This Is Why We Can’t Have Nice Things! – Commercial Observer

This Is Why We Can’t Have Nice Things! – Commercial Observer

On Monday the drugmaker Moderna announced that they had developed a COVID-19 vaccine that’s 94.5 p.c efficient.

We needs to be doing backflips, proper?

Perhaps it’s the truth that the U.S. handed a grim milestone with 250,000 deaths this week. Perhaps it’s the truth that after breaking a three p.c an infection fee the New York Metropolis public schools shut down once more. Perhaps it’s the truth that probably the most populous state within the union announced a new curfew to fight the “unprecedented, speedy rise in COVID-19 circumstances throughout California.” However, however, numerous us had been feeling a bit ambivalent.

Talking of Cali, the 156,000-square-foot Beverly Hills Saks Fifth Avenue at 9600 Wilshire Boulevard will be foreclosed on, because of missed funds by Saks father or mother Hudson’s Bay.

OK, fantastic. Let’s flip this round. There was excellent news popping out of L.A., too. Rexford Industrial introduced not one however two warehouse deals for $339 million this week totaling 1.2 million sq. ft of area.

And Trammell Crow and Clarion signed a production lease at LA North Studios in a 114,000 sq. foot deal.

What about on the East Coast?

All these candy, candy vaccines wouldn’t be taking place with out life sciences area, individuals! And Business Observer checked out one this week: a former Chrysler showroom that Taconic and Nuveen bought final 12 months for $230 million, which they’re turning into lab area on the Far West Aspect.

That is just a few blocks north from the Helena and VIA 57, two schmancy buildings that had been put up by the Durst Group.

CO received the prospect to schmooze with Jody Durst of the legendary New York actual property household about how the corporate has been getting by the pandemic and the remainder of 2020. (It’s not their first; Jody’s grandfather owned actual property in New York throughout the 1918 flu, too.)

“I’m undoubtedly busier than traditional, making an attempt to determine life,” Durst informed CO. “However I believe that each the virus and the social unrest that’s occurring has made me far more keenly conscious — on a metropolis, state and nation stage — of the divide between the haves and have-nots. I believe we, on a private stage and on a company stage, we now have to do extra to ascertain fairness.”

Hear, hear!

Different giants made their voices heard, too, this week. We realized that Amazon remains on a tear; the e-commerce king prolonged a lease for 211,000 sq. ft in Brooklyn’s East New York.

And on a smaller stage, we realized that 7-Eleven has leveraged this second of excessive actual property nervousness into three new Manhattan leases.

Lastly, one final somber observe: One of many giants of actual property handed away final week; billionaire developer Sheldon Solow died after a month-long battle with lymphoma on the age of 92.

Relaxation in peace.

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