REAL ESTATE TECHNOLOGY
Welltower Inc. | March 07, 2022
A joint venture between Related Companies and Atria Senior Living, in conjunction with Welltower Inc., this quarter signed a strategic partnership to develop two world class senior living communities in Silicon Valley, one in Santa Clara, CA (Santa Clara Development) and the other in Cupertino, CA (Cupertino Development), as part of a larger strategic partnership among the three companies. The Related|Atria JV was formed in 2018 to develop, own and operate modern urban communities catering to seniors living in major metropolitan areas. The Santa Clara and Cupertino Developments will be the third and fourth locations for the joint venture's new series of upscale senior living communities after the newly opened Coterie Cathedral Hill at 1001 Van Ness in San Francisco and Coterie Hudson Yards at 451 10th Avenue in New York City which will open later in 2022.
The 191-unit Santa Clara Development is immediately adjacent to a larger fully entitled 9.2 million square foot urban development by Related who commenced entitlement and pre-development work on the urban plan in 2015. Related Santa Clara will create an unparalleled new mixed-use downtown for Silicon Valley, consisting of traditional office and medical office buildings, hotel rooms, multifamily housing and retail amenities. At the apex of Silicon Valley and the growing East Bay, the Santa Clara Development is conveniently located to numerous commuting options, including a wide variety of public transit and proximity to Highways 237, 101 and Interstate 880. The senior living development is expected to break ground mid- 2022 with completion projected by 2024.
Pre-development of the 158-unit Cupertino Development began in 2019 with plans of construction start by the end of 2022 and completion in 2024. Situated on a well-located corner of Stevens Creek Boulevard, Cupertino's major thoroughfare and State Route 85, as well as adjacent to the Cupertino Senior Center, Cupertino Memorial Park, and De Anza College, this development will grant seniors unrivaled access to the best of Cupertino's amenities with convenient connectivity to Silicon Valley. The Cupertino Development will also include an outdoor community park.
Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower, a real estate investment trust (REIT), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at welltower.com. We routinely post important information on our website at welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of the company's website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only.
About Related Companies
Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed over 45 years ago, Related is the largest private owner of affordable housing and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. Related was recently named to Fast Company Magazine's list of the 50 Most Innovative Companies in the World.
Atria Senior Living is a leading operator of independent living, assisted living, supportive living and memory care communities in more than 400 locations in 45 states and seven Canadian provinces. With the addition of Holiday Retirement to its portfolio in 2021, Atria is now the residence of choice for more than 43,000 older adults, and the workplace of choice for more than 17,000 employees. In 2022, J.D. Power ranked Atria #1 in customer satisfaction among assisted living and memory care communities. Atria creates vibrant communities where older adults can thrive and participate, know that their contributions are valued, and enjoy access to opportunities and support that help them keep making a positive difference in our world. Atria operates seven distinct senior living brands: Coterie a luxury brand in a joint venture with Related Companies, Atria Signature, Atria Senior Living, Atria Park, Holiday Retirement, Atria Retirement and Gladwell. Atria's subsidiary, Glennis Solutions, is the only fully integrated cloud-based software suite specifically designed to serve the senior housing industry.
REAL ESTATE TECHNOLOGY
Cian | March 14, 2022
Cian PLC, a leading online real estate classifieds platform in Russia, announced that Ms. Cloe Harford has tendered her resignation as a member of the board of directors of the Company, effective as of 4:02 p.m. Eastern time on March 8, 2022. Ms. Harford informed the Company that she has resigned as a result of recent geopolitical developments. Ms. Harford served as a member of each of the Audit Committee of the Board, the Compensation, Governance and Nominating Committee of the Board and the Strategy Committee of the Board.
On March 10, 2022, upon recommendation of the Compensation, Governance and Nominating Committee, the Board appointed Gilles Blanchard to the Audit Committee, with effect immediately following the Effective Time. The Board has determined that, after due consideration of all relevant factors, Mr. Blanchard qualifies as independent under the rules of the Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE). The Board has also determined that, based on his education and experience, Mr. Blanchard is financially literate in accordance with the requirements of the NYSE. Following Mr. Blanchard’s appointment, the Audit Committee consists of Douglas Gardner, Simon Baker and Gilles Blanchard, with Mr. Gardner serving as Chairperson.
On March 10, 2022, upon recommendation of the Compensation, Governance and Nominating Committee, the Board appointed Maksim Melnikov to the Compensation, Governance and Nominating Committee, with effect immediately following the Effective Time. Following Mr. Melnikov’s appointment, the Compensation, Governance and Nominating consists of Gilles Blanchard, Dmitry Antipov and Maksim Melnikov, with Mr. Blanchard serving as Chairperson.
Further, following the resignation of Ms. Harford, the Strategy Committee consists solely of Simon Baker, who serves as Chairperson.
The Company has previously disclosed in its registration statement on Form F-1, declared effective by the SEC on November 4, 2021, that it follows the corporate governance practices of its home country, Cyprus, in lieu of certain of the corporate governance requirements of the NYSE. In addition to the previously disclosed practices, the Company intends to rely on this "foreign private issuer exemption" with respect to:
NYSE Rule 303A.01, which requires an issuer to have, among other things, a majority of its board members be independent;
NYSE Rule 303A.4, which requires an issuer to have a nominating/corporate governance committee composed entirely of independent directors; (iii) NYSE Rule 303A.05, which requires an issuer to have a compensation committee comprised entirely of independent directors.
Cian is a leading online real estate classifieds platform in the large, underpenetrated and growing Russian real estate classifieds market, with a strong presence across Russia and leading positions in the country’s key metropolitan areas. The Company ranks among the top ten most popular online real estate classifieds globally in terms of traffic (based on SimilarWeb traffic data for other online real estate classifieds and Google Analytics data for Cian for September 2021). Cian’s networked real estate platform connects millions of real estate buyers and renters to millions of high-quality real estate listings of all types — residential and commercial, primary and secondary, urban and suburban. In the third quarter of 2021, the Company had over 1.9 million listings available through its platform and an average UMV of over 18.7 million. Through its technology-driven platform and deep insights into the Russian real estate market the Company provides an end-to-end experience for its customers and users and helps them address multiple pain points on their journey to a new home or place to work.
Embrey | January 31, 2022
Morgan Stanley and Embrey will relocate their current offices in San Antonio, Texas, to Embrey's premier mixed-use development, 7600 Broadway, bringing the office building to 100 percent occupancy.
Morgan Stanley will occupy 28,000 square feet while Embrey will move its corporate headquarters into the remaining 25,000 square feet. Tenant buildout has begun immediately with occupancy expected in the summer of 2022.
Embrey has designed a unique living and working experience at 7600 Broadway with the highest quality of design and attention to detail, Embrey is proud to make 7600 Broadway our corporate home and pleased to have a company like Morgan Stanley as our neighbor and tenant."
Trey Embrey, President and CEO of Embrey.
A professionally equipped fitness studio with showers, co-working study and private conference room, a full-featured lounge for entertainment and recreation, elevated pool deck and outdoor terrace, piano bar, and underground parking, highlight a number of luxury amenities thoughtfully curated specifically to create a premier living and working experience.
Property management services will be provided by Stream Realty Partners.
JLL's Office Leasing team of Mark Krenger and Meredith Howard represented Embrey. Jeff Miller and John Worthen with JLL's Corporate Advisory Group represented Morgan Stanley.
We endeavor to align ourselves with the highest quality projects in the marketplace that attract great tenants. 7600 Broadway is truly representative of this. This amazing space will provide the Embrey and Morgan Stanley teams a place where they can achieve their best ambitions, 7600 Broadway is a signature property for Embrey and JLL is proud to partner with them. The highly amenitized and walkable project, at the corner of Broadway and Nacogdoches, stands as a gateway to the Alamo Heights community and is leading the redefinition and revitalization of the historic boulevard."
Mark Krenger, Managing Director and Co-Market Lead, JLL.
Residential leasing for the development is expected to begin in 2022 with management provided by Embrey Management Services, nationally recognized for its award-winning approach to service.
This project represents the highest calling of our profession in terms of concept, detail, innovation and vision, 7600 improves the streetscape at an iconic intersection that creates a more walkable neighborhood and a first-class experience in the heart of San Antonio."
John Kirk, Managing Director and Executive Vice President for Development for Embrey.
San Antonio-based Embrey Partners LLC is a diversified real estate investment company that owns, develops, builds, acquires, and manages multifamily residential communities and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed nearly 43,000 apartments and more than 6 million square feet of commercial property. Embrey is a leading developer in the multifamily sector with more than 4,000 units under construction.
REAL ESTATE INVESTMENT
Empire State Realty | March 03, 2022
Empire State Realty Trust, Inc. (NYSE: ESRT) today announced a new lease with Progyny, Inc. a leading fertility benefits management company, at 1359 Broadway. Progyny has committed to occupy 70,573 square feet across three floors, which includes one floor that it previously subleased, one floor that Progyny will occupy in late 2022 and a third floor that they will occupy in early 2024.
We are growing rapidly as more and more employers recognize the value of Progyny's comprehensive fertility and family building solution, We look forward to expanding our presence in our corporate office in New York City with Empire State Realty Trust."
Pete Anevski, CEO of Progyny.
Located along the updated Broadway Pedestrian Plaza, 1359 Broadway offers convenient access to major transportation hubs, subway lines, dining, lodging, and shopping. The fully modernized office building features industry-leading energy efficiency and indoor environmental quality measures at a fraction of the cost of newer buildings.
Our premier indoor environmental quality measures and energy-efficient practices continue to attract high-quality tenants who appreciate our value proposition, Progyny is a welcome addition to our excellent tenant roster at 1359 Broadway after a successful sublease."
Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust.
David Falk, Kyle Ciminelli, and Dylan Weisman of Newmark Knight Frank represented Progyny, Inc. in the lease negotiations. Property owner representation was provided by Shanae Ursini and Jordan Berger of ESRT, and Paul J. Amrich, Emily Chabrier, Neil V. King III, and Meghan Allen of CBRE.
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.