MARKET NEWS
Cushman & Wakefield reports $101M quarterly loss
The Real Deal Los Angeles
Cushman & Wakefield reported a net loss of $100.8 million in the second quarter, down from a $6.3 million profit a year ago. The loss came despite cost-cutting, as $75 million was trimmed for things such as travel, entertainment, events and incentive compensation. “I think most of us would agree that the impact of Covid-19 is unique and certainly different from previous recessions such as the great financial crisis,” said CEO Brett White during an ... The post Cushman & Wakef ...
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“We’re not crying in our milk”: Hilton eyes new hotels despite $432M loss in Q2
The Real Deal Los Angeles
Hilton Worldwide Holdings pressed on with developing new hotels despite heavy losses last quarter. The hotel giant opened 60 hotels with 6,800 new rooms last quarter despite reporting a net loss of $432 million in the second quarter. That’s down almost 66 percent from its net income of $261 million during the same period 2019. Still, the company grew its pipeline by 11 percent year over year to 414,000 rooms, executives said on a Thursday ... The post “We’re not crying in our milk ...
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Simon strikes back at the Gap with $107M lawsuit
The Real Deal Los Angeles
Call it a retail rumble, with Simon Property Group in one corner and its largest national tenant in the other. The largest shopping mall landlord has filed another lawsuit against the Gap. This one accuses the retailer of “taking opportunistic advantage” of the pandemic to avoid paying $107 million in overdue rent, even though some of its stores have reopened, Bloomberg reported. In June, Simon sued the Gap, saying it owed $66 million in rent. ... The post Simon strikes back at the Ga ...
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Zillow’s revenue jumps 28%, but losses mount
The Real Deal Los Angeles
Zillow beat its own doomsday predictions as homebuying bounced back quicker in the second quarter than most people predicted. The Seattle-based listings giant said revenue grew 28 percent to $768 million, as homebuyers shopped online and the company saw increased sales of Zillow-owned homes. Its iBuying platform Zillow Offers saw an even bigger revenue spike, 82 percent, to $454.3 million. Ahead of its earnings report Thursday, Zillow had projected second-quarter revenue between $577 million and ...
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Krysten Ritter sells Hollywood Hills home she bought from Hank Azaria
Hot Property
In Hollywood Hills, 'Jessica Jones' star Krysten Ritter has sold her scenic home for $1.384 million — more than double what she paid for it in 2013.
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TRD Insights: What #WFH could mean for office and resi costs in tech hubs
The Real Deal Los Angeles
The technology industry accounted for over a fifth of major leasing activity nationwide in 2019, making it the biggest driver of the office market in the U.S. In hubs of tech talent, that activity drove office and apartment rents up and vacancies down and caused landlords to reimagine their entire portfolios to cater to the industry. But then came the big remote work experiment. With many large and small tech companies open to long-term remote ... The post TRD Insights: What #WFH could me ...
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