Cantor Morning News | Real Estate

TCO boosted guidance yesterday morning but only because of a Saks Fifth Avenue closure at a property in Plano, Texas that will result in income from the lease cancellation. CDR filed a prospectus to sell preferred shares through GS to repay debt. The Journal has an article highlighting the retail prospects for LVS’s property in Singapore: “Retail outlets at Las Vegas Sands Corp.'s (LVS) Marina Bay Sands casino resort in Singapore could generate annual sales of more than S$1 billion when the complex is fully operational, said David Sylvester, senior vice president of Sands' Asia retailing operations…..He said the challenge in Macau has been to establish the Chinese city as a retail destination. By contrast, the challenge in Singapore, which is already a mature retail market, is to present luxury shoppers with unique lines and products that they couldn't find elsewhere”.

The RMZ put in a solid session and closed through previous support of 695, up 2.45%. The Journal’s Property Report highlights corporate tenants that have become much more frugal in an office market that already has 17.4% vacancy, the highest since 1993. Law firms in particular have been seeking to reduce their overall footprint by 10-15% according to the article. STWD announced completion of a commercial mortgage securitization which gives the company an effective cost of funds right around 3.5% On the desk we were very active in PLD and were basically evenly weighted buy/sell.

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