Amazon to take over entire former Canada Post building in downtown Vancouver

Amazon | December 10, 2019

Amazon to take over entire former Canada Post building in downtown Vancouver
Amazon’s lease of the entire former Canada Post building in downtown Vancouver is large enough to reduce the city’s projected office vacancy by two per cent, commercial property insiders say. Last week, the it was reported that Amazon had agreed to lease all of the 1.13 million square feet of QuadReal’s two-tower building called The Post, the former Canada Post site on Georgia Street that is now undergoing a major redevelopment. Currently, Vancouver’s downtown office vacancy rate sits at 2.4 per cent, which is at or near the lowest in North America, said Jamil Jamani, a senior market analyst in Vancouver with CoStar Group, an international property data company.

Spotlight

In September 2012, Zurich Insurance Group invited as many people as we could reach across the global Corporate Real Estate and Facilities Management (CRE&FM) community to participate in a second Futures Forum – a week-long online crowdsourcing event where people debated the future of the corporate real estate Client. The opening question was “exactly what ‘Intelligence’ is required by the CRE&FM Client function now that outsourcing has become so sophisticated?” Our provocation being that, as intelligence becomes ever more imperative for today’s CRE&FM environment, does this pose fundamental questions about the architectural, operational and value models of the industry and the process of managing CRE&FM?

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MARKET OUTLOOK

Jetty Announces Partnership with AMLI Residential

Jetty | August 27, 2021

Jetty, the financial services company on a mission to make renting a home more affordable and flexible, today announced a new partnership with AMLI Residential, one of the preeminent multifamily companies in the nation. Jetty Deposit, the deposit replacement that swaps traditional cash deposits for a low monthly or one-and-done payment, is now available across more than 22,000 luxury apartments within AMLI's portfolio. "Jetty Deposit has enabled us to ensure compliance with deposit replacement legislation, while at the same time increasing the levels of protection we have across our apartments," said Kenda Hartmann at AMLI. "Residents love the option of reducing their move-in costs, which helps us attract more prospects and convert them into leases." Jetty works with top property managers across the country to increase lease conversion rates, reduce bad debt, and streamline operations—thereby increasing net operating income. In addition to AMLI Residential, partners include Greystar, LivCor, Related, MG Properties, Cortland, Gables Residential, and many more, representing more than two million units nationwide. ABOUT JETTY Jetty is on a mission to make renting a home more affordable and flexible for everyone. As a fintech company, Jetty's solutions help property managers increase lease conversion, reduce bad debt, and streamline operations. For renters, Jetty lowers the barrier to entry by saving thousands of dollars on move-in costs. ABOUT AMLI AMLI Residential focuses on the development, construction and management of environmentally responsible, luxury apartment communities throughout the country. Founded in 1980, AMLI is owned by PRIME Property Fund, a core commingled institutional fund. AMLI currently owns and manages 72 apartment communities including 23,000 apartment homes and has approximately 5,000 additional apartment homes under development and/or in lease-up at 12 locations. AMLI is a leader in multifamily sustainability. Forty-seven AMLI communities are LEED®-certified, and forty-four communities are ENERGY STAR®-certified.

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REAL ESTATE INVESTMENT

Lincoln Avenue Capital Acquires Majority Stake in HPET as part of a Landmark National Partnership to Create Affordable Housing

Lincoln Avenue Capital | November 02, 2021

Lincoln Avenue Capital, a leading, mission-driven investor in and developer of affordable housing, has signed an agreement to acquire the majority stake in a social purpose real estate investment fund, the Housing Partnership Equity Trust (HPET), which invests in affordable housing across the United States. The transition is expected to be complete by the end of this year, after which Lincoln Avenue Capital will serve as one of the largest, single private investors in affordable housing. HPET was originally founded nine years ago by major Wall Street banks, prominent foundations, and nonprofit housing organizations that came together to pioneer an innovative approach to affordable housing investment and preservation. Until now, HPET has been principally owned by some of the nation's largest and most respected not-for-profit developers and operators of affordable and workforce housing for low- and moderate-income individuals and families. In partnership with HPET nonprofits, Lincoln Avenue Capital plans to purchase at least $150 million annually in workforce and affordable housing to expand HPET's investments. The company will continue HPET's traditional focus on largely unsubsidized affordable housing (what is also referred to as "naturally occurring affordable housing" or "NOAH"). Their rents are lower than those of the area's housing market. "Building and preserving affordable housing is one of the most important social causes of our time, HPET has pioneered and proven a powerful model for bringing together private and nonprofit partners to develop and sustain affordable and workforce housing that strengthens communities. Lincoln Avenue Capital is well equipped to build on this success. We are delighted to be partnering with leading nonprofit and philanthropic organizations that share our mission to increase HPET's impact across the country." - Jeremy Bronfman, CEO and founder of Lincoln Avenue Capital. Established in 2012, HPET was built on an idea first proposed by the Housing Partnership Network (HPN), a collaborative of 100 leading affordable housing and community development nonprofits, and other housing advocates. The group advanced the idea that more private capital would be attracted into affordable housing if a real estate investment trust (REIT) could be formed with some of the nation's largest and most respected nonprofit developers and operators of affordable multifamily housing. To put the concept into action, HPN and its members worked with the John D. and Catherine T. MacArthur Foundation and other major investors including Citibank, Charles Schwab Bank, the Ford Foundation, Prudential, and Morgan Stanley Bank. Today, HPET serves nearly 3,000 households in seven U.S. states. "Expanding access to safe, affordable homes is key to our country's fight against inequality and racial injustice, We are proud to have supported HPET's groundbreaking work since inception and excited that Lincoln Avenue's partnership with HPET's leading nonprofit housing organizations promises even greater scale and impact in the years ahead." - Debra Schwartz, MacArthur's Managing Director for Impact Investments. Lincoln Avenue Capital is expected to close on the purchase by the end of 2021. It will acquire a majority interest in HPET, which it will own alongside the other institutional investors, including the MacArthur Foundation. HPET's nonprofit partners will retain ownership of 7.5 percent of the company. Other investment partners include Prudential Impact Investments Private Equity LLC, Citibank, N.A., Morgan Stanley Bank, N.A., and Charles Schwab Bank, SSB. Under Lincoln Avenue Capital's leadership, HPET will continue to aggressively seek out new housing investment opportunities and additional private capital. Beekman Advisors acted as investment banker for HPET in the transaction. About LAC: Lincoln Avenue Capital is one of the nation's fastest-growing developers and investors of affordable housing, providing high-quality, sustainable homes for low-income individuals, seniors, and families nationwide. LAC is a mission-driven organization with a portfolio that includes 88+ properties, comprising 15,000+ units and serving more than 43,000 residents across 14 states. About HPET: Housing Partnership Equity Trust (HPET) is a national, social-purpose real estate investment fund created by nonprofits to raise capital for affordable housing. HPET collaborates with its partners to acquire and preserve affordable rental housing in opportunity neighborhoods with the components critical to household success. HPET's nonprofit members are AHC Inc., Aeon, BRIDGE Housing Corporation, Chicanos Por La Causa, Inc., Eden Housing, Inc., Enterprise Community Development, Inc., Hispanic Housing Development Corporation, Homes for America, Housing Partnership Network, LINC Housing Corporation, Mercy Housing, Nevada HAND, Inc., NHP Foundation, NHT Communities, and POAH.

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Zillow Resumes Home Buying with a Renewed Commitment to Real Estate Health Safety Initiative

Zillow | May 18, 2020

Zillow the largest portfolio of real estate brands on mobile and the web, is building a safe, on-demand real estate experience. Zillow can provide customers with a safe way to buy and sell real estate. Zillow to help them finish it — with the same confidence, ease and empowerment they've come to expect from real estate's most trusted brand. Zillow Group, Inc. which is transforming the way people buy, sell and finance homes, has resumed home buying in four Zillow Offers markets, with a renewed commitment to safety. The company is launching a health safety initiative -- Move Forward. Stay Safe. -- to help protect customers, employees and partners. Homeowners in Phoenix, Tucson, Ariz., Raleigh, N.C. and Charlotte, N.C., can now receive an offer directly from Zillow to buy their home, and the company expects to re-start acquisitions in more markets soon. Zillow paused home acquisitions in all 24 markets where it operates on March 23, in response to housing market uncertainty and public health concerns. The restart and increased focus on safety reflect Zillow's confidence that the housing market is open, and that Zillow can provide customers with a safe way to buy and sell real estate. Former U.S. Surgeon General Dr. Regina Benjamin, MD, MBA, has contracted with Zillow as the Company's Health Advisor. Move Forward. Stay Safe. includes industry-leading health safety standards along with Zillow's groundbreaking virtual technology, designed to protect its customers and give people the confidence to move safely. Read More: Trimble introduced the next-generation IWMS with the launch of ManhattanONE for centralizing real estate functions I've dedicated my career to health and wellness. My role as Zillow's health advisor is a continuation of my commitment to prevention and population Health. Shelter - a healthy home - is a basic essential we all strive for. As people venture into the real estate market, it's critical they have precise information and guidelines on how to stay safe during every part of their move. From listing, to shopping, to closing documents, we must minimize risk and protect each other. I am pleased to join Zillow in its dedication to public health through this new initiative, Dr. Regina Benjamin, MD, MBA, Zillow as the Company's Health Advisor. Zillow Offers is a convenient option to sell without showings or open houses and the ability to close the transaction digitally. All Zillow-owned homes will follow a "CPD" protocol, which stands for "Clean, Protect, Distance" -- the practices Zillow Offers relies on to keep customers safe as they are touring homes. For-sale homes will undergo an additional cleaning regimen. Personal protective equipment, such as masks and gloves, is recommended for all in-person tours, and in-person tours are limited to allow for healthy distancing. We are excited to begin purchasing homes again, and making it even easier for home sellers to move -- with new cleaning protocols and more virtual tools and services. These past two months have confirmed our belief that real estate is resilient. In fact, we've seen that people - despite these uncertain times - still want to move. Zillow Offers gives them a safe, seamless way to do so, whether selling or buying, Zillow President Jeremy Wacksman. Zillow is continuing to market and sell homes through Zillow Offers, but is not holding open houses. Instead, buyers have the flexibility to shop in several ways. In addition to in-person showings, they can virtually walk through Zillow-owned homes through proprietary 3D Home tours, which are available on all listings. Buyers can also request a virtual tour or virtual consultation with Zillow's local broker partner or a Zillow Premier Agent and, in some markets, can use self-tour technology to visit a home unassisted. Read More: Commercial Real Estate Investing Guidelines About Zillow Group Zillow Group, Inc. the largest portfolio of real estate brands on mobile and the web, is building a safe, on-demand real estate experience. Whether selling, buying, renting or financing, customers can turn to Zillow's businesses to find and get into their next home with speed, certainty and ease.

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Spotlight

In September 2012, Zurich Insurance Group invited as many people as we could reach across the global Corporate Real Estate and Facilities Management (CRE&FM) community to participate in a second Futures Forum – a week-long online crowdsourcing event where people debated the future of the corporate real estate Client. The opening question was “exactly what ‘Intelligence’ is required by the CRE&FM Client function now that outsourcing has become so sophisticated?” Our provocation being that, as intelligence becomes ever more imperative for today’s CRE&FM environment, does this pose fundamental questions about the architectural, operational and value models of the industry and the process of managing CRE&FM?