Some of the biggest names in US real estate are looking to buy Century Park, Los Angeles According to the Wall Street Journal, JP Morgan Chase is looking to sell the Century Park complex that totals around 3.2 million square feet in what WSJ is calling the “sale of the century.” The deal has attracted some of the biggest national real estate companies in the country including Tishman Speyer Properties and Hines. If the minimum asking price of $2.2 billion is hit it would be the largest sale of an office property in the country, and the largest transaction since before the recession.
CEO of Cushman & Wakefield jumps to O’Connor Capital Partners. Commercial Observer reports Glenn Rufrano resigned from Cushman & Wakefield to head up O’Connor Capital Partners which holds roughly $3.5 billion in assets. The move marks Rufrano’s return to O’Connor Capital Partners as he enters his second tenure as a leader of the real estate giant, a position he left in 2000 when O’Connor Capital Partners was O’Connor Group.
Hunt Companies enters the mortgage business. Earlier this week Hunt Companies, Inc. completed its acquisition of Centerline Holding Co. GlobeSt.com reports that this transaction gives Hunt a national mortgage-banking platform on top of its already existing development, investment and asset management units. Chris Hunt, president and COO stated: “We are excited to enter a new business in mortgage-banking and to grow what we believe to be the premier asset management platform in affordable housing.
Redfin, the tech-enhanced real estate brokerage, raises $50 million in investments. Three top executives flee. AllThingsD reported last week Redfin, one of the largest tech-enhanced brokerage firms in the country raised $50 million in investments in what they hope will be a path towards an IPO. A week after the announcement GeekWire broke the story that three top executives have abruptly left the company including: Chief Marketing Office Tom Vogl, Vice President of Marketing Matt Goyer and (in what could be a huge blow) Vice President of Product Bryan Selner.
Basic SEO Tips Every Real Estate Professional Should Know. CEO of Initial Effort, Jacob Hagberg, submitted four tips for maximizing on search engine optimization for real estate professionals to be found amongst the noise of Google. See the info here.
P&G slashes utility bills through smart building technology trial. The Cincinnati Business Courier reports Proctor & Gamble reduced its energy costs at select locations by an average of 10 percent as part of a smart building technology pilot. P&G hopes to reduce its energy costs by 20 percent over the next year using IntelliCommand.
IntelliCommand, powered by Pacific Controls and launched by Jones Lang LaSalle, is one of the real estate industry’s first integrated building management solutions. The platform combines cloud-based, smart-building technology with real-time monitoring for improved efficiencies.
Is growth in the Multifamily sector sustainable? Michael Bull, founder of Bull Realty and host of The Commercial Real Estate Show, posted an editorial on the National Real Estate Investor website. He states that the third quarter demonstrated that the multifamily market is stable, experiencing rent growth and looks like a great time to buy. Find the CRE show here.
And in conclusion:
Innovation is not dead says Google’s original “X-Man” Artificial intelligence and robotics expert Sebastian Thrun tells Foreign Affairs that as far as innovation is concerned, the best is yet to come. “I believe we live in an age where most interesting inventions have not been made, where there are enormous opportunities to move society forward,” he says. Thrun, a Google star, has led the team that won the 2005 DARPA driverless car challenge, became the first head of Google’s secretive research lab, guided Google Glass efforts, and founded the progressive online education start-up Udacity. The article reminds us that while the world has wonderful tools, there’s much space for improvement. Props to Google who tries to solve big, audacious worldwide problems through innovation.
See you next week.