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ARLINGTON, Va. (AP) — Real estate data firm CoStar Group is moving its headquarters from Washington, D.C., to northern Virginia, a move that will bring roughly 650 jobs to the state. The relocation is expected to result in 500 jobs moving from D.C., plus the creation of 150 new jobs. The move comes as the Legislature is considering a $2 billion deal to relocate the NBA's Washington Wizards and NHL's Washington Capitals from their home in downtown to Washington to northern Virginia. Arlington County has successfully recruited numerous corporate headquarters in recent years, most famously landing the second Amazon headquarters in 2018. JBG Smith, the real estate company selling the office tower to CoStar, declined comment Wednesday.

Persons: Glenn Youngkin, JBG Smith Organizations: —, Washington , D.C, D.C, Washington Wizards, NHL's Washington Capitals, Virginia Gov, Arlington, Arlington County, Boeing, Nestle Locations: ARLINGTON, Va, Washington ,, Virginia, Rosslyn, Arlington County, Potomac, Washington, Richmond, Arlington, U.S

☆ America's largest office tenant is embracing remote work, creating more pain for a market already in distress
▼ + stars: | 2023-07-03 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +7 min

The federal government is embracing remote work and cutting back its office footprint nationally. President Joe Biden and Donald Trump might not appear to agree on much, but when it comes to cutting back on office space, they're aligned. Now federal tenants are in for a new phase of belt-tightening as more accept remote and hybrid work, real estate experts say. "The majority of federal offices are still largely vacant on most days," said Darian LeBlanc, the director of government services at Cushman & Wakefield. So far, only the Department of Veterans Affairs has publicly said how it plans to use remote and hybrid work.

Persons: Joe Biden, Donald Trump, Barack Obama, Biden —, Darian LeBlanc, LeBlanc, Rachel Davis, Davis, — Davis, Bob Hunt, Martin Selig, Jesse Lawder, Selig, Shalanda Young, Denis McDonough, Cushman, JBG Smith, Christi, who's Organizations: —, Trump, Cushman &, Washington DC, General Services Administration, Department of Labor, Management, FBI, Securities and Exchange Commission, Environmental Protection Agency, Minerals Management Service, Department of Veterans Affairs, National Transportation Safety, L'Enfant Plaza, state's Department of General Services, National Association of State Locations: Cushman & Wakefield, United States, JLL, Seattle, Washington, L'Enfant, . Tennessee, Nashville, Knoxville, Memphis, Chattanooga, Branscom, California , Illinois, North Carolina, Florida

☆ Stephen Schwarzman says Blackstone has dumped office investments. Another corner of the firm kept lending billions.
▼ + stars: | 2023-05-30 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Blackstone Mortgage Trust's $8.2 billion portfolio of office loans leaves it exposed to the sector. The Blackstone-managed firm issued about $3.3 billion of US office loans since the pandemic began. Even as clouds began to gather, Blackstone Mortgage Trust continued to lend to the office sector. In addition to managing the mortgage trust, Blackstone is among its largest shareholders. A Washington office complex shows how far values have fallenThere are ongoing issues, however, in Blackstone Mortgage Trust's portfolio.

☆ 'Hurricane has landed:' Activist investor Jonathan Litt doubles down on office space short
▼ + stars: | 2023-05-23 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

A major activist investor is betting stalled return-to-office plans will stir up more trouble in commercial real estate. Land and Buildings' Jonathan Litt has been shorting REITs with high office space exposure for three years, and he has no plans to shift gears. Litt first warned Wall Street an "existential hurricane" was about to hit the sector in May 2020. It's kind of like the mall business went from the mall problem to the financing problem," Litt said. "Now, it's a financing problem.

Persons: Jonathan Litt, CNBC's, Litt, JBG Smith, there's Organizations: World Health Organization Locations: Land, Washington

☆ How's the return to office going? Just look at shares of one of the largest office REITs
▼ + stars: | 2023-03-03 | by ( Scott Schnipper | ) www.cnbc.com time to read: +3 min

Vornado says it owns 20 million square feet of office space plus 2.6 million square feet of street retail space in Manhattan alone, 3.7 million square feet at The Mart in Chicago and a controlling stake in almost 2 million square feet of office in San Francisco. But in the New York metropolitan area last week, the rate fell to 46.7% from 47.8% the week before, Kastle said. In San Francisco, the rate was even lower last week, at 43.9%, while in Chicago it was 49.4%. Maybe that's why Deutsche Bank analyst Derek Johnston ranked office REITs last out of eight REIT industry groups in a monthly review released on Tuesday. In January, subsector year-over-year cap rates climbed the most for office owners, he said, up 80 basis points, or 8/10ths of a percentage point.

☆ Stocks making the biggest moves midday: Apple, Meta, Costco, Marvell, C3.ai and more
▼ + stars: | 2023-03-03 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Costco Wholesale — The retailer's shares dropped 3.4% after the company's fiscal second-quarter earnings missed analysts' expectations. Marvell Technology — The chip stock lost 7.3% after Marvell Technology reported mixed quarterly results and provided weak guidance. The move comes after Bumble announced it would price a secondary offering of 13.75 million shares of its common stock at $22.80 per share. The company earned an adjusted 37 cents per share, above the 29 cents expected by analysts, according to Refinitiv. The company posted a loss of 6 cents per share, compared to Refinitiv analysts' estimates for a 22 cent loss.

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