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The Real Deal Los Angeles

Oceanwide’s US business is sinking. Can it right the ship?

In 2014, Oceanwide Holdings announced plans to build a 2.4 million-square-foot megaproject in San Francisco. The twin-tower development would be the Chinese conglomerate’s first big push into North America, at a time when Chinese firms were spending billions on massive projects and on acquiring high-end properties from California to New York. Seven years later, the stalled project — dubbed Oceanwide Center — has come to represent something else: a $1.6 billion burden. Another is a … [more]

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Here’s what tenants pay at the Crescent mixed-use tower in Dallas

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides you with all the data and market information you need. Crescent Real Estate took its name from one of the Texas-based firm’s earliest acquisitions — a mixed-use office complex in Dallas named the Crescent. The company has managed the 1.3 million-square-foot property in Uptown for decades, but ownership … [more]

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The grand reopening: As restrictions lift, CRE markets race toward recovery

It wasn’t the pan-roasted halibut that drew a small crowd to Blu Mar on a recent Thursday afternoon. One after another, guests on the splashy Southampton seafood spot’s outdoor patio removed the face coverings they had been wearing for the better part of a year and tossed them into a fire pit, which was then doused with fuel and set ablaze to the tune of “Disco Inferno” by the Trammps. The gathering — convened just … [more]

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Hankey Capital provides $29M bridge loan on Le Méridien in Pasadena

Hankey Capital provided a $29 million bridge loan to Chateau Group USA on its newly built Le Méridien Pasadena Arcadia hotel in the San Gabriel Valley. The 234-key hotel at 130 W. Huntington Drive received its certificate of occupancy last month, according to the Commercial Observer. The loan and a PACE loan paid off a 2109 construction loan from ACRES Capital and loans from EB-5 investors. PACE-type loans are for energy efficiency upgrades and development … [more]

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Why passive house could become NYC’s next design standard

Nicholas Liberis knew his office project in Long Island City had to be different. A new 11-story building surrounded by former warehouses and budget hotels was not exactly a top-of-mind destination for tech giants or hedge funds. Then came a global pandemic, which forced companies to rethink their office footprints entirely. “You needed every competitive advantage that you could get,” said Liberis, a partner at Archimaera, the Brooklyn-based architecture firm responsible for designing the building, … [more]

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Employers face uphill battle luring staff back to the office

With more than half of all adults fully vaccinated, Americans are once again eating at their favorite restaurants, attending concerts and jumping on flights. But the vast majority of workers have yet to return to the office. As of this week, fewer than three in 10 white-collar employees, on average, are back in their offices in 10 major U.S. cities — including New York, Los Angeles and San Francisco — according to the Wall Street … [more]

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Here’s what tenants are paying at Hines & CalPERS’ 609 Main in Houston

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides you with all the data and market information you need. In the early days of the coronavirus pandemic, as Houston’s economy faced the double whammy of a public health crisis and collapsing oil prices, a deal for one of the city’s newest trophy properties fell apart. A group … [more]

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SKW Funding, Bain Capital in $1.3B JV for troubled debt

SKW Funding and Bain Capital Credit have formed their second joint venture, targeting $1.3 billion in troubled real estate debt. The new entity was part of the lender consortium behind a $410 million debt package for Nightingale Properties and Wafra Capital Partners to redevelop the former Citibank building at 111 Wall Street. The size of the loan package was initially reported as about $500 million, but the joint venture confirmed the lesser figure with The … [more]

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State approves $100M to boost marijuana retailers

California approved a plan to provide $100 million to boost its legal marijuana industry. While sales have remained steady, many retailers have been suffering, stifled by a mix of local regulations and fees, and competition from unlicensed pot shops. The state legislature approved the grant funding Monday for cities and counties, hoping to help existing cannabis businesses convert temporary licenses into permanent ones, according to the Los Angeles Times. Licenses have to be renewed each … [more]

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Big talent agency renews big lease at 2000 Avenue of the Stars

At a time when companies have been shedding office space in Los Angeles or leaving the city entirely, a big lease renewal is a good sign. Creative Artists Agency has reupped its lease at Hines’ 2000 Avenue of the Stars in Century City. The powerhouse talent agency is to have around 290,000 square feet at its headquarters, according to Commercial Observer, which first reported on the renewal. The 800,000-square-foot complex is managed by JPMorgan Chase. … [more]

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