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☆ Big Tech goes nuclear: Amazon's pitch to use power plants shows the crucial role the energy source plays for AI
▼ + stars: | 2024-10-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, inside Amazon's internal pitch for turning to nuclear power to meet its growing energy needs . AdvertisementThat's led Big Tech to consider nuclear power to address its skyrocketing energy requirements. Nuclear power ticks that box better than other clean energy options like solar or wind. Nuclear power, meanwhile, is an industry in desperate need of some love , BI's Daniel Geiger and Ellen Thomas previously reported. From advertising platforms to AI tech companies, here's the startups to watch .

Persons: —, Jocko Willink, we've, Jenny Chang, Rodriguez, That's, Business Insider's Eugene Kim, Andy Jassy, it's, Sam Altman, Eugene, BI's Hasan Chowdhury, BI's Daniel Geiger, Ellen Thomas, Jim Burke, Vistra, Chelsea Jia Feng, Elon Musk, Jean Boivin, He's, Marc Benioff isn't, bashed, Miles Brundage, OpenAI, Emma Tucker's, Tucker, Mike Jeffries, SpaceX's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi Organizations: Business, Service, Navy, Big Tech, Amazon, Microsoft, Google, Keystone, Hulton, Constellation Energy, Getty, EV, BlackRock Investment Institute, San Francisco, BI, AGI, Abercrombie, Fitch Locations: Fukushima, Pennsylvania, Arizona, New York, London

Wall Street's top performers are hard workers who tend to work long, intense hours. Business Insider asked its 2024 class of Wall Street stars about how they stay mentally sharp. Here's what we learned about the hacks, habits, and routines that help top talent on Wall Street stay on their game. The routine helps him stay present with his home life as well as work, he added. But I think those two things help me to at least stay recharged and stay ready each day," he said.

Persons: —, Mark Zhu, Craig Kolwicz, Goldman Sachs, Corey White, Nina Gnedin, Blake Cecil, Chi Chen, Robert Sapolsky, Justin Elliott, Read, Palmer Osteen, KKR's, I've, That's, Daniela Cardona, America's White, Ben Carper, it's, there's, Matthew Eid, Holm, Reinhard Dirscherl, Melissa Ding, Wells, Annie Cheslin, she's, Margaret Williams, Morgan Stanley, Williams, Apollo's Austin Anton, Erica Wilson's, deadlifted, Harrison DiGia, Patrick Lenihan, barre, Elizabeth Stone Redding, Stone Redding, Matt Gilbert, Thoma, Gilbert, I'm, Dan, Feroz Khosla, isn't Organizations: Business, Service, Blackstone, Finance, Goldman, of America, Man Group, Productivity, Bridgewater Associates, Bank of America, Fidelity Investments, RBC, Bank, America's, Jefferies, Capital Advisory, Ares Management, Getty, BlackRock, Blue, General Atlantic, JPMorgan Asset Management, TPG, Thoma Bravo, Citadel Securities Locations: Blackstone, Chicago, San Francisco, Coast, Boston, Silicon Valley, New York, I'm, Maldives, he's, Thailand, Central Park

☆ What office meltdown? Developers see a shortage of high-end space and are rushing to build it.
▼ + stars: | 2024-10-03 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +12 min

Much of the office market may be mired in a downturn, but demand has been strong for high-end space. New office construction has dropped off sharply, leading to a potential upcoming shortage. That demand has persisted even as office construction has been stifled by higher interest rates and inflation, which have pushed up costs. Worries over the health of the office market have also made lenders reluctant to finance new development. 8 million square feet of that is pre-leased, meaning that there is only about 10 million square feet of upcoming available top quality space.

Persons: —, Hilary Goldfarb, Goldfarb, Crowell, there's, Scott Rechler, Rechler, Vanderbilt, Philippe Visser, CBRE, Visser, Larry Silverstein, Norman Foster, Silverstein, Randolph St, Ross, Stephen Ross, Jordan Rathlev, Rathlev, Jessica Morin, Morin, Banks, RXR, I'm, you'd Organizations: Service, Rockefeller Development, Fifth St, RXR, Skidmore, Owings, Merrill, TF Cornerstone, Grand Central, Citadel, Yards, Companies, Oxford Properties, Hudson, Hudson Yards, KKR, Meta, World Trade Center, American Express, Trade, Related's, Central Locations: Washington ,, Washington, DC, New York, San Francisco, midtown Manhattan, Manhattan, Wells Fargo, BlackRock, Lower Manhattan, Chicago, Fulton, West Palm Beach , Florida, CBRE

Patrick Lenihan, 33, JPMorgan Asset ManagementJP Morgan Asset ManagementAt JPMorgan Asset Management, Lenihan manages $21 billion in 8,000 customizable portfolios that provide generous tax advantages for the firm's clients. The dual role of fund manager and product developer combines his interest in finance with his engineering background. Lenihan led the development of a product that required buy-in from across internal tech teams, third-party partners, and operations. Lenihan also launched a mentoring program that seeks to build connectivity among different teams at the asset manager. "I have learned firsthand about how successful you can be with those close partnerships when you work together, " he said.

Persons: Patrick Lenihan, Lenihan, Ted Dimig Organizations: JPMorgan Asset, Asset Management, JPMorgan Asset Management, JPMorgan, Chrysler, University of Michigan, CFA, Wharton

☆ How real estate's Alexander brothers got away with decades of alleged sexual assault: 'They are a menace.'
▼ + stars: | 2024-09-18 | by ( Katie Warren | ) www.businessinsider.com time to read: +34 min

Even as teenagers, the three Alexander brothers were notorious for being predatory, according to multiple people who knew them at the time. AdvertisementHofeldt said she'd seen the Alexander brothers around at parties before she met them during the 2003-2004 school year. Several months after the assault, Hofeldt invited the brothers' friend Julian Cohen to her house in the middle of the night. Oren Alexander and Howard Lorber at a party at Sir Ivan's Castle in the Hamptons in July 2011. The Alexander brothers have been accused by multiple people of assaulting women in tandem on numerous occasions.

Persons: she'd, Oren, Alon Alexander, Alon, —, Aaron Davidson, Alexander, Tal, Douglas Elliman, Kate Whiteman, Rebecca Mandel, Whiteman, Mandel, Angelica Parker, Renée Willett, Evan Torgan, Hunter Abrams, James, Shlomy, Orly, Michael M, Abby Hofeldt, choo, Rae Rae, Hofeldt, clotheslined, Gavin, they'd, Hofeldt's, Margo Hofeldt, Abby, Julian Cohen, Felix Cohen, Shlomy Alexander, Elliman, Douglas, Howard Lorber, Lorber, Oren Alexander, Steven Henry, Sir Ivan, Howard, Howard's, Oren's, James Ferraro, Ferraro, Ken Griffin, Bart's, Dina Goldentayer, Sean Zanni, Patrick McMullan, Barbara Fox, Beckford, Fox, Douglas Elliman's Erik Schneider, Jeff Miller, Brown Harris Stevens, Ken Griffin's, Griffin, Tal didn't, Douglas Elliman's, Gary Hershorn, Tal masturbated, texted Oren, Oren didn't, hadn't, Justin Ross Lee, he'd, Scott Roth, Lee, Matthew Peyton, Beth, Alon messaged Beth, Instagram, Beth messaged Alon, Beth Beth's, Floyd Mayweather Jr, Conor McGregor, Michael Stern, Stern, Mayweather, McGregor, Marc Patrick, what's, Sara Militello, Nicole Oge, Deanna Paul, Daniel Geiger Organizations: East Hampton, Business, Getty, Deal, FBI, Street Journal, Kent Security, Krop, High School, North Miami Beach, Miami Country Day, Miami Country Day School, Bacardi, University of Colorado, University of Maryland, Hofstra University, Sir, Hamptons, Manhattan, Forbes, Miami Beach, Douglas Elliman's, Real, New York Fashion, Art Basel, Vogue, Bath Club Estates, New York, Fox Residential, Board, New, Faena, Street, BI, Miami Herald, Tal, Peaceman Productions, UFC, Las Vegas, JDS, Brooklyn Tower, Stern of JDS, New York Post Locations: Long, Florida, Soho, Las Vegas, New York City, New York, Miami, South Florida, Orly Alexander, Israel, North Miami, Krop, Aventura, Hofeldt, Boulder, Sir Ivan's, Manhattan, Dominican Republic, Malibu, St, Brazilian, Elliman, Bath, New, Corcoran, Southampton, Water, East Hampton, Instagram, Teterboro , New Jersey, Las, Vegas, Teterboro, Brooklyn, what's

☆ Commercial property has been in a slump. How lower interest rates could lift it out.
▼ + stars: | 2024-09-17 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Read previewUma Moriarity, a senior investment strategist at a real estate investment firm based outside of Philadelphia, is feeling better about deal-making in commercial real estate. A reduction in the Fed's benchmark rate would bring relief to the $22.5 trillion US commercial real estate market, which was shaken by a series of interest rate increases beginning in March 2022. AdvertisementThe increases diminished commercial property values, raised mortgage defaults, and triggered the sector's worst downturn since the financial crisis more than 15 years ago. "We're looking at a very good 2025 and beyond," Mark Rose, the CEO of the real estate services firm Avison Young, said. "Commercial property prices have increased over the past few months as bond yields have declined," Peter Rothemund, the co-head of strategic research at Green Street, said in the firm's recent property pricing report.

Persons: —, Uma Moriarity, Moriarty, Mark Rose, Avison Young, Richard Barkham, We've, Fitch, CMBS, Peter Rothemund, Alan Todd, Todd, CLO Organizations: Service, Federal Reserve, Business, CenterSquare Investment Management, Green, Mortgage, Association, Bank of America, Bank of America Securities Locations: Philadelphia, Trepp

☆ Developer Michael Shvo plans bulk sale of Mandarin Oriental condos after default
▼ + stars: | 2024-09-09 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

Read previewMichael Shvo, who shot to prominence in recent years buying billions of dollars of trophy real estate assets, has defaulted on the debt connected to a luxury condo building in Los Angeles. The site was purchased in 2019 by a group of investors that included Shvo, Bilgili Group, and Deutsche Finance. It has hired the real estate services firm Newmark to market the offering to investors and arrange a transaction. AdvertisementShvo purchased $3 billion of prominent real estate assets, including the Transamerica Pyramid building in San Francisco and 711 Fifth Ave. in Manhattan. In previous statements, a spokeswoman explained that BVK's investments with Shvo were handled through intermediaries, including Deutsche Finance and another German financial firm, Universal Investment.

Persons: —, Michael Shvo, –, Serdar, Newmark, Shvo, BVK Organizations: Service, Los, Los Angeles Recorder's Office, Acore, Beverly, Business, Bilgili, Deutsche Finance, Bayerische, Bilgili Group, Shvo, BVK, Biligili, Core, Universal Investment Locations: Los Angeles, Beverly Hills, Munich, San Francisco, Manhattan, Beverly, New York

☆ First came the accusations of rape. Now 3 owners of the Alexander brothers' beleaguered brokerage firm are jumping ship.
▼ + stars: | 2024-08-12 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

At the center were cofounders Tal and Oren Alexander, sibling dealmakers who were known for selling some of the country's most exclusive and expensive homes. But accusations of rape against the brothers in recent months have resulted in an existential crisis for the company. An attorney for Tal Alexander has sought to dismiss the case against him. In the immediate aftermath of the accusations, the brothers announced they would take a leave from Official. Official has used the brokerage services company Side to provide it with back office support and to hold its brokers' licenses.

Persons: —, cofounders Tal, Oren Alexander, dealmakers, Nicole Oge, Richard Jordan, Andrew Wachtfogel, Alexander, Tal, Oren, Oge, Richard, Andrew, Alon Alexander, Alon, Tal Alexander, James Cinque, Nicole, Tyrone McKillen Organizations: Service, Partners, Business, The New York Times, Gabbana Locations: Oge, The, The Raleigh, Miami Beach, Los Angeles

☆ As litigation flares against Michael Shvo's property empire, his German backers feel the heat
▼ + stars: | 2024-07-29 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +9 min

This story is available exclusively to Business Insider subscribers. Advertisement"For no reason, I felt targeted in a very toxic and vulgar way," Goodman previously told Business Insider. In a previous response to Business Insider, Shvo said he had no recollection of that call. The Goodmans also named the Mandarin Oriental hotel brand as a defendant, stating that 685 Fifth Avenue's "service standards are severely lacking and in no way Mandarin Oriental caliber." A spokeswoman for Mandarin Oriental did not immediately respond to a request for comment.

Persons: —, Michael Shvo, Shvo's, Shvo, Shvo –, John Goodman, Diane, Belinda Burgmeier, Burgmeier, Goodman, Jennie Enterprise, Enterprise, Serdar, Bilgili, BVK, Rainer Komenda Organizations: Service, Business, Universal Investment, Deutsche Finance, Core, Shvo, BVK, Core Club, Bilgili, San Locations: Manhattan, New York, Munich, San Francisco, Milan, Italy, Turkish, BVK, Wabash, Chicago, Shvo, Raleigh, Los Angeles

☆ Blackstone's mortgage fund slashes dividend as slump in office puts it under pressure
▼ + stars: | 2024-07-24 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +3 min

Executives at Blackstone Mortgage Trust, or BXMT, have said that it was well-positioned to withstand stresses in the commercial real estate market brought on by the pandemic and sharply rising interest rates. Executives at Blackstone have also said that they see the real estate market bottoming. The fund's loan book is tied largely to strong segments of the commercial real estate market, including residential apartment buildings, industrial warehouses, and hotels. Executives have described its loan balances as conservative relative to the value of the real estate assets that serve as their collateral. AdvertisementBut BXMT has significant exposure to the office market, where value declines have been steep enough to dip below outstanding loan balances in some cases.

Persons: —, behemoth Blackstone, Katherine Keenan, Anthony Marone, Katie Keenan, BXMT, Keenan Organizations: Service, Blackstone Mortgage Trust, Business, Blackstone

☆ These apartments go for more than $100,000 a month. Why the superrich are deciding to rent rather than buy.
▼ + stars: | 2024-07-23 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

AdvertisementIn doing so, they have etched out a new niche at the most rarefied heights of the residential market, in part by persuading buyers who might have lavished millions of dollars – or more – to rent instead. Rental projects, on the other hand, while less lucrative upfront, offer more stability for owners with a long time horizon. It recently reconsidered the plan based on the success of the building's rentals, Aries said, and is now offering the penthouse unit for rent. A guest room at a Maison Hudson luxury apartment Kira Turnbull for The CollectionBased on the success of Maison Hudson, Wainbridge is planning identical projects in Los Angeles and Miami Beach, according to Oudinot. Advertisement"The demand is thin and high and very volatile" at the top of the residential market, according to Nancy Packes, a real estate advisor and broker.

Persons: —, Ken Griffin, –, Maison, Tyrone McKillen, McKillen, Maison Hudson, Kira Turnbull, Jay, Beyonce, Erin Boisson Aries, Douglas Elliman, Aries, Maison Hudson Kira Turnbull, Maison Hudson's, Mikhail Kurnev, Kurnev, Jacques Oudinot, Barths, Oudinot, Wainbridge, Nancy Packes Organizations: Service, Business, Maison Hudson, Bel Air, Wainbridge, Miami Locations: Manhattan, West, Los Angeles, Maison, London, Fasano, Paris, Saint, St, Maison Hudson, Miami Beach

☆ Star luxury broker is leaving firm shaken by rape allegations against Alexander brothers
▼ + stars: | 2024-07-17 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. McKillen said he hadn't formally parted ways with the New York firm but was arranging his exit. He said that eight brokers who worked with him at Official would remain with Plus in its breakaway from the firm. Shortly afterward, news broke that a third woman alleged in a New York civil case filed that month that Tal and Alon Alexander raped her in 2012 as Oren Alexander watched. AdvertisementIn a response to the lawsuit against him, Tal Alexander said his accuser's claims were "fabricated allegations for financial gain."

Persons: —, Tyrone McKillen, McKillen, hadn't, Nicole Oge, Tal, Oren Alexander, Alon, Alon Alexander, Tal Alexander, Oge, Oren, Michael Shvo, John Hudak, Beyoncé, Tyrone, Richard Jordan Organizations: Service, Partners, New, Business, Group, Raleigh, Bel Air Locations: Los Angeles, New York, Miami, Miami Beach

☆ Tal Alexander announces he will step away from his brokerage firm amid rape allegation
▼ + stars: | 2024-06-25 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +4 min

AdvertisementThe announcement caps a dizzying fall from the pinnacle of the residential real estate business for both Tal and his brokerage partner and brother Oren Alexander amid sordid allegations. Tal and Oren spent more than a decade at the brokerage firm Douglas Elliman, establishing themselves as big-name sellers of ultra-pricey homes. In 2022, the pair broke off from Elliman and cofounded Official Partners, a firm that focuses exclusively on the uppermost tier of the residential sales market. She also said that the decision to step aside was mutually made by Tal and Official. "Given the salacious nature of this false allegation and impact on Official, Tal and his partners have decided he will take a leave from the company," Deanna Paul, the attorney, said.

Persons: —, Tal Alexander, America's, Alexander, Deanna Paul, Tal, Paul, Oren Alexander, Oren, Douglas Elliman, Ken Griffin, Alon Alexander, Alon, Nicole Oge, Oge, Angelica Parker Organizations: Service, Business, Partners Locations: New York, Manhattan, Elliman, New York State

☆ Woman accuses luxury real estate broker Tal Alexander and his brother of raping her while their third brother watched
▼ + stars: | 2024-06-18 | by ( Daniel Geiger | Katie Warren | ) www.businessinsider.com time to read: +4 min

Read previewA woman has accused star real estate broker Tal Alexander and his brother Alon of raping her at a Manhattan apartment in 2012. Earlier this year, two other women filed separate lawsuits accusing Alon and a third brother, Oren Alexander, of rape. Tal and Oren Alexander cofounded the luxury real-estate brokerage Official. An attorney for Tal Alexander did not immediately return an email Tuesday seeking comment on the allegation. They also developed a reputation in the brokerage business for their aggressive approach in courting wealthy clientele and elbowing other brokers out of transactions.

Persons: —, Tal Alexander, Alon, Oren Alexander, Angelica Parker, Tal, Oren, Parker, vaginally, Sean Zanni, Patrick McMullan, Isabelle Kirshner, Kirshner, Michael Willemin, Angelica, Willemin, Douglas Elliman, Rebecca Mandel, Kate Whiteman, Evan Torgan, Mandel, Whiteman, everyone's, they'll, it'll Organizations: Service, Business, Partners, Hamptons Locations: Manhattan, New York, SoHo, NY

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threaten to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

Amid the whirlwind of activity, the 51-year old, Israel-born executive has presented himself as a real estate visionary with a personal preference for all-black attire and a taste for luxury brands. BVK recently hired the residential brokerage firm Corcoran Group to complete a market study of the Fifth Avenue project, a person who viewed the report said. Miller noted he did not have direct knowledge of the situation at 685 Fifth Avenue. At 685 Fifth Avenue, he recently marked down prices for some of the units. In contrast, the Shore Club, which is being built by the New York real estate developer Steve Witkoff just a few hundred yards away from the Raleigh has pre-sold briskly.

Persons: —, Michael Shvo, Shvo, Peter Marino, Norman Foster, Renzo Piano, BVK, Corcoran, Jonathan Miller, Miller Samuel, Miller, Pam Liebman, Corcoran's, Truist, Michael Lirtzman, Akuna, Lirtzman, I've, Scott Wadler, Wadler, Jed Jacobsohn, John Goodman, Diane, –, Goodman, profanely, Serdar, Shvo's, Bilgili, Deutsche Finance didn't, Alex Miranda, I'm, Steve Witkoff, Morgan Chase Organizations: Service, Bayerische, Deutsche Finance, Business, GFI, Group, Shvo, Wabash, Akuna, Colliers, Wabash –, Raleigh, Core, New York State, Noë, Associates, West, Bilgili, BVK, Shore Club, New Locations: New York, Manhattan's Plaza, Los Angeles, Miami Beach, Raleigh, Israel, Wilshire, LA, Manhattan, Chicago, Miami, Paris, South Florida, San Francisco, Manhattan's, Turkish, BVK, Wabash, Shvo, Munich

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threatens to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

☆ Blackstone in deal to expand its Manhattan headquarters by 30% in the latest sign of growth
▼ + stars: | 2024-06-12 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +1 min

Blackstone is in a deal to grow its Manhattan HQ by 30% as its head count balloons. Last year, the private-equity giant reached $1 trillion in assets under management. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAlmost a year since hitting $1 trillion in assets under management, Blackstone is gearing up for more growth. The expansion plans come amid rapid-fire growth for the private-equity giant, which has boosted its head count by about 50% in recent years.

Persons: Blackstone, — Organizations: Service, Business Locations: Manhattan

☆ Billionaire investor Barry Sternlicht, master of the downturn, is now embroiled in one
▼ + stars: | 2024-05-24 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

Read previewBarry Sternlicht became a real estate billionaire by snapping up commercial properties on the cheap during market downturns. The 63-year-old Miami-based executive, who built his firm Starwood Capital into a more than $100 billion real estate investment behemoth, has now found himself on the flipside of that formula. The situation is a reversal of fortune for Sternlicht, who is more used to capitalizing on real estate dips than becoming entangled in them. But investor sentiment darkened as interest rates rose and put pressure on real estate asset values. "They're concerned that there may be more markdowns in net asset value if interest rates stay higher for longer.

Persons: —, Barry Sternlicht, SREIT, Sternlicht, Matt Malone, REITs, Malone, Kevin Gannon, Gannon, Jon Mechanic, Fried Frank, Mechanic, Barry Organizations: Service, Starwood Capital, Starwood, Income Trust, Business, Federal Reserve, Shareholders, Westin, Caesars, Opto Investments Locations: Miami, Vegas, SREIT

☆ Why the biggest real estate funds still struggle
▼ + stars: | 2024-05-17 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Read previewBlackstone, the world's largest landlord, contends the worst is over for commercial real estate. In the first quarter, shareholders in Blackstone Real Estate Income Trust, or BREIT, its $59 billion flagship real estate investment fund, pulled out almost a billion dollars a month on average, according to the company's first-quarter earnings statement. A similar investment fund operated by Barry Sternlicht's Starwood Capital has had an even greater retreat by investors. Share pricing is determined through appraisals of the value of the underlying real estate holdings. In May, Blackstone Real Estate Partners X also completed the $3.5 billion acquisition of Tricon Residential, an owner of single family rental homes.

Persons: —, Barry Sternlicht's, Kevin Gannon, BREIT, reinvigorating, anemic, REITs, Jonathan Gray, Blackstone Heidi Gutman, NBCUniversal, Jon Gray, they're, Gray, outperformance, redemptions, Blackstone, Gannon, They're, Sternlicht, Todd Henderson, REIT, Henderson, It'll Organizations: Service, Investors, Income Trust, Business, Barry Sternlicht's Starwood Capital, Starwood Real, Blackstone, Starwood, KKR, Apollo, Federal Reserve, Communities, Blackstone Real Estate Partners, Tricon Locations: Blackstone, Brookfield, BREIT, Tricon, Nashville, DWS

☆ Meet nuclear power's newest fans: data centers
▼ + stars: | 2024-05-06 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +11 min

The deal illustrates data centers' new-found interest in nuclear power. Joe Dominguez, the CEO of Constellation, the nation's largest operator of nuclear plants, said in a March earnings call that powering data centers with nuclear energy was "kind of a perfect marriage." AdvertisementVistra, another nuclear owner, also indicated it was arranging data center deals for a nuclear plant it owns in Ohio and one in Texas. Greg Poulos, the executive director of a PJM watchdog group, said that "one of my highest priority, highest radar items" is how data centers could push costs onto consumers and also whether nuclear data centers deals could reduce grid reliability. Beyond the nuclear optionNot all data centers, of course, are seeking out nuclear power to seize their energy independence.

Persons: —, Wes Swenson, Swenson, Joe Dominguez, Jim Burke, Ralph La Rossa, La Rossa, Steve Helber, Burke, Dominguez, PJM, Michael Jacobs, Brian Janous, Greg Poulos, Poulos, Biden Organizations: Service, Susquehanna, Amazon, Business, US Energy Information Administration, Nuclear, Constellation, Public Service Enterprise Group, Microsoft, International Energy Agency, Dominion Energy, Talen Energy, Energy, Union of Concerned Locations: Pennsylvania, Salt Lake City, Ohio, Texas, New Jersey, Our, Jersey, Virginia, Chester , Va, Susquehanna, Chicago, New York City

☆ Blackstone's data-center bets have climbed 10-fold to $100 billion in just 3 years. And it's just the start, Steve Schwarzman says.
▼ + stars: | 2024-04-18 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +4 min

Schwarzman said QTS was now "the largest data center company in North America" and that data centers were one of Blackstone's "highest conviction investment themes today." Jon Gray, Blackstone's president, suggested Blackstone's data center portfolio would continue to grow. The size of Blackstone's investments in data centers reflect an astonishing rise for a once-obscure industry that's gaining importance in the race to develop and commercialize artificial intelligence. Around the country, there has been a boom of data center construction. Late last year, QTS won local approval to build one of the country's largest new data center projects in Virginia.

Persons: Steve Schwarzman, Schwarzman, Blackstone's, Blackstone, QTS, Jon Gray, Gray, Michael Chae, We've Organizations: Business, Blackstone, Google, Income Trust, Digital Realty Trust Locations: North America, QTS, Virginia, Frankfurt, Paris

☆ New data centers require billions of dollars in utility system upgrades. You may end up paying for it.
▼ + stars: | 2024-04-18 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +15 min

A record surge of data center construction is underway to provide the computing and storage that underpins society's fast-expanding digital footprint and powers artificial intelligence. In areas of the country where data centers have clustered, utilities have unveiled plans to spend billions of dollars to keep up. asked David Springe, the executive director of the National Association of State Utility Consumer Advocates. "Then you have the data centers that are having exponential load growth," Nelson said. Data centers also don't deliver the number of long term jobs – a key yardstick for public benefits – that other industries do.

Persons: Mike DeWine, David Springe, they're, Ryan Augsburger, Augsburger, Ron Nelson, Strategen, ratepayers, Nelson, Steve Helber, That's, PJM, David Lapp, Lapp, Jeffrey Shields, Shields, Kantele Franko, Shelby Moore, Meta, behemoth Blackstone, QTS, John Gavan, Daniel Tait, Tait Organizations: Amazon, Ohioans, Business, Wall, Boston Consulting Group, National Association of State, Consumer, Ohio Manufacturers ' Association, Web Services, Energy, Dominion Energy, Federal Energy Regulatory Commission, Tech, Wall Street titans, American Electric Power, Buckeye Power, AEP, Buckeye, AEP Ohio, Staff, Intel, Policy Institute Locations: Ohio, ratepayers, Chester , Va, Virginia, PJM, Chicago, New Jersey, New York City, Maryland, West Virginia, Pennsylvania, Columbus , Ohio, Denver, New Albany , Ohio, Minnesota, Columbus, Mississippi

☆ The 4% mortgage rate and other sweet offers from lenders hoping to stave off commercial real estate doom
▼ + stars: | 2024-03-27 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Instead a deal is now being negotiated to trim the size of the property's $240 million mortgage and potentially extend the loan at below-market interest rates in an attempt to revive the property's fortunes. The negotiations show that as hundreds of billions of dollars of commercial real estate debts come due or have already tumbled into default, deals are being arranged behind the scenes to try to stave off financial catastrophe. More borrowers and lenders have sought to buy timeThere is mounting evidence that such negotiations are taking place more widely. There have been concerns that trillions of dollars of upcoming commercial property debt maturities could inflict heavy losses that could weigh on investors and lenders across the property market and even cause systemic issues in the banking sector. The deal is part of a growing number of sales by some lenders to cut down their exposure to commercial real estate.

Persons: Realty, Michael Maturo, we'd, Maturo, Jack Terzi, Terzi, Jamie Woodwell, Stephen Buschbom, Trepp, Alan Todd, David Blumberg, Raymond Boyd, Blumberg, Robert Ivanhoe, Greenberg Traurig, Ivanhoe Organizations: New, Aareal Bank, Business, JTRE Holdings, Mortgage Bankers Association, Treasury Department, Bank of America, 601W Companies, Aon, Aon Center, Federal Reserve Locations: New York, Lower Manhattan, Manhattan, New York City, Chicago

☆ Why a warehouse giant is planning a $25 billion push into data centers
▼ + stars: | 2024-03-06 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

He will fill the newly created role of global head of data centers at the firm. Prologis's push exemplifies the growing interest among investors in data center deals, including players who have not traditionally been involved in the highly specialized industry. Warehouses have squat footprints similar to data centers and are often located in industrial areas that have proximity to the heavy electrical lines and equipment necessary to deliver voluminous power that data centers require. Warehouse growth slows as data centers accelerateDemand for data centers has steadily grown over the past decade, driven by the widespread use of cloud computing and storage across corporate America. Blackstone, for instance, has said it plans to develop as much as $50 billion of data centers in the coming years.

Persons: Chris Curtis, Curtis, Michael Hochanadel, Hochanadel, Harrison, They're, Joseph Ghazal, Ghazal, Hamid Moghadam, JLL, Morgan Stanley, Blackstone, Vince Tibone, Tibone, Prologis's, Ron Kamdem, Moghadam, Carl Beardsley, Beardsley, Chris Crosby, Prince William County, Prologis Organizations: Business, Harrison, Green, Amazon, Google, Microsoft, Brookfield, Blackstone, Compass Locations: San Francisco, Dallas, America, Brookfield, Canadian, Prince William, Virginia

☆ Tiny home sensation Boxabl welcomes investors in as its founders plan to cash out $10 million
▼ + stars: | 2024-02-28 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +5 min

As the company has sought a financial lifeline by inviting more investors in, its cofounders are cashing out. The Tiramanis together previously sold off about $10 million of their shares in a 2022 fundraising round and have awarded themselves annual salaries of close to a million dollars each. "Maybe they're afraid that if they don't sell shares now they will walk away with nothing." A spigot of cash running dryBoxabl is seeking to raise $64 million in the share offering, an additional $10 million for the Tirmanis, and $1 million for other insiders at the company. AdvertisementAmong the insiders in the company seeking to sell shares in the funding round are Darryl and Lucille Maslak, the parents of Shawna Maslak, Galiano's wife.

Persons: —, Paola Tiramani, Galiano, Chad Cohen, Erik Gordon, Cohen, Darryl, Lucille Maslak, Shawna, Gordon Organizations: Service, Business, Scala Advisors, University of Michigan's Ross School of Business, Securities and Exchange Commission, University of Michigan Locations: North Las Vegas , Nevada, Canada

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