National Commercial Real Estate News From CoStar Group
Malkin Edges Closer to Empire State Building IPO
After turning down multiple offers from potential buyers for the iconic Empire State Building, including a high bid of $1.4 billion, Malkin Holdings has decided to press forward with plans for an initial public offering of 71.5 million shares of common stock to convert ownership of the Manhattan office tower and several other properties into a publicly traded REIT.
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Empire State Realty Trust Inc....
Google Drinks the Gatorade in OK
An entity affiliated with search engine giant Google has acquired a massive warehouse property in Pryor, OK. The entity, Gerfalcon LLC, purchased the 1,364,242-square-foot building from SVC Manufacturing Inc. for $24.5 million or about $17.95/square foot.
The newly purchased property at 3500 Main St. in the MidAmerica Industrial Park was originally built for $80 million in 2008 for PepsiCo, which manufactured Gatorade and other sports drinks at...
No Bubble In Multifamily Values, According to Freddie Mac
Renter household formation has outpaced owner household growth during the past few years, spurring a huge increase in multifamily property sales and new construction.
Despite the boom in multifamily sales and development, Freddie Mac's latest Economic and Housing Market Outlook found that residential property values "remain consistent with fundamental economic forces in the housing market," and that the rate of appreciation for multifamily property...
Don’t Overlook Sweet Pockets in Sour Rust Belt Metros
By: Paul Leonard
As the capital markets cycle matures, underwriting profitable investments in both Core Coastal(1) and Sun Belt(2) markets is becoming increasingly more difficult. If you miss the days when the first digit in your pro forma cap rate started with a 7 (or higher) and you are willing to pursue a yield-driven, buy-and-hold strategy, I’ve got two words for you: Rust Belt.(3)
Now, after the visions of municipal bankruptcies(4) and rivers...