WeWork ‘poster child for excesses’, but its backers love it

WeWork ‘poster child for excesses’, but its backers love it

WeWork has become the largest private occupier of office space in Manhattan, London and Washington, D.C., with approximately 300 locations in 23 countries. While WeWork’s number of locations, memberships, revenues and valuation have all shown dramatic growth since the co-working platform launched eight years ago, the company’s losses have also mounted.

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Northview buys six apartment buildings; shifts its focus

Northview Apartment REIT expects its frenetic pace of acquisitions to slow down in the wake of its announcement this week it will purchase six more Ontario apartment properties for $131.9 million. The acquisitions in Toronto, Guelph and London, mean Northview has bought $535 million in property during the past 12 months.

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ONE and Revera partner on retirement communities

ONE Properties and Revera Inc. have entered into a partnership to develop new retirement communities in urban markets across Canada. “The opportunity to develop a relationship began through discussions about common potential strategic opportunities,” Revera’s Mike Brcko told RENX.

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Industrial land prices rise as supply dwindles

While industrial land continues to be developed at an increasing pace in Canada, the amount available is dwindling, especially around Toronto and Vancouver where defined boundaries limit expansion. “This means that if vacant industrial land continues to be absorbed … industrial land prices should continue to go up,” said Thomas Forr, research manager for JLL Canada,

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Brett Miller to succeed Jonathan Wener as Canderel CEO

The Canderel Group of Companies says its founder and CEO for the past 44 years, Jonathan Wener, will be stepping down early in 2019. He will be replaced by JLL Canada CEO Brett Miller, who started his real estate career with Canderel. The transition at the top will take place on February 18, 2019.

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AIMCO to lease eight floors in Edmonton’s HSBC Place

AIMCo will be moving in to HSBC Place in Edmonton when the international investment giant finishes an extensive renovation of the downtown tower. AIMCo bought the HSBC building in 2017. It will consolidate its Edmonton workforce on eight floors of the 17-floor building, located on 101st Street in the financial core of the city.

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A ‘discretionary use’ is just that: It’s no slam dunk

Whether you’re buying or leasing commercial real estate, zoning bylaws regulate where you can locate a business. The City of Saskatoon bylaw lists permitted uses and prohibited uses, which are pretty straightforward. A discretionary use, however, is a use the city might allow, but requires more investigation.

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Six months ago: PBA to build two Marriott-branded hotels in Calgary

PBA Land and Development plans to build a major new luxury hotel in downtown Calgary. The Dorian will be the first new luxury hotel in the city in 20 years and will actually be two hotels in one, both Marriott brands. The dual-tower development will house a Courtyard by Marriott and an exclusive Marriott Autograph Collection.

Property Biz Canada

One year ago: CT REIT buys seven RioCan shopping centres

RioCan REIT has begun the selloff of up to $2 billion in properties in secondary Canadian markets, and the first buyer is fellow retail real estate holder CT Real Estate Investment Trust. The companies announced CT REIT will purchase seven properties, all anchored by Canadian Tire stores, for $200 million.

Property Biz Canada

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