Sheldon Adelson, whose far-flung casino empire included properties in the United States and East Asia and whose fortune of nearly $35B made him the 38th-richest person in the world, according to Forbes, has died at the age of 87.
Adelson was chairman and CEO of the casino company Las Vegas Sands Corp., owner of The Venetian Resort Hotel Casino, The Sands Expo and Convention Center, and The Palazzo, all in Las Vegas. The company's holdings in the Chinese special administrative region of Macao include Sands Macao, The Venetian Macao and Sands Cotai Central. The Marina Bay Sands in Singapore is also a Las Vegas Sands property.
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The results of the 2021 Intentions Survey of institutional investors conducted by the Pension Real Estate Association (PREA), European Investors in Non-Listed Real Estate Vehicles (INREV) and Asian Association of Investors in Non-Listed Real Estate Vehicles (ANREV) are in and commercial real estate continues to be very much in favor. However, there have been some notable changes in institutional investors’ preferences for their real estate allocations looking forward.
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Nestled in a 5,593-page federal spending bill approved last month were several provisions that could tighten energy standards for data centers.
The $2.3 trillion Consolidated Appropriations Act, which included $900B in coronavirus relief measures, was signed into law on Dec. 27. As part of a section on energy policy, the sweeping bill establishes a “data center energy practitioner program,” which would certify experts in data center efficiency, among other provisions.
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CubeSmart has finalized the $16.8 million acquisition of StorageOne, a 47,481-square-foot facility in Las Vegas. A private investor sold the property, according to Clark County records. The new owner has renamed the property, which will now operate under the CubeSmart brand.
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The previous, tumultuous year concluded with a sense of optimism, especially for the commercial real estate sector. Distribution of coronavirus vaccines, developed and approved in record time, reached a public elated for anything that can help them return to some semblance of a normal routine.
“People in the real estate industry very badly want people to start coming back to the office, and vaccinations are the single best ways to get there,” Kastle Systems Chairman Mark Ein said. “Hopefully a year from now, virtually everyone is back. The question is how do we manage through the transition until then.”
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(Bloomberg)—Cold-storage specialist Lineage Logistics is branching into rail.
The warehouse owner acquired Cryo-Trans, an owner of refrigerated and insulated railcars, to capture an additional leg of the food and beverage supply chain. The transaction values Reisterstown, Maryland-based Cryo-Trans at more than $500 million.
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RentPath Holdings has terminated its $588M deal to be acquired by CoStar Group after federal officials scrutinized and later sued to block the merger between the real estate data sites.
The deal, agreed to in February, was held up by the Federal Trade Commission, which asked in April for more details from the companies and then filed a complaint in November to block the move. RentPath, which filed for Chapter 11 bankruptcy in February, said in a statement Tuesday its traffic has grown in the second half of 2020 and it has the backing of “well-known” asset management firms.
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The commercial real estate industry may be forced to become much more transparent in the coming years.
A subsection of the newest version of the National Defense Authorization Act would force all new corporations and limited liability companies to disclose the name, address and government-issued identification number of all owners upon their formation, Vox reports.
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Uncertainty reigns as the office sector continues to grapple with severe and lasting disruption nine months into the COVID-19 crisis. The emergency adoption of remote work policies in March has turned into a semipermanent status quo, and the biggest issue confronting the industry now is whether and how millions of empty desks across the U.S. will be reoccupied.
According to access control data from Kastle Systems, office usage across 10 major metros averaged only 27 percent as of Nov. 10. Dallas topped the list at 42.2 percent, while the New York metro, which was hit hardest by the pandemic, stood at just 17.3 percent. By contrast, average occupancy hovered above 97 percent in early March.
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(Bloomberg Opinion)—Defined-benefit pension plans were already barely treading water heading into 2020. In the years ahead, the risk is as great as ever that a large swath of them will drown.
As the name implies, defined-benefit pensions promise to pay a set amount to retirees. While corporate America has largely moved away from this structure in favor of 401(k) options (or “defined contribution” plans), virtually all state and local governments still offer these reliable retirement payouts. And they’ve been falling behind in a big way: In the 2019 fiscal year, states had $1.48 trillion in unfunded pension liabilities, while the 50 largest local governments faced $478 billion in adjusted net pension liabilities, according to calculations from Moody’s Investors Service. The 100 largest corporate defined-benefit plans had a deficit of $285 billion in November, according to Milliman data.
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