We’ve mentioned co-working spaces enough to know that they’re becoming more prominent each day. Brick House Blue, a new co-working space is coming to Dublin, Ohio this November. There will be plenty of office space (373,000 square feet to be exact) and retail space, as well as four “think tank” rooms. Employees will definitely love and take advantage of this Class A office space.
Hilton is re-launching the hotel One UN New York as Millennium Hilton New York One UN Plaza by the end of this month. This renovation cost $68 million and will include a ballroom, the Ambassador Grill and the Ambassador Lounge, and nearly 8,000 square feet of meeting space. The hotel will also feature conference rooms, event space, and more dining options.
Federal Realty acquired not just one but seven properties in five community shopping centers in L.A. County for a total of $345M. Three of the properties are in one of the five shopping centers. The firm holds a 90% interest in the assets. In addition, $20M of this expensive acquisition will be used for renovations. The acquisitions include Azalea Shopping Center, Bell Gardens Marketplace, Plaza Pacoima, Plaza Del Sol, and Sylmar Towne Center.
There have been quite a few downfalls for New York REIT, despite a plan to sell their prized assets, analysts and investors are concerned about the outcome. New York REIT’s new CEO, Wendy Silverstein, has put up the sale price as $9.25 per share. She has been faced with difficulties with the company but has been able to deal with them well.
Starbucks locations in nearby vicinities has become problematic. This sort of overlapping has been affecting the sales of various Starbucks café locations. A BMO analyst has said that the store overlap has more than tripled over the years. Now there are typically 3.6 Starbucks in the one-mile radius, such as California.
Goodwin Gaw, a Hong-Kong investor, is the new buyer for Standard Hotel, although it is being sold for 15% less than what was proposed in 2014. Due to competition from Airbnb and other places, the sale has been reduced by $60 million. Gaw Capital has assets worth $8 billion globally, including $2.7 billion in the USA.