Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
Bisnow
Mark Dixon has seen a lot of upheaval in the 30 years since he started his flexible office business: the dot-com boom and bust, the 9/11 terrorist attacks, the 2008 Lehman crash and the rise of competitors like WeWork. But COVID-19 tops the lot, and it is the event on that list he thinks will change the world of work forever….
Nasdaq
RXR Acquisition, a blank check company formed by RXR Realty targeting real estate technology, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
GlobeSt
CoStar Group is making an offer for CoreLogic of $96.76 per share of CoStar’s stock, or roughly $6.9 billion. This follows Stone Point Capital and Insight Partners’ bid earlier this month of $6 billion for the global property information, data and analytics firm. …
Wall Street Journal
One of the hardest questions for American corporations to answer: When should offices reopen? From Silicon Valley to Tennessee to Pennsylvania, high hopes that a rapid vaccine rollout in early 2021 would send millions of workers back into offices by spring have been scuttled. Many companies are pushing workplace return dates to September—and beyond—or refusing to commit to specific dates, telling employees it will be a wait-and-see remote-work year.
Bisnow
The office industry as a whole has been impacted by the widespread adoption of remote work, but the sharpest losses have been felt by coworking companies that signed long-term leases at urban core office buildings, The Wall Street Journal reports. Operators with models based on partnerships with landlords, or landlords themselves, look poised to capitalize….
Nasdaq
RXR Acquisition, a blank check company formed by RXR Realty targeting real estate technology, filed on Friday with the SEC to raise up to $250 million in an initial public offering. The Uniondale, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, RXR Acquisition would command a market value of $313 million.
Wall Street Journal
The shiny, onyx-colored building appears alien in its drab, postindustrial Philadelphia neighborhood—the love child of a “D-volt battery and the Death Star,” as one local architecture critic put it, admiringly.
Real Estate NJ
Look no further than a server that “allows us to manage hundreds if not thousands of devices within our building in real time at all times,” said Joel Shandelman, the property’s chief technology officer, providing data from across the 2 million-square-foot campus. He notes that artificial intelligence software from BuildingIQ, a cloud-based platform, then uses that data to help the HVAC system operate both effectively and economically.
Wall Street Journal
U.S. workers have failed to return to the office in greater numbers this month, frustrating hopes that the rollout of Covid-19 vaccines and falling infection rates would start to lure employees back and help revitalize city economies.
Bisnow
Nearly 60% of real estate professionals embedded in corporations surveyed by CoreNet Global say their businesses will shrink their office square footage in the wake of the coronavirus pandemic.
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