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This Week's San Francisco Deal Sheet

The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit?. Email joseph.gordon@bisnow.com. LDK Ventures sold a 93K SF warehouse in Vacaville, California, for $20.2M. The sale of Building B is the second...
SAN FRANCISCO, CA
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This Week's Boston Deal Sheet

Newton-based Fulcrum Global Investors has submitted plans for a 643-unit, high-rise apartment complex in Everett. Branded as Sofia, the project is planned to total 675K SF on a 1.6-acre parcel at 380 Second St. The site currently houses a 30K SF warehouse, the Banker & Tradesman reported. The building is...
BOSTON, MA

Chevron To Exit 92-Acre San Ramon HQ, Move Employees To Texas

Chevron will vacate its headquarters in San Ramon, California, cutting back its office presence in the Golden State amid plans to relocate a portion of its workforce to Texas. The company will maintain a presence in California, however, as it looks for a smaller office location in the Bay Area, as first reported by The Wall Street Journal.
SAN RAMON, CA

Cushman & Wakefield-Newmark Merger Rumors Push Stock Prices Up

Unsubstantiated rumors of a merger between two of the world’s biggest brokerage firms are already having a small impact in the public markets. The New York Post published a story Monday that cited two anonymous sources discussing a potential merger of Cushman & Wakefield and Newmark. Cushman & Wakefield shares rose more than a percentage point Monday morning after the story published, per Seeking Alpha. Newmark's share price had a short burst in the morning, but by Monday afternoon was down more than 1% on the day.
NEW YORK CITY, NY

Developer Suing JV Partner Over $500M Amazon Data Center Deal

A data center developer is suing its joint venture partner on a $500M Amazon data center development, saying its partner used allegations of fraud to force it out of the deal. Colorado-based developer Northstar Commercial Partners alleges that financial firm IPI Partners conspired with Amazon to level false allegations of fraud against Northstar in order to effectively squeeze the company out of a lucrative 2017 development deal between the three firms in Northern Virginia.
BUSINESS

Rudin Lands $415M Debt Package To Renovate Times Square Office Tower

The Rudin family has secured a $415M refinancing deal to reposition 3 Times Square, focusing on the building’s amenity offerings and lease-up. The three-year floating-rate loan comes from a consortium of lenders, led by JPMorgan Chase and including Bank of America and M&T Bank. Rudin also has two one-year extension options for the loan, according to a release.
NEW YORK CITY, NY

Former Retail Real Estate CEO Joins WeWork's Board

Retail real estate industry leader Daniel Hurwitz has joined WeWork’s Board of Directors. Hurwitz’s 35-year tenure in the industry has included CEO positions at DDR Corp. and Brixmor Property Group. He currently serves as co-founder and CEO of Raider Hill Advisors, a private retail real estate investment and advisory firm specializing in areas such as real estate investment trust privatizations, shopping center portfolio acquisitions, mall repositioning, and asset management and dispositions.
RETAIL

EB-5 Centers Reopen For Now, Bringing Back Key Capital Source

A preliminary injunction issued by the U.S. District Court of the Northern District of California allows existing EB-5 regional centers to operate, reopening an important channel for real estate capital, at least for now. The injunction sets aside the deauthorization of the centers, which occurred as part of a reform...
IMMIGRATION

This Week's LA Deal Sheet

Natixis Corporate & Investment Banking provided a $126.7M floating-rate acquisition loan secured by 555 Aviation Blvd., the roughly 260K SF creative office building that Fabletics, Saatchi & Saatchi and Belkin call home. The El Segundo building is 100% leased to those tenants. A subsidiary of FS Credit Real Estate Income Trust purchased 555 Aviation.
PASADENA, CA

Sumitomo Agrees To Sell Atlanta Financial Center At Huge Loss

Sumitomo Corporation of America is planning to unload its iconic Atlanta Financial Center complex in Buckhead at a $78M loss. New York-based Nightingale Properties has agreed to purchase the 915K SF glass-encased office complex straddling Georgia 400 for $182M in an off-market transaction, Commercial Real Estate Direct reports. Sumitomo bought the property from Hines in 2016 for $222.5M, and has since invested $15M to upgrade AFC during its ownership, CRE Direct reported.
ATLANTA, GA

Iconic Beverly Hills Saks To Get Face-Lift, New Neighbors

HBC Properties and Investments plans to reinvigorate the iconic Saks Fifth Avenue store in Beverly Hills and the spaces immediately surrounding it, announcing a five-year redevelopment plan. The plan involves transforming six parcels across two blocks around the existing Saks Fifth Avenue store on Wilshire Boulevard, adding apartments, office space...
BEVERLY HILLS, CA