Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
Bloomberg
Fifth Wall, a Los Angeles-based venture firm, is planning to raise capital through a special purpose acquisition company, a sign that the momentum behind a vehicle that became mainstream in 2020 has continued into the new year.
AXIOS
As I wrote to close out 2020, the popularity of hybrid remote/in-person working will give rise to “third workplaces” — places to take calls, attend meetings and write memos that aren’t your home or your office….
The New York Times
This past fall, Henry M. Paulson Jr., the former Treasury secretary, got a call from Paul David Hewson, better known as Bono. The musician-activist-investor had an idea and “an ask”: Bono, who helped found TPG’s $5 billion Rise funds focused on “impact investing,” told Mr. Paulson that the investment firm wanted to create an even bigger platform to focus exclusively on combating climate change — and he wanted Mr. Paulson to run it.
Fast Company
When a new elevated highway was built in New Orleans in the 1960s, like other “urban renewal” projects in the U.S., it ripped through a predominantly Black neighborhood that had been thriving. Hundreds of homes were razed. Hundreds of businesses were lost. On Claiborne Avenue, the central boulevard in the neighborhood, hundreds of oak trees were torn out of a wide median that neighbors had used as a park. A coalition of community members now want to take the aging highway down—and it’s the type …
Wall Street Journal
The company that created the popular videogame “Fortnite” has agreed to purchase a North Carolina mall and plans to redevelop it as a global headquarters, the latest sign that struggling malls are evolving into new kinds of real estate.
The Real Deal
Opendoor’s IPO last month crowned CEO Eric Wu a billionaire. It quintupled the value of SoftBank’s stake to $2.3 billion. And it reaped early investor Khosla Ventures a 36x return — on paper. After merging with a blank-check company last month, the iBuyer’s stock closed at $31.25 per share on its next day of trading, Dec. 21, giving it a market capitalization of close to $19 billion….
GlobeSt
Tenants not only prefer to pay rent online, they are also more likely to make the payment. Data from Rent Direct that tracked 2020 rent trends has found that online payment options have actually helped increase the likelihood that tenants will make a rent payment.
The Real Deal
With its deal to buy RentPath off the table, CoStar doesn’t want to get stuck with the bill. In a regulatory filing Monday, the data giant slammed RentPath’s attempt to collect a nearly $60 million break-up fee, arguing the listing portal was in breach of a purchase agreement.
The Real Deal
As Knotel battles lawsuits from landlords, evictions and accusations of unpaid rent, its CEO says the flex-office provider has secured new funding. Knotel CEO Amol Sarva reportedly told staff on Monday that the company has gotten a fresh influx of cash, according to Business Insider, citing a source with knowledge of the all-hands meeting….
Financial Times
In 2017 when Josh Tanenbaum joined the Polonsky Foundation, his stepfather’s namesake family office, he wanted to diversify its portfolio to include more investments that made a positive social impact.
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