[Apple Inc.] reached an agreement to rent about 76,000 square feet of office space in the South of Market neighborhood’s 235 Second St. [...]
the area has some of the highest monthly asking rents in the city at about $66 a square foot. [...]
Apple and Facebook have been notable holdouts as Silicon Valley giants like Google and Linkedin gradually expanded their footprints in San Francisco. — bizjournals.com
More news from Apple and San Francisco:Apple invites visitors to gaze at its 'spaceship' from new observation deckDrone footage shows the latest construction status of the Foster-designed Apple campusCan't find office space in San Francisco? Try the mall.Uber HQ headed to San Francisco's...
Las Vegas’s recovery, like America’s, seems to have to come to the wealthiest first. [...]
But Sin City’s recovery shows the enduring ability of America to make improbable ideas work. Some 2m people live in a glittering, sprawling city deep in the desert and hardly think that this is strange. And with its mix of tech-obsessed yuppies, ageing baby-boomer gamblers and thrusting Hispanics, its demography resembles America’s future. — economist.com
Related:Learning from Las Vegas: a look at the Strip through urban planning lensesWill Zappos turn downtown Las Vegas into the next Silicon Valley?70's Vegas underground home on the market for $1.7MSomething is happening in Vegas; but will it convince people to stay?
Commercial real estate brokers and building managers say sophisticated tenants specify so-called chilling capacity in their lease agreements so they are guaranteed cold cachet...There’s also the widely held misconception that colder temperatures make workers more alert and productive — NYT
To the amateur eye it can be puzzling, but with some education about its juxtaposition of traditional design against more complex forms, its status as a groundbreaking residential design becomes clear. — Realtor.com
Often, at least in America, we think of regular people as the agents of change—the artist, the boutique coffee shop owner, the tech startup. But as much as gentrification is an organic process, fueled by opportunity seekers and bargain hunters, it’s developers and financiers who have become the savvy midwives of change. Once they detect the early signs of gentrification, they bring on the serious money. — Quartz
More:"Eco-Gentrification," or the social ramifications of "urban greening"Revisiting Sharon Zukin's "Loft Living" and NYC gentrificationWith gentrification, the end of racial segregation moves into LA's Highland Park neighborhoodAmsterdam's "ugly" architecture from the 70s proves resilient against...
Vornado's super luxury tower at 220 Central Park South isn't even out of the ground yet, but billionaire buyers seemingly can't wait to stash their stacks of cash in the 950-foot-tall tower. The Real Deal hears rumblings that a Qatari investor is eyeing a monstrous spread that would cost around $250 million, making it easily the most expensive home in New York City. It would completely obliterate the current record, the $100 million sale at One57. — ny.curbed.com
Tadao Ando's first ever NYC building — the brutalist condo tower project 152 Elizabeth Street — is kicking into high gear with the release of new renderings, photos of the completed sales gallery, floorplans for the first residences coming on the market, the launch of a new website for the...
At the corner of Elizabeth and Kenmare Streets at the edge of NoLIta, demolition work began in early March to make way for a seven-story condominium, Mr. Ando’s first stand-alone project in the city, although he has designed a restaurant (Morimoto in Chelsea) and residential interiors in Manhattan.
Sales are expected to begin in April, with prices [...] likely to rise to more than $30 million for the four-bedroom penthouse, according to Mr. Steinberg. — nytimes.com
Prolific Los Angeles Modernist Rudolph Schindler designed dozens of timeless duplexes, apartments, houses, and office buildings, but he only ever designed one church. Bethlehem Baptist Church in Central-Alameda was built in 1944 for a small, black church congregation. Now, just after a much-needed restoration to what was for many years a pretty rough-looking building, the architecturally significant church—an official Los Angeles Historic-Cultural Landmark—is up for sale. — la.curbed.com
Everyone knows the supply of new homes in the Bay Area is falling far short of job and population growth, but the number of existing homes being put up for sale is also near record lows in many areas. [...]
“The move-up market is pretty much frozen,” said Matt Fuller, an agent with Zephyr. “Even if you can do great on the sale of your property, you are terrified to enter the market as a buyer.” [...]
Inventory is also shrinking because post-foreclosure sales have dried up. — sfchronicle.com
Blackstone Group LP agreed to buy Chicago’s Willis Tower, the second-tallest building in the U.S., and plans to upgrade the retail and observatory space in a bet on growth in the city. [...]
On a per-square-foot basis, the valuation for the more than 40-year-old Willis Tower is lower than deals for newer buildings. The Blackstone price is about $342 a square foot, based on about 3.8 million square feet (353,000 square meters) of rentable space. — bloomberg.com
Chicago’s Willis Tower, once the world’s tallest building and one of the city’s top tourist attractions, is up for sale. [...]
The 1,450-foot (442-meter) building, formerly known as the Sears Tower, is the second-tallest in the U.S., and was the world’s highest from its completion in the early 1970s until 1998 [...]
“It’s iconic in the size and how it dominates the skyline, [...] As an office building, however, it’s 1970s construction.” — bloomberg.com
While some remain cynical about homeownership, the U.S.'s foreign-born population still regards it as a symbol of attaining the American Dream. [...]
Last year, immigrant households made up 11.2 percent of owner-occupied housing according to the JCHS—that’s up from only 6.8 percent in 1994. — theatlantic.com
Rents continue to outpace incomes. In fact, Zillow just released data showing U.S. renters spent a combined $441 billion on housing in 2014.
Perhaps surprisingly, the New York-Northern New Jersey metro didn’t top the list. San Jose was the highest, with renters paying on average $1,807 per month. Meanwhile, the 20th most expensive metro for renters was Minneapolis-St. Paul, where the average monthly payment in 2014 was $927. — zillow.com
Govs. Andrew Cuomo and Chris Christie have turned to a familiar idea in their pledge to reform the Port Authority of New York and New Jersey: selling its real estate.
A report released over the weekend highlights a plan to sell off many of the agency’s sprawling property holdings, by far the most notable of which is the World Trade Center site in lower Manhattan.
That concept has long been pushed within the agency, and it has been implemented gradually over the past decade and a half. — wsj.com
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