Month: September 2021

(iStock) As recently as July, visions of reoccupied desks and packed commuter lines danced in the heads of employers and office landlords, who clung to hopes that a widespread return to the workplace after Labor Day might still be in the cards. But an explosion of Covid cases driven by the highly contagious Delta variant…

Orchard co-founder and CEO Court Cunningham (Orchard) Orchard’s IPO is off the table — for now. The proptech startup, the subject of speculation this summer that it would soon go public, said it raised $100 million from new and existing investors, valuing the company at more than $1 billion. An IPO isn’t likely soon, the…

ICSC President Tom McGee and the Las Vegas Convention Center (ICSC via YouTube/Wikimedia) One of the biggest real estate events of the year is making a comeback. The organization formerly known as the International Council of Shopping Centers — recently rebranded to “Innovating Commerce Serving Communities” — is reviving its annual three-day conference at the…

Michael Shvo and 9200 Wilshire renderings (Shvo, Getty) Shvo Group’s residential project in Beverly Hills finally has a brand attached. The developer’s 54-unit project at 9200 Wilshire Boulevard will be branded as a Mandarin Oriental Residences, according to an announcement on Thursday. The project will be Mandarin Oriental’s first residential development on the West Coast.…

350 Mission in San Francisco and Yelp CEO Jeremy Stoppelman (SOM, Getty) For its San Francisco office, Yelp has left a poor review. Amid a broader reevaluation of its office footprint, the San Francisco-based tech company is moving to a new location at 350 Mission Street, where it will occupy 53,596 square feet across three…

Jose Huizar (Getty) Jose Huizar, the former powerful Los Angeles city councilman accused of accepting cash and gifts from developers, has issued his first full response to the federal charges against him. Huizar wants a judge to toss the bribery case, claiming he acted only as an “evangelist for robust development.” The statement was part…

Widespread flooding caused $16 billion to $24 billion in losses to residential and commercial real estate throughout the northeast, one study estimates. (Getty) Catastrophic flooding in the wake of Hurricane Ida caused up to tens of billions of dollars in damages to residential and commercial properties throughout the northeast last week, a new report estimates.…

The Fairwind Hotel and Joseph Chetrit (Getty, Fairwinds) The Chetrit Group sold a Miami Beach apartment hotel to its operator for $42 million, The Real Deal has learned. Royal Stays Miami, led by Yedid Buchweld, acquired the 104-key property at 1000, 1020 and 1030 Collins Avenue, according to a source. Royal Stays has been operating…

Jetty co-founder and CEO Mike Rudoy (iStock, Jetty) Late rent payments are a problem not only for renters, who bear the cost of exorbitant late fees, but also for property owners, who depend on steady income. Jetty, a Silicon Valley-backed rental insurance provider, says it has a solution for both. The company launched its new…

Digital Bridge’s Marc Ganzi (Ganzi by Sonya Revell) Digital Bridge, the company formerly known as Colony Capital, now looks almost nothing like its former self. The Boca Raton–based firm agreed to sell its “wellness infrastructure business” consisting of its senior living and medical office buildings to Highgate Capital Investments and Aurora Health Network in a…