Real Estate Roundup:
- Co-working company Industrious has signed a 15-year lease for 37,000 square feet on the second floor of George Comfort & Sons’ 135 West 50th Street. At the same time, the company inked a 15-year management contract to run a 20,000-square-foot amenity center on the same floor for tenants in the building. (CO)
- Mall owner Simon Property Group is considering a bid to buy Forever 21, the bankrupt teen retailer that’s running out of money and time. (Bloomberg)
- Gary Barnett’s Extell Development has filed plans to build a 22-story mixed-use tower on the Upper West Side. The firm is proposing a 276,578-square-foot building at 2551 Broadway, and will include 130 residential units. (TRD)
- Leadership shakeup at Cadre… The investment platform has hired former Four Seasons Hotels and Resorts CEO Allen Smith as president. He previously worked as the CEO of Prudential Real Estate Investors. Ryan Williams will remain Cadre’s CEO.
- Heard on the Street: Allen Smith: “There is a lot I can learn from Ryan and a lot he can learn from me, and that makes for a good partnership.” (Forbes)
- With bond yields stuck on low, income-seeking investors are shifting to a different corner of the market: stocks of real-estate investment trusts… REITs took in about $11 billion in 2019 and an additional $1 billion in the first three weeks of January. Some funds that don’t specialize in real estate are also bulking up on REIT stocks to offset the falling yields of bonds they buy. The 10-year Treasury yield fell to a three-month low of 1.6% and REITs have returned about 2.24% through January 27, compared with 0.49% for the S&P 500. (WSJ)
- JPMorgan Asset Management has put its 575,000-square-foot office building at 125 West 55th Street on the market. (TRD)