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Real Estate Roundup 9.18.19

New York Mayor Bill de Blasio (Credit: Brendan McDermid/Reuters)

Real Estate Roundup

Leasing

Web design firm Wix has signed a 15,784-square-foot retail space at TF Cornerstone’s 100 Gansevoort Street. The Meatpacking District space will serve as a showcase for its own offices. (NYPost)

Casper, Santander Bank, and Orangetheory Fitness have signed retail leases at Vornado’s 715 Lexington Avenue. (NYPost)

Fashion brand Balmain has signed a 3,200-square-foot retail lease at Vornado’s 650 Fifth Avenue… Japanese streetwear fashion firm Bape is moving to the same building with a 1,202-square-foot location. (NYPost)

Christian Dior has signed a 11,847-square-foot lease Boston Properties’ 767 Fifth Avenue. (NYPost)

Acquisitions 

Acadia Realty Trust has acquired the leasehold interest in the 4,500-square-foot retail space Donald Soffer’s 565 Broadway in Soho for $28 million. Victoria’s Secret Pink Brand occupies the space. The lease was originally signed in 1979 and at the time had a term of 99 years. (PincusCo) 

Co-working 

WeWork has obtained $1.75 billion in new financing in a fundraising push led by Goldman Sachs under terms that free up a mountain of cash for the struggling office-sharing company. The new line of credit is the first hurdle cleared by SoftBank in its pledge to put together $5 billion in debt financing for WeWork as part of a bailout package. The move should free up roughly $800 million in cash that WeWork had set aside to satisfy covenants on its previous credit line. (Bloomberg) 

Ucommune, China’s largest co-working company has filed plans to go public on the New York Stock Exchange. The firm has 171 co-working spaces and 72,700 workstations, resulting in a net loss of $80.1 million on $122.4 million in revenue in the first nine months of 2019. Locations are primarily located in China, and the company was most recently valued at $2.6 billion in the private markets. Credit Suisse Group AG and Citigroup, which were initially underwriting the offering, recently bowed out amid disagreements with the company about how to handle the IPO. (WSJ)

Politics and other news

Downtown Los Angeles, which overcame decades of neglect to become one of the city’s hottest neighborhoods, risks backsliding as the homeless population begins to burst out of Skid Row, some real estate developers and business owners warn. (Bloomberg)

In NYC… De Blasio promises to end street homelessness within 5 years. (NYPost)

Imitating Amazon: E-Commerce Battle Bolstered by Companies Mimicking the Market Leader… This year, real-estate firm Related and property investor Greenfield Partners jointly acquired digital fulfillment operator Quiet Logistics for an undisclosed amount. The company has a network of U.S. warehouses where robots help workers fulfill orders for digital brands such as Bonobos and Outdoor Voices, and it plans to open more to increase its same-day and next-day shipping options. (WSJ)

Erica Tishman killed by falling façade at Himmel + Meringoff’s Midtown office building. (TRD)

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