Commercial Real Estate News for Friday June 15

In Friday’s commercial real estate news – we’ll give you a look at what Brookfield’s $700 million stake in Kushner Tower, new student housing amenities, the new church condo conversions taking over Boston, and so much more.

Brookfield Is Said to Weigh $700 Million Stake in Kushner Tower

A unit of Brookfield Asset Management Inc. is considering injecting as much as $700 million of new equity into 666 Fifth Ave. as part of a proposed effort to rescue Kushner Cos.’ indebted Manhattan office tower.

10 Must Reads for the CRE Industry Today (June 15, 2018)

Catch up on the latest in CRE news!

Focus in Student Housing Amenities Changes from Luxury to Health and Wellness

Lazy rivers, tanning beds, rock-climbing walls—resort-style amenities in student housing may be falling out of fashion as the sector faces demographic changes and lingering supply-demand imbalances.

Walgreens Signs Deal to Join List of Major Corporations Opening Offices in Downtown Chicago

The 117-year-old company said it will take 200,000 square feet of office space at the site, a move that will expand the company’s Technology Center of Excellence for digital and IT operations that support the Walgreens business, as well as some of its parent Walgreens Boots Alliance’s global IT personnel.

Church Condo Conversions A Bizarre Boston Phenomenon

In an attempt to tap into Boston’s white-hot residential real estate market, a handful of bold developers have turned to an unconventional strategy: converting vacant church buildings.

Steady as She Goes Cushman Economist Sees Goldilocks Economy Continuing Into 2019

LAS VEGAS –  Developers and owners should expect to benefit from an ideal U.S. economy into 2019, economic experts said Thursday.

“We are in a goldilocks economy. It’s not too hot. It’s not too cold,” Revathi Greenwood, head of Americas research at Cushman & Wakefield, said. “It’s just right.”

FAQ What You Need to Know About Californias Costa Hawkins Law-Limiting Rent Control

“The rent is too damn high.”

The sentiment may have been made famous by New York mayoral candidate Jimmy McMillan, but it’s been adopted far and wide by renter activists and those worried about affordable housing in the state of California in recent years.

 

Changes to the B.C. Real Estate Services Act, effective Friday, June 15, prohibit “double ending” – representing both a buyer and a seller in a real estate transaction  – come into force today (June 15), along with other strict regulatory changes.
 

Eastern Consolidated Closing Down in July

Eastern Consolidated, the Manhattan-based full-service commercial real estate brokerage, will shut its doors at the end of July, Commercial Observer has learned.

 
Cushman & Wakefield has arranged the sale of 395 W. Passaic St., a four-story boutique office building totaling 107,969 square feet on 3.1 acres in Rochelle Park.
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