REAL ESTATE TECHNOLOGY

EMPIRE STATE REALTY TRUST SIGNS THREE NEW RETAIL TENANTS AT TWO NYC PROPERTIES

EMPIRE STATE REALTY TRUST | February 02, 2022

EMPIRE_STATE_REALTY
Empire State Realty Trust, Inc. (NYSE: ESRT) announced today three new retail leases signed with AT&T Mobility, Subway, and Le Café Coffee at two of its New York City properties.

10 Union Square East

  • AT&T Mobility signed its third lease with ESRT for a 3,077 square foot retail space in January 2022. Steve E. Baker of Winick Realty Group, LLC. represented AT&T Mobility in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT and Gene Spiegelman, Andrew Mandell, Richard Skulnik, and Beth Rosen of RIPCO.
  • Subway signed its second lease with ESRT for a 600 square foot retail space in January 2022. Neil Seth of C&W represented Subway in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT and Gene Spiegelman, Andrew Mandell, Richard Skulnik, and Beth Rosen of RIPCO.

501 Seventh Avenue

  • Le Café Coffee signed its second lease with ESRT for a 731 square foot retail space in December 2021. Yoel Gorjian represented Le Café in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT.

Quality retail service tenants continue to be attracted to our retail stores located in bustling neighborhoods with high volume foot traffic where their businesses thrive, We are pleased to nurture established retail relationships as we continue to build our roster of high-quality retailers who also provide great amenities for our office tenants."

Fred C. Posniak, SVP, leasing at Empire State Realty Trust.

About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building, the World's Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality, and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Dec. 31, 2021, ESRT's portfolio is comprised of approximately 9.4 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 units across two multifamily properties.

Spotlight

Ray White Hotels Australia, established by Tony Bargwanna in February 2010, has been able
to leverage off the Ray White Group’s ‘internal mechanism’ – a type of “integrated networking”
between business lines, specialist groups and members of the Ray White Network. Since set
up, Bargwanna and his team have transacted over 75 properties, in excess of $800 million
Hotel, Pub, Motel and Leisure assets. In an interview with Bargwanna, he describes the
marriage with the Ray White Group as “unique.


Other News
INVESTMENTS

Sotheby's International Realty Expands in Michigan

Sotheby's International Realty | August 17, 2022

Sotheby's International Realty announced the opening of Great Lakes Sotheby's International Realty, signifying the brand's continued growth in the state of Michigan. The addition marks the brand's seventh office in the state. Great Lakes Sotheby's International Realty is owned and operated by Dean Groulx and Wendy Groulx, who bring more than 60 years of collective experience to the company. Headquartered in the city of Elk Rapids, the office will serve the greater Traverse City area in Michigan including Alden, Bellaire, Elk Rapids, Elk Lake, Lake Leelanau, North Port, Suttons Bay, Torch Lake, and Traverse City. "Greater Traverse City has a robust luxury home market, It's become attractive for high-net-worth individuals and entrepreneurs and we're seeing both U.S. and international buyers purchasing primary and secondary homes in the area. Our continued growth in the state enables our brand to service this growing market and I look forward to supporting Dean, Wendy, and the entire Great Lakes Sotheby's International Realty team." -Philip White, president and CEO of Sotheby's International Realty The Traverse City area boasts a lifestyle and culture that few other places can match, Our area has access to some of the largest and most pristine freshwater lakes and access to world-class entertainment and fine dining. Few real estate companies can match the background and experience of our brokers and sales associates, and our affiliation with Sotheby's International Realty will offer sellers and buyers in the greater Traverse City area an experience like no other thanks to its prestige, global presence, and marketing capabilities,said Groulx. The company has plans for future growth in Alden, Bellaire, Traverse City, Northport, and Leelanau. Great Lakes Sotheby's International Realty was launched in partnership with Russ Post, owner/broker of Ocean Sotheby's International Realty. The Sotheby's International Realty® network currently has nearly 26,000 affiliated independent sales associates located in over 1,000 offices in 81 countries and territories worldwide. Great Lakes Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated. Sotheby's International Realty Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house. Today, the company's global footprint spans more than 1,000 offices located in 81 countries and territories worldwide, including 51 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Anywhere Real Estate Inc. entered a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated. Sotheby's International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. Affiliates and agents also benefit from an association with the venerable Sotheby's auction house, established in 1744.

Read More

REAL ESTATE INVESTMENT

MG Properties Acquires Verona Apartments in Henderson, NV

MG Properties | May 30, 2022

MG Properties, a private San Diego-based real estate investor, owner, and operator has acquired the 275-unit Verona Apartments in Henderson. MG Properties owns five other properties in the Las Vegas submarket. Las Vegas' desirable Henderson submarket is one of the fastest growing cities in the country due to its job growth, award-winning master-planned communities, strong school system and amenities. Relative affordability of Las Vegas when compared to coastal metros has led to expansion by top employers, and the location of Verona Apartments benefits from excellent accessibility to multiple major throughways that connect residents to major job centers throughout the metro. Las Vegas continues to be a major beneficiary of the economic recovery, with strong population and employment growth. we are pleased to add Verona to our regional portfolio and continue to be optimistic about the future prospects for the Las Vegas market." Jeff Gleiberman, Managing Director of MG Properties MG Properties has acquired 11 communities in 2022 so far, totaling over 2,800 units exceeding $990 million in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado, and Nevada. Seller was represented by Taylor Sims of Cushman and Wakefield. Financing was provided by Brooks Benjamin and Corina Lam from Key Bank Real Estate Capital. About MG Properties MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 89 communities.

Read More

REAL ESTATE INVESTMENT

Taconic Capital Advisors Closes $500M Distressed and Opportunistic Real Estate Fund

Taconic Capital Advisors | May 23, 2022

Taconic Capital Advisors, a global institutional investment firm, announced that it has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll (TCREDF III), with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated transactions. One year into its investment period, TCREDF III has already committed or closed on $300 million of investments across 15 distinct transactions. Taconic believes the COVID pandemic accelerated pre-existing trends and distress in the CRE market. A combination of aggressive pre-COVID financing and transaction assumptions, oversupply in specific markets and COVID-related societal and demographic shifts should continue to apply significant pressure on the CRE market providing ample investment opportunities. Taconic anticipates that hotel and office assets will comprise the majority of the fund’s investments. We are pleased to build on the performance of Funds l and ll with the close of our third real estate fund, TCREDF III. Our team has a proven ability to identify inefficiencies and dislocated investment opportunities across a host of market sectors, positioning our funds to maximize value for new and existing investors." James Jordan, principal and portfolio manager of Taconic Capital Advisors’ CRE investments About Taconic Capital Advisors Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The company has roughly $8 billion of total assets under management with offices in New York, London, and Hong Kong, and more than 100 employees worldwide. Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s unique and diverse transaction sourcing channels which including local operating partners, investor partners and a broad network of lenders, CMBS special servicers, trading desks and brokerage houses. Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 165 distinct transactions.

Read More

REAL ESTATE TECHNOLOGY

Choice Properties Real Estate Investment Trust Announces Issuance of $500 million of Series R Senior Unsecured Debentures

Choice Properties Real Estate Investment Trust | June 21, 2022

Choice Properties Real Estate Investment Trust announced that it has agreed to issue, on a private placement basis in certain provinces of Canada, $500 million aggregate principal amount of series R senior unsecured debentures of the Trust that will bear interest at a rate of 6.003% per annum and will mature on June 24, 2032 (Debentures). Offering of Debentures The Debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotiabank. Subject to customary closing conditions, the Offering is expected to close on June 24, 2022. The Trust intends to use the net proceeds of the Offering (i) to pay for the previously announced early redemption of Choice Properties Limited Partnership’s $300 million principal amount of 3.60% series 10 senior unsecured debentures on June 26, 2022, (ii) to repay all or a portion of the balance drawn on the Trust’s credit facility, and (iii) for general business purposes. It is a condition of closing of the Offering that the Debentures be rated at least “BBB” (high) with a “stable” trend by DBRS Limited and at least “BBB” by Standard and Poor’s Ratings Services. The Debentures will rank equally with all other unsecured indebtedness of the Trust that has not been subordinated. The Debentures being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Choice Properties Real Estate Investment Trust Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties. We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

Read More

Spotlight

Ray White Hotels Australia, established by Tony Bargwanna in February 2010, has been able
to leverage off the Ray White Group’s ‘internal mechanism’ – a type of “integrated networking”
between business lines, specialist groups and members of the Ray White Network. Since set
up, Bargwanna and his team have transacted over 75 properties, in excess of $800 million
Hotel, Pub, Motel and Leisure assets. In an interview with Bargwanna, he describes the
marriage with the Ray White Group as “unique.

Resources