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Real Estate Roundup 11.25.19

1155 Avenue of the Americas (Credit: Google Maps)

Real Estate Roundup

Office Leasing

Accounting and advisory firm BKD has signed a 20,899 square feet office lease for the entire 12th floor of the Durst Organization’s 1155 Avenue of the Americas. Asking rent on the deal was $85 per square foot. (CO)

Savitt Partners lands three new tenants with leases spanning a total of 29,594 square feet at 530 Seventh Avenue. (CO)

WeWork 

SoftBank Group will launch a previously agreed tender offer for as much as $3 billion of WeWork shares, including up to $970 million owned by the office sharing company’s cofounder Adam Neumann. (Retuers) 

Long-form: Inside the fall of WeWork. (VanityFair) 

Japan is one of only two markets where WeWork is in the black. (Bloomberg) 

Other news 

Former Federal Reserve Chair Janet Yellen on the state of the economy: “I would bet that there would not be a recession in the coming year. But I would have to say that the odds of a recession are higher than normal and at a level that frankly I am not comfortable with.” (CNBC)

Third-quarter earnings season for U.S. retailers was mostly a disappointment, with shares of Home Depot, Urban Outfitters, Macy’s, and Kohl’s taking a hit on disappointing numbers. Target was one of the few bright spots, reporting third-quarter earnings and sales well above expectations and raising its full-year earnings guidance. (DetroitFreePress)

Politics

In response to an increase in construction injuries, the city has enacted surprise inspections to conduct spot safety checks at major construction sites. Previously, the city had typically dispatched building inspectors only for scheduled visits, or in response to accidents and complaints about possible violations. (NYTimes)

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