#biotech estate planning boston

[ericvick]

San Francisco tech companies sitting on record amounts of empty space

Marc Benioff, chairman and chief executive officer of Salesforce.com Inc., stands in front of a poster during a topping off ceremony for the Salesforce Tower in San Francisco, California, on Thursday, April 6, 2017.

Michael Short | Bloomberg | Getty Images

Cloudera exited its downtown San Francisco office early last year with plans to sublease the space and move its employees south to the software company’s Silicon Valley headquarters.

But the pandemic left the company with nobody to take over the office, forcing it to take a substantial real estate write-down.

At DoorDash’s nearby former headquarters, a tenant defaulted on rent a month into lockdown, resulting in lost income for the food delivery company, which was doubling as a landlord.

Airbnb said in its earnings report on Thursday that it took a $113 million impairment in the first quarter “related to office space in San Francisco that we deemed no longer necessary.”

Combined, those three companies have recorded nearly $200 million in real estate impairments in the past year after Covid-19 turned the Bay Area office market into a dead zone. That dollar figure swells to almost $1 billion when adding in lease-related write-downs from large tech employers Salesforce, Dropbox, Uber, PayPal and Zendesk.

While software and internet companies continued their stratospheric ascent in 2020, the plush offices they call home sat dormant, leaving San Francisco’s commercial real estate market with an unfamiliar supply glut. Much of the financial fallout was borne by the very tech companies that led a decade-plus bull market and expansion spree, snapping up massive amounts of space at record prices and often subleasing out full floors to start-ups and out-of-town businesses that were seeking a Bay Area outpost.

By the end of the first quarter of 2021, the amount of vacant sublease space in San Francisco had soared to 9.7 million square feet, up from about 3 million in late 2019, and accounted for 40% of all available commercial space in the city, according to commercial real estate firm Avison Young.

Mark Cote, co-founder of T3 Advisors, a tech-focused real estate firm that helps tenants with their growth plans, said that companies looking for an office in San Francisco have a rare opportunity over the next two to three quarters to get in at a discount. Unlike traditional landlords, which have been reluctant to drop lease prices, tech companies with excess space are sometimes willing to offer cut-rate rents and take the loss because they’ve already “faced the reckoning on the impairment,” Cote said.

“There’s a value window for tenants in San Francisco before the boomerang effect, where people and companies are going to come back,” said Cote, whose firm operates in Boston, New York and the Bay Area. “If you’re a sublandlord, you jump on an active tenant.”

Cote said companies paying $90 a square foot may offer subleases for $20 to $25 less and eat the difference. Robert Sammons, senior director of Northern California research at real estate firm Cushman & Wakefield, said that in addition to those discounts, companies are “layering on incentives such as free rent and additional tenant improvement allowances.”

Skyrocketing vacancies

Even with the discounts, it’s still not easy to find takers.

The Bay Area has been slow to reopen, and downtown San Francisco remains fairly hollow, even as vaccination rates in the city are among the highest in the country and Covid cases have plunged. Tech companies have stayed productive with employees working from home, alleviating the pressure to bring them back to the office and leading many to start planning for a hybrid future with less need for real estate.

The overall office vacancy rate in San Francisco climbed to 18.7% in the first quarter from 6% a year earlier, Cushman & Wakefield reported in its market overview for the period. That’s the highest since 2005, when the city was still recovering from the dot-com collapse. Numbers are similarly inflated in major markets such as New York and Chicago, but those cities are less reliant on tech, the industry that’s gravitating most aggressively to remote work.

Prior to the pandemic, analytics company Cloudera had planned to move several hundred employees from its San Francisco and Palo Alto, California, offices into its headquarters just south in Santa Clara. When the shutdowns began, the move was underway but the company hadn’t yet found any replacement tenants, leaving the space empty.

With nobody to pay the rent, Cloudera had to take an impairment charge last year of $35.8 million. Mick Hollison, Cloudera’s president, said in an interview that the Palo Alto office “would have been anybody’s envy just a few short years ago, and now it’s very difficult to sublease.”

Hollison said he expects about half of Cloudera’s employees to go back to the office in some capacity this year, but it’s likely that about 25% will be permanently remote and many others will only come in for part of the week.

“Our footprint will shrink over time,” he said.

Elsewhere in San Francisco, DoorDash took an $11 million impairment in the first three quarters of 2020. The app-based meal delivery company said in its IPO prospectus that a tenant’s business was disrupted by the coronavirus and that it told DoorDash in April “that it would not be making any future monthly rent payment.”

Airbnb’s $113 million charge in the first quarter of 2021 adds to $35.8 million in lease impairments last year. The room-sharing company laid off about 25% of its employees a year ago as the travel market cratered.

After Uber slashed about 20% of its workforce early in the pandemic, the ride-hailing company, which had been rapidly expanding in San Francisco, found itself with way too much real estate. Uber said in its 2020 annual report that it “exited, and made available for sublease, certain leased offices, primarily due to the City of San Francisco’s extended shelter-in-place orders and our restructuring activities.” The company recorded lease-related impairments for the year of $94 million.

Sign on facade at jobsite for construction of new headquarters of Uber Inc announcing work stoppage and delays during an outbreak of the COVID-19 coronavirus in San Francisco, California, March 19, 2020.

Smith Collection | Getty Images

Uber had 824,000 square feet of available sublease space across four locations in San Francisco at the end of the first quarter, according to Cushman & Wakefield, by far the most of any company. Dropbox was second with 418,000 square feet, after the collaboration software company announced plans to go remote-first. Dropbox’s impairment last year was just shy of $400 million, followed by an additional $17.3 million charge in the first quarter.

Salesforce, San Francisco’s largest private employer, has 287,000 square feet available. The company took $216 million in impairments last year due to “real estate leases in select locations we have decided to exit,” according to the company’s annual report.

‘Starting to see them reenter’

However, Sammons said, activity is picking up. Tenant demand is at the highest since before the pandemic began, indicating that more companies are shopping for space. Sammons said that a direct lease, through a landlord, of 200,000 square feet is about to be announced, which will be the largest since the pre-Covid days.

“Some had pulled out and put on pause any sort of expansions, and we’re starting to see them reenter the market,” Sammons said.

There’s also been recent movement in subleases. Design software company Figma just took over 100,000 square feet of downtown space from Credit Karma, which moved its headquarters to Oakland.

And Dropbox has been finding takers for large chunks of its vacant space.

BridgeBio, a drug developer, recently took close to 53,000 square feet from Dropbox, and Vir Biotechnology, another life sciences company, agreed late last year to sublease about 134,000 square feet of the complex.

Vir’s price per square foot starts at $47.77 this year and rises 3% annually to $68.11 in 2032, according to the lease agreement. When Dropbox signed its original 15-year lease in 2017, the company agreed to pay $62 per square foot in year one, which climbed to $93.78 in the final year. In leasing 736,000 square feet at that price, Dropbox was then reportedly signing the largest office deal ever in San Francisco.

While Dropbox may have to rely on discounts and other perks to lure potential tenants, the company is in a unique position to attract biotech firms. Its complex is in an area called Mission Bay that’s filled with medical centers and is zoned for life sciences companies.

Demand for space is so high in the booming biotech industry that earlier this year private equity firm KKR purchased the property for about $1.1 billion, with Dropbox still responsible for the remainder of its lease.

“Life sciences companies are now looking at the city because they see this opportunity,” Sammons said. The Dropbox building “has the floor plates and the floor plans, and everything is built and ready for life sciences companies.”

The sudden shift to what Dropbox is calling its “Virtual First” model has turned a cloud software company that was at the forefront of San Francisco’s emergence as a tech hub into one of the city’s biggest sublessors. At its slimmed-down headquarters and at other locations across the globe, Dropbox is maintaining some space for in-person collaboration and team-gathering sessions.

Dropbox said in its latest quarterly report that while it expects to generate additional sublease income and save some money by going remote, “there is no guarantee that we will realize any anticipated benefits to our business.”

Other San Francisco-based tech companies such as Twitter, Square and Okta have told employees they can work from anywhere now and into the future.

Still, T3’s Cote expects San Francisco to bounce back even if 20% or so of jobs are permanently remote. Tech employers will have to be more flexible and rational with their physical space, but they still want to be in the center of the action, he said.

“The main thing everyone has to remember is the talent of the labor force,” Cote said. “You can’t replicate that overnight.”

— CNBC’s Jordan Novet contributed to this report.

WATCH: Cushman & Wakefield’s CEO on why he’s confident office demand will return

[orbemnews]

Local Alliances Put Some Cities on the Fast Track to Recovery As vaccination rates increase and businesses start to reopen, cities across the country are cautiously moving forward with economic recovery plans to coax workers back into offices and revive real estate markets pummeled by the pandemic. Some midsize cities — like Austin, Texas; Boise, Idaho; and Portland, Ore. — may be poised to rebound faster than others because they have developed strong relationships with their local economic development groups. These partnerships have established comeback plans that incorporate a number of common goals, like access to affordable loans, relief for small businesses and a focus on downtown areas. The partnerships are also encouraging investments in infrastructure as lures for new business activity. Last Wednesday, President Biden announced a $2 trillion infrastructure plan to modernize the nation’s bridges, roads, public transportation, railways, ports and airports. “Recovery plans create an agenda for rebuilding the metropolitan area,” said Richard Florida, professor at the University of Toronto, who helped prepare a plan for northwest Arkansas. In Tucson, the revitalization plan, which goes into effect this month, calls for assessing the effect of the pandemic on important business sectors, including biotech and logistics. Other provisions advocate recruiting talented workers and preparing so-called shovel-ready building sites of 50 acres or more. Demand is high for industrial sites in Tucson. More than 80 percent of requests about real estate in the city are geared toward industrial facilities, according to Sun Corridor, the regional economic development agency that sponsored the recovery plan. And 65 percent of the inquiries deal with space for new factories. City leaders are building on a five-year, $23 billion growth plan in industrial and logistics development in the Tucson region that resulted in 16,000 new jobs before the pandemic, according to Sun Corridor. Caterpillar and Amazon moved into the region, while Raytheon, Bombardier and GEICO were among the many prominent companies that expanded operations there. “In hockey terms, we’re not playing where the puck is; we’re trying to skate to where we anticipate it is going to be,” said Joe Snell, Sun Corridor’s president and chief executive. “We’re making sure that we have the inventory of building sites so when they do come knocking, we can fill the order.” Other cities are struggling to recover after pandemic restrictions emptied their central business districts. The question is how much these downtowns will bounce back when the pandemic ends. “The pandemic caused big changes in how we work, and the geography of where we work,” Mr. Florida said. “The office as we know it, a space to work, is dead.” Experts disagree about what comes next. Several economic trends, like growth in hiring and the acceptance of remote work, are colliding, said Richard Barkham, global chief economist at CBRE, the commercial real estate firm. After a 3.5 percent decline in economic activity in 2020, the U.S. economy is expected to grow 6.5 percent in 2021, he said, which bodes well for construction. But CBRE also projects that office employees will spend 36 percent of their time working remotely, up from 16 percent before the pandemic. Today in Business Updated  April 6, 2021, 8:30 a.m. ET “We see a temporary downturn in demand for new offices,” Mr. Barkham said. “We also see that being whittled away over two or three or four years until centers come back.” Travel and entertainment sectors were shut down during the pandemic, but companies that engaged in innovation, technology and information boomed, said Tracy Hadden Loh, a fellow at the Brookings Institution. Growth in the development of office space for tech jobs was especially strong in Austin; Charlotte, N.C.; Phoenix; and San Francisco, she said, adding that office construction for the knowledge economy would revive after the pandemic. But she tempered her prediction because of another trend: “The number of square feet per worker has declined really dramatically since 1990,” she said. Couple that with recent announcements from companies like Google, Microsoft, Target and Twitter about remote work, and some cities could see less office construction activity. These challenges are not limited to midsize cities. Larger metropolitan areas like Los Angeles and New York are certainly in distress, but they have shown the capacity in the past to rebound from calamity. In San Francisco, municipal authorities said that there was no way to predict postpandemic construction activity but that expectations were high. “This isn’t the first recession here,” said Ted Egan, San Francisco’s chief economist. “We’re expecting people to come back to the office.” But the cities that have a strong alliance with business development agencies are expected to recuperate faster. For instance, the Downtown Austin Alliance, a business development group, is convening focus groups and workshops, and conducting interviews and surveys to stir fresh interest in its downtown office market. Before the pandemic, 11 buildings encompassing roughly 3.5 million square feet were under construction, nearly half of all downtown office space. Boise established a 16-member Economic Recovery Task Force made up of city officials, academics and executives of professional organizations. In September, it issued recommendations to “enhance economic resilience and agility.” And the Greater Portland Economic and Development District formed a partnership with the Metro Regional Government to prepare a plan to recover from the economic shock of the pandemic, which wiped out 140,000 jobs and shuttered 30 percent of the region’s small businesses. Among their recommendations is to direct funds and technical assistance to small businesses through local Community Development Financial Institutions, part of an affordable-lending program from the Treasury Department. Some cities are already seeing success. A year ago, Boston abruptly suspended construction for nine weeks in an effort to halt the spread of the coronavirus. During the moratorium, the Boston Planning and Development Agency prepared a recovery plan that focused on reviewing permit decisions for major projects remotely. With its 250-member staff working from home, and in some cases outfitted with new software and digital equipment, the planning agency held 220 virtual public meetings and digitally reviewed architectural plans and land-use proposals. “We identified a methodology to conduct our reviews and resume public participation,” said Brian P. Golden, the agency’s director. “Honestly, it worked better than we could reasonably have expected.” The city approved 55 significant development projects last year encompassing 15.8 million square feet and valued at $8.5 billion, the most in Boston’s history. The largest was $5 billion Suffolk Downs, a 10-million-square-foot, mixed-use development with 10,000 housing units rising on a shuttered horse-racing track. Tucson is also intent on resuming construction. Along with identifying sites for industrial development, the Sun Corridor recovery plan calls for resuscitating the city’s downtown. The pandemic closed 85 downtown restaurants, eliminated 10,000 travel and tourism jobs and cut revenue in the sector by $1 billion. The antidote is to persuade city and county leaders to make loans and grants available to small businesses tied to the tourism industry, the focus of commercial space in central Tucson. Mayor Regina Romero said the city was investing $5 million — $2 million more than last year — in the city’s tourism marketing group. Tucson also distributed $9 million from the federal relief legislation passed in March 2020 in grants ranging from $10,000 to $20,000 to small businesses, many of them in tourism. “We’re working together as a region,” Ms. Romero said. “That’s one of the most important steps that we can take for the recovery.” Source link Orbem News #Alliances #Cities #Fast #local #put #recovery #Track

[addictionrecoveryassistance]

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[sellerleads]

A Faded Square Near Boston Birthed a Biotech Real Estate Empire

A Faded Square Near Boston Birthed a Biotech Real Estate Empire

The sense of being at a historical crossroads has meant that Cambridge now competes with midtown Manhattan as the priciest commercial real estate market in the country.

(Bloomberg)—It might have all been different had President John F. Kennedy not been assassinated. Or so the local legend goes.

Before fate intervened, the native Bostonian planned to root the U.S. space program in Cambridge,…

[ericvick]

Updated Boston news: Bay Area Housing Market Sets a New Price Record!!! [April 2021]

March is about and Bay Place 2021 real estate spring providing year is in comprehensive swing. The current market is scorching hot, I will not feel we’ve ever witnessed this sort of a robust seller’s market place!! Residences are promoting rapidly, with a number of offers, and non-contingent features are commonplace

Allow me give you an illustration. Just one night we found a home that just arrived to the sector. We talked to our purchasers and they needed to see the home. So first matter in the early morning we identified as the sellers to plan an appointment, and to our surprise the sellers previously acquired a few income offers. This properties marketed in a lot less than 12 hours with a few cash provides!

And media pours gas on the fireplace. I observed this tale on many websites and then, when I experimented with to share this tale with my daughter, she told me that she now read it on the radio. Berkeley home sells for $1 million above inquiring just after receiving 29 presents. You’ll be astonished but these sort of tales are far more frequent than you imagine. If another person would list a home considerably below the predicted market price, it will create a bidding frenzy and this bidding frenzy will drive the selling prices up, in some cases way earlier mentioned the seller’s expectations.

Now let us search at the numbers, very first of all new listings. Mainly because 2020 was these types of an strange 12 months in buy to make perception of recent figures we have to have to appear again at both equally 2020 and 2019. This 12 months there was 56 percent extra listings than in march of 2020 and 26 percent extra than in march of 2019.

What took place? The onset of pandemic stopped the market in its tracks. We essentially experienced a listing on the market place in March of 2020 and the homeowners questioned us to get it off the current market. They ended up re-listing it in June and we bought it in June. It took business two to 3 months to determine out how to carry out profits properly in this surroundings and the exercise resumed. Most of the sales activity in 2020 happened in second 50 % of the calendar year and this tidal wave of sales ongoing into 2021.

The number of new contracts followed the exact same pattern. There was a 109 p.c maximize in the quantity of new ratified contracts this 12 months over 2020 and 40 % maximize over march of 2019.

A lot more than 2000 properties modify palms in March of this year, a 42 percent maximize around 2020 and 28 p.c boost above 2019.

Irrespective of the elevated quantity of new listings, revenue charges continued to develop. Santa Clara and San Mateo counties median home sale price arrived at $1,382,000, a new history. It was a 7 per cent improve above 2020 degrees and a 17 percent improve earlier mentioned march of 2019. Continue to keep in thoughts that earlier home sale selling price document was arrived at back in May of 2018.

Also inspite of the variety of new listings, the median time on the market dropped to eight days in March, down from nine times in February. What that implies that fifty percent of the properties that arrived to the industry had been bought in 8 days or considerably less.

And all over again, irrespective of the maximize in the variety of new listings, the inventory at the end of march dropped to 1.1 months, down from 1.4 months and the conclusion of February. All new properties that arrived to the industry offered!

This cost growth pattern merged with scarcity of inventory is not unique to the Bay Area. Nationally at the conclusion of March home sale price ranges jumped by 17 in accordance to Inman News, a real estate field information internet site. And although some of our consumers are waiting around for the market place downturn in buy to go browsing for households, we do not see present developments reversing themselves, at least not nevertheless.

So what drives this pink-hot real estate current market? A basic response is that desire is outpacing the offer. Very first, the provide is restricted. Most of the Bay Location cities are landlocked, we have bay on a person side, mountains on an additional side, and cities are stacked suitable up coming to each other. There are really number of chances for new housing development and employment was growing considerably more quickly than available new housing.

And the demand is still increasing. We all noticed some content articles about far more individuals going out of California than back into the condition, but that is not our knowledge. Every single day we talk to people who are coming below to the Bay Location for work opportunities – superior tech, biotech, health care, and even accountants. Just nowadays, right in advance of filming this online video, I talked to two individuals. A person of them is anticipating a work give from a community firm in this article in the Bay Space in Redwood Town and one more moved out of the Bay Region at the onset of COVID. They have been doing work for a Bay Location corporation all alongside and now they are seeking for a put to keep when they are coming back when their office environment is reopens.

We do the job only with a modest variety of buyers and sellers at a time to be capable to supply our five-star service. Simply call me, or send me a textual content so we can start out preparing your future go jointly!

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This articles does not belong to Eric Vick. This content material belongs to UCIt1g3kqoiPyvoWdYSXY5pg.

[charlesccastill]

Related Beal Announces Partnership With Mass Innovation Labs, Breaks Ground on a New Major Addition

BOSTON — Related Beal, a real estate developer, owner and operator in Boston, broke ground on a major new addition to Boston’s expanding life sciences cluster in the Raymond L. Flynn Marine Park and announced its first tenant.

Mass Innovation Labs, a biotech research accelerator currently based in Kendall Square, will take 54,000 square feet of space and anchor the first two floors of Related Beal’s new life science development, Innovation Square (iSQ) Seaport.

“Innovation Square will further position Boston as a leader in the life sciences industry, attracting new companies and a range of job opportunities to benefit Boston residents and the region,” said Mayor Martin J. Walsh. “I am pleased to welcome Mass Innovation Labs to the Raymond L. Flynn Marine Park, building on our work to fuel this area of the South Boston Waterfront with economic activity.”

iSQ, is a phased, 375,000 rentable square foot, research and development life science campus. It is the first new construction, multi-tenant lab building in the Raymond L. Flynn Marine Park. Construction of Phase I, which consists of a four story, 125,000 rentable square foot R&D building, is expected to be completed in Q1 2019. Related Beal, with its partner Kavanagh Advisory Group, executed the lease with Mass Innovation Labs, signed a long-term ground lease with the Boston Planning & Development Agency (BPDA), and closed construction loan financing for the development with East Boston Savings Bank.

Founded in 2015, Mass Innovation Labs offers flexible lab space solutions to help life sciences companies at various stages reach their next milestones. The company’s success has continued to evolve in Kendall Square and the progression of customers such as Editas Medicine and CRISPR Therapeutics has fueled the need to expand to iSQ.

“It’s incredible to have witnessed the growth of Mass Innovation Labs over the past two years – both from a brand perspective as well as seeing firsthand the progress our customers have made by utilizing our services to advance and streamline their workflows,” said Amrit Chaudhuri, CEO and co-founder of Mass Innovation Labs. “With our recent expansion to Innovation Square, we’re excited to be one of the first companies to participate in the long-term vision of the Eastern Seaport.”

Located at 6 Tide Street, on the corner of Tide Street and Northern Avenue, iSQ is designed to meet today’s flexible research and development requirements, including robust infrastructure and business amenities. The development will include a collaboration center, fitness center, interior bike storage, ample parking with electric vehicle charging stations, and green space. Situated amidst a rich urban amenity base, Innovation Square features an on-site MBTA Silver Line stop and is proximate to airport and major highways, including I-93 and the Mass Pike.

“Mass Innovation Labs is the perfect tenant to kickoff iSQ,” said Stephen Faber, Executive Vice President with Related Beal. “They nurture innovative, entrepreneurial, high growth organizations with the potential to create a substantial economic engine for Boston and the Commonwealth. We believe the Ray Flynn Marine Park in the Eastern Seaport has all of the ingredients to be the next great life science cluster.”

Mass Innovation Labs was represented in the transaction by Ted Lyon of Cushman and Wakefield. JLL brokers Pete Bekarian, Don Domoretsky and Ben Hux represented Related Beal. Related Beal Construction and Consigli Construction Co. are the construction managers for iSQ.

Related Beal has been a prominent developer of Greater Boston’s life sciences and biotech real estate business since the early 1980s, when it repositioned an assemblage of buildings in East Cambridge into Life Science Square, incubating dozens of startup biotech firms. Related Beal also became the first company to offer wet lab space for lease in the suburbs when it acquired Ledgemont Technology Center (LTC) in Lexington, MA in 1981. LTC consists of 185,000 square feet of newly renovated, first-class life sciences, office and technology space through interconnected buildings at 99 Hayden Avenue and 128 Spring Street. In 2000, Related Beal developed 300 Third Street in Kendall Square, a 128,000 square foot, Class-A lab property. Between 2006 and 2013, Related Beal owned and repositioned One Kendall Square, a 667,000 square foot, mixed-use campus with lab, office and retail space.

from boston condos ford realtor http://bostonrealestatetimes.com/related-beal-announces-partnership-with-mass-innovation-labs-breaks-ground-on-a-new-major-addition/

[cathrynstreich]

The State of Housing: Experts Discuss Global Influence, Trends, Coronavirus and Other Challenges, and Potential Solutions

The real estate markets are in a constant state of flux. On a national level, there are continuous shifts between buyers’ and sellers’ markets, housing inventory, affordability, and more. Zooming in, the challenges and opportunities of each housing market become even more diverse and nuanced. And with each individual environment comes the need for action—whether through government policy, industry action or consumer response—that solves challenges, lessens burdens and embraces opportunity as they relate to housing.

Here’s a look at today’s real estate market, both on a national- and micro-level, from the perspective of several industry practitioners.

Global Events Impacting Real Estate

The state of the economy and global occurrences can have a substantial influence on real estate, both nationally and locally. Experts are currently keeping a close watch on a global event that’s having a sweeping impact on the economy and, therefore, real estate: the COVID-19 coronavirus.

“Without a doubt, two weeks ago I would have said the biggest hurdle is a general housing shortage. But that’s changed,” says Lawrence Yun, chief economist and senior vice president of Research for the National Association of REALTORS®. “The coronavirus is an unprecedented event, and even though we don’t know how everything will play out, it’s currently a big uncertainty that’s hitting the stock market.”

Yun says it could be good or bad. For some people, the money they have been saving for a down payment may have evaporated, but for others, low rates may provide an exceptionally enticing opportunity. According to a recent NAR survey, nearly one in four home sellers changed how their home is viewed on the market due to the outbreak, including stopping open houses, requiring that prospective buyers wash or sanitize their hands, asking buyers to remove their shoes or wear footies, and more.

The Economic Flash Survey, which was conducted March 9 and 10, found that 37 percent of respondents said homebuyers were more excited by lower mortgage rates than the stock market correction. Surprisingly, 78 percent said there’s been no change in buyer interest due to the coronavirus, and 87 percent said it had not affected the number of homes on the market. In specific areas like California and Washington State, however, 21 percent and 19 percent, respectively, cited larger decreases in buyer interest.

A recent public statement from Yun following the survey release stated:

“The coronavirus is leading to fewer homebuyers searching in the marketplace, as well as some listings being delayed. In the latest flash survey, 11 percent of REALTORS® indicated a reduction in buyer traffic and 7 percent are reporting lower seller traffic when asked directly about the coronavirus impact on the market,” said Yun. “Given that a home transaction is a major commitment, the uncertainties on how the economy will play out and the spread of the virus itself are barriers to homebuying and selling. The stock market crash is no doubt raising economic anxieties, while the coronavirus brings fear of contact with strangers. At the same time, the dramatic fall in interest rates may induce some potential buyers to take advantage of the better affordability conditions. It is too early to assess the likely impact as to whether lower interest rates can overcome the economic and health anxieties. But the survey is implying, in the short-term at least, that home sales will be chopped by around 10 percent, compared to what would have been the case, due to the spread of the coronavirus.”

A Shortage of Housing Supply, Rising Home Prices

Both on a national scale and in certain local markets, aside from the coronavirus, a shortage of housing supply is the predominant challenge.

“There’s a lack of housing,” says Yun. “Fast price appreciation and increasing rents is causing major housing affordability challenges for both renters and first-time buyers.”

In the Atlanta Metro area, for example, Fortune 500 companies and other jobs and people have flooded the markets in the last decade due to mild weather and a lower cost of living, says Collette McDonald, president of Collette McDonald & Associates at RE/MAX Around Atlanta. Because of that, housing supply is low, particularly in hubs with easy access to transportation, causing prices to spike and new construction to slow.

“The ATL Metro Area struggles with transportation infrastructure and people are sick of commuting and are seeking easier living closer to the employment and entertainment centers,” says McDonald. “Properties closer in continue to appreciate at a conservative rate of 6 percent per year, which also makes it difficult for builders to develop affordable low-cost housing.”

John Barmon, a REALTOR® with Coldwell Banker Residential Brokerage, has experienced similar challenges in his own market, both in residential sales and rentals. He says many things attract people to Boston—an excellent economy, low unemployment, a wealth of biotech and hi-tech companies, and several major nearby universities like Harvard, MIT, Tufts, BU and Northeastern.

“There is always a demand for housing that increases every year as demand outpaces supply,” says Barmon. “The ongoing lack of inventory in the core Boston area has made the adjacent towns like Cambridge, Somerville, Brookline and Medford very desirable as well, and prices have risen accordingly. Those towns that have a stop on the MBTA subway lines are especially desirable, forcing lower-income buyers further and further away with longer commutes.”

California is another such market that struggles with these same housing burdens.

“The biggest housing-related issue facing California is the state’s worsening affordability and availability crisis,” says California Association of REALTORS® President Jeanne Radsick.

Orlando is also managing a lack of affordable supply, in both its rental and residential markets.

“Orlando’s popularity as a place to live and its strong economy amplify the housing shortage. Currently, more than 1,500 people are moving to the Central Florida area weekly and contribute to a demand for housing that outstrips and causes prices to rise,” says Orlando Regional Association of REALTORS® President Reese Steward.

Inverted Markets Exist

Not all regional markets experience the same obstacles, however—even if affordability and inventory are the overarching problems on a national level. For example, Nimesh Patel, broker/owner of RE/MAX Fine Properties, has experienced the reverse in his own markets, covering the Sugar Land, Fort Bend County and Houston areas.

“The biggest challenge we face is helping homeowners sell their homes for higher dollar values as we are inundated with lots of land and new construction,” says Patel. “With the amount of master planned communities popping up all over the Houston area, and the numerous amounts of new home starts slated by the builders, sellers are having a harder time competing with their re-sales.”

Determining What Policies Should Address

On a national level, Yun says the reform of Fannie and Freddie will be important, and less stringent, over-the-top regulation about building activity would help “so more homes and apartments can be built.” In addition, Opportunity Zones tax incentives to do more development in economically displaced areas because “that could be impetus for more building activity in what was once considered a less desirable area, but now with tax incentives becomes more viable,” says Yun.

What about at the state and local levels?

According to C.A.R., policy that addresses zoning, permitting and fee certainty would make it easier to build new homes and reverse soaring home prices in California.

“California must tackle the burdensome permitting process that stifles new housing development and increases costs,” says Radsick. “This begins with reducing high-impact fees that can range between 6 percent to 18 percent of a home’s sales price.”

ORRA, meanwhile, strongly advocates full funding of Florida’s Affordable Housing Trust Funds.

“These funds, generated through fees paid during private property transfers, are intended to support programs that increase the availability and affordability of housing for our workforce,” says Steward. “However, the Florida Legislature routinely siphons very significant revenues from the funds toward non-housing related items. REALTORS® statewide work to insist that the legislature fully fund Florida’s Affordable Housing Trust for the intended purposes.”

Patel says understanding master planned living, multi-generational living and multi-family living is key for Texas, as builders are currently profiting from the strategy while re-sales are falling behind.

“Builders are catering to those needs which make lots of the re-sales obsolete,” says Patel. “For example, the biggest search right now is a home with two bedrooms and two bathrooms downstairs, whereas the re-sales don’t have that from a decade or more ago.”

In Atlanta, McDonald says the Atlanta Housing Authority has already made an effort to construct more vertical units for condos and rentals in major employment districts, but that may not be enough.

“Rents are now in line with mortgage payments; however, the lack of supply limits what a buyer can do and where to live within a reasonable commute,” says McDonald, adding that not all reform that benefits housing is housing-related. “ATL needs better mass transit and to focus on revitalizing and expanding our rail system, MARTA.”

In the Greater Boston Area, Barmon says each town should have its own strategy for addressing housing reform.

“In my opinion, Boston and Cambridge have both been very successful in addressing the affordable housing issue by actively purchasing new properties to be eventually sold to lower-income buyers who meet the income guidelines,” says Barmon. “Zoning regulations in my towns now include development guidelines which create new affordable units by requiring developers to allocate a certain percentage (usually under 20 percent) of new units in a condominium conversion project be sold to buyers who meet the affordable housing guidelines in that particular town.”

“I think that Cambridge’s strategy of acquiring individual housing units (condos, single-family, and multi-family properties) and offering it to qualified individuals is one of the better ways to address the lack of affordable housing,” adds Barmon.

Where Should Change Come From?

At the forefront of the housing policy discussion stands the question, “Is governmental influence more effective at the local, state or federal level?”

It’s a tricky question, says Patel, who believes housing policy at the local level is the most effective, but that it should not be linked to social policy, though he “can see where it can be linked in the sense of lending rules and affordability in areas.”

“At the local level, there is an understanding from a community aspect, a demographics aspect and a socio-economic aspect,” says Patel.

McDonald is also pro-local policy, as long as it does not discriminate on any social policies and is based on economic factors.

“The Atlanta Housing Authority has always been one of the best run systems in the region because they run it like a business with federal guidance,” says McDonald.

Barmon believes that any successful, long-term housing reform should be addressed on a local level by each individual city and town. “Each town has its own individual wants and needs depending on the wants and needs of its individual citizens.”

Radsick, however, doesn’t agree that local policy is always the best solution.

“We need accountability,” says Radsick. “One of the primary drivers of the housing crisis is local governments that refuse to build the housing we need. We must do everything we can to stop unreasonable ‘not in my backyard’ laws that only exacerbate the crisis we’re in. California Gov. Havin Newsom has already taken a lead role by taking cities to court when they fail to approve reasonable and responsible housing developments.”

“C.A.R. has long supported state legislation that increases housing availability for those at all income levels, from affordable to market-rate and everything in between,” adds Radsick.

Brokerage-Inspired Action Can Help

Brokers agree that change can start at even more foundational levels, from within their organizations.

“I am proud to say that on a local level my colleagues at Coldwell Banker have, on their own, both created and participated in supporting local charities and organizations that assist individuals who are either homeless or in danger of becoming homeless,” says McDonald, who adds that these efforts include working with the Community Housing Assistance Fund—an organization run and founded by REALTORS®.

“Also, Realogy, my parent company, fully supports the expansion of FHA legal protections as a general, ongoing business practice, and focuses on creating a diverse marketplace by forming partnerships with professional real estate associations whose ongoing missions are to improve the homeownership rates of various diverse groups, including the LGBT community,” she adds.

Is your market experiencing unique challenges? Let us know in the comments how you believe they should be addressed.

Liz Dominguez is RISMedia’s senior editor. Email her your real estate news ideas at ldominguez@rismedia.com.

The post The State of Housing: Experts Discuss Global Influence, Trends, Coronavirus and Other Challenges, and Potential Solutions appeared first on RISMedia.

The State of Housing: Experts Discuss Global Influence, Trends, Coronavirus and Other Challenges, and Potential Solutions published first on https://thegardenresidences.tumblr.com/

[dunloecapital-blog]

Something to Know about Dunloe Capital Company

Visit our website http://dunloecapital.com/

Dunloe Capital is a family of hybrid private equity funds that invest their capital and accept capital from external investors on a transaction by transaction basis. Their investment focus is heavily weighted towards growth sectors they believe in and also have significant experience in such as life sciences, data sciences, real estate, and consumer products – primarily wine and cannabis dispensaries in Boston. Dunloe Capital also incubates businesses when a business opportunity presents itself. Their primary strategy is to seek out lower and middle-market investment opportunities that don’t typically fit within the mandate or deal structure that larger investment firms require. From time to time, they may also compete with these firms when they believe they offer competitive financing, specific expertise or industry contacts that these firms may not readily possess.

 Why Many of the Investors Joins Dunloe?

 Well, there are several reasons for this. Let's know about them.

 Complete Control Over Investment Decisions

 When an independent sponsor structure is used, which Dunloe Capital uses exclusively, the investment opportunity will be well known to investors well before the investors execute their investment. Before the execution of any investment, Dunloe Capital will deliver a cannabis independent sponsor, investor deck and a shareholders’ agreement specific to the investment opportunity. Investors may also be introduced to management before investing.

 Investors in a traditional Marijuana venture or private equity structure don’t typically possess control over the investments made by the fund. Once they have invested in the fund, they provide full discretion to the fund manager to select and execute investments. This is how funds have operated for a very long time, but recent returns for traditional funds of this nature have been quite underwhelming.

 More Control Over the Investment Terms

 A cannabis fundless sponsor structure often involves a small number of investors who negotiate the terms for each investment with Dunloe Capital’s manager before execution.

 Direct investment in a traditional venture or private equity fund generally implies that you accept the investment terms that the fund proposes. There is no negotiation.

 High-Quality Investment Access

 They seek high-quality investment opportunities that are typically out of reach for most traditional funds such as a business that is just about to “make it” or is on the doorstep of a significant event but is not quite mature enough to justify a substantial valuation. Most venture and private equity funds are forced to seek out investments in the upper and middle market (i.e. larger & more mature businesses) because they are generally mandated to invest their capital within a specific timeframe and desirable investment returns are difficult to generate when larger capital pools are applied to smaller deals and crammed into arbitrary timelines.

 Greater Project Control and Commitment

 An independent sponsor such as Dunloe Capital will generally be involved in the ongoing operations and business planning of the company in which its affiliated funds have invested in. The independent sponsor is usually an actively engaged and committed party acting on behalf of the investors on a frequent if not daily basis. An investment of this nature is by no means a passive investment – from the sponsor’s perspective. Further, the independent sponsor structure generally promotes a smaller portfolio of investments that the sponsor will oversee, which in turn suggests that investment opportunities that Dunloe Capital presents to investors will be of the highest quality possible – all of these factors indicate that the investors and Dunloe Capital’s interests are fully aligned.

 Why this company focuses on wines and cannabis?

 Dunloe Capital views the cannabis market as a rare opportunity whereby a previously constrained but the enormous market is quickly becoming un-constrained. They believe this “gold rush” in the cannabis market is real and will be seen as one of the great economic growth engines of this century. The following graph is meant to visualise and quantify the current size and significance of the cannabis market. Similarly, the wine sector is also massive, and both profits and growth can be quite compelling. They believe the U.S. wine & cannabis markets will challenge each other and lead the consumer products industry in the coming decades.

 Dunloe Capital’s operations are guided by the following core beliefs which drive their investment focus:

 ●     Cannabis products are already pervasive but the trends driving North America towards the end of cannabis prohibition will both accelerate and expand the use of cannabis Investor products such that the ultimate size of the cannabis market will at some point dwarf the market estimates that are routinely quoted today.

●     Cannabis corporations with the entire vertical, from grain to deal, will generate dramatic profits until and if supply begins to overcome demand. In the interim, and perhaps for decades, these companies are desirable to us as cash-flowing investments.

●     Cannabis licenses that position the holder(s) within an artificially generated, though legal, semi-exclusive or effectively exclusive boundary or beneficial restriction of some sort is of great interest to us as potential cash-flowing investments.

●     Cannabis technologies and products that “don’t touch the plant” are in the initial stages of development in many respects. These opportunities can be attractive but are generally more akin to traditional startup investments where risk and reward can be dramatic.

●     Cannabinoids science and related research beyond THC and CBD is a niche area now, but credible positive research of cannabis therapeutics will be released in the coming years by credible research institutions, biotechs and big pharma, respectively.

 These are a few of the many things you should have known about Dunloe Capital. I hope my words could satisfy you. If you want to know about them in brief then kindly visit their official website.

About Author:

Dunloe Capital’s founder James Crane, CPA has been associated with some of the cannabis industry’s most prominent investors since 2014. The transactions listed above are only inclusive of those that were executed by Dunloe Capital and its affiliated funds.

[douchebagbrainwaves]

PRETTY STRAIGHTFORWARD

It had a programmable crawler that could crawl most of the great programmers he wanted. Considering how basic a red circle is, it seemed surprising to me when we started YC. That hurt Microsoft a lot starting in the 90s, will destroy you if you stay where you are, and much less on how old you are or not. In fact, it may not be permanent.1 So if you want to hire want to live there; supporting industries are there; the people you meet. In the Valley it's not only real but fashionable. We advise founders who go on to seek VC money to take the C model and the Lisp model. That would seem offensively curt. I wrote about labor unions.2 Young hackers can start viable companies. And that is more likely to make the medicine go down.

Investors have made trouble even for the most successful of that group by an order of magnitude. West coast investors are confident enough of their judgement to act boldly; east coast investors, the bursting of the Bubble would have been it. In 1450 it was filled with the kind of problems we deal with. In the earliest phase they tend to be more conservative. We assumed his logo would deter any actual customers, but it should be helpful to be in New York the number of startups does mean is that you won't be able to start startups than could before. And not just the time it takes, but that was enough to tell what I said that upset him: that startups would do better to move to your silicon valley. But seeing what startups are really like will at least show other organizations what to aim for. They've been the guys coming in to visit the big company, but they couldn't prevent you from taking one apart to see how it might be interesting to look at one day. The spirit of resistance to government, Jefferson wrote, is so valuable on certain occasions, that I wish it always to be kept alive. Not even investors, who are all nearly impossible to fire.

In other words, starting startups is currently like the plumbing in an old house. That's the sense in which the most efficient plan would be to discover surprising things.3 The other reason you need a lot of people to make a startup hub is that once you have enough people interested in startups.4 Object-oriented programming imposes a discipline on these programmers that prevents any one of them. I don't think they realize how much it matters that it's broken. The most striking example I know of schlep blindness is Stripe, or rather Stripe's idea. In big companies there's always going to have to do 7.

Their reputation with programmers used to be. That's schlep blindness.5 In that kind of money in a company with a lot of new areas. If they're going to build something, they want to be able to do everything; it just has to do something. People in the Valley.6 You'll notice we haven't funded any biotech startups. They haven't decided what to work on hard problems at all. We're talking about some pretty dramatic changes here.

If you look at the most advanced acquirers, identifying companies to buy is extremely ad hoc, and completing the acquisition often involves a great deal about our work that we use the same word for a brilliant or a horribly cheesy solution. A team that outplays its opponents but loses because of a bad decision by the referee could be called unlucky, but not so much that it paralyzes you.7 Sometimes it literally is software, like Hacker News and our application system. The old ideas are so powerful that even the most successful startup founders have had to struggle against them. The mobility of seed-stage startups means that seed funding is a national business.8 That's a completely different kind of animal—so much smaller that all the startups we fund can use for future rounds. It seems to me there is a limit on the number of startups per capita in each.9 Look at what a hard time getting software done. A country with only a few percent of the world's population.

Hotmail because Sabeer Bhatia and Jack Smith couldn't exchange email at work. The very best work has been done this way. It used to be that way in America too. He was the original young founder. Gone were the mumbling recitations of lists of features. But if you talk to startups, because students don't feel they're failing if they don't go into research. We funded one startup that's replacing keys.10 He was one of the most conspicuous trends in the last batch of startups we funded, in the short term. Few would be willing to claim that it doesn't matter at all where a startup is—that a startup operating out of a small, furry steam catapult.

Even if you could get a 30% better deal elsewhere? Its structure is an exoskeleton. But ambition is human nature.11 If there are three founders and one who was lukewarm leaves, big deal. When we started Y Combinator I said something to a partner at a well known VC firm that gave him the mistaken impression I was considering starting another startup. Half? It would be a good one.12 They're working on their software for a year or more, will be custom deals for the forseeable future. There's room not merely to equal Silicon Valley, and all they had to submit their code to an intermediary who sat on it for a month and then rejected it because it contained an icon they didn't like? Some people would make good founders, and others wouldn't. The lower the rate, the cheaper it is to buy stock in growing companies as opposed to real estate, or bonds, or stocks bought for the dividends they pay.

Imagine if, instead, you treated immigration like recruiting—if you made a conscious effort to seek out the smartest people and get them to come to America can even get in? Over and over, I've seen startups we've funded snatched by west coast investors out from under the noses of Boston investors who saw them first but acted too slowly. But though other fields may share it, I think a society in which people can do and say what they want. What's wrong with having one founder, like Oracle, usually turn out to have been temporary. Google pushed this idea further than anyone had before. Since we did continuous releases, our software didn't actually have versions. So we made some basic mistakes early on. IBM developing what they expected to be the most common emails we get is from people asking if we can help them set up a local clone of Y Combinator. The trick I recommend is to take advantage of those, people have to move.

Notes

With the good groups, just their sizes.

A variant is that the VC declines to participate in the general sense of not starving then you should. The original Internet forums were not web sites but Usenet newsgroups.

Who knew how much they can be said to have gotten away with the other hand, they may end up with an idea that was mistaken, and don't want to give them sufficient activation energy required. They each constrain the other people. And that is exactly my point.

In many fields a year, but that wasn't a partnership. Which in turn means the investment market becomes more efficient. Predecessors like understanding seem to them?

The biggest counterexample here is one of the technically dynamic, massively capitalized and highly organized corporations on the programmers had seen what GUIs had done for desktop computers. I'd appreciate hearing from you. Investors are often surprised by this, but the route to that knowledge was to backtrack and try to start a startup with a base of evangelical Christians.

Within YC when we created pets.

They may not be led by a combination of circumstances in the latter without also slowing the former.

Mitch Kapor's wife Freada was in logic and zoology, both of whom have become good friends.

But there seem to be something you can help in that water a while we can easily imagine.

Though you should push back on the ability to solve are random, they may then, depending on how much you get of the Web was closely tied to the traditional peasant's diet: they had to resort to raising money, but there has to split hairs that fine about whether a suit would violate the patent pledge, it's software that doesn't mean you suck. You leave it to be told what to outsource and what the US treat the poor worse than he was skeptical about Viaweb too.

But when you lose that protection, e. The Civil Service Examinations of Imperial China, during the war it was 94% 33 of 35 companies that we should remember this when comparing techniques for discouraging stupid comments have yet to find a blog on the back of your new microcomputer causes someone to tell how serious potential investors and instead focus on their appearance. A smart student at a time machine, how much you get stock as if the company than you think you'll need, you could get a poem published in The New Industrial State to trying to decide whether you're in the time they're fifteen the kids are convinced the whole story.

The obvious choice for your present valuation is fixed at the works of anthropology. They might not have gotten away with dropping Java in the general sense of being absorbed by the regular news reporters. This seems to be so obsessed with being published. But the margins are greater on products.

[nationaldoorstep]

PART I: What to Look For (and Avoid) When Shopping for an Income Property | Resident First Focus

Ok, so you’re looking to invest in a rental property.

Maybe it’s your first one. Perhaps it’s an addition to your growing mini-empire. Whatever your situation or experience level, there are pitfalls to avoid when shopping for an income property. Getting it right, we don’t have to tell you, means a new source of cash flow. Getting it wrong means you may have a money pit – and no one likes those.

Here are a few things to look for (and avoid!) when shopping for an income property.

Close to Home 

While we always suggest hiring a good property manager, if you do choose to self-manage, proximity to your own home is essential. Middle-of-the-night repairs or getting to your property around rush hour will be that much more irksome if your rental is not close by and without a property manager.

The Neighborhood

Moreover, what about the local population? This is generally the pool from which your residents will come. Do people in this area make enough to support the rent you plan to charge? Are they families that will be long-term renters, or are many of them students (they will be if you buy near a university)? Your demographic will look for certain types of properties. For instance, families tend to be drawn to units with more space, whereas students often look for proximity to their school and/or college friends.

Crime rates are something to check out because soaring numbers can erode the value of your property and keep good residents away. You will want to learn about crime statistics before you purchase. How to find out? Your local library and police are good sources. To get more granular insights into various indices around local unlawful acts, click here.

However, this can be tricky, but worth looking into—if crime is falling in an area and new businesses are opening up, you might be onto real favorable possibilities, especially as it relates to Opportunity Zones. Redevelopment activity is helping to make neighborhoods more charming, safe, convenient, environmentally healthy, and economically secure. If you can sense that an area is improving—and you get there just before Starbucks does—you’ll thank yourself later.

For example, Oakland has persistently high crime levels, but areas of it are drawing renters and buyers because of their affordability, culture, and proximity to San Francisco. The median monthly rent in Oakland jumped 15%, the most in the U.S., to $2,846, last year, according to Zillow.

Oakland is the hottest residential real estate market in the Bay Area,” Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley, recently told Investor’s Business Daily. “It’s still expensive, but it’s more affordable” than San Francisco.

There are great sources on the Internet for useful demographic information.

The Starbucks Test 

Also, pay close attention to where upscale retailers like Trader Joe’s, Starbucks, Publix (especially Greenwise), and Whole Foods are putting new shops. These companies have sophisticated real estate teams that make highly nuanced decisions about where they open new stores. They do extensive research about the best neighborhoods for finding the customers they want – you should do the same.

If a Trader Joe’s, Starbucks or Whole Foods is opening in a new area, be on high alert. Their faith and trust in these neighborhoods is a good sign that the area is an excellent place to invest. It may be time to buy an investment property in this area (or areas where these stores already operate).

Property Taxes

This can be a bit counterintuitive. Usually, it’s wise to avoid high taxes, but with residential real estate, higher property taxes can indicate that the area has excellent amenities and quality schools—features that attract good, long-term residents who will pay their rent on time and treat your investment with respect. You can do this sort of research at the City’s assessment or appraiser’s office.

Now, there is one caveat: the property tax rate should be taken in the context of the whole. Not ALL areas have high taxes because they’re amazing neighborhoods. Some areas have high property tax rates as a result of a declining tax base, meaning fewer people are living there, and those who are, have to pay an expanding share of the taxes to fund city services. 

Conversely, some areas have incredibly low taxes because they have an oversized commercial tax base. Cambridge, Massachusetts – home to Harvard University, MIT and the Kendall Square biotech hub is a perfect example. Cambridge has one of the lowest residential tax bases in the Commonwealth of Massachusetts – not because the City isn’t investing in the schools, parks, or other local amenities, but rather because the City has such a robust commercial tax base that it offsets the need for high residential taxes.

Be Your Own Economist

Why? Simple. If the local economy is booming and the unemployment rate is low, workers will be moving to the area, and that’s good for rents.

If you’re looking to purchase a property near where you live, you probably already know how the economy is performing. However, if you don’t, or if you are looking at a more distant area, spend some time researching the area’s unemployment rate. As a general rule of thumb, you’ll want to invest in an area that has a lower unemployment rate than the national average. 

One final nuance related to this point: here’s where your homework (and intuition) matters. Consider who the largest employers are in the area. Is it a diversified economy? One pitfall that some investors make is investing in a community that has only one major employer; if that employer closes or relocates, it can cripple demand for local real estate as families are forced to move elsewhere in search of work. 

We saw this happen in Fairfield, Connecticut, after General Electric decided to relocate its HQ to Boston. Honeywell also shifted its headquarters from New Jersey to North Carolina. In a tertiary example, Toyota, the Japanese automaker, transferred its U.S. headquarters from the greater Los Angeles area to Plano, Texas, in 2014. The measure impacted about 3,000 jobs.

Next Up

So there you have it: some vital considerations for your income property search. In Part II of this special mini-report, we’ll take a look at some features to look for—and avoid—in the property you’re considering for purchase.

Stay tuned! Don’t touch that dial!

[newestbalance]

Ant Financial mega-fundraising leads sovereign investments in…

LONDON (Reuters) – Ant Financial’s record-setting $14 billion funding round led sovereign investor transactions in the second quarter against a backdrop of rising interest in tech-related start-ups, although overall deal values fell slightly.

FILE PHOTO: An employee stands next to the logo of Ant Financial Services Group, Alibaba’s financial affiliate, at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. REUTERS/Shu Zhang

Singapore’s GIC and Temasek, and Malaysia’s Khazanah were among those participating in the Ant Financial round, the biggest-ever single fundraising for a private company.

Ant Financial operates China’s biggest online payments platform and was spun off from e-commerce giant Alibaba (BABA.N) before it listed in 2014. The cash will boost Ant’s firepower ahead of a widely-expected initial public offering (IPO).

“It is growing in the shadow of Alibaba which explains why we are seeing these big numbers,” said Javier Capape, director of the Sovereign Wealth Lab at IE Business School.

“They want to expand beyond payments, providing consumer finance and small loans. Investors believe this is a player that will grow beyond China’s borders.”

The mega-funding round boosted the overall value of the deals in which sovereign investors participated to some $35.2 billion, according to Thomson Reuters data. This was just shy of the first quarter’s record $40 billion, which was swollen by two massive transactions.

The second quarter saw a raft of investments in the tech space as sovereign wealth funds (SWFs) stepped up their efforts to find the next unicorn – a start-up valued at $1 billion or more.

Qatar Investment Authority invested in Mesosphere, a hybrid cloud platform company, and Temasek invested in China’s facial recognition company SenseTime in April. The $4.5 billion company is the world’s most valuable artificial intelligence (AI) unicorn.

Markus Massi, a senior partner at The Boston Consulting Group, said investors were getting more interested in AI as it had reached a stage where its potential value and uses were more apparent.

“You can make cases that AI helps you rationalize processes and increase productivity,” he said, adding that AI no longer needed a lot of data to learn as it was becoming more rules-based. This allowed machines to learn for themselves. “That makes it faster, leaner and more applicable for different uses.”

Since March a number of SWFs have announced plans to set up dedicated funds targeting tech investments. Ireland’s Strategic Investment Fund and China’s CIC teamed up on a 150 million euro fund, while Mubadala is launching a $400 million fund to invest in European tech companies.

Capape also cited a planned China-backed $15 billion tech fund which he said was likely to attract SWFs, along the lines of SoftBank’s mammoth Vision Fund.

Other notable transactions in the second quarter included Temasek raising its stake in German pharma firm Bayer in a $3.7 billion deal to help fund a takeover of seed-maker Monsanto.

Biotech companies also remained in favor, with Abu Dhabi Investment Authority investing in Kaleido Biosciences and GIC leading a $260 million funding round for CStone Pharmaceuticals, which develops innovative drugs in immuno-oncology.

Funding database PitchBook also noted that GIC and the Canada Pension Plan Investment Board acted as cornerstone investors for the $1.12 billion Hong Kong listing of Ping An Good Doctor, an online healthcare platform.

Pre-IPO stakes remain popular with SWFs looking to secure sizeable stakes in emerging market companies.

GIC took a roughly 7 percent stake in Vietnamese residential property firm Vinhomes for some $853 million, ahead of an initial equity offering that raised about $1.35 billion.

GIC also acted as an anchor investor in the IPO of Vietnam’s Techcombank, which raised about $921 million, PitchBook said.

Massi said the Singapore funds were increasingly reaching out to markets in their own back yard. The Vinhomes investment combined a real estate and equity play, he added, and tapped into Vietnam’s growing middle class.

Reporting by Claire Milhench; Editing by Mark Heinrich

The post Ant Financial mega-fundraising leads sovereign investments in… appeared first on World The News.

from World The News https://ift.tt/2IXZYmX via Everyday News

[ericvick]

Bulfinch Acquires Additional Harvard Square Asset for Potential Life Sciences, Medical or Office Use

Cambridge, MA – The Bulfinch Companies, Inc., a private, real estate investment, development and management firm, announces an affiliate of the company has  acquired 1120 Massachusetts Avenue, a 7,200 SF building located in the heart of Harvard Square.

The acquisition represents Bulfinch’s 13th property in the booming technology, life science and biotech hub of Cambridge, MA. Bulfinch plans to redevelop and reposition the asset as a first-class office, medical or biotech property, complete with a roof deck. The building has two stories above grade and one below, with floor–to–ceiling windows on the street providing high visibility and ample daylighting. Ideally situated a short walk from Boston’s “Brain Train” at the Harvard Square Red Line T stop, the property is just steps away from a variety of shops, restaurants and vibrant business centers at Harvard Square and Central Square.

This acquisition further strengthens Bulfinch’s portfolio in the Cambridge market. Earlier this year, Bulfinch announced the completion of its new 280,000 SF lab building at Cambridge Discovery Park, located in the Alewife Life Science Cluster, just 10 minutes’ drive from 1120 Massachusetts Avenue. Bulfinch is also the manager of Osborn Triangle, a three-property life science and biotech development in Cambridge’s Kendall Square neighborhood, boasting tenants Lab Central, Pfizer and Novartis, as well as numerous additional buildings in Cambridge.

“Cambridge is the global epicenter of life science, technology and medical research, and Bulfinch has committed to expanding our portfolio in this space,” said Eric Schlager, CEO of Bulfinch. “During this crucial time of combatting a global pandemic, we’re meeting the need for lab space among key researchers in biodiscovery. Not only does the presence of life science research enrich the Cambridge culture, it also positions the city as a strong investment location, as life science and biotechnology discoveries become increasingly imperative.”

The acquisition of 1120 Massachusetts Avenue represents a continued commitment to Bulfinch’s mission, Discover + Deliver, as the company works with passion, creativity and collaboration with tenants and investors to create exceptional workplaces.

Related

[charlesccastill]

Related Beal Announces Partnership With Mass Innovation Labs, Breaks Ground on a New Major Addition

BOSTON — Related Beal, a real estate developer, owner and operator in Boston, broke ground on a major new addition to Boston’s expanding life sciences cluster in the Raymond L. Flynn Marine Park and announced its first tenant.

Mass Innovation Labs, a biotech research accelerator currently based in Kendall Square, will take 54,000 square feet of space and anchor the first two floors of Related Beal’s new life science development, Innovation Square (iSQ) Seaport.

“Innovation Square will further position Boston as a leader in the life sciences industry, attracting new companies and a range of job opportunities to benefit Boston residents and the region,” said Mayor Martin J. Walsh. “I am pleased to welcome Mass Innovation Labs to the Raymond L. Flynn Marine Park, building on our work to fuel this area of the South Boston Waterfront with economic activity.”

iSQ, is a phased, 375,000 rentable square foot, research and development life science campus. It is the first new construction, multi-tenant lab building in the Raymond L. Flynn Marine Park. Construction of Phase I, which consists of a four story, 125,000 rentable square foot R&D building, is expected to be completed in Q1 2019. Related Beal, with its partner Kavanagh Advisory Group, executed the lease with Mass Innovation Labs, signed a long-term ground lease with the Boston Planning & Development Agency (BPDA), and closed construction loan financing for the development with East Boston Savings Bank.

Founded in 2015, Mass Innovation Labs offers flexible lab space solutions to help life sciences companies at various stages reach their next milestones. The company’s success has continued to evolve in Kendall Square and the progression of customers such as Editas Medicine and CRISPR Therapeutics has fueled the need to expand to iSQ.

“It’s incredible to have witnessed the growth of Mass Innovation Labs over the past two years – both from a brand perspective as well as seeing firsthand the progress our customers have made by utilizing our services to advance and streamline their workflows,” said Amrit Chaudhuri, CEO and co-founder of Mass Innovation Labs. “With our recent expansion to Innovation Square, we’re excited to be one of the first companies to participate in the long-term vision of the Eastern Seaport.”

Located at 6 Tide Street, on the corner of Tide Street and Northern Avenue, iSQ is designed to meet today’s flexible research and development requirements, including robust infrastructure and business amenities. The development will include a collaboration center, fitness center, interior bike storage, ample parking with electric vehicle charging stations, and green space. Situated amidst a rich urban amenity base, Innovation Square features an on-site MBTA Silver Line stop and is proximate to airport and major highways, including I-93 and the Mass Pike.

“Mass Innovation Labs is the perfect tenant to kickoff iSQ,” said Stephen Faber, Executive Vice President with Related Beal. “They nurture innovative, entrepreneurial, high growth organizations with the potential to create a substantial economic engine for Boston and the Commonwealth. We believe the Ray Flynn Marine Park in the Eastern Seaport has all of the ingredients to be the next great life science cluster.”

Mass Innovation Labs was represented in the transaction by Ted Lyon of Cushman and Wakefield. JLL brokers Pete Bekarian, Don Domoretsky and Ben Hux represented Related Beal. Related Beal Construction and Consigli Construction Co. are the construction managers for iSQ.

Related Beal has been a prominent developer of Greater Boston’s life sciences and biotech real estate business since the early 1980s, when it repositioned an assemblage of buildings in East Cambridge into Life Science Square, incubating dozens of startup biotech firms. Related Beal also became the first company to offer wet lab space for lease in the suburbs when it acquired Ledgemont Technology Center (LTC) in Lexington, MA in 1981. LTC consists of 185,000 square feet of newly renovated, first-class life sciences, office and technology space through interconnected buildings at 99 Hayden Avenue and 128 Spring Street. In 2000, Related Beal developed 300 Third Street in Kendall Square, a 128,000 square foot, Class-A lab property. Between 2006 and 2013, Related Beal owned and repositioned One Kendall Square, a 667,000 square foot, mixed-use campus with lab, office and retail space.

from boston condos ford realtor http://bostonrealestatetimes.com/related-beal-announces-partnership-with-mass-innovation-labs-breaks-ground-on-a-new-major-addition/

[dani-qrt]

Ant Financial mega-fundraising leads sovereign investments in…

LONDON (Reuters) – Ant Financial’s record-setting $14 billion funding round led sovereign investor transactions in the second quarter against a backdrop of rising interest in tech-related start-ups, although overall deal values fell slightly.

FILE PHOTO: An employee stands next to the logo of Ant Financial Services Group, Alibaba’s financial affiliate, at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. REUTERS/Shu Zhang

Singapore’s GIC and Temasek, and Malaysia’s Khazanah were among those participating in the Ant Financial round, the biggest-ever single fundraising for a private company.

Ant Financial operates China’s biggest online payments platform and was spun off from e-commerce giant Alibaba (BABA.N) before it listed in 2014. The cash will boost Ant’s firepower ahead of a widely-expected initial public offering (IPO).

“It is growing in the shadow of Alibaba which explains why we are seeing these big numbers,” said Javier Capape, director of the Sovereign Wealth Lab at IE Business School.

“They want to expand beyond payments, providing consumer finance and small loans. Investors believe this is a player that will grow beyond China’s borders.”

The mega-funding round boosted the overall value of the deals in which sovereign investors participated to some $35.2 billion, according to Thomson Reuters data. This was just shy of the first quarter’s record $40 billion, which was swollen by two massive transactions.

The second quarter saw a raft of investments in the tech space as sovereign wealth funds (SWFs) stepped up their efforts to find the next unicorn – a start-up valued at $1 billion or more.

Qatar Investment Authority invested in Mesosphere, a hybrid cloud platform company, and Temasek invested in China’s facial recognition company SenseTime in April. The $4.5 billion company is the world’s most valuable artificial intelligence (AI) unicorn.

Markus Massi, a senior partner at The Boston Consulting Group, said investors were getting more interested in AI as it had reached a stage where its potential value and uses were more apparent.

“You can make cases that AI helps you rationalize processes and increase productivity,” he said, adding that AI no longer needed a lot of data to learn as it was becoming more rules-based. This allowed machines to learn for themselves. “That makes it faster, leaner and more applicable for different uses.”

Since March a number of SWFs have announced plans to set up dedicated funds targeting tech investments. Ireland’s Strategic Investment Fund and China’s CIC teamed up on a 150 million euro fund, while Mubadala is launching a $400 million fund to invest in European tech companies.

Capape also cited a planned China-backed $15 billion tech fund which he said was likely to attract SWFs, along the lines of SoftBank’s mammoth Vision Fund.

Other notable transactions in the second quarter included Temasek raising its stake in German pharma firm Bayer in a $3.7 billion deal to help fund a takeover of seed-maker Monsanto.

Biotech companies also remained in favor, with Abu Dhabi Investment Authority investing in Kaleido Biosciences and GIC leading a $260 million funding round for CStone Pharmaceuticals, which develops innovative drugs in immuno-oncology.

Funding database PitchBook also noted that GIC and the Canada Pension Plan Investment Board acted as cornerstone investors for the $1.12 billion Hong Kong listing of Ping An Good Doctor, an online healthcare platform.

Pre-IPO stakes remain popular with SWFs looking to secure sizeable stakes in emerging market companies.

GIC took a roughly 7 percent stake in Vietnamese residential property firm Vinhomes for some $853 million, ahead of an initial equity offering that raised about $1.35 billion.

GIC also acted as an anchor investor in the IPO of Vietnam’s Techcombank, which raised about $921 million, PitchBook said.

Massi said the Singapore funds were increasingly reaching out to markets in their own back yard. The Vinhomes investment combined a real estate and equity play, he added, and tapped into Vietnam’s growing middle class.

Reporting by Claire Milhench; Editing by Mark Heinrich

The post Ant Financial mega-fundraising leads sovereign investments in… appeared first on World The News.

from World The News https://ift.tt/2IXZYmX via Online News