, a $7B profit, and triple the $3.5B equity the company originally put into the deal.

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Even Beach Paradises Look To Opportunity Zones To Help Struggling Year-Round Residents

 

MASSACHUSETTS — Multimillion-dollar waterfront homes, restaurants pairing lobster rolls with $18 cocktails and private jets roaring into the Hyannis airport each summer burnish Cape Cod's image as New England’s playground for the 1%. 

But six parts of the Cape were designated as opportunity zones last year, and some have raised suspicions over whether the area really needs help from a federal program aimed at generating development in low-income areas in need of an economic lift.

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Bringing #MeToo ‘Out Of The Darkness’: Why CREW Chapters Are Courting Men

As women in commercial real estate battle gender bias and sexual harassment, they are trying to clear a key hurdle: getting men in the conversation.

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Beyond The Bio: 16 Questions With CorpHousing Group's Brian Ferdinand

This series profiles men and women in commercial real estate who have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles.  

Brian Ferdinand leads CorpHousing Group, a short-term apartment rental operator. CorpHousing was founded in 2017 and assembles and manages Class-A multifamily throughout the U.S. via partnerships and long-term or master lease agreements with advisory, investment and development firms. As managing partner, he is responsible for spearheading the overall company business vision and strategy.

That strategy currently includes expansion: CorpHousing has offices in New York, Miami and Nashville, and manages units in Columbus, Ohio; Miami; Nashville; Philadelphia; Denver; Seattle; and Washington, D.C., and it is looking to expand to four more cities in 2019.

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