Exclusive: Australian Real Estate Powerhouse Enters The U.S. Residential Market
November 6, 2018

Exclusive: Australian Real Estate Powerhouse Enters The U.S. Residential Market

New speakers announced! Crescent Communities, GSA, Banner Oak Capital Partners and Kaizen Development Partners join Texas Office | Bisnow's National Office Leasing Development Event Nov. 29

Joe Russo came to the U.S. three years ago with a list of five potential cities to expand his Australia-based Caydon Property Group. One of those cities was Houston.

Riding into the city from Dallas, also on his list, Russo said he immediately had a good feeling about selecting Houston first. Backing the choice was Houston's rapidly growing population, a strong economy and a dependable rental market. 

After examining several spots, he was reassured when he landed on the future site of The Midtown, the first high-rise residential tower in the Midtown area, and proceeded to purchase it.

“Real estate is like that,” Russo told Bisnow in an exclusive interview during a recent visit to Houston in late October. “If you have to think about it, you probably shouldn't be buying it.”

Selecting Houston  Houston checked most of the boxes as an expansion city, Derrek LeRouax, Caydon chief operating officer of U.S. operations, said during a tour of The Midtown early last month.  The Midtown site reminded LeRouax of Caydon's Melbourne roots with public transportation…

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REPORT: Amazon Is Splitting HQ2 Between 2 East Coast Cities

As Amazon's decision on its second headquarters looms, the tech giant reportedly plans to divide the massive campus meant to support 50,000 high-paid tech employees in two.

CEO Jeff Bezos is planning on selecting two cities as winners in the competition to land Amazon HQ2, splitting the company's footprint in each city in half, the Wall Street Journal reports. Citing anonymous sources, the WSJ said the decision was…

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Brookfield To 'Future-Proof' GGP Malls By Turning Them Into 'Mini Cities'

Brookfield has hinted at its plans for the malls it acquired late in the summer when it bought GGP in a $15B takeover.

According to Brookfield CEO Brian Kingston during the company's recent Q3 earnings call, some assets might be sold — about 25 — but most will be redeveloped.

"... [W]e do think within that 100-or-so core portfolio of assets on a longer-term base, introducing other uses and effectively turning them into mini-cities is really how to future-proof all of these assets," Kingston said, though he didn't go into…

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Landlords And Developers: Chill, You Don't Need The Most Advanced Smart Buildings

You could forgive office owners and developers for having sensor envy. Given the hype around smart buildings and the way that technology will change the workplace, and hence offices, it would be easy to think you need to have the smartest, most technologically advanced building to have any chance of finding a tenant in the future.

Actually, just chill and don't overdo it was the message from one of the world's biggest professional services firms and office occupiers and other members of a panel on smart buildings and flexible working at Bisnow's London State of the Market event. 

Click here to read the full story.

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Beyond The Bio: 16 Questions With Avison Young Managing Director Steve Dils

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

The man who leads Avison Young and its stellar growth in the Southeast once sold club memberships and home lots at a golf club in San Juan Capistrano, California.

By the summer of that year, that man, Steve Dils, would lead the Atlanta Falcons on the gridiron, starting three games in 1988 before sustaining a season-ending injury in what would turn out to be his final career season.

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