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May 20, 2020

A 'Cleansing' Of The Brokerage Ranks Is Afoot As Deal Volume Collapses

[Webinar] A Path To Reopening For New York's Construction Industry: Featuring Talisen Construction & The New York Building Congress May 28

David Sturner, the CEO of MHP Real Estate Services, started making calls to members of his team last Friday to deliver some news. The company’s office leasing arm, comprising 16 brokers, is closing.

“We don’t think there will be a lot of brand-new leases,” he said. “People just don’t know how much space they are going to need.”

MHP is keeping its six-person asset sales group and four in-house leasing agents for the business’s 2.5M SF office portfolio. But MHP’s tenant representation business, which Sturner had considered closing for years since it hasn’t been a big income-producer, is officially over. The company is returning to its roots as primarily an owner-operator, Sturner said.

A 'Cleansing' Of The Brokerage Ranks Is Afoot As Deal Volume Collapses

“We saw [office leasing] wane over the last few years,” Sturner said. “We don’t see that growing over the next few years, so we got rid of a source that we didn't think was necessary for the future of the company.”Much of the commercial real estate industry has faced a…

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Major Declines In Real Estate Taxes, Rent Collections Show NYC's Economic Pain Is Mounting

Major Declines In Real Estate Taxes, Rent Collections Show NYC's Economic Pain Is Mounting

New reports released Wednesday reveal an increasingly stagnant deals market and a dire financial situation for the government budgets that rely on the commercial real estate industry. Tax revenue brought in to the city and state from real estate sales declined 48% year-over-year in April and 64% year-over-year in May, the Real Estate…

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Why Would Amazon Scope Out JCPenney? It’s The Real Estate, Baby!

Why Would Amazon Scope Out JCPenney? It’s The Real Estate, Baby!  

Rumor has it struggling JCPenney Co. is a possible acquisition target for Jeff BezosAmazon

JCPenney filed for Chapter 11 bankruptcy Friday and said it would close about 240 of its 846 stores permanently over the next two years. If Amazon stepped in and bought the company, it could be a quick, relatively cheap way to get a large brick-and-mortar footprint, similar to its acquisition of Whole Foods in 2017

The e-commerce giant hasn't confirmed or denied reports of a possible Penney's acquisition probe, with a spokesperson for Amazon telling Bisnow Tuesday the retailer doesn't respond to rumors. But this is a big rumor, considering the e-commerce giant is often considered the final stake through the heart of department stores like Plano, Texas-based JCPenney.  Retail experts believe Amazon is either expanding…

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My New Normal: McHugh Construction President Mike Meagher

This series aims to capture a moment in time, talking to men and women in commercial real estate about how their lives and businesses are being transformed by the coronavirus pandemic.

Although Illinois went into a lockdown in mid-March, Gov. J.B. Pritzker deemed construction an essential business, and that has kept firms like James McHugh Construction Co. busy throughout the crisis. The Chicago-based company is one of the nation's largest construction managers and general contractors, and President Mike Meagher now helps keep it running from his dining room as it makes its biggest mark ever on the city's skyline. 

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