Office unease: Tenants are paying up but staying away

first_imgClockwise from top left: Boston Properties’ Owen Thomas; Empire Real Estate Trust’s Tony Malkin; Equity Commonwealth’s David Helfand; Columbia Property Trust’s Nelson Mills; SL Green’s Marc Holliday; Vornado Realty Trust’s Steve Roth; and Brookfield’s Brian Kingston (Getty)A pattern has emerged among office landlords reporting their third quarter results: The vast majority of tenants kept up with rent payments, but an equal number also kept their workers away.Investment firm and REIT executives reported strong rent collections across much of their office portfolios, a positive sign for their immediate bottom line. At many of their earnings calls over the past two weeks, CEOs emphasized their efforts to create a safe environment for tenants.But they acknowledged that the work-from-home environment has persisted longer than expected, as fewer tenants brought employees back to the office.On its Oct. 22 call, SL Green reported that just 15 to 20 percent of tenants returned to their offices, acknowledging the previous projection — 50 percent physical occupancy after Labor Day — was overly optimistic.“It’s hard to put a finger on it. It’s always sort of right around the corner,” CEO Marc Holliday said during the call. “It feels imminent and yet the numbers don’t bear that out. Eighty to 85 percent of the people who work in office buildings are still at home. And that’s frustrating.” SL Green — as with several other landlords — has brought most its employees back to the office, offering them perks such as subsidized commuting, meals and childcare, Holliday said.David Helfand, president and CEO of Equity Commonwealth, shared a similar problem. Occupancy was just 10 percent across the REIT’s four remaining office buildings, which total about 1.5 million square feet.“Our buildings are open,” Helfand said. “And while many tenants continue to be cautious about their return, we’ve implemented precautionary measures to promote safety when they are ready to come back.”While the offices may be empty, tenants are paying their rent. Of the eight landlords whose third quarter earnings calls The Real Deal reviewed, seven had rates of 95 percent or higher: Boston Properties, Paramount Group, Columbia Property, Equity Commonwealth, SL Green, ESRT and Vornado. Brookfield Property Partners — which reported a $135 million net loss — did not disclose its collection rate during Friday’s earnings call. But CFO Bryan Davis said the firm’s rent collection “in our core office business has remained normal.”Tony Malkin’s Empire State Realty Trust, which owns the Empire State Building and other office properties in New York City, Westchester and Connecticut, reported physical occupancy at just 15 percent in the New York offices from July through September. Malkin said the company — which reported its second consecutive quarterly loss — invested in costly renovations to improve environmental quality even before the pandemic. At its properties outside the city, return to work rates rose. About 45 percent of tenants in its Westchester buildings were back, and 55 percent in Connecticut had returned.Read moreSL Green’s lament: Office comeback “always right around the corner”Boston Properties’ Q3 income drops 17%Columbia Property Trust collects 98% of its rent in Q3Paramount Group back at work, but tenants waiting until 2021Steve Roth: No Democratic sweep is good news for NY real estateEmpire State Realty Trust reports second consecutive quarterly lossBrookfield Property Partners reports $135M net loss in Q3 This content is for subscribers only.Subscribe Now Message* Paramount Group CEO Albert Behler said the company had extended lease expiration deadlines for tenants.While Paramount’s employees are back in the office, Behler said he expected the “vast majority” of tenants to return to the office in early 2021.Boston Properties’ CEO Owen Thomas projected an even slower pace of return. He estimated workers will return to office in the second half of 2021, depending on when a Covid vaccine becomes widely available. Thomas said the company, which reported a 17 percent drop in income, only had about 16 percent of tenants return to its offices in Q3.Vornado Realty Trust CEO Steve Roth also said a full return to office would be unlikely before a vaccine hits the market. Pfizer’s announcement that its trial vaccine was over 90 percent effective in preventing Covid-19 in its volunteers sent real estate stocks soaring on Monday. In the meantime, Roth said he isn’t mandating his employees return to the office.“Out of respect for our employees, we have basically said that if you are uncomfortable with the health risk of returning to the normal office environment, then by all means please continue to work from home,” he said. But he added, “Now, we’re not going to let that go on forever.”Nelson Mills, president and CEO of Columbia Property Trust, didn’t say how many tenants had returned to the landlord’s buildings. While Columbia Property collected nearly 98 percent of its rent in the third quarter — it operates 7 million square feet of office space, mostly in New York, San Francisco and Washington, D.C. — Mills acknowledged “physical occupancy is down across the industry.”Contact Akiko Matsudacenter_img Email Address* Full Name*last_img read more

Ty Dolla $ign’s Pot Seized in Police Roadside Investigation

first_imgL.A. rapper/producer Ty Dolla $ign‘s (real name Tyrone Griffin) bus was pulled over by Wisconsin Police for supposed vehicle equipment violation early Wednesday morning. After smelling strong odors of marijuana coming from the bus, officers decided to conduct a roadside investigation of the bus. Dane County Sheriff’s K-9’s alerted officers to several suspect locations on the bus, which led to the seizure of 42.2 grams of marijuana, which included 18.2 grams of butane hash oil, and 28 pieces of paraphernalia.According to reports, twelve people were on the bus, with seven of those being arrested on various charges, including suspicion of drug possession and possession of drug paraphernalia. We have a feeling Ty wasn’t feeling very “Irie” after this early morning encounter with police.Ty’s representative claims that the rapper was not on the bus, as he was taking the easier route by plane to his Iowa gig, maintaining that it was his band and entourage on the bus, though authorities claim they arrested someone going by the name Ty Dolla $ign. Will we ever know if it was Ty on the bus? This story is shrouded in mystery (or pot smoke).[via Channel3000]last_img read more

Vittoria Corsa Control expands Pavé heritage in time to train for the Classics

first_imgVittoria’s classic of the Classics is back and wider than ever in an expanded Corsa Control lineup that will have you training fast through the winter and ready to toe the line at the first races in the new year. Building on the wet & dirty Spring Classics winning heritage of the original Pavé, the new Corsa Control is better than ever equipped with Graphene+, tubular & clincher options, and more wide sizes.Vittoria Corsa Control all-season cotton road & cobble race tireVittoria long held the title of the most iconic winter & early season foul weather racing tire with their green Pavé CG. But when they overhauled their Corsa road line  bringing a big boost in rubber performance with Graphene+, the Spring Classics specialist was left out in the cold.As early as the Tour of Flanders in 2016 we spotted prototypes of what would become the new Corsa Control tire being raced over Northern European cobbles. But it was more than a year and a half later before Vittoria gave the tire and name and a soft introduction with a single 28mm wide clincher version. Now the winter training & spring racing tire gets Vittoria’s full support with multiple size, color & casing options.Vittoria Corsa Control foul-conditions race tire – Tech DetailsDesigned for competition in wet weather, on rough roads & slippery cobblestones, the Corsa Control features a fast rolling, smooth & grooved center tread section taken directly from the road race Corsa, then alternating bands of herringbone sipes taken from the old Pavé CG for confident cornering. That tread is hand glued onto the casing not vulcanized, which is said to make the tire more supple, even getting faster-rolling over time.Four different Graphene+ rubber compounds just like the Corsa promise low rolling resistance & long wear going straight, then grip & durability when you lean it over, with improved puncture resistance overall. It also shares the same 320tpi aramid/kevlar fiber reinforced Corespun-K cotton casing with increased sidewall protection as the Corsa, making the only real difference the textured shoulders and a tiny 0.4mm extra rubber to wear through. The result though, is that this durable, all-season tire is still light at just 265g claimed for a 25mm clincher of 295g for a 25mm tubular.Vittoria Corsa Control foul-conditions race tire – What’s New?The big update this season to the Corsa Control is more options. Now the 64€ foldable clincher is available in 25 & 28mm widths (265g & 280g, respectively) and in both all black versions and a skinwall that Vittoria calls ‘Para’ sidewall.Tubulars are also available now as well for 98€ a piece. They get even wider, with 25, 28 & 30mm ready to glue up, again each in black or skinwall variants. (295g, 350g & 370g, respectively.)courtesy Vittoria, Roubaix recon photos by Gruber ImagesNow we just have to keep holding our breath to see if they will make a tubeless TLR version like the fast rolling (but no puncture protection) Corsa Speed.Vittoria.comlast_img read more

Dad’s Heartbreak: Girl He Raised as His Own Was Really Kidnapped as a Newborn

first_img Related ABC News(WALTERBORO, S.C.) — One father’s joy was another father’s heartbreak, after Charles Manigo learned that the girl he raised and believed to be his own daughter for 18 years was really another man’s child.“I named her — a name I had for a year. Alexis Kelly,” Manigo said. “She was the love of my life.”But what Manigo didn’t know was that his former girlfriend, Gloria Williams, had allegedly snatched the girl from a maternity ward, and lied when she told him she’d given birth to the baby when he was away. The girl he called Alexis was really Kamiyah Mobley.Mobley’s biological father, Craig Aiken, was overjoyed that she’d finally been found, and said that all those years he and her biological mother would celebrate their daughter’s birthday every year and imagine “how it would be if she were here” and “what we would do if she came came back,” he said Friday, after officials announced that the girl was now returned to her birth parents.“I love her,” Aiken said. “I’m glad to see her. I love her.”Mobley grew up in Walterboro, South Carolina, thinking that Williams was her biological mother, Jacksonville Sheriff Mike Williams said Friday. He said that she now appears to be a normal 18-year-old woman in good health.Gloria Williams, 51, is in jail, charged with kidnapping for allegedly taking the newborn from a Jacksonville, Florida, hospital on July 10, 1998.Manigo and Williams raised her from the time she was a newborn, sharing custody after they split up in 2003, and celebrating milestones together, like her prom, he said.“The person she called dad for 18 years isn’t her dad,” Manigo said.Williams was charged with kidnapping at a bond hearing on Friday in South Carolina. Bail was denied and another bond hearing will be held once she is extradited to Jacksonville, Florida, according to the sheriff’s office.“One of the hardest things she said on Friday was, ‘Dad I love you,’ even though she knows what’s going on,” Manigo said.“I talk to her every day,” he said. “The attention is overwhelming to her. She’s still processing everything. It’s a shock to me, it’s a bigger shock to her.”Manigo said that even though he may not be Kamiyah’s biological father, he will always be there for her.“She’s still my child,” he said. “I understand what’s going on, but she’s still my child.”ABC Breaking News | Latest News VideosCopyright © 2017, ABC Radio. All rights reserved.Powered by WPeMaticolast_img read more