Columbus International

Related Companies Reveals Renderings of Massive $12 Billion NYC Casino Complex at Hudson Yards

By Columbus International,20 March 2024

Plans have been revealed by Wynn Resorts for a colossal $12 billion project in Hudson Yards, a once train-filled area in Manhattan‘s West Side. The proposal, crafted in collaboration with real estate powerhouse Related Companies, envisions an imposing 80-story tower overlooking the Hudson River. This towering structure would house a sprawling gaming facility and hotel. Surrounding the magnificent casino skyscraper would be office complexes, residential towers, and an expansive 5.6-acre park, creating a vibrant urban landscape. Strategically positioned between West 30th Street and 33rd Streets, and 11th and 12th Avenues, the resort would be easily accessible to pedestrians strolling along the High Line, a repurposed elevated train line now serving as a public park. The architectural renderings depict a sleek office building and residential tower adjacent to the casino resort tower, enhancing the skyline from the Hudson River viewpoint. Additionally, the project includes plans for a 750-seat public school, a community facility, and a daycare center.

Dubbed Hudson Yards West, the venture, in collaboration with the Oxford Properties Group, promises to generate 35,000 union construction jobs and 5,000 permanent positions within the resort, according to its planners. Advocates for the proposal argue that the hotel component would become a prime destination for visitors attending events at the nearby Javits Center, potentially amplifying tourism and economic growth in New York City. Jeff Blau, CEO of Related Companies, remarked on the project’s potential to further invigorate the local economy, expressing enthusiasm for the development’s role in benefiting the state, the city, and the neighboring communities. Craig Billings, CEO of Wynn Resorts, highlighted the appeal of Wynn New York City as a premier destination for luxury travelers, citing the propensity of Wynn guests to spend more, thereby driving increased tax revenues and local economic activity. While the exact cost of the endeavor remains undisclosed, previous estimates suggest a staggering $12 billion investment, inclusive of expenses associated with constructing atop the rail yard. With the state contemplating the issuance of up to three casino licenses in the downstate region, intense competition among potential bidders has emerged. Notably, in Queens, Steve Cohen, owner of the New York Mets, has proposed an $8 billion gaming complex near Citi Field named “Metropolitan Park.”

Meanwhile, Resorts World New York City, situated at Aqueduct race track, has announced a $5 billion expansion, seeking approval to offer table games alongside its existing slot parlor. In the midst of this fervent competition, Hudson Yards’ developers face the challenge of securing political and community support, mindful of past opposition that thwarted similar projects, such as former Mayor Bloomberg’s proposed West Side Olympic stadium. State Sen. Brad Hoylman, representing the Hudson Yards neighborhood, has expressed the need to ensure alignment with the site’s original vision, dating back to 2009. The proposed development, with its consolidation of buildings and increased park space, must navigate a rigorous approval process involving city officials and undergo thorough land use review. Amidst skepticism from rival casino bidders, one close source remarks on the shifting prospects of the Hudson Yards plan, indicating a transition from a perceived impossibility to a challenging endeavor.

Source: New York Post
Images: Related Companies and Wynn Resorts

Rental opportunities on the rise. From Milan to Florence, it’s the perfect time to invest in Italy (Immobiliare.it)

By Columbus International,19 March 20249 November 2024

The rental costs in the main Italian cities have become so high as to exclude both individuals and families with a single income. It’s interesting to note that it’s not Milan, but Florence, that emerges as the least accessible city for those seeking a two-room apartment for rent. And this makes it a great asset if you’re looking for a secure real estate investment.

According to insights from Immobiliare.it, the proptech company affiliated with Immobiliare.it, the average monthly amount a person would need to allocate for rent – ideally not exceeding 30% of their net income – has been compared with the actual average rent demanded for a two-room apartment in major urban centers. In Florence, for instance, the average monthly rent for a two-room apartment stands at 1,066 euros, yet the average budget available for a single individual barely surpasses 480 euros. Shockingly, only 0.5% of the two-room apartments listed in the market are affordable for solo renters. Following closely is Naples, where the average monthly rent climbs to 850 euros, but given the municipality’s average income, a single person can only afford around 415 euros for rent, less than half of the required amount. Consequently, the accessibility rate falls below 1%.

Milan boasts the highest rental rates among the cities under scrutiny, with rents exceeding 1,320 euros per month for a two-room apartment, while the budget available to a single individual, at 650 euros, falls significantly short. A similar situation unfolds in Venice, where despite an average monthly rent of approximately 880 euros, a single person can only afford 430 euros, less than half of the required sum. Moreover, while in Milan only 0.8% of the two-room apartments on offer are within reach for solo renters, the situation in Venice is even direr, with no affordable options available. Single individuals face challenging rental conditions in Bari and Bologna as well. In Bari, where the rent for a two-room apartment has surged by nearly 200 euros per month over the past year, reaching 800 euros, the average salary fails to meet the required amount, hovering around 430 euros. Meanwhile, in Bologna, the average rent stands at about 925 euros per month, exceeding what a person could realistically pay by 510 euros. In Rome, there’s a glaring disparity between the rent demanded by landlords and the budget available to renters, with a gap of over 70%. Landlords request an average monthly rent of 890 euros, while the budget of a single individual barely reaches 520 euros. Verona fares slightly better, with an average monthly rent of 770 euros, aligning closer to the budget of around 480 euros that a resident can allocate for rent. In the two major Sicilian cities, Palermo and Catania, the gap between the rent demanded by landlords and the budget of single renters hovers around 45%. In both cities, the monthly rent slightly exceeds 580 euros, while renters can only afford around 400 euros. In municipalities like Turin and Genoa, where the available budget for renting a two-room apartment closely matches the rent demanded, there’s a more balanced situation. In Turin, the average monthly rent slightly exceeds 600 euros, whereas a single individual can afford around 500 euros. Similarly, in Genoa, the gap between the average monthly rent of 550 euros and the personal resources of 450 euros is narrower. Notably, Genoa remains the city with the highest accessibility to two-room apartments for single renters, with 38% of the available stock.

Antonio Intini, Chief Business Development Officer of Immobiliare.it, commented: “The analysis reveals that the rental market in our major cities offers few sustainable options for those with a single income. In most cases, single individuals must allocate at least 50% more than the considered sustainable budget for rent, if not double. Considering the potential for further rent hikes, it’s imperative to reflect on the future of our main urban centers, which are becoming increasingly inaccessible to new generations, forcing them to seek housing solutions in the outskirts and potentially weakening the socio-economic fabric of the cities.”

Source: Monitor Immobiliare

Miami’s Office Market Cools as Tallest Tower Struggles to Secure Anchor Tenant

By Columbus International,18 March 2024

The emergence of challenges surrounding the construction of One Brickell City Centre, poised to be Miami’s tallest corporate skyscraper at approximately 1,000 feet, reflects the gradual cooling of the city’s once-booming office real estate market. Related Cos., a New York-based developer, and Swire Properties, an international firm founded by the British Swire family, find themselves in a struggle to secure a key tenant nearly a year after breaking ground. Sources familiar with the situation indicate that Related is in the process of restructuring its agreement with Swire, the landowner. Reports suggest that Swire has even contemplated selling the 1.55-acre downtown Miami site, as revealed in a document reviewed by The Wall Street Journal. However, Swire has clarified that while they regularly assess various options for their development sites, the One Brickell City Centre site is currently not up for sale. Related has affirmed its ongoing collaboration with Swire despite the challenges.

The U.S. office market has faced pressures from rising interest rates and the shift to hybrid work models, impacting cities like Miami, which previously weathered such challenges better due to corporate relocations and limited office space availability. However, recent data from commercial real estate services firm JLL indicates a 25% decrease in leasing activity in the Miami office market last year compared to 2022. Additionally, sublease vacancies surged by 66%, signaling existing tenants’ desires to downsize their office footprints. Steven Hurwitz of JLL notes, “There’s a slowdown of new-to-market activity. We’re sort of at a new inflection point.” Juan Arias, director of market analytics for CoStar in South Florida, highlights that office construction starts in Miami have decelerated following a peak in the second quarter of 2023. Factors such as higher interest rates, increased construction costs, and subdued leasing activity in a softer economic climate have contributed to this slowdown. Miami, once primarily focused on leisure and tourism, is striving to evolve into a thriving business and financial hub. While the city has attracted financial and tech firms from various regions, it also grapples with challenges such as soaring property prices and limited educational infrastructure for new residents. Despite these hurdles, Miami’s office market remains robust compared to many U.S. cities. It registered the highest annual office rent growth last year and maintained a low office vacancy rate of 8.4%.

Related chairman Stephen Ross, known for his interest in South Florida projects, has emphasized One Brickell City Centre’s significance. The tower, with 68 floors spanning 1.5 million square feet, is slated for completion in 2028. Ross aimed to secure prominent tenants, including discussions with Ken Griffin of Citadel regarding potential tenancy, although recent developments suggest Griffin’s firm is pursuing other ventures. While the partnership for One Brickell City Centre’s anchor tenancy did not materialize, both Ross and Griffin have hinted at future collaborations. Their joint statement expresses eagerness to partner on initiatives beneficial to the community, indicating potential future endeavors despite the current challenges facing this high-profile project.

The Allure of Living Abroad: Exploring Real Estate Opportunities for Americans

By Columbus International,15 March 2024

In recent years, the allure of living abroad has transformed from a distant dream into a tangible reality for many Americans. Fueled by various factors such as a robust U.S. dollar, increased accessibility through direct international flights, and the adoption of flexible hybrid work models, markets around the globe have witnessed a surge in interest from American buyers. However, before embarking on the journey of international homeownership, there are several essential considerations to ponder.

One of the critical factors influencing the decision to purchase property abroad is the cost per square foot, which closely mirrors the familiar adage of “location, location, location.” For instance, in Italy’s Como province, the average price per square foot stands at $147. However, prime waterfront properties in sought-after regions like Lake Como command significantly higher prices, exceeding $1,000 per square foot. Such disparities underscore the importance of thorough research and financial planning when venturing into the international real estate market. While the prospect of purchasing an existing property may be enticing, many expats opt for building anew or embarking on renovation projects to achieve their desired level of luxury.

Despite the initial challenges and delays in return on investment, the appeal of customizing one’s living space to suit individual preferences outweighs the convenience of turnkey properties, especially in markets where supply is limited. According to the 2023 U.S. Residential Real Estate Study by WSJ Intelligence, Europe and the Caribbean emerge as the top two regions where American buyers contemplate purchasing homes. Among European destinations, Italy holds particular appeal, with Tuscany standing out as a favored choice. Motivated by factors ranging from retirement to a desire for a change in lifestyle or a vacation home in the heart of Europe, American buyers are drawn to Tuscany’s picturesque landscapes, rich history, and cultural heritage. Moreover, for many American buyers, acquiring property abroad serves as a pathway to permanent residency, particularly among retirees.

The concept of “golden visas,” which grant permanent residency to property owners, gained traction during the pandemic. As such programs evolve and some expire, prospective buyers must navigate the intricacies of residency requirements to ensure a seamless transition to their new global home. In recent years, Tuscany has emerged as a hotspot for international real estate investment, witnessing a remarkable surge in inquiries from American investors. The region’s timeless allure, characterized by rolling countryside, vineyards, and historic towns such as Florence and Lucca, has captivated the imaginations of buyers seeking a slice of Italian paradise.

From quaint villas with picturesque vistas to charming apartments nestled in bustling city centers, Tuscany offers a diverse range of options to suit varying lifestyles and preferences. In conclusion, the dream of living abroad is no longer confined to the realm of fantasy for many Americans. With favorable market conditions, evolving work dynamics, and a renewed appreciation for quality of life, the prospect of owning property in international destinations like Tuscany has never been more attainable. However, thorough research, careful planning, and an understanding of local regulations are essential prerequisites for turning this dream into a fulfilling reality.

From Covid era to 2024, the return to the office in New York City is still a “work in progress”

By Columbus International,11 March 2024

After nearly four years since the initiation of pandemic-induced lockdown measures, New York City‘s journey towards a full return to office life remains a work in progress. Along this path, the city is approaching two significant milestones, one presenting a positive outlook while the other brings a more somber tone.

The first milestone involves office attendance rebounding to nearly 80 percent of its pre-pandemic levels. New York stands out as one of the top-performing markets in this regard, with workplace visitations in 2023 reaching 77.5 percent of the figures seen in 2019, as reported by Placer.ai. This marked a significant leap forward from the preceding year, witnessing a foot traffic surge of over 30 percent compared to 2022. (Placer.ai’s metrics gauge activity within a building, encompassing ground-floor retail spaces, rather than merely the presence of office workers at their desks.)

Despite this progress, as any office owner would attest, New York still has a considerable distance to traverse. However, the situation appears graver elsewhere across the country. In cities like San Francisco, Los Angeles, Dallas, and Washington D.C., office attendance figures for 2023 lingered at levels well below half of pre-pandemic norms. Only Miami has managed to surpass New York’s performance, with 78.1 percent of 2019’s office attendance levels. Despite frequent anticipations of a game-changing return-to-office wave, progress has been incremental. Optimism surged once more at the onset of the new year, fueled by headlines proclaiming that “90% of Companies Will Return to Office By the End of 2024.”

This narrative echoes previous predictions, such as those made by Resume Builder in late 2022, asserting that “9 in 10 companies will require employees to work from the office in 2023,” based on a survey of 1,000 major business leaders. However, the actual implementation of return-to-office policies has proven sluggish. Even among companies that have succeeded in recalling most of their employees to the office, the transition to a full five-day workweek onsite has been challenging. Nationwide, office attendance remains down by approximately 33 percent on Tuesdays, Wednesdays, and Thursdays, dropping by nearly 50 percent on Mondays and Fridays. Only a handful of firms adhering to strict return-to-office protocols continue to utilize office space at pre-pandemic levels.

Many have adopted a hybrid model, allowing for a reduction in their physical footprints. Consequently, despite the gradual progress of the return-to-office movement, office owners continue to face significant challenges. Manhattan’s availability rate reached a record high of 18.2 percent in February, as reported by Colliers, edging closer to another milestone: 100 million square feet of available office space.

Across the borough’s primary office districts, total office absorption plummeted by 1.43 million square feet, bringing the cumulative available office space to 98.05 million square feet. Thus, while forecasts may paint an increasingly optimistic picture of an imminent return to office normalcy, healthy skepticism remains warranted regarding the immediate prospects for improvement in New York’s office market.

Source: The Real Deal

Riding the Real Estate Rollercoaster: New York City Market Trends Unveiled

By Columbus International,11 March 2024

Here are the latest developments in the New York City real estate market.

In the current landscape of the New York City housing market, the equilibrium between buyers and sellers holds significant importance. With a consistent decrease in housing inventory and a rise in median prices, the market tends to favor sellers. The limited availability of homes places sellers in advantageous positions, potentially leading to more favorable deals. However, this doesn’t necessarily translate to a gloomy outlook for buyers. The increased demand and fluctuating market dynamics offer opportunities for those looking to make strategic investments in real estate. The surge in home prices in New York reflects the impact of dwindling housing inventory and heightened demand. Consequently, the prevailing trend indicates that home prices aren’t declining but rather experiencing growth, signaling a robust market with the potential for lucrative returns for sellers.

The year 2024 began much like its predecessor, with low housing inventory and fluctuating interest rates around 6.5 percent, as reported by the New York State Association of REALTORS. The average rate on a 30-year fixed-rate mortgage saw a slight decrease from 6.82 percent in December 2023 to 6.64 percent in January 2024. However, compared to the same period last year, the interest rate has shown an increase from 6.27 percent, highlighting the dynamic nature of the real estate market. One notable shift in the market is the continued decline in housing inventory, persisting for 11 consecutive months in year-over-year comparisons. Across New York, the inventory of homes for sale decreased by 10.2 percent, dropping from 39,544 homes in 2023 to 35,492 units in 2024. This limited supply presents challenges for buyers but also creates an environment where sellers may find opportunities to capitalize on the scarcity of available homes. New listings experienced a modest decline of 1.5 percent, totaling 9,279 in January 2024 compared to 9,423 in the same month of the previous year. Closed sales witnessed a more significant decrease, dropping by 3.8 percent from 7,486 to 7,203 homes in January 2024. Conversely, pending sales increased by 8.9 percent, indicating a potential rebound and heightened activity in the coming months. January saw a 6.7% increase in the number of homes entering into contracts, marking a positive turn as buyers returned amidst declining mortgage rates. This surge, slightly higher than the average over the past five years, is attributed to the drop in mortgage rates during November and December, enticing buyers back into the market post-year-end holidays. However, despite this uptick, challenges remain. Highly-priced homes are staying on the market for longer periods, keeping the city’s median asking price elevated.

Elevated asking prices, coupled with rising mortgage rates, are prompting sellers to make concessions to attract buyers, illustrating a nuanced market scenario. As of January, the median asking price in NYC stood at $1.095 million, reflecting an 11.7% increase from a year ago. This uptick is largely due to a slowdown in the luxury market, where homes priced at $4.975 million and above are taking longer to sell. The median asking price in Manhattan rose by 8.4% year-over-year to $1.68 million, indicating a resilient market experiencing notable shifts. While luxury listings in Manhattan witnessed an increase in median asking prices, the typical luxury listing received only 93.2% of its initial asking price, indicating a shift in power from sellers to buyers at the highest end of the market. In Brooklyn, where inventory is limited, the median asking price surged by 16.8% to $1.05 million. Meanwhile, Queens offers a more affordable option, with a 4.2% year-over-year increase, resulting in a median asking price of $624,900. The NYC housing market grapples with the aftermath of elevated mortgage rates and median asking prices, limiting the pool of potential buyers. While the monthly mortgage payment on a median-priced home rose by 16.1% year-over-year to $5,619 in January, the median asking rent increased by just 0.1% to $3,500. With a considerable number of potential buyers still on the sidelines, those who can afford to stay in the market now have more room for negotiation. The median asking price for homes entering into contracts in January was $925,000, 15.5% lower than the overall median asking price of homes on the market. This disparity indicates a market where more affordable homes are gaining traction among buyers, while the luxury segment experiences a slowdown. Despite the recent decline in mortgage rates, the outlook for the New York City housing market remains complex. Seller concessions, aimed at attracting buyers, have become more prevalent. In September 2023, when mortgage rates were above 7%, 2.7% of for-sale listings mentioned seller concessions. Despite a subsequent decline in average mortgage rates to 6.7%, concessions in January held steady at 2.3%, showcasing a significant increase from the 1.4% average in 2021.

Regarding negotiations, buyers are finding more areas to maneuver. NYC sellers are increasingly willing to offer concessions explicitly in their listings, helping to reduce closing costs for buyers without reducing the asking price. One notable concession gaining popularity is the rate buydown, with 1.7% of sponsor condos offering this option in January, a significant increase from the 0.1% average in 2021.

Shore Club Stunner: $120M Penthouse Sets Record as Miami’s Priciest Pad

By Columbus International,11 March 2024

An extraordinary ocean-view penthouse in Miami Beach is set to be sold for a staggering amount exceeding $120 million, as reported by the Wall Street Journal. If finalized, the transaction would surpass previous records, making the condominium the most expensive ever sold in the Miami area. Situated within the prestigious Shore Club Private Collection, this lavish unit boasts a living space complete with terraces and a private rooftop pool, offering unparalleled luxury, comfort, and breathtaking ocean views. The identity of the buyer remains a mystery as the developers, the Witkoff Group and Monroe Capital, have chosen not to comment, fueling speculation. Real estate record-breaker and billionaire hedge fund magnate Ken Griffin had previously set a record for Miami condos in 2015 when he acquired two penthouses at Faena House for $60 million. Griffin later sold those units for a lower price: $46.2 million. His passion for high-value real estate transactions continued in 2022 with the purchase of the waterfront property at Adrienne Arsht in Coconut Grove, Miami, for an incredible sum of $106.87 million, marking a historic moment: the first nine-figure residential sale ever in the city. This recent monumental sale underscores an unprecedented surge in Miami’s luxury real estate market, with affluent individuals eagerly vying to secure their piece of paradise.

The Shore Club redevelopment project has been in the works for years, involving the transformation of two iconic hotels – the 1940s-era Shore Club Hotel and the historic Cromwell Hotel, a gem of Art Deco architecture from the 1930s. Designed by esteemed architects Robert A.M. Stern, the development features 49 residences spread across the original Cromwell Hotel and a new imposing structure rising above the beach. Additionally, an ocean-facing standalone villa and a luxurious five-star resort managed by Auberge Resorts Collection are set to enhance the complex. Sales of Shore Club apartments began early last year, with prices ranging from approximately $6 million to $40 million, excluding the jewel penthouse. Excitement is palpable for the project’s completion (expected in 2026). Kobi Karp Architecture & Interior Design, in collaboration with RAMSA, is the firm responsible for the architecture. The interiors, overseen by RAMSA, will embody a yacht-inspired aesthetic, featuring a serene color palette evocative of the surrounding natural elements.

Photo via The Boundary (Rendering)

Record number of cash offers show New York property is only for the rich

By Columbus International,7 March 2024

The latest data reveals a striking trend in Manhattan’s real estate landscape: a surge in cash purchases accounting for over two-thirds of home sales last quarter, marking a record high. The driving force behind this shift is the soaring mortgage rates, which have soared to around 6 per cent, dissuading all but the wealthiest buyers from taking on loans.

Pamela Liebman, CEO of Corcoran, a prominent real estate brokerage, highlighted this phenomenon, stating that nearly 70 per cent of Manhattan properties were acquired without mortgages in the final quarter of 2023, a significant leap from the 55 per cent seen in the same period in 2022. High mortgage rates are creating a significant barrier for potential buyers without substantial financial resources, leading many to opt for renting instead. Corcoran’s report further underscores this trend, indicating a 4 per cent increase in new leases in Manhattan and Brooklyn in January 2024 compared to the previous year, alongside a record median rent of $3,950.

The reluctance to incur mortgage debt has led to a “void in the middle” of the property market, with affluent buyers dominating while those unable to pay cash face challenges amid escalating rents. The median sales price for Manhattan apartments reached $1.15 million in the fourth quarter, up 5 per cent from a year earlier, approaching the record high of $1.25 million set in the second quarter of 2022. However, the pace of buying has slowed, with prime properties lingering on the market for extended periods, contrasting with more affordable markets like Charlotte, North Carolina, where homes sell rapidly.

Despite a slight uptick in transactions in January, Thomas Ryan, a property economist at Capital Economics, notes that the US housing market remains stagnant, with transactions significantly below the 2010s average. Erin Sykes, a real estate agent and economist, attributes the surge in cash purchases to buyers seizing opportunities amid rising mortgage rates, viewing them as an advantageous time to strike deals. The challenges facing buyers in New York are further compounded by a severe housing shortage attributed to regulations limiting rent increases and the expiration of tax incentives for new construction projects. Mayor Eric Adams has proposed converting obsolete office buildings into residential towers as a potential solution, although this presents technical and cost-related hurdles.

The supply crunch has significantly reduced vacancy rates, plummeting from nearly 4.5 per cent in 2021 to 1.4 per cent, exacerbating affordability concerns and pricing many out of the market. As Liebman aptly summarizes, New York’s housing market is currently facing rough terrain, posing significant challenges for aspiring buyers.

Ken Griffin’s Plan for a Miami Headquarters Finally Begins to Take Shape

By Columbus International,5 March 20249 November 2024

Ken Griffin, the billionaire founder of Citadel, caused quite a stir when he announced the relocation of his hedge-fund giant from Chicago to Miami. This move marked the most significant shift of any financial institution to the Miami scene. However, nearly two years down the line, the waterfront property Griffin secured for his planned $1 billion headquarters remains barren.

Citadel’s employees continue to toil away in temporary offices in the financial district, awaiting the fruition of their grand relocation plans. Nevertheless, the vision for Griffin’s Miami headquarters is gradually taking shape. Foster + Partners have been entrusted with the design, aiming to erect one of the city’s tallest skyscrapers. Renderings seen by The Wall Street Journal reveal plans for a luxury hotel atop the building, reflecting Griffin’s ambition to leave an indelible mark on Miami’s skyline. Gerald Beeson, Citadel’s chief operating officer, sees this as a pivotal opportunity to craft an iconic edifice befitting Citadel’s future.

Miami, often touted by Griffin as “Wall Street South,” is slated to be the firm’s primary hub, with expansions planned for New York City and London. Griffin’s conspicuous presence in Miami has drawn parallels to the impact LeBron James had on the city, attracting both businesses and wealth, and igniting pockets of growth in the real estate market. Born in Daytona Beach, Florida, Griffin founded Citadel in 1990, propelling himself into the upper echelons of the financial world. With approximately $58 billion in assets under management, Citadel stands as one of the globe’s foremost hedge-fund managers. Griffin’s high-profile acquisitions in Miami, including a record-breaking purchase of a sprawling estate in Coconut Grove, further underscore his commitment to the city. Before publicly announcing his relocation plans in 2022, Griffin quietly acquired a prime waterfront parcel on Brickell Bay, setting the stage for his envisioned headquarters. However, his collaboration with Sterling Bay, the initial developer, came to an abrupt end amid concerns about their ability to see the project through. Citadel’s subsequent search for an experienced developer with a solid track record in South Florida ensued.

Amidst uncertainties surrounding the fate of Citadel’s future headquarters, the company appointed Paul Darrah, formerly of Alphabet’s Google, as its chief workplace officer. Darrah, renowned for his role in developing Google’s corporate campus in Manhattan, aims to establish a temporary space within the 830 Brickell building. This interim solution will provide Citadel with a platform to experiment and refine its vision for the ultimate headquarters, a decision facilitated by the flexibility of the lease agreement. Griffin’s real estate endeavors, however, face challenges, with several acquisitions made but development hindered by existing structures, notably a condo building. Despite these hurdles, Griffin’s determination to establish Citadel’s presence in Miami remains unwavering, signaling a continued evolution of the city’s financial landscape under his stewardship.

La Lombardia è la regione con più transazioni in Italia

A million-dollar deal: Campari purchases headquarters in Milan from Bnp. All the latest information here (source: Sole24Ore)

By Columbus International,4 March 202411 March 2024

An operation that reinvigorates Milan’s real estate market, which has been declining since the beginning of the year. The transaction in question sees Campari as the buyer and Bnp Paribas Reim, an investment management company specializing in real estate and part of the Bnp Paribas Group, as the seller.

The real estate company has sold, on behalf of a managed real estate fund, an office building located at Corso Europa 2, a stone’s throw from Milan’s Duomo. Here, Campari will establish its headquarters. The transaction was completed for a sum of approximately 110 million euros, to which renovation costs are added. The building covers a total area of approximately 10,000 square meters, spread over nine above-ground floors and four underground floors. The building faces both Corso Europa and Via Larga. After the sale, the building will undergo renovation and modernization by the buyer, as it is currently divided into spaces previously rented to various Italian and international tenants.

Many of them have already left the building, including the Bpm branch, and soon Commerzbank and the Molteni store will follow suit. This will give rise to the new headquarters where Campari Group will move in 2027, as stated by the company. Currently, Campari’s headquarters is located in Sesto San Giovanni, in a complex designed by architect Mario Botta and inaugurated in 2009. Returning to the building on Corso Europa, it was purchased in 2016 by the real estate company of the banking group through the Fundamenta fund, paid 91 million euros at the time. The asset was sold by the Borromeo family, assisted in the operation by JLL Italia.

The Borromeo family remains active in the real estate sector also through Merope Asset Management, an investment and real estate development company founded and led by Pietro Croce, of which they hold 10%. “The sale of the asset on Corso Europa to an international and prestigious company like Campari demonstrates how Bnp Paribas Reim is able to offer high-level solutions in the active management of real estate investments,” commented Vincenzo Nocerino, CEO of Bnp Paribas Reim Italy at Sole24Ore. “It shows interest in a building with solid fundamentals and located in a strategic position in the center of Milan, the beating heart of a metropolis increasingly oriented towards Europe, essential characteristics for a property destined to host the headquarters of a large group.”