WeWork “cracked the code,” but has it hit a ceiling?: panel

Panel discussed how growing coworking industry has changed real estate so far
By Eddie Small | June 26, 2018 01:58PM

At first, landlords didn’t want to lease to WeWork. Now, the company is in Class A office buildings across the globe. And in the future, it could end up partnering with landlords.

“Partnering with WeWork is something we’ve thought about,” said Columbia Property Trust CEO Nelson Mills, explaining that it would be beyond simply leasing space to the co-working company. “Certainly, the industry has been changing, and WeWork is a part of that.”

Mills sat on a panel Tuesday morning in WeWork’s Chelsea building at 115 West 18th Street along with Silverstein Properties CEO Marty Burger, Boston Properties executive vice president John Powers and HR&A Advisors partner Kate Wittels. The Real Deal senior reporter Konrad Putzier moderated the discussion, which focused largely on the future of the rapidly growing company and how it has impacted the real estate industry.

 

 

A famous Italian family is opening its first Florida hotel in Coconut Grove — and soon

June 26, 2018 07:00 AM

Updated 3 hours 5 minutes ago

Brickell City Centre and Prism Creative Group Host Summer BBQ ft. PALO!

Brickell City Centre and Prism Creative Group Host Summer BBQ ft. PALO!

Jam to the Latin funk stylings of the Latin GRAMMY-nominated PALO! Dig in to some pit-side BBQ by local favorites like Ariete, Itamae, Meat ‘N’ Bone, La Pollita, Reina Vegana, Coffee Hub, Not…

WATCH: Jean Nouvel on art as architecture, designing buildings for skylines and more

WATCH: Jean Nouvel on art as architecture, designing buildings for skylines and more

The architect behind 53 West 53rd wanted the tower to be synonymous with New York City, to be a building that couldn’t easily be slipped into another skyline.

“A worldwide catastrophe today is the number of buildings that are parachuted because they were preconceived. Offices, housing, shopping malls all look the same,” Jean Nouvel told The Real Deal, translated from French. “If you travel around the world you won’t know where you are because buildings are rootless. They don’t have any roots.”

The starchitect — whose projects include 100 Eleventh Avenue, the Louvre Abu Dhabi and Doha Tower — sat down with TRD earlier this month to discuss his latest work on Billionaires’ Row. The project topped out this month, reaching 1,050 feet tall.

The condo tower is being developed by Hines, Pontiac Land Group and Goldman Sachs. Prices at the tower, which has a $2.1 billion projected sellout, range from about $3 million to $42.5 million.

Video produced by Jhila Farzaneh.

How to Score a Grant of a Lifetime & Unlimited WeWork Access From Miami to the Corners of the World

How to Score a Grant of a Lifetime & Unlimited WeWork Access From Miami to the Corners of the World

Are you the Andy Warhol of Instagram? The Steve Jobs of your coding club? The Jacques Cousteau of Biscayne Bay? The Christina Tosi of your PTO bake sale?

Whatever your talent, WeWork wants t…

En Forida reclamaron reunificación familiar de los inmigrantes

En Forida reclamaron reunificación familiar de los inmigrantes

Unas 200 personas se concentraron este domingo frente a la sede de las cortes federales de Fort Lauderdale, en el sur de Florida, para denunciar la política migratoria del actual Gobierno de Estados Unidos que ha producido la separación de menores indocumentados de sus padres.

Los participantes de la marcha, encabezada por legisladores demócratas por Florida como Debbie Wasserman Schultz, Ted Deutch y Frederica Wilson, criticaron la política de “tolerancia cero” implementada por el presidente Donald Trump y, por medio de carteles, pidieron la reunificación de los menores con sus padres.

“Solo los cobardes recurren a usar niños para pelear sus batallas”, señaló la congresista Wasserman, en alusión a la referida política que lleva a procesar criminalmente a los adultos que llegan irregularmente al país y que originó la separación de más de 2.500 niños de sus padres cuando estos eran privados de libertad.

Los manifestantes, unos 200 según medios locales, portaron carteles con mensajes que denuncian la imposición del miedo entre los indocumentados y criticaron los últimos comentarios del presidente en su cuenta de Twitter.

Trump consideró hoy que los inmigrantes que cruzan ilegalmente la frontera deben ser deportados “inmediatamente” sin la oportunidad de comparecer ante un juez, lo que supondría una violación del principio de debido proceso.

“No podemos permitir que esta gente invada nuestro país. Cuando alguien entra, debemos inmediatamente, sin jueces o casos judiciales, enviarlos de vuelta por donde vinieron”, escribió el presidente en la red social.

La concentración de esta tarde, una réplica de varias celebradas durante este fin de semana en varias ciudades de EE.UU., se da un día después de que una comitiva de congresistas federales visitara un albergue en Homestead, para revisar las condiciones en las que están casi 1.200 menores indocumentados, 70 de ellos niños separados de sus padres en la frontera.

El senador Bill Nelson, parte de esa comitiva, señaló el sábado que la gran mayoría de los 70 menores separados de sus familias en la frontera han logrado hablar por teléfono con sus padres, lo cual son “buenas noticias”, pero interrogó sobre su futuro y por cómo van a ser reunidos con sus padres.

Actualmente, en Estados Unidos, los niños no pueden ser privados de libertad durante más de 20 días, pero el Gobierno de Trump ha pedido a la Justicia que amplíe ese límite.

Según informó anoche el Departamento de Seguridad Nacional, El Gobierno ya ha reunido con sus familiares a 522 niños inmigrantes, aunque 2.053 menores siguen recluidos.

Ante las presiones, Trump se vio obligado el miércoles a firmar un decreto en el que ordenaba el fin de la división de familias, pero en el que establece que a partir de ahora los menores deberán ser encerrados con sus padres mientras estos se enfrentan al proceso para ser deportados.

New York-based firm acquires Davie medical building and adjacent land

New York-based firm acquires Davie medical building and adjacent land

7900 NW 33rd St in Davie (Credit: Loopnet.com)

A New York-based firm acquired a medical office building and adjacent vacant lots in Davie for $2.4 million.

New York-based Nig FL Realty bought the Davie property at 7900 Northwest 33rd Street from T.D.R.S. Properties Inc.

The mostly vacant property, which spans about three acres, includes a 7,500-square-foot medical office building called the Carissa Rose Medical Complex on a 1.13-acre lot.

Nig FL Realty plans to build medical and office space on the vacant land adjacent to the medical office building, according to Steve Hyatt, an agent of Berger Commercial Realty/CORFAC International.

Hyatt, who represented T.D.R.S. Properties in the transaction, also told the Sun-Sentinel that Nig FL Realty plans to retain and run the Carissa Rose Medical Complex.

Demand for medical office space in the area will increase with the construction of a new HCA Hospital at Nova Southeastern University in Davie, which is scheduled to start this year, according to Phillip R. Holste, the assistant town manager of Davie. [Sun-Sentinel] – Mike Seemuth

 

Executive Chef of New York's Plaza Hotel Heads to Miami Beach

Executive Chef of New York's Plaza Hotel Heads to Miami Beach

From reopening The Palm Court at New York’s Plaza Hotel to competing on Food Network’s ‘Beat Bobby Flay’ to cooking for President George Bush Jr., this culinary star -…

Moody’s otorga la máxima calificación crediticia al estado de Florida

Moody’s otorga la máxima calificación crediticia al estado de Florida

La agencia Moody’s concedió a Florida la  máxima calificación crediticia. Es la primera vez en su historia que el estado obtiene la máxima puntuación, anunció el gobernador Rick Scott.

La agencia calificadora otorgó el grado AAA a los bonos de obligaciones generales (GO) de Florida, un “indicador claro de la fortaleza de su economía y algo que ahorrará dinero a los contribuyentes en futuros pagos de intereses estatales”, resaltó Scott en un comunicado.

En ese contexto, señaló que cuando llegó a la Gobernación en 2011 la “economía de Florida estaba en una situación terrible” con la “deuda estatal y el desempleo disparado”, así como los impuestos en más de USD 2.000 millones, señaló.

Asimismo, los impuestos en Florida se han recortado cerca de un centenar de veces y el índice de desempleo ha caído del 11,2 al 3,8%.

Por su parte, la agencia Moody’s indicó que la “recuperación de Florida desde la gran recesión ha sido constante y robusta, con un crecimiento consistente del empleo y la economía que ha superado” a la media estadounidense en los últimos cinco años.

EFE

Chinese builders are getting perilously close to defaulting on bonds

Chinese builders are getting perilously close to defaulting on bonds

Shanghai Skyline (Credit: Pixabay)

Chinese developers are working hard to strengthen their land holdings, but the industry’s creditworthiness is paying the price.

The average probability that builders will renege on their obligations in the next year is 0.87 percent, according to the Bloomberg Default risk model. This is three times as high as in the technology industry, and roughly 75 percent of developers saw their default risk climb in the past year.

Chinese companies have focused on acquiring debt to increase their land holdings in the country’s property market, a strategy that had drawn the support of stock investors for large companies like China Evergrande Group and China Vanke. But this support is now waning as the economic growth in China slows and policymakers launch a financial deleveraging campaign.

China Vanke recently made a move to sell floating-rate notes in dollars, but other companies have not been as creative. Wuzhou International Holdings defaulted on debts this month, while Zhonghong Holding Co. said Wednesday that is has overdue borrowing of 3.5 billion yuan. Zhonghong also defaulted on more than $174 million in debt earlier this year.

Overall, Chinese builders need to pay back $96 billion (or 625 billion yuan) worth of bonds domestically and internationally through 2019. Paul Lukaszewski of Aberdeen Standard Investments told Bloomberg he expects delinquencies to increase going forward.

“The Chinese corporations which have financed themselves on a shorter-term basis are increasingly at risk of stumbling into potential defaults,” he said. [Bloomberg] – Eddie Small