WeWork's NY deal sends waves through Vancouver commercial real estate sector

25 October, 2017, 01:06 | Author: Gladys Mathis
  • HBC sells Lord & Taylor flagship to WeWork for 850mn dollars

After that, it will be converted into WeWork's NY headquarters along with WeWork office space and a redesigned Lord & Taylor store of approximately 150,000 square feet (14,000 square meters), according to the companies.

The flagship store is expected to continue to operate in the entire building through the 2018 holiday season, and then rent lower floors after that.

In addition, Rhone Capital will make $500 million equity investment in HBC in the form of eight-year mandatory convertible preferred shares.

Lord & Taylor has wised up to the new economy and will welcome WeWork into its properties, including selling its Fifth Avenue flagship to the collaborative workspace company.

That is 30 per cent above the most recent appraised value, according to a press release from HBC.

E-cigarettes banned where regular cigarettes are banned in NY
Preventive Services Task Force concluded that evidence is insufficient to recommend e-cigarettes for smoking cessation in adults. NY has banned electronic cigarette use in restaurants, bars and any other places where smoking tobacco products is prohibited.


Soldier's widow angry Trump didn't know her husband's name
La David Johnson was among four who died October 4 in Niger when they were attacked by militants tied to the Islamic State. Trump's tweet will do little to shut down a controversy that has swirled around the president since last week.


Packers vs. Saints: Packers' QB Hundley first National Football League start
Aaron Jones did the bulk of the rushing with 17 carries for 131 yards and the only other Green Bay Packers' touchdown in the game. The on third-and-1 from the 12, Ingram ran off left end untouched for the touchdown, and the game was tied at 7.


Illustrating the state of these retail locations, the company said it expects "minimal impact on earnings" from the deal.

In total, the transaction will reduce HBC's debt by $1.3 billion (1.6 billion Canadian). The vacancy rate on Fifth Avenue, the heart of the city's high-end shopping district and home to the most expensive retail real estate in the world, reached a record a year ago.

HBC, which also owns the Saks Fifth Avenue chain, faces pressure to extract more value from its real estate assets at a time when brick-and-mortar retailers lose market share to more nimble online operators.

Land & Buildings Investment Management is calling for the removal of HBC's board, arguing the company's shares are worth less than the underlying value of its real estate holdings. The retail space will be reduced from 650,000 sq. ft.to 150,000 sq. ft. and will be confined to the bottom floors.

Adam Neumann, CEO and co-founder of WeWork, says the Lord & Taylor deal underscores his company's commitment to NY and underscores a larger trend in real estate. "Our partnership with the WeWork team creates new opportunities for HBC to redefine the traditional department store by extending those communities and drive additional traffic to our stores".

Recommended:

  • Browns LT Joe Thomas incredible iron man streak comes to an end

    Browns LT Joe Thomas incredible iron man streak comes to an end

    Thomas, 32, a pro bowl offensive lineman who was named 2016's Walter Payton Man of the Year, has one year left on his contract. He has played through numerous injuries and his consecutive snaps streak is believed to be the longest in league history.
    Cardi B kicked out of 'racist' hotel over disturbance, smell of marijuana

    Cardi B kicked out of 'racist' hotel over disturbance, smell of marijuana

    While there was no evidence to support the claims that marijuana was present, the team still left, at which point Cardi B woke up. According to The Root , the rising rapper was kicked out of her hotel room in Albany, New York on Sunday morning (Oct. 22).
    The speech from Mersal that has made the TN BJP mad

    The speech from Mersal that has made the TN BJP mad

    Tamil Nadu BJP president Dr Tamilisai Soundararajan has demanded the deletion of anti-GST dialogues from Mersal . This entire episode shows that whoever opposes the BJP are supporting Vijay , and this is expected", Raja said.
  • Gas Prices Fall in New Jersey

    Gas Prices Fall in New Jersey

    Prices have fallen for six straight weeks, but are still almost a quarter higher than they were a year ago, according to AAA . Despite the recent downward trend, the state average remains 18 cents higher than pre-Hurricane Harvey levels.
    BJP's OBC commission pitch to counter Congress in Gujarat, Karnataka

    BJP's OBC commission pitch to counter Congress in Gujarat, Karnataka

    Patidar leader Hardik Patel today said that his party will support Congress if it supports their causes. Technically, Hardik Patel can not contest elections as he is underage.
    OT interception enables No. 10 Oklahoma State to beat Texas

    OT interception enables No. 10 Oklahoma State to beat Texas

    Oklahoma State improves to 6-1 (3-1 Big 12) and will face West Virginia next Saturday before meeting No. 9 Oklahoma on November 4. Oklahoma State outgained the Longhorns 428-283, with the majority of the advantage coming in a 146-42 edge in rushing.
  • I have not called for demos on Election Day, Raila

    I have not called for demos on Election Day, Raila

    They argue that the commission might not hold the poll as directed by the Supreme Court owing to the lack of preparedness. Wednesday has been unexpectedly declared a public holiday, but the Supreme Court says that will not affect its business.
    World Health Organization strips Mugabe of goodwill ambassador role

    World Health Organization strips Mugabe of goodwill ambassador role

    It will be huge relief for them to see that World Health Organization has finally bowed to pressure and rescinded its appointment. There is no water at the Parirenyatwa Hospital in Harare today, and that is our main hospital, there are no drugs for patients.
    Premier League updates as Jose Mourinho looks for victory

    Premier League updates as Jose Mourinho looks for victory

    Manchester United is undefeated in the last ten Premier League games, keeping nine clean sheets in the process. But with a rock-solid rearguard he also knows United will usually be in with a chance of winning those games.
  • Grizzlies Beat Warriors 111-101 To Start Season 2-0

    Grizzlies Beat Warriors 111-101 To Start Season 2-0

    Curry denies throwing mouthpiece at the referee, he said: "I didn't throw my mouthpiece at the ref, ' Curry told ESPN ". Curry thought he was fouled on the play, took his mouthpiece out and angrily threw it in the direction of the referee.
    Swaraj co-chairs 4th JCC meeting with Bangladesh FM

    Swaraj co-chairs 4th JCC meeting with Bangladesh FM

    In the statement, she also said creating economic opportunity in the troubled Rakhine state could help resolve the situation. Sushma said they vowed to continue to fight "this scourge together and along with other like-minded countries".
    Proteas remain No 1 with Bangladesh whitewash

    Proteas remain No 1 with Bangladesh whitewash

    Dane Paterson was the pick of South Africa's bowlers with three for 44, while Markram completed a memorable debut with two for 18. South Africa won the toss and elected to bat and scored a match-winning 369 for six in their allotted 50 overs.


Popular

Sony Xperia XZ Premium users start receiving Android 8.0 Oreo update
This will allow users to long press any icon to trigger a menu and jump to a specific task without having to open the application. The OTA update roll-out process is being carried out in phases, so it will take several days to reach all corners of the world.

Bledsoe likely done in Phoenix — Suns GM
Bledsoe summed up his frustration in a tweet before Sunday's announcement of the coaching change surfaced: "I Dont wanna be here". Although few franchises need a point guard , there are " several teams " in the league with interest in making a move.

Original Xbox Backward Compatibility Games Surface In Microsoft Store
Undoubtedly, one of the most striking titles is Ninja Gaiden Black , a 2005 game developed by Team Ninja and distributed by Tecmo. Over the weekend, an image circulated on social media showing more original Xbox titles that could be part of an initial launch.

PayPal can now give you money (or take your money) through Messenger
What do you think about this new feature? Apple will also be launching a payment app called Apple Pay Cash in a future update. If you don't want to use PayPal's official service platform, you can simply integrate it with the Facebook Messenger app.

Marvel's 'Thor: Ragnarok' director pokes fun at 'Justice League'
Cate Blanchett is again incredible , able to deliver the menace Hela needs to convey, whilst also just having fun with it. The scene has since been changed to a field in Norway because, in Waititi's own words, "alleyways aren't cool" .

Lonzo Ball, Brandon Ingram bounce back in win vs. Suns
By the end of the Lakers' 132-130 win over the Phoenix Suns , Ingram had a career-high 25 points with two rebounds, an assist and a steal.

Thousands walk to end breast cancer
Thousands of West Tennesseans dressed in pink and hit the streets today to make strides against breast cancer. I was affected by this because my sister-in-law has breast cancer and was a survivor.

O'Reilly Struck $32M Settlement In January Over Harassment Allegations
The former TV host's reps have not responded with a comment yet, but we have one: shame on you, Bill. Wiehl last appeared on O'Reilly's show on December 20, 2016.

Linking bank accounts to Aadhaar mandatory, confirms RBI
Meanwhile, the RBI said that the anti-money laundering rules have to be implemented by the banks without any further delay. The Aadhaar number can be linked to the account number online, too.

Texas city says no hurricane aid if you boycott Israel
A former teacher was working as a contractor for Kansas Department of Education's Math and Science Partnerships program. The city, about 48 kilometres south of Houston, was one of the worst hit when Harvey swept through Texas in August.