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Good morning. Dune Real Estate Partners and TF Cornerstone launched a $1B JV to accelerate office-to-residential conversions in major cities, addressing rising office vacancies and urban housing demands.

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Market Snapshot

*Data as of 12/03/2024 market close.

OFFICE CONVERSION

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• Construction crisis: Trump’s immigration and trade policies could worsen labor shortages and material costs, threatening housing affordability and industry stability.

• Global ambitions: Compass Inc. (COMP) will acquire Christie’s International Real Estate for $444M, expanding its reach through franchising amidst a challenging housing market.

• Prime expansion: SL Green Realty (SLG) bolstered its Manhattan portfolio with the $130M acquisition of 500 Park Avenue, aiming to modernize and attract luxury tenants.

• Deal of the day: Brookfield (BN) acquired Valley National Bank’s $925M commercial real estate loan portfolio, reinforcing its position as a key player in real estate credit markets.

• Delayed recovery: The CRE job market is showing signs of improvement, but meaningful hiring and compensation growth likely won’t materialize until 2026.

• Healthy outlook: Investors are prioritizing healthcare real estate for capital deployment, driven by favorable demographics, rising service demand, and the sector’s overall resilience.

• Successful refinancing: The Estate Companies secured a $75M loan to refinance Soleste SeaSide, a luxury multifamily property in Dania Beach, FL, bolstered by its prime location and strong demand.

• Strategic acquisition: Caisson Capital Partners expands its heartland housing portfolio with the purchase of Parham Pointe Apartments, a 184-unit Class-B property in Midtown Little Rock, Arkansas. (sponsored)

• Waterfront vision: Fort Partners acquired a $20M waterfront apartment complex in West Palm Beach, fueling speculation of a potential luxury development in the area.

• Residential revival: Transwestern took over the conversion of the former MCI headquarters in DC, planning an expanded 221-unit project on 19th Street with a courtyard and enhanced amenities.

• Luxury lift: Naftali Group secured a $140M construction loan from JPMorgan Chase (JPM) for its Upper East Side luxury condo project at 255 East 77th Street, with a projected sellout of over $530M.

• Affordability at risk: Chicago's Leland apartments face auction over a $2M default, threatening to displace vulnerable residents as Uptown's demand for luxury development rises.

• Manufacturing struggles: US factory activity contracted for the eighth month in November, though signs of stabilization emerged with new orders rebounding after seven months of decline.

• Nearshoring resilience: Despite potential tariff threats, nearshoring between the US, Mexico, and Canada is poised to grow, driving demand for logistics and warehousing across key border regions.

• Cool investment: Ares Management (ARES) lent $135M to a JV for the High Point on 10 in East Hanover, NJ, featuring 584 KSF of industrial anchored by RealCold's 380 KSF cold-storage facility.

• Urban-oriented: Whole Foods (AMZN) launched its small-format Daily Shop concept to cater to urban shoppers, aiming to expand the model despite a competitive ‘minimarket’ landscape.

• Mall momentum: Simon Property Group (SPG) reported a 6.4% traffic boost across its portfolio over Black Friday weekend, outpacing broader declines in in-store shopping nationwide. 

• Bargain boost: Discount and dollar stores, including Dollar Tree (DLTR) and Dollar General (DG), are thriving this holiday season with surging foot traffic, as consumers prioritize affordability.

• Seattle setback: Martin Selig Real Estate faces default on a $200M loan tied to two prized office properties, reflecting broader post-pandemic struggles in downtown office markets.

• Big moves: PayPal (PYPL) expanded its lease at Austin's Domain Tower 2 by 90 KSF, one of the city’s largest office deals this year, while Wise PLC (WPLCF) set up its US HQ in the same building.

• Rent divide: Manhattan’s office market sees a widening gap between static asking rents and lower taking rents, with trophy properties pulling further ahead of the broader market.

• Potential buyout: Trinity Investments expressed interest in acquiring Sunstone Hotel Investors (SHO) for $13 per share, though talks have stalled, as REIT deals see a resurgence.

• Power shift: Mar-a-Lago emerges once again as a hub for political and social influence ahead of Trump’s second inauguration, with Florida solidifying its role as a center of policy development.

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📈 CHART OF THE DAY