Commercial Real Estate News for Monday May 21

In Monday’s commercial real estate news – we’ll give you a look at the effort to bring real estate out of the Dark Ages, the winner of the LaSalle Hotel bidding war, and so much more.

Crexi raises $11 million to bring commercial real estate out of the Dark Ages 

Managing, buying and selling commercial real estate is a fairly primitive process. CREXi founder Mike DeGiorgio remembers one experience in 2014 when he was required to fax and mail details about an urgent transaction to the leasing office, a move that made him think he was back in the era of Pogs and MTV’s Real World Season 1.

Network Rail turns to Clifford Chance as £1bn commercial property sale heats up 

Clifford Chance (CC) has landed a role advising Network Rail on the sale of its UK commercial property portfolio as it looks raise funds to invest in its railways.

REAP Graduate Elected to ICSC Board of Trustees

At the Hartman Simons party at Paris Las Vegas, New Market Properties president and CEO Joel Murphy took some time to reflect on the passing of John Williams, the Post Properties founder and Atlanta apartment legend who partnered with Murphy to launch New Market. Williams passed away in April at the age of 75.

Blackstone Emerge as Winner in Bidding War for LaSalle Hotel Properties

Three days after disclosing plans to sell its remaining shares in Hilton Worldwide Holdings in what The Wall Street Journal termed “the most profitable private-equity investment in real estate ever,” Blackstone Group is investing in another hotel chain, emerging as the winning bidder for LaSalle Hotel Properties.

New York Plaza Hotel Buyers Ashkenazy, Alwaleed Sue Owner

The clash between the investors is another twist in a years-long sales process for the 111-year-old building at the corner of Fifth Avenue and Central Park South.

Blackstone to Buy LaSalle Hotel Properties in $4.8 Billion Deal

Blackstone Group LP agreed to acquire luxury hotel owner LaSalle Hotel Properties in an all-cash transaction that values LaSalle at $33.50 a share, or $4.8 billion including debt.

10 Must Reads for the CRE Industry Today (May 21, 2018)

Catch up on the latest in CRE today!

Study Claims Certifying Connectivity Performance Helps Increase Office Rents

Class-B office buildings can compete with newer properties for tenants and generate higher rents if they offer first class connectivity, according to a new report from research firm CoStar Portfolio Strategy…

 

CBRE’s Head of Americas Research Offers a Contrarian View on Retail REITs

Spencer Levy cautions that industrial and multifamily will confront short-term supply headwinds, and stresses that retail has been unfairly pummeled.

 

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