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The FIGat7th shopping center in Los Angeles is among the properties owned by Brookfield DTLA. Photo: etienne laurent/ShutterstockA major Los Angeles office owner operated by Brookfield Asset Management is struggling to make mortgage payments as vacancies and rising interest rates disrupt the city’s commercial real-estate market. The company, known as Brookfield DTLA Fund Office Trust Investor Inc., owns six Los Angeles office buildings and a retail center. Five of the office buildings face the risk of foreclosure, according to its public filings, and at least two of its mortgages are in default.
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/commercial-real-estate-woes-run-deeper-than-in-past-downturns-e0c1f2b3
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/houston-apartment-owner-loses-3-200-units-to-foreclosure-as-multifamily-feels-the-heat-fb3d0e75
The idea came to Johnny Taylor Jr . early last year, after one of his employees made a case that her technology position could be done anywhere. She wanted to leave Virginia, where she held a job at the Society for Human Resource Management, a professional association based in Alexandria. She asked to work remotely in North Carolina.
The Federal Deposit Insurance Corp. has hired Newmark Group Inc. to sell about $60 billion of Signature Bank loans, according to people familiar with the matter, a process that is expected to intensify pressure on falling commercial real-estate values. Signature collapsed earlier this month after its customers rushed to pull deposits. The bank held $35.7 billion in real-estate loans at the end of 2022, which accounted for nearly half of its total loans at the time, according to FDIC data.
Distress in Office Market Spreads to High-End Buildings
  + stars: | 2023-03-28 | by ( Konrad Putzier | ) www.wsj.com   time to read: 1 min
Photo: Shelby Knowles for The Wall Street JournalPimco recently defaulted on a mortgage backed by a portfolio of office buildings that included Twitter’s headquarters in San Francisco. Defaults and vacancies are on the rise at high-end office buildings, in the latest sign that remote work and rising interest rates are spreading pain to more corners of the commercial real-estate market. For much of the pandemic, buildings in central locations that feature modern amenities fared better than their less-pricey peers. Some even were able to increase rents while older, cheaper buildings saw surging vacancy rates and plummeting values. Now, these so-called class-A properties, whose rents generally fall into a city’s top quartile, are increasingly coming under pressure.
A record amount of commercial mortgages expiring in 2023 is set to test the financial health of small and regional banks already under pressure following the recent failures of Silicon Valley Bank and Signature Bank. Smaller banks hold around $2.3 trillion in commercial real estate debt, including rental-apartment mortgages, according to an analysis from data firm Trepp Inc. That is almost 80% of commercial mortgages held by all banks.
A rush by New York City real-estate investors to yank money out of Signature Bank last week played a significant role in the bank’s collapse, according to building owners and state regulators. The withdrawals gained momentum as talk circulated about the exposure Signature had to cryptocurrency firms and that its fate might follow the same path as Silicon Valley Bank, which suffered a run on the bank last week before collapsing and forcing the government to step in.
Bruce Jordan, a 69-year-old retired corporate attorney, has lived in the Miami area for most of his life. But reaching either one is becoming increasingly difficult. Roads are often clogged by snowbirds, tourists and recent arrivals from the Northeast. Driving to a pharmacy less than a mile from his suburban home north of Miami used to be a breeze. Now, he says, it can take more than 45 minutes during rush hour.
Photo: Amanda Andrade-Rhoades for The Wall Street JournalThe site of Amazon’s second headquarters in Arlington, Va., where the company has halted the start of construction on a second phase. Amazon .com Inc.’s decision to delay building part of its Virginia office campus is the latest sign that fading demand from technology companies is becoming a problem for the commercial real-estate sector. Tech giants like Amazon, Alphabet Inc. and Microsoft Corp. for years drove demand for office space, helping prop up building values in cities like New York, San Francisco and Washington, D.C.
Photo: Amanda Andrade-Rhoades for The Wall Street JournalThe site of Amazon’s second headquarters in Arlington, Va., where the company has halted the start of construction on a second phase. Amazon .com Inc.’s decision to delay building part of its Virginia office campus is the latest sign that fading demand from technology companies is becoming a problem for the commercial real-estate sector. Tech giants like Amazon, Alphabet Inc. and Microsoft Corp. for years drove demand for office space, helping prop up building values in cities like New York, San Francisco and Washington, D.C.
In 2021, the asset-management firm known as Pimco banked on an office-market comeback. Interest rates were near historic lows, and the economy was humming. Cities were expecting a surge in newly vaccinated workers returning to the office. In September that year, Pacific Investment Management Co. said it was acquiring Columbia Property Trust Inc., which owned 19 office buildings in New York, San Francisco, Washington, D.C., and other cities. The deal valued Columbia at $3.9 billion.
Public-transit systems in Europe and Asia are often more reliable and less prone to delays, making it easier to get to work. While U.S. offices are half empty three years into the Covid-19 pandemic, workplaces in Europe and Asia are bustling again. Americans have embraced remote work and turned their backs on offices with greater regularity than their counterparts overseas. U.S. office occupancy stands at 40% to 60% of prepandemic levels, varying within that range by month and by city. That compares with a 70%-to-90% rate in Europe and the Middle East, according to JLL , a property-services firm that manages 4.6 billion square feet of real estate globally.
The Ohio tract where a planned Intel computer-chip factory, lured by state grants and tax credits, is expected to create thousands of jobs. States and cities, flush with pandemic-stimulus cash, are ramping up their pursuit of new jobs by showering companies with big tax breaks. States and local governments, including in Georgia, Michigan and West Virginia, agreed to give out at least $1 billion in subsidies eight times in 2022, according to an analysis from Good Jobs First, a nonprofit research group that is often critical of subsidies. These tax breaks, cash grants and other incentives went to companies in return for opening a factory.
An advertisement for Airbnb in Berlin. The company said it benefited from a pickup in European intracontinental travel. Airbnb Inc. recorded its first-ever annual profit last year, boosted by a rise in cross-border travel during the fourth quarter over previous years. The short-term rental company recorded a profit of $1.9 billion in 2022, after losing $352 million in 2021. Fourth-quarter profit of $319 million came in well ahead of the consensus analyst estimate of $171 million.
Detroit city officials are weighing a radical change to the way the city taxes property, which proponents say will help revitalize the city and become a model for the Rust Belt. Detroit would be the largest U.S. city to introduce a so-called land-value tax. Like most U.S. cities, Detroit calculates property taxes by estimating the value of a property’s land and buildings and charging a fixed percentage each year.
Airbnb Inc. and Expedia Group Inc. invest billions of dollars of their customers’ money for their own profit. Thanks to rising interest rates, returns on these investments are higher than ever. The travel sites typically collect money from guests the moment they book. But they only pass it on to hosts or hotels after the guest stay starts, which can be several months later.
The cost of insuring commercial real-estate loans against a rise in interest rates has exploded over the past year, raising the prospect of a market selloff since many property owners will no longer be able to afford these hedges. Nearly half of all commercial property debt is floating rate, according to a 2019 report by the Mortgage Bankers Association. Lenders usually require that these borrowers hedge against an increase in borrowing costs, through a derivatives contract known as an interest-rate cap that limits a borrower’s exposure to rising interest rates.
Common manages more than 4,000 apartments in the U.S. New York-based Common manages more than 4,000 apartments in the U.S., while Berlin-based Habyt operates around 7,000 apartments in Europe and Asia. The combined company will be based in the German capital under the name Habyt Group. Habyt co-founder Luca Bovone will serve as chief executive, the companies said. Financial terms of the merger weren’t disclosed.
A rendering shows the Miami Beach project, developed by a partnership between OKO Group and Access Industries. Billionaire investors Vladislav Doronin and Len Blavatnik have landed a $277 million construction loan for a Miami Beach condominium and luxury hotel, one of the largest loans for a South Florida project since the start of the Covid-19 pandemic. Mr. Doronin’s development firm OKO Group and Mr. Blavatnik’s Access Industries, a privately held industrial firm, are teaming to build a 18-story beachfront tower with 22 apartments. They are also renovating the neighboring former Versailles hotel, which will have 56 rooms.
A Pacific storm system drenched parts of California with record-setting rain, leaving roads flooded and tens of thousands of households without power on New Year’s Eve. Downtown San Francisco recorded 5.46 inches of rain Saturday, the second-highest total in more than 170 years, the National Weather Service’s Bay Area office said Sunday morning. Nearby Oakland had its wettest day on record, the office added.
Three New York City police officers were injured in a machete attack near Times Square on New Year’s Eve, Mayor Eric Adams said Sunday morning. The attack took place steps from Times Square, where crowds had gathered to watch the annual ball-drop ceremony. The suspect, a 19-year-old man, walked up to a police officer at the corner of Eighth Avenue and West 52nd Street shortly after 10 p.m. and tried to strike his head with a machete before hitting two other officers in the head, said New York City Police Commissioner Keechant Sewell . One of the officers then shot the attacker in the shoulder, Ms. Sewell said at a news conference.
Three New York City police officers were injured in a machete attack near Times Square on New Year’s Eve, Mayor Eric Adams said Sunday morning. The attack took place steps from Times Square, where crowds had gathered to watch the annual ball-drop ceremony. The suspect, a 19-year-old man, walked up to a police officer at the corner of Eighth Avenue and West 52nd Street shortly after 10 p.m. and tried to strike his head with a machete before hitting two other officers in the head, said New York City Police Commissioner Keechant Sewell . One of the officers then shot the attacker in the shoulder, Ms. Sewell said at a news conference.
Outdoor Retailer Patagonia Tests Solar Windows
  + stars: | 2022-12-27 | by ( Konrad Putzier | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/outdoor-retailer-patagonia-tests-solar-windows-11672094574
The World Cup Made American Soccer Fans Sound British
  + stars: | 2022-12-18 | by ( Konrad Putzier | ) www.wsj.com   time to read: 1 min
Americans still largely call it soccer. But when they talk about the World Cup, which concludes Sunday with an epic match between France and Argentina, they increasingly sound like the football-obsessed British. As England striker Harry Kane prepared to take a penalty shot during the quarterfinal loss against France on Dec. 10, a patron in a New York City sports bar leaned over to his neighbor and said in an unmistakable American accent: “He should go for a cheeky chip.”
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