Home Depot – Hooray for Hollywood! – Industrial Observer
One factor that has remained sure throughout all of the highs and lows of the horrible pandemic: We’d like one thing to binge.
Hospitality, retail and workplace all took monumental hits, due to COVID-19, however one factor that has remained stalwart has been America’s streaming companies.
Which could clarify why Reed Hastings, Victor Coleman, Michael Hackman and Chris Graham all earned area on Industrial Observer’s record of the 25 strongest folks and firms in L.A.
For many who are unfamiliar with these names, Hastings heads up Netflix; Coleman, the CEO of Hudson Pacific Properties, is Netflix’s landlord (considered one of ’em, anyway); Hackman has been on a studio shopping for spree with offers in New York and New Orleans; and Hudson has been in partnership with the illustrious Blackstone, the place Graham leads West Coast operations. (Oh, and talking of Netflix, Kilroy Realty Corp. unveiled their new 3.5-acre campus this week at 1341 Vine Street.)
In fact, CO’s record included many different revered names from the Metropolis of Angels, together with the highest brokers at CBRE, Newmark and Cushman & Wakefield; inexpensive builders just like the Meta Housing Company; and the omnipotent Nury Martinez, who heads up the Metropolis Council. For many who need to see the place we predict the L.A. pecking order stands, it makes for some essential Sunday studying.
First, the excellent news.
There have been leases this week. There have been (gasp!) even some retail leases!
Home Depot inked a 15-year, 120,000-square-foot renewal at Williams Equities’ 28-40 West 23rd Street in Chelsea. This comes on the heels of a report in October that Home Depot was opening a brand new 120,000-square-foot retailer on the Higher East Aspect at 410 East 61st Street.
We additionally realized of an attention-grabbing pop-up: Final month, Toyota opened a 10,000-square-foot experiential advertising and marketing middle at 60 10th Avenue beneath the Excessive Line at West 14th Street within the Meatpacking District. Apparently, gross sales won’t occur on the positioning, however one will nonetheless have the ability to see a few of what Toyota has to supply and take a holiday-dappled imaginary journey to the North Pole.
And we even noticed a retailer rise from the ashes: Barneys is returning in 2021 to 2 places within the New York space, considered one of which will likely be contained in the Saks Fifth Avenue retailer! Phrase is that even Fred’s, the long-lasting restaurant throughout the retailer, will likely be resurrected!
There’s nonetheless dangerous information, proper?
Yeah. (We’re hoping it’s only a 2020 factor, however in the intervening time, don’t get your hopes up.)
First, there have been greater than 1 million fewer jobs within the New York area in October than there have been in October 2019, in keeping with a report by the Bureau of Labor Statistics. This was the steepest decline of anyplace within the nation.
In case you didn’t realize it, the Port Authority wants a $Three billion federal infusion, post-haste — a subject CO mentioned in depth this week with Rick Cotton, the company’s government director.
Actual property goliath Vornado noticed a serious shakeup this week: 70 folks on the REIT have been let go and CFO Joseph Macnow, who had been with the corporate for 39 years, will step down on the finish of the month. (Macnow will nonetheless function an adviser, however Michael Franco was named the brand new CFO.) This newest motion additionally consists of slicing $35 million out of Vornado’s funds.
Is that it?
Effectively, we foresee much more hustle sooner or later for builders: The times of the 10-year lease look ever extra like a stupendous idyll from a way back age.
And there’s particular discord in Queens over the plans for the event of a 13-building, 1,700-unit advanced alongside the Flushing waterfront, a subject CO checked out in depth this week.
However these are future issues. Sit again, binge a few exhibits on Netflix, and, if in case you have time this Sunday, go to Home Depot — with a masks on and protecting your social distance, in fact.