Tag Archives: worldwide

Discovery Validates 230 Park Avenue South for its New Worldwide HQ

Home Entertainment and Media Company Leases Entire Flatiron Structure from TF Cornerstone

Approximately three months after its $14.6 billion acquisition of Scripps Networks Interactive, Discovery has verified the place of its new global head office at 230 Park Opportunity South, TF Foundation’s 386,000-square-foot office complex at the corner of 19th and Flatiron.

The cable network, which will inhabit the whole workplace part of the 13-story Gramercy Park building, is planning to take tenancy on phases, starting in fall of 2019 and continuing through mid-2020.

The area is stated to be a favorite with new media business, including Facebook and Spotify, which have offices there, which factored into Discovery’s decision, inning accordance with sources with knowledge of the offer.

In connection with the long-term lease signed by Discovery, TF Cornerstone said it will invest more than $40 million into structure upgrades and modernizations that include an expanded workplace lobby and outdoor courtyard. Discovery said it’s planning to add ground-floor studio and production area along with a roof balcony for workers.

Inning accordance with a TF Foundation spokesperson, the structure owner worked closely with its two existing tenants at 230 Park Opportunity South to end their leases early and help with move-outs, providing the flexibility had to accommodate Discovery’s move-in.

As soon as its brand-new house on Park Avenue is ready Discovery plans to consolidate its other regional office areas, consisting of 850 Third Avenue, Chelsea Market and 1180 Sixth Avenue. CoStar research shows Discovery renting 165,884 square feet at 850 Third Avenue. Discovery acquired the 118,850 square feet that it presently rents at 1180 Sixth Avenue when it acquired Scripps. The Scripps acquisition also brought Discovery the Food Network, which runs from 134,843 square feet at Chelsea Market, now owned by Google.

“TF Cornerstone is thrilled to welcome Discovery to 230 Park Avenue South and together expose the structure’s exceptional historical character while also improving its system and operations into of the premier Class An office complex in Midtown South,” stated Jake Elghanayan, principal at TF Foundation, in a statement.

Discovery revealed plans to transfer its present worldwide head office from the Washington DC residential area of Silver Spring, Maryland to New York City in January. Following its acquisition of Scripps, the combined company runs such cable television networks as Discovery, Food Network, HGTV, ID and TLC. It likewise owns the sports network Eurosport and has a stake in digital material generator Group 9 Media.

FOR THE RECORD: Cynthia Wasserberger, Michael Berg, Joe Judge and Hayley Schoener of Jones Lang LaSalle represented Discovery in its site selection and lease settlements. TF Cornerstone was represented by Bruce Mosler, Ethan Silverstein, Mark Mandell and John Peters of Cushman & & Wakefield.

Bechtel Moving Worldwide Headquarters to Washington, D.C., Location from San Francisco

Global Engineering and Building and construction Giant’s Operational Head office in Reston, VA, to Become Corporate Headquarters

Bechtel’s primary workplace in Reston, VA.

International engineering and building firm Bechtel revealed strategies to relocate its global head office from San Francisco to a broadened presence in Reston, VA, where the operational headquarters for its nuclear, security and ecological department is based.

The business stated it will move corporate positions from Houston and San Francisco to the Washington, D.C., residential area in northern Virginia by the end of 2018. The debt consolidation will include about 150 jobs to the business’s presence in Reston.

Bechtel has actually made San Francisco its corporate headquarters for more than 100 years, but more recently Reston has functioned as Bechtel’s de facto operation head office. Its corporate human resources department has been operating from there considering that a minimum of 2015. And the privately held engineering company has actually been using Reston as its head office area on press releases considering that a minimum of 2017.

Bechtel, which was just ranked as the world’s largest construction firm for the 20th year in a row by industry publication Engineering News-Record, stated moving its headquarters to Reston became part of a larger reorganization to bring all of the firm’s senior management in one location.

“For more than a decade, Bechtel’s business management has been dispersed throughout Houston, Reston, and San Francisco,” said Jack Futcher, Bechtel’s chief operating officer. “Consolidating the corporate management and operations in Reston will allow the business to thrive in the current hectic service environment – one that demands faster and smooth decision-making, integration, and collaboration.”

In the statement, Bechtel stated it stays committed to the marketplaces in California and Texas. The business is working on, and pursuing, major infrastructure and energy tasks in both states, and will keep a workplace in San Francisco.

Bechtel presently inhabits about 116,000 square feet at 50 Beale St. in San Francisco. However, inning accordance with CoStar information, it is lowering its tenancy by 115,461 square feet on Dec. 31 of this year.

Bechtel’s Oil, Gas and Chemicals service unit will continue to be locateded in Houston, where it inhabits 441,523 square feet at 3000 Post Oak Blvd, through a lease that runs through the end of 2024.

Bechtel did not disclose the address of new headquarters classification and authorities could not be grabbed remark.

Bechtel presently inhabits 157,000 square feet at 12011 Sundown Hills Roadway in Reston and 72,464 square feet next door at 12021 Sunset Hills. Both structures are owned by Boston Residences.

Previously this year, Boston Characteristic secured Fannie Mae as the anchor renter for its massive brand-new Reston Gateway project in Reston. The home loan financing government-sponsored business will rent around 850,000 square feet of the one million-square-foot development located next to the Reston Town Center City Station on the Silver Line of the City.

The station is currently under building and arranged for completion in early 2020. Bechtel was a primary professional in building the Silver Line.

Boston Properties is planning to develop the Reston Gateway project in numerous stages and stated it could ultimately consist of as much as 3.5 million rentable square feet of mixed-use, transit-oriented advancement.

La Quinta Selling Operating Business to Wyndham Worldwide After Spinoff of Property

After announcing plans a year ago to divide its hotel organisation into different companies, Blackstone-controlled La Quinta Holdings Inc. (NYSE: LQ)reached an offer this week to offer its hotel franchise and management organisations to Wyndham Worldwide Corp. (NYSE: WYN) for $ 1.95 billion.

As part of the arrangement, instantly prior to the sale La Quinta will spin off its owned real estate assets into a publicly-traded REIT to be called CorePoint Accommodations. The company’s owned and franchised portfolio currently consists of more than 880 hotel homes with about 87,500 rooms in 48 U.S. states, Canada, Mexico and Honduras.

Wyndham hopes the addition of La Quinta will expand its reach further into the fast-growing upper-midscale hotel section.

Wyndham’s Hotel Group is among the world’s largest and most varied hotel business based on variety of residential or commercial properties. With the acquisition of La Quinta’s asset-light, fee-for-service business consisting of almost 900 managed and franchised hotels, Wyndham Hotel Group will span 21 brand names and over 9,000 hotels across more than 75 nations.

“La Quinta will instantly turn into one of our flagship brands,” said Geoff Ballotti, president and CEO of Wyndham Hotel Group. “It is an exceptionally strong brand name that is led by service-minded associates who provide some of the greatest customer engagement levels in our market.”

Keith Cline, president and CEO of La Quinta, will serve in the same role at CorePoint Lodging.

“As we prepared for, the separation of our businesses is enabling greater strategic clarity and enabling our business to benefit from development chances that naturally circulation from each service model,” Cline stated. “The midscale and upper midscale sections are among the largest in the accommodations industry in regards to number of homes and designers – not unexpected provided the cash-on-cash returns. As a pure-play accommodations realty business with a portfolio focused in these highly preferable segments, there is a considerable chance to drive worth for CorePoint.”

Barclays is functioning as exclusive financial consultant and Kirkland & & Ellis LLP is functioning as legal consultant to Wyndham Worldwide. Barclays and Deutsche Bank are supplying dedicated financing to Wyndham Worldwide in connection with the transaction.

J.P. Morgan is acting as unique financial consultant and Simpson Thacher & & Bartlett LLP is functioning as legal consultant to La Quinta. J.P. Morgan is offering committed financing to CorePoint Lodging in connection with the deal.

Wyndham Worldwide Splitting Hotel and Timeshare Companies into Separate Publicly Traded Companies

Wyndham Hotel Group to Become Pure-Play Hotel Business; Wyndham Vacation Ownership Will Be World’s Largest Publicly Traded Timeshare Business

Wyndham Worldwide (NYSE: WYN) ended up being the latest hospitality firm to spin off separate company systems in a quote to enhance shareholder value.

The company announced that Wyndham Hotel Group, based in Parsippany, NJ, will become a brand-new, openly traded pure-play hotel business, while Orlando-based Wyndham Getaway Ownership, one of largest publicly traded timeshare business, will be combined with Wyndham Destination Network, the home of timeshare exchange business RCI, as a separate time-share company.

The corporate names of the post-spinoff public companies have not yet been decided. Wyndham also announced it prepares to shop its European hotel brands independently.

Wyndham’s brands vary from the spending plan Knights Inn, Super8 and Travellodge to the upscale Wyndham Grand and Dolce Hotels and Resorts.

“After a comprehensive evaluation procedure, the board of directors has figured out that a spin-off of the hotel service and the combination of Wyndham Vacation Ownership with RCI is the best structure to unlock shareholder worth and allow strong development across the businesses,” stated Stephen P. Holmes, chairman and CEO, Wyndham Worldwide.

The deal, which is anticipated to be tax-free to Wyndham Worldwide and its shareholders, will be made by means of a pro rata distribution of the new hotel business’s stock to existing Wyndham Worldwide shareholders. Wyndham Worldwide anticipates the transaction to be completed in the very first half of 2018.

As two separate public business, the getaway ownership business and the hotel company will have different boards of directors. Holmes will act as non-executive chairman of the board for both companies.

Geoff Ballotti, current CEO of Wyndham Hotel Group, will continue to lead the hotel business as president and CEO. Michael Brown, present CEO of Wyndham Holiday Ownership, will continue to lead the timeshare business as president and CEO.

Wyndham Hotel Group has a global portfolio of 18 hotel brand names and more than 8,100 hotels with around 705,700 spaces. The business published 2016 earnings of $1.3 billion.

Wyndham Holiday Ownership has more than 220 time-share homes situated throughout the USA, Canada, Mexico, the Caribbean, South America and the South Pacific. It created more than $2 billion in gross timeshare sales in 2016. The RCI timeshare exchange network has more than 4,300 affiliated residential or commercial properties.

Anticipate broadened home entertainment worldwide from the Cirque du Soleil-Blue Man Group offer

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Lindsay Best The sky is the limit for the Blue Guy Group. By

. If you thought this month’s revealed acquisition of the Blue Male Group by Cirque du Soleil would ultimately cause a Cirque-ification of the popular, somewhat avant-garde programs in Las Vegas and beyond, reconsider. Heaven Guy brand– including its differences from and similarities to Cirque’s productions– is what the Montreal-based live home entertainment service provider digs most.

“They have come to it with the message of keeping the Blue Man DNA as it is, and sort of assisting us understand where the character could go,” says one of BMG’s creators, Phil Stanton. “At this point in our history, we have actually achieved a lot for 3 men starting out as we did, however there’s a lot more we can do and Cirque can really assist us with that. They can assist us get the present show principle around the world in the method it should be.”

Cirque announced the deal July 6, presuming control of the New York-based Blue Man Productions, which has provided its award-winning program in more than 20 nations to more than 35 million people because 1991. “We are incredibly thrilled to invite the renowned Blue Male Group to our portfolio of shows. Their unchecked imagination makes them a best cultural suitable for Cirque du Soleil,” said Cirque President and CEO Daniel Lamarre because statement. “Our comprehensive marketing research likewise verifies that Blue Male Group is a strong ‘love brand name’ with a strong fan base– something else our 2 brand names have in common.”

The terms of the deal were not disclosed however Lamarre told the New york city Times the list price was in the tens of millions.

The transaction offers Cirque another well-known creative asset in its mission to expand internationally and diversify its home entertainment offerings, and as Stanton states, must provide BMG with the resources and vision to expand its show to brand-new parts of the world while also establishing various Blue Man programs.

“We’re a little various than Cirque in many methods, although we share the very same guiding concepts of commemorating human imagination,” Stanton says. “Before we were even contemplating entering into Cirque, we had a lot of ideas for a completely different show concept. We’ll see how things unfold but I believe that will be the strategy, to not just get the present program concept around the globe, but to establish things we’ve had in mind for several years and have actually not been able to produce, along with brand-new things we can only see when collaborating with Cirque. We’re anticipating a lot of that.”

In Las Vegas, Cirque’s currently dominant empire ends up being that much more powerful. Blue Guy Group is Cirque’s 8th program on the Strip, and 2nd at Luxor with Criss Angel: Mindfreak Live running in the pyramid-shaped resort’s Criss Angel Theater. The Blue Guys do their thing in the smaller sized theater on the second-level boardwalk.

“They’ve been in town considering that 2000 and been a part of the same Vegas landscape Cirque has actually belonged of, so it’s not really including a program, and from a behind-the-scenes perspective, you’re not going to see Cirque branding on Blue Guy Group or vice versa,” states Jerry Nadal, senior vice president of Cirque’s resident shows division. “They’ve got such a terrific brand name. And that’s been part of our mission, broadening our role as a global entertainment leader not just by constructing our own things. Blue Male has such a fantastic fan base, too, so to me, it’s a natural to pick it up. Many people that concern town are going to go see Blue Man at some point.”

Nadal states Blue Guy Group has actually been among the most prominent shows on the Strip entertainment scene, specifically since of the immersive and interactive aspects to the program. Like Cirque productions, BMG has actually continuously tweaked its Vegas production for many years. “You’ve got to look and see what is at the heart of each show,” Nadal says. “There are iconic pieces you do not wish to touch, but you also need to [modification] to provide people a reason to return.”

There are no strategies at this time to move Blue Man from the Luxor, but in the future, with Cirque at the helm, anything is possible. A second full-time BMG program on the Strip is not out of the question.

“We’re actually excited about the future and we’re all type of writing the script together as we go,” Stanton states.

British Airways cancels flights amidst worldwide computer outage

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Steve Marcus A British Airways’B777 passenger jet is shown at the gate after landing at McCarran International Airport in Las Vegas, Sunday, Oct. 25, 2009.

Saturday, Might 27, 2017|6:10 a.m.

LONDON– British Airways canceled all flights from London’s Heathrow and Gatwick airports Saturday as a worldwide IT failure causes extreme disruption for travelers.

The airline stated it was suffering a “major IT systems failure” worldwide. It didn’t say what was causing the issue but said there is no evidence of a cyberattack.

Bachelor’s Degree stated terminals at Heathrow and Gatwick had become incredibly overloaded and cancelled all flights from those airports until 6 p.m. (1 p.m. EDT). It is prompting guests not to go to the airports.

Bachelor’s Degree has not stated exactly what is triggering the computer failure. It stated in a tweet that the problem is global.

Previously, travelers at Heathrow reported long lines at check-in counters and flight hold-ups.

One posted a picture on Twitter of Bachelor’s Degree personnel writing gate numbers on a white board.

“We’ve attempted all of the self-check-in devices. None were working, apart from one,” stated Terry Page, booked on a flight to Texas. “There was a substantial line for it and it later on transpired that it didn’t in fact work, however you didn’t discover that till you got to the front.”

Another tourist, PR executive Melissa Davis, said she was held for more than an hour and a half on the tarmac at Heathrow aboard a Bachelor’s Degree flight getting here from Belfast.

She stated guests had actually been told they might not transfer to other flights due to the fact that “they cannot bring up our information.”

Heathrow said the IT issue had caused “some hold-ups for passengers” and it was dealing with Bachelor’s Degree to fix it.

The issue comes on a vacation weekend, when countless Britons are traveling.

Bachelor’s Degree passengers were hit with extreme delays in July and September 2016 due to the fact that of issues with the airline’s online check-in systems.

CBRE, Johnson Controls Close $1.48 B Worldwide Work environment Solutions Transaction

CBRE Group, Inc. finished its acquisition of the centers management business of Johnson Controls (NYSE: JCI) for about $1.48 billion, the companies revealed today.

JCI’s Global Workplace Solutions (GWS) is among the biggest international providers of facilities management services, with more than $3 billion in annual income in 2014. The companies announced the deal on March 31.

Johnson Controls spun off its GWS business as part of its strategy to pare back to its core manufacturing and commercial business, which includes COOLING AND HEATING equipment, developing automation systems and relevant services.

The deal includes a 10-year arrangement between the two companies under which JCI will continue to be the preferred provider of devices and services for the five billion-square-foot property and corporate facilities portfolio handled internationally by the two companies. When fully operational, the new business is expected to create as much as $500 countless yearly profits for JCI.

The transaction even more develops Los Angeles-based CBRE’s business outsourcing business, which has seen double-digit development for numerous years as more huge corporations opt to contract out their property functions.

CBRE will merge the JCI system with its occupier outsourcing company to develop a company line within CBRE under International Office Solutions. Costs Concannon, previously CEO of CBRE’s occupier outsourcing business, ends up being chief executive of GWS, while John Murphy, previously president of the JCI office options device, become its chief running officer.

With the transaction, CBRE now manages about 2.3 billion square feet in the Americas, 1.3 billion square feet in Europe, the Middle East & & Africa; and 1.4 billion square feet in the Asia Pacific area.

Oil prices slide as worries about worldwide supply excess mount

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Eric Gay/ AP

In this July 21, 2015 file picture, an oil tanker passes a fisherman as it enters a channel near Port Aransas, Texas, heading for the Port of Corpus Christi.

Monday, Aug. 3, 2015|7:26 p.m.

. The slump in oil costs grew Monday, taking down the price of U.S. crude to the lowest level in more than 4 months.

The move came as traders braced for softer demand in the middle of a boost in the variety of active rigs and indicators of weakness in U.S. building spending and manufacturing.

Benchmark U.S. crude fell $1.95, or 4.1 percent, to close at $45.17 a barrel in New York. U.S. crude has been decreasing given that reaching a high this year of $61.43 a barrel on June 10. It’s down 15 percent up until now this year.

Brent crude, a benchmark for global oils utilized by lots of U.S. refineries, declined $2.69, or 5.2 percent, to $49.52 a barrel in London. It’s down 13.5 percent this year.

A number of factors have put pressure on oil costs.

Oil production companies have actually been increasing the number of rigs they have drilling for crude in current weeks.

The number of rigs checking out for oil in the united state rose by 5 recently to 664, according to oilfield services company Baker Hughes Inc. All informed, the rig count has actually increased in four of the past 5 weeks.

That added to a 21 percent decrease in the cost of oil last month.

On Monday, a couple of economic reports weighed on oil prices, contributing to growing speculation that international demand is set to weaken.

The Institute of Purchasing Supervisors’ production index slipped to 52.7 last month from 53.5 in June. The most recent reading, which economists had anticipated to continue to be the same from the previous month, signals that U.S. factories were a little less busy in July.

At the same time, the Department of Commerce stated building spending rose just 0.1 percent in June from a month previously.

“Some of the economic numbers that came out today were not encouraging of an increase in demand,” said Robert Yawger, director of energy futures at Mizuho Securities UNITED STATE. “It’s a headline market and the headings have all been negative.”

In other futures trading on the New York Mercantile Exchange, wholesale fuel fell 9.8 cents to $1.675 a gallon, heating oil fell 5.8 cents to $1.531 a gallon and natural gas rose 3.2 cents to close at $2.748 per 1,000 cubic feet.