Selling up and increasing rent seen by landlords as the solution for rising tax bills

Paragon | April 02, 2019

Landlords who have seen their tax bill rise see selling property, increasing rents and reducing borrowing as their main options to cope with the change, the latest private rented sector report suggests. Some 58% of landlords saw an increase in the 2017/2018 tax bill with the increase on average some £3,039, with a third saying this was higher than expected. The trends report from Paragon, covering the first quarter of 2019 and which tracks the opinion and experience of over 200 landlords across the UK, also found that landlords with three or more properties were more likely to report an increase in their tax bill than those with smaller portfolios.

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REAL ESTATE TECHNOLOGY

SkySlope Launches Breeze to Make Oregon Disclosures Fast and Effortless

SkySlope | June 03, 2022

SkySlope, the leader in real estate transaction software, has launched Breeze, an all-around simple and streamlined application making Oregon Real Estate Forms (OREF) disclosures easy for Oregon agents and sellers to complete. Since 2011, SkySlope has enabled brokers, agents, auditors, and transaction coordinators to track their deals while remaining compliant. Equipped with forms and a digital signature tool, SkySlope provides a frictionless workflow that saves time for agents. As the transaction management platform serving 35 percent of the top 20 largest brokerages in the U.S. and Canada, SkySlope is known for its award-winning customer experience. With the launch of Breeze, SkySlope gives agents the ability to prepare and send disclosures like the Oregon's Seller's Property Disclosure Statement (Form 020) at lightning speed. Breeze requires minimal preparation for agents to prepare and send disclosures to their clients in minutes, from anywhere. For home sellers, Breeze's TurboTax-style workflow helps simplify complicated and confusing disclosure forms—getting them completed quickly and with more confidence and accuracy. Breeze Features Streamlined disclosure preparation equipped with MLS data sync Status visibility, notifications, and easy revision requests Simple guided workflows with helpful tips for consumers Equipped with SkySlope DigiSign for free and unlimited digital signatures Seamlessly integrated with SkySlope's suite of products "Breeze is truly a one-stop-shop for faster disclosures," says Diana Costas of Golden Gate Sotheby's International Realty. "The guided workflow helps clients complete disclosures quickly and accurately and our agents can easily prepare disclosures, request signatures, and submit forms for compliance review." Disclosures are a common pain point for both agents and sellers. We're excited to launch a solution that takes a complicated process and makes it effortless for REALTORS® and home sellers." Tyler Smith,SkySlope CEO About SkySlope Established in 2011, SkySlope is a comprehensive transaction management platform for brokers, agents, auditors, and transaction coordinators to manage real estate transactions from anywhere at any time. In 2021, over 300,000 users across 8,000 offices used SkySlope to manage 2.25M transactions. SkySlope provides digital transaction management and services to help agents and brokers be more efficient and compliant. From automation to integrations, SkySlope's vision is to keep agents and brokers connected to the customer forever.

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REAL ESTATE TECHNOLOGY

Thompson Thrift Residential Announces Luxury Multifamily Community in Daytona Beach

Thompson Thrift | May 25, 2022

Thompson Thrift Residential, a wholly-owned affiliate of Indianapolis-based Thompson Thrift and one of the nation's leading multifamily developers, announced today the development of Drift, a luxury multifamily community in Daytona Beach. Thompson Thrift plans to welcome new residents beginning in the summer of 2023. Drift's central location provides residents with easy access to Daytona Beach and other large cities along Florida's eastern coast. The Daytona market has witnessed high demand for multifamily communities over the past 10 years and we are pleased to be bringing one of our distinctive luxury communities to this growing community." Josh Purvis, managing partner for Thompson Thrift Residential Located off Williamson Boulevard near the southwest corner of Interstate 95 and Granada Boulevard, the 29.5-acre site will offer 300 one-, two-, and three-bedroom apartment homes averaging 1,000 square feet. Residents will be able to choose from a variety of layouts in three-story garden style buildings with a host of in-demand finishes including stainless steel appliances, quartz countertops, tile backsplashes, walk-in closets, and full-size washers and dryers. The luxury living experience will extend throughout the community with a clubhouse featuring stylish entertainment spaces, a 24-hour fitness center, resort-style swimming pool, dog park, community gardens, community-wide WiFi, and more. Residents will be conveniently close to a wide variety of retailers, restaurants and day-to-day services, and just a few miles from Daytona's Main Street Pier and the Daytona International Speedway. The 327-bed Advent Health Daytona is located directly across the street. Daytona Beach is known as the "World's Most Famous Beach", earning its name back in the 1920s as the sandy beaches once used for racing gave way to development of the famous Daytona International Speedway, which now brings over 100,000 people to the Daytona 500 each year. In recent years, the healthcare sector has driven much of the economic growth with approximately 40,000 people working in the healthcare and education sectors. Thompson Thrift has made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.7 billion and has become known as a trusted partner committed to developing high-quality, attractive communities. The company recently earned the distinction of being named one of GlobeSt. Real Estate Forum's Influencers of Multifamily Real Estate for 2021. About Thompson Thrift Real Estate Company Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve.

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REAL ESTATE INVESTMENT

Rubenstein Partners Leases 360,000-Square-Feet of Premier Space at Warren Corporate Center to PTC Therapeutics

Rubenstein Partners | June 13, 2022

Rubenstein Partners, L.P. (including its affiliates, Rubenstein), a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities, and joint venture partner Vision Real Estate Partners, a full-service real estate owner/operator, announced global biopharmaceutical PTC Therapeutics (PTC) signed a new 360,000-square-foot, long-term lease at Warren Corporate Center, within the five-building office campus in Warren, N.J. PTC is relocating its corporate headquarters from South Plainfield, N.J. to a new facility at Warren Corporate Center. The lease spans two full buildings located at 400 and 500 Warren Corporate Center Drive and, following construction, will include offices, collaboration and conferencing spaces, and research laboratories. The facility will provide flexible and innovative workspaces with the capacity needed to support PTC's long-term growth of its expanding pipeline of products. Construction activities on the new facility at Warren Corporate Center is expected to begin in June 2022. Originally built as a headquarters for Lucent Technologies, Warren Corporate Center comprises more than 820,000 square feet of office space across five buildings surrounded by walking trails, a richly landscaped pond and four covered parking structures. Since acquiring the 176-acre campus in 2016, Vision and Rubenstein have set out to reposition Warren Corporate Center as a unique opportunity in the market, with headquarters-quality space that integrates attractive amenities and communal areas within a central location to optimize employee well-being and productivity. As part of the repositioning, ownership also developed Warren Hill, a 20,000-square-foot lifestyle center located at the center of the campus, featuring numerous amenities including an outdoor amphitheater; indoor and outdoor patio dining; multi-function conference areas; a full-service cafe with coffee bar; a state-of-the-art fitness center with locker rooms; and full-size indoor basketball court. The amenities hub also provides an easily accessible outdoor roof deck for employees to meet and collaborate. "Since acquiring and repositioning Warren Corporate Center, our goal has been to create the kind of fully-amenitized and differentiated office product high-end companies in the region are seeking," said Stephen Card, Principal at Rubenstein. "PTC Therapeutics is a true global leader and innovator in the biopharmaceutical sector and adding an organization of their magnitude to the roster of tenants at the Warren campus validates the strategic investments we've made at the site." Warren Corporate Center is a suburban office site designed for the modern employee. The institutional-quality property is a rare blend of full-service amenities, outdoor spaces and experiential features, such as our unique lifestyle center, that separate the property from others in the region. Warren Corporate Center is a singular offering in the highly competitive New Jersey office market, and we are pleased to welcome PTC as the long-term, addition to the campus." Sam Morreale, founding and managing partner of Vision Real Estate Partners "Our new headquarters allows us to have a Class-A facility for our growing team, while keeping the new flexible work paradigm in mind," said Doug McLeester, Vice President of Global Facilities at PTC Therapeutics. "As PTC grows into one of the world's leading rare disease companies, our in-house capabilities must similarly grow and adapt. The new facility at Warren Corporate Center, which complements our existing operations at the PTC's Gene Therapy Center of Excellence in Hopewell, is the ideal space for our expected future expansion in New Jersey, a foundational and growing market for biotech in the U.S." Vision Real Estate Partners and Rubenstein Partners have consistently created premier experiential suburban office properties that incorporate a level of amenities more akin to a hospitality setting than a traditional office environment. The joint venture partnership embarked on a multi-million-dollar renovation that transformed The Crossings at Jefferson Park in Whippany, N.J., into a Class-A office campus featuring The Powerhouse, an 11,000-square-foot, standalone amenities center. A testament to the partnership's success in rebranding the property, The Crossings at Jefferson Park was acquired by Barclays Capital in June 2017. Vision and Rubenstein are also collaborating on Latitude, a 30-acre, approximately 700,0000-square-foot office complex located in Parsippany, N.J. Jeff Zell and Louis Kluger of JM Zell Partners represented PTC Therapeutics and Robert Donnelly Sr, Robert Donnelly Jr, Paul Giannone, Todd Elfand and Kevin Carton of Cushman and Wakefield represented building ownership in the lease transaction. About Rubenstein Partners Rubenstein Partners, L.P. founded in September 2005, is a private real estate investment advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22.5 million square feet of office real estate assets throughout the United States. About Vision Real Estate Partners Vision Real Estate Partners is a full-service real estate owner/operator, specializing in development, property management, asset management and construction. The firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Vision Real Estate Partners currently is developing or redeveloping more than 2 million square feet of space in its local market. The company has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities. Its Vision Management platform also currently oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners. About PTC Therapeutics, Inc. PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. The Company's strategy is to leverage its strong scientific expertise and global commercial infrastructure to maximize value for its patients and other stakeholders.

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REAL ESTATE INVESTMENT

EMPIRE STATE REALTY TRUST SIGNS PROGYNY, INC. FOR 70,573 SQUARE FEET ACROSS THREE FULL FLOORS AT 1359 BROADWAY

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.

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Spotlight

Over nearly a century, LJ Hooker has shaped the Australian real estate landscape. It's a storied company built upon a rich heritage of industry leadership and innovation. That's why, year after year, Newspoll call LJ Hooker 'Australia's best known and most trusted real estate brand.'

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