Brookfield offers $14.8 B for GGP
Brookfield Property Partners offers GGP, a retail real estate company, $23 a share. Their interest in GGP is due to its wide range of retail real estate assets. Together the two companies will create one of the highest quality and most diverse real estate portfolios globally.
Queens changing skyline
Long Island City’s new mixed-use space will surpass all other skyscrapers in boroughs outside of Manhattan. The new project comes with some controversy due to its proposals to rid that area of industrial spaces. The mixed-use space spear-headed by Jonathan Drescher, Tony Pfohl, Paula Kirby, and Matthew Quigley.
WeWork continues to grow
WeWork, the fast-growing “community company” is valued at $20 billion, but co-founder Miguel McKelvey is focused on other things. The company is not only constructing working offices they are also creating gyms, schools, and living communities. Success from the company can be attributed to Softbank’s $4.4 billion investment and rampant domestic and global expansion.
Taubman Centers feels pressure to sell or go public
Taubman Centers is a mall company whose shares have fallen by 24% in this past year. Elliott Management, a New York-based Hedgefund, has ideas for the mall company like taking it private. Land & Buildings Investment Management strongly suggested the mall company sell entirely to save itself. We will have to wait to see how the deal pans out.
Increase in tourism means increase in hotels
New York’s tourism boom is not seen as a positive to everyone. With 18,960 rooms are projected to open in the next three years New York and natives are worried their city will soon be overrun by cheesy hotels and confused tourists.