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Fremont Street video canopy getting $32 million upgrade


Julie Jacobson/ AP In this March 22, 2012, photo, travelers enjoy the canopy light show at the Fremont Street Experience in Las Vegas.

Monday, Aug. 13, 2018|11:52 a.m.

. A $ 32 million upgrade of the Fremont Street Experience will make one of downtown Las Vegas’ biggest attractions brighter than ever.

The upgrade will make the Viva Vision video canopy 7 times brighter and permit the LED display screen to operate 24 hours a day.

Covering 4 blocks, the electronic canopy is one of the largest video screens worldwide. It consists of 12.5 million LED lights and a 550,000-watt, concert-quality stereo.

The project is a partnership in between the Fremont Street Experience, the city of Las Vegas and the Las Vegas Conventions and Visitors Authority. It will start in February and is arranged for conclusion before New Year’s Eve 2019.

” With Fremont Street Experience bring in more than 23 million visitors a year, we’re truly eagerly anticipating seeing the brand-new energy this gives downtown Las Vegas and the positive impact it will have on the entire community,” stated Patrick Hughes, president and ceo of the Fremont Street Experience.

The canopy will also be integrating brand-new digital content and interactive aspects, such as The Key, an app that will enable visitors to post personalized messages on the screen and elect the next song or video to be played.

Saxum Debuts $100 Million Opportunity Zone Investment Fund

Firm’s Fund is among the First in the U.S. Northeast to Focus on Federal Opportunity Zones

Saxum Realty is introducing a $100 million fund to invest in residential or commercial properties specifically situated within federal Opportunity Zones, among the very first such swimming pools of cash to be unveiled in New Jersey and the Northeast.

Saxum, a personal property financial investment and advancement firm based in Parsippany, NJ, plans to utilize its new fund to concentrate on middle-market projects found in high-growth commercial property submarkets in the Garden State, as well as throughout the Northeast and Mid-Atlantic regions, inning accordance with Anthony Rinaldi, the company’s managing principal.

Saxum will be looking to develop tasks ranging from $10 million to $50 million, with the majority of the ventures likely to fall in the $15 million to $30 million variety, he noted.

” We will buy all property classes within the particular Opportunity Zones that we are pursuing, much which will be heavy value-add and opportunistic investments,” Rinaldi stated.

The federal Tax Cuts and Jobs Act of 2017 established the Chance Zone program, legislation that U.S. Sen. Cory Booker helped draft, as a way to stimulate private-sector financial investment in low-income metropolitan and rural neighborhoods. The lure is a tax break on capital gains.

” The majority of significantly, the program permits investors to unlock capital gains from any competent property and to redeploy earnings which are tax-deferred into properties found in Chance Zones,” Saxum Realty stated in announcing the fund.

Earlier this month, New Jersey Gov. Phil Murphy and Booker, one on New Jersey’s agents in Washington, addressed a group of potential investors about the Garden State’s 169 Opportunity Zones, situated in 75 towns.

At that event, Booker said that Newark, NJ-based Prudential Financial Inc. was prepared to release an Opportunity Zone fund. Prudential couldn’t be grabbed remark.

Virtua Partners, a private-equity property investment firm based in Phoenix, was among the very first business nationally to say back in June that it was producing an Opportunity Zone fund, looking to raise $200 million.

” This is a historic chance that rarely presents itself,” Rinaldi said in a declaration. “It is a special chance for investors to receive considerable tax cost savings while investing in real estate located in neighborhoods that Saxum has actually determined as displaying strong development potential. It is also a chance for our financiers to further diversify from conventional investments such as stocks and bonds and into realty, while likewise earning the extra return increase due to the tax cost savings of the [Chance Zones] program.”

In addition to its brand-new Chance Zone Fund, the business formed its flagship Saxum Adamas Fund I LP in 2017.

Linda Moss, Northern New Jersey Market Reporter CoStar Group.

BB&T Tower Trades in One of the Largest Office Deals in Jacksonville This Year at $24.5 Million

The 18-story BB&T Tower in Jacksonville, FL offered in among the greatest office sell the marketplace so far this year.

After being put up for sale by unique servicer LNR Partners this&spring, BB&T Tower chose $24.47 million, or about $86 per square foot, making it among the most pricey, inning accordance with CoStar information.

LNR Partners, which re-possessed the 285,487-square-foot complex after it entered into foreclosure in 2016, sold BB&T Tower to an entity connected to in your area based designer Ash Residence by means of online auction platform Ten-X.

Transwestern’s John Bell, who was tapped by the seller to shop the landmark possession, noted that BB&T Tower was among the most in-demand office investments in Jacksonville up until now this year. Inning accordance with Transwestern, the complex underwent an extreme bidding procedure, receiving almost 300 privacy contracts from capital sources across the country and internationally.

BB&T Tower, located at 200 W. Forsyth St., was initially integrated in 1975 however was recently remodelled. According to Bell, LNR Partners completed almost $4 million in capital improvements to the office complex and kept a 63 percent occupancy rate. The complex is anchored by its namesake renter, BB&T.

Other leading workplace offers that have actually taken place so far this year include the $13.75 million Dream Finders headquarters deal in June, the $9 million Southpoint Company Park sale in June and the Flagler Center deal that can be found in at a tremendous $136 million.

Please see CoStar COMPS # 4437572 to learn more on the BB&T Tower deal.

Male wins over $1 million at Harrah'' s Las Vegas

A man identified as Michael won more than $1 million at Harrah's Las Vegas on July 27, 2018. (Harrahs/Twitter)
< img alt =" A man identified as Michael won more than $1 million at Harrah's Las Vegas on July 27, 2018. (Harrahs/Twitter)"

title=" A male recognized as Michael won more than $1 million at Harrah's Las Vegas on July 27, 2018

.( Harrahs/Twitter)” border=” 0″ src= “http://kvvu.images.worldnow.com/images/17292092_G.jpg?auto=webp&disable=upscale&width=800&lastEditedDate=20180727142356” width=”180″/ > A male determined as Michael won more than$ 1 million at Harrah’s Las Vegas on July 27, 2018.( Harrahs/Twitter). LAS VEGAS (FOX5) -.

A fortunate guy won more than $1 million at Harrah’s Las Vegas Friday. Inning accordance with a tweet from the property, a

man determined as Michael won the Wheel of Fortune jackpot. He won $ 1,180,846.77, inning accordance with the property. Copyright 2018 KVVU ( KVVU Broadcasting Corporation). All rights scheduled.

Breaking News: Cushman & & Wakefield Sets Terms for a $765 Million Midpoint Price in Its Going Public

Upgraded: 101-Year-Old Commercial Home Brokerage to Sell 45 Million Shares Starting Next Week

Global commercial property providers Cushman & & Wakefield plans to offer 45 million shares in its going public at $16 to $18 each in a bet that institutional financiers want higher direct exposure to the monetary performance of commercial home.

Cushman would produce $719.3 million in earnings after subtracting commissions, expenditures and underwriting discounts at the midpoint price of $17 a share if financiers support the IPO, the company stated in a preliminary prospectus filed today with the United States Securities and Exchange Commission.

A $17 price would value Cushman & & Wakefield, founded in 1917, at$ 3.5 billion based on the worth of its fully diluted shares. It would have an overall business market value of $5.6 billion, according to public offering consulting specialists Renaissance Capital. The $17 per share midpoint price would raise $765 million prior to commissions, expenditures and underwriter discounts.

Morgan Stanley, J.P. Morgan, Goldman Sachs, UBS Financial Investment Bank, Barclays, BofA Merrill Lynch, Citigroup, Credit Suisse and William Blair are handling the offering. Chicago-based Cushman & & Wakefield could offer up to 51.75 million shares if its underwriters opt to exercise their alternative to purchase 6.75 million shares, raising a prospective optimum of $931.5 million, with profits of $828.3 million after expenses, discounts and commissions.

Cushman plans to use $470 million of the earnings to minimize financial obligation, particularly to repay its 2nd lien loan. The business prepares to use $130 million to make deferred payments related to DTZ’s 2014 purchase of Cassidy Turley.

The Cushman offering would be the 2nd IPO by a large industrial property services provider in simply over 7 months. Newmark Group, a brokerage carved from moms and dad BGC Partners, an electronic stock trading company, priced at $14 per share. That was after the business, which does business as Newmark Knight Frank, needed to cut the IPO cost from a targeted $19 to $22 to $14 to $15 due to the fact that of less than peak interest throughout its pre-offering discussions to investors.

Cushman said it prepares to list on the New York Stock Exchange under the stock sign CWK. The stock is expected to start trading the week of July 30.

Cushman on July 6 finished a share exchange in which DTZ Jersey Holdings Ltd. investors exchanged their shares for freshly issued shares in Cushman & & Wakefield Limited. On July 19, Cushman & & Wakefield Limited completed its re-registration to Cushman & & Wakefield Plc, a public limited business integrated in England and Wales.

The company was established in its present kind in 2014 when private equity companies TPG Capital, PAG Asia Capital and the Ontario Teachers’ Pension Board got home services firm DTZ from UGL Limited. At the end of 2014, the firm’s primary investors gotten and Cassidy Turley and integrated it with DTZ.

In 2015, the financial investment backers bought Cushman & & Wakefield from Italian investment company Exor and other financiers, choosing to keep the Cushman & & Wakefield name. Reports initially surfaced in March that Cushman had actually resumed talks with investment bankers, with a possible filing in June or July.

TPG will keep 49.6 percent of Cushman’s shares following the offering, with PAG Asia Capital holding 37.3 percent and Ontario Teachers Pension Plan Board holding 13 percent.

In its prospectus, Cushman said it is well-positioned for development as one of the leading 3 providers behind market leaders CBRE Group, Inc. and Jones Lang LaSalle, Inc. Cushman has 48,000 workers in 70 nations and manages about 3.5 billion square feet of commercial residential or commercial property on behalf of institutional, corporate and private customers.

The company stated the international commercial real estate market is projected to grow 5 percent each year by 2022 to more than $4 trillion, outpacing forecasted worldwide gdp growth.

Cushman also acknowledged in its filing that the commercial property service goes through various dangers, consisting of “disruptions in general economic, social and organisation conditions” and Cushman’s considerable quantity of debt. Some experts who follow openly traded property services companies, such as Mitch Germain of JMP Securities, are embracing a more bearish outlook on the sector in expectation that costs and other incomes will decline as realty’s long growth cycle unwind.

Germain, who did not talk about the pending Cushman IPO, kept in mind in a July 19 preview of upcoming second-quarter 2018 profits reports that after a very strong first quarter, average stock returns have actually slowed since April 1 for CBRE Group, Inc., Jones Lang LaSalle, Inc., Colliers International Group, Inc., Holliday Fenoglio Fowler and Marcus & & Millichap.

The 5 companies have an average weighed return of 15.9 percent on their stock up until now in 2018, compared with 6.2 percent for the Requirement & & Poor’s 500 index. Since April 1, nevertheless, the S&P 500 has returned approximately 9.4 percent, compared with 5.2 percent for the 5 realty services companies, Germain noted.

“We are less positive on earnings growth potential customers, as we are sitting later on in the [realty] cycle,” Germain stated, adding that the threat of tariffs and other international political pressures, in addition to concern about rising interest rates and tightening up by lenders has dampened financier interest for the stocks.

Editor’s note: This story has been updated to include details on Cushman’s planned usage of the offering earnings and changes in the company’s business structure, and an analysis of the publicly traded home services sector.

Avison Young Gets $250 Million Infusion from Leading Canadian Pension Fund

Toronto Firm Will Utilize Cash Injection from Caisse de dépôt et placement du Québec to Fuel Growth in Return for 3 Seats on Avison Young Board

Caisse de dépôt et placement du Québec, among Canada’s largest pension funds, is making a $250 million chosen equity stake in industrial property company Avison Young, which plans to utilize the money to accelerate its prepare for worldwide growth.

Avison said it would purchase acquisitions and the recruitment of crucial specialists. A part of the proceeds will likewise be used to buy the shares held by the firm’s existing personal equity partner, Parallel49 Equity – formerly referred to as Tricor Pacific Capital Inc. – as well as shares of specific other non-management founders and previous principals of the company. Regards to the transaction were not revealed.

Given Caisse’s “size and strength as one of the leading private equity investors on the planet, you have access to management groups and board advisors,” said Mark Rose, chief executive of Avison Young, about the relationship with Caisse, which has $298.5 billion in properties. “It’s simply limitless since they touch a lot of various parts of the world and not simply realty.”

Rose said the offer is with the parent corporation, which will be entitled to three seats on Avison Young’s nine-member board, instead of with its real estate subsidiary Ivanhoe Cambridge. The parent also has the right to obstruct deals.

” Caisse is a favored investor. They become a partner, however don’t have any of the ballot or common shares,” stated Rose, including that Avison will still be managed by its partners. The business calls itself the world’s only privately held full-service realty firm as Cushman & & Wakefield goes public.

He said Avison’s growth method will not alter, however the “gravitas” of Caisse adds to the company’s technique of being a disruptive, personal and principally-owned realty services firm.

” Avison Young’s performance history and skilled group speak for themselves: through a well-defined and carried out organisation technique, the company has actually grown significantly over the last few years, particularly by entering worldwide markets with strong potential,” said Stéphane Etroy, executive vice-president and head of personal equity at Caisse, in a declaration.

Rose said Parallel49 Equity didn’t have a right to leave its financial investment until 2021 and there was no seriousness to purchase the shares of previous founders and principals. Instead, he said the deal was everything about finding a partner for development.

Jon Love, chief executive of Toronto-based realty developer KingSett Capital, which has a portfolio of $13.1 billion, applauded the deal.

” Delighted to see La Caisse support Avison Young in its worldwide goals. Good deal for both celebrations and I rather like Canadian organizations supporting Canadian services,” said Love, through email. He’s not connected to the deal.

Garry Marr, Toronto Market Reporter CoStar Group.

Seattle'' s South Lake Union Area Hosts $338.5 Million Sale, Puget Sound'' s Greatest in 2018

Purchase of Tommy Bahama’s Headquarters at 400 Fairview Seals Amazon’s Community as the Region’s Hottest for Commercial Real Estate

Tommy Bahama’s head office structure cost a 2018 record rate of $338.5 million for the Puget Noise region.

Seattle’s South Lake Union neighborhood sealed its track record as the region’s most desirable business real estate place with the sale of Tommy Bahama’s head office for $338.5 million, a record cost for 2018 for all of Puget Noise.

The 400 Fairview structure, the home of the casual clothing company, remains in the neighborhood of internet retailing huge Amazon. The offer, the first in Seattle for Boston-based Pembroke Real Estate, exercises to about $969.28 per square foot, which CoStar’s data programs is the location record for the year.

“Seattle has actually been a target for us due to its long-lasting development potential and functional synergies with San Francisco, where we manage two assets,” stated Pembroke Vice President Cory Saunders, who called the South Lake Union community the most in-demand Seattle submarket.

The community simply north of downtown started to take shape when Paul Allen, a Microsoft co-founder, invested $30 million to acquire land there to develop a large park, according to the Discover South Lake Union website. Allen then formed Vulcan Realty and developed the land into a mix of workplace, retail and multifamily.

Today, South Lake Union is the second-largest workplace submarket in Seattle, with several brand-new structures going up in the past several years. Vacancies are low, and average rents, at $52.45 per square foot in Class A buildings, are amongst the highest in metropolitan Seattle, according to CoStar research study. Besides Amazon, major employers with office in South Lake Union consist of insurance provider Pemco, architecture company NBBJ and a number of health-care companies, consisting of University of Washington Medicine, Fred Hutchinson Cancer Research Center and Group Health.

Recent close-by sales consist of 501 Fairview, a brand-new structure that cost practically $269 million in 2015, and the Amazon Head office Phase VIII building, at 400 Ninth Ave. N., which sold for $244 million in late 2016. Amazon occupies 100 percent of both buildings, according to CoStar information.

The completely rented 400 Fairview building was developed by Skanska 3 years ago. The Swedish construction and development company offered a majority stake in the building in 2015 to TH Property, an affiliate of Nuveen, which is the investment supervisor for TIAA, a major pension fund investor and monetary services provider serving the scholastic, research, medical and government fields.

Skanska maintained a 10 percent interest in the building, which will be divested this fall. Skanska will keep managing the property following its sale to Pembroke.

Pembroke owns a number of homes in the United States and Europe, including in Washington, D.C., Boston, San Francisco, London, Munich and Oslo. Besides Boston and D.C., Pembroke has offices in London, Stockholm, Sydney and Tokyo.

400 Fairview, which has to do with 349,000 square feet, holds LEED Gold accreditation from the United States Green Structure Council.

Jason Flynn and Reid Rader of Eastdil Secured represented Skanska and TH Realty in the transaction.

More information on this sale is readily available by speaking with CoStar Sale Comp # 4373368.

Disney to Spend $650 Million on Development Rights for Downtown New York City Site As It Sells Upper West Side Holdings

In preparation for the relocation, Walt Disney has actually sold holdings on the Upper West Side along West End and Columbus opportunities to Silverstein Properties for about $1.155 billion, the property manager validated to CoStar news. The parcels consist of ABC’s headquarters at 77 West 66th St. (above).

Walt Disney Co. is selling holdings on the Upper West Side and plans to build its next New York head office to host early morning talk programs and other programs over a complete downtown city block at 4 Hudson Square in a deal that might spark increased demand for commercial realty in the area.

Disney is paying Trinity Church Wall Street $650 million for the rights to establish the block bordered by Hudson, Varick, Van Dam and Spring Streets for 99 years. The job will house an advancement with 1 million square feet of area in an LEED-certified building with a maximum height of 290 feet, according to a source close to the offer, who warned the company was in the early phases of advancement.

Disney President Rob Iger stated its consolidation will consist of Disney Streaming Providers leaving Chelsea Market and the addition of ABC News, and morning talk reveals Cope with Kelly and Ryan and The View. The move would attract employees, audiences and increase the profile of the neighborhood, which normally increases need.

In preparation for the move, Walt Disney has sold holdings on the Upper West Side along West End Opportunity and Columbus Avenue to Silverstein Residence for about $1.155 billion, the property owner verified to CoStar news. The parcels consist of ABC’s head office at 77 West 66th Street.

The West End Avenue homes cover 148,000 square feet of website location and 517,000 in rentable square feet. They incorporate 125 West End Avenue, 320 West 66th Street and the 64th Street Parking Lot.

The Columbus Avenue properties total 115,000 square feet of site area and 1.148 million rentable square feet. They include 149 Columbus, 147 Columbus, 77 West 66th Street, 30 West 67th Street, 47 West 66th Street and 7 West 66th Street.

Deutsche Bank holds the mortgage for the Upper West side deal, on which Silverstein took $900 million in debt.

Disney stated it will rent back those facilities for as long as five years while the brand-new head office at 4 Hudson Square is under building and construction.

Industrial property services firm Eastdil Secured recommended Disney on both deals.

Trinity Church Wall Street partnered with Norges Bank in 2015 on a joint endeavor partnership covering 11 structures and 4.9 million square feet downtown. Proceeds from the sale will benefit the parish, according to an agent for Trinity. The church said it initially got the residential or commercial property in a land grant in 1705.