DAILY READS: Jan. 22, 2020

Terrell Gates on the real estate rally. Why tech companies like old buildings. Can San Francisco trade office permits for housing units? Here's a batch of other critical content for you to read, listen to or watch.

University of Texas Plans Manhattan Campus

“The public institution has leased 15,212 square feet on the 15th floor of the 22-story building at 28 West 44th Street, between Fifth Avenue and Avenue of the Americas, according to Newmark Knight Frank. Asking rent in the seven-year lease was $66 a square foot.”
—Commercial Observer

German Investor Pays $111M For D.C.’s New Thompson Hotel

“Geolo Capital, which developed the hotel in partnership with JW Capital Partners, was the seller in the deal. Union Investment, which manages more than $40B in assets worldwide, according to its website, announced in March 2018 it was under contract to acquire the hotel and that the deal would close after its opening.”
—Bisnow Washington, D.C. 

San Francisco Bay Area. Image via Pixabay
San Francisco Bay Area. Image via Pixabay

Would Capping Office Space Ease San Francisco’s Housing Crunch?

“Proposition E, a measure coming up on the primary ballot in March, would limit future office growth in San Francisco as a function of the city’s shortfall of new affordable housing. Under this new accounting, in any year that the city fails to live up to its state-mandated obligation to approve new affordable housing, the legal cap on new office space would be lowered by the same degree. A miss on housing would mean a proportionate dip in new office space.”

Why Shiny New Tech Companies Love Old Industrial Buildings

Even some new office towers are being made to look like lofts, with high ceilings, flexible floor plans, and exposed columns and pipes that evoke old New York to tech newcomers.
—New York Times

Cuomo Spares Real Estate in Plan to Close $6B Budget Gap

“New York is facing a $6.1 billion budget deficit, but Gov. Andrew Cuomo said new revenue streams—for example, a controversial high-end real estate tax— are not how he will close it.”
—Real Deal

“On ‘Bloomberg Money Undercover’, Bloomberg’s Lisa Abramowicz talks with Terrell Gates, CEO and founder of Virtus Real Estate Capital. According to the firm, it has acquired 237 properties for a combined acquisition value of over $4.1 billion and has fully realized 176 property investments. ”

The Northridge Earthquake Exposed Flaws in the Getty’s Construction—and Changed How LA Builds

It’s almost certain that an earthquake larger than Northridge will strike Southern California in the next 30 years. In Los Angeles, city officials have ordered thousands of property owners to retrofit non-ductile concrete buildings and “soft-story” buildings that that proved especially vulnerable in 1994. But the city has yet to require seismic retrofits of steel buildings outside West LA and the Valley, areas that experienced the most ground acceleration during Northridge. 
—Curbed Los Angeles