In the News—Week of June 21 2021
Around the Nation
Harvard development draws investment from NBA stars
Kyle Lowry of the Toronto Raptors, Andre Iguodala of the Miami Heat, Jrue Holiday of the Milwaukee Bucks and Andre Drummond of the Los Angeles Lakers are investing in a Boston real estate development, The Wall Street Journal reports. The four NBA All-Stars are part of a group of black and Hispanic investors who are putting $30 million into the Harvard University project. The school asked developer Tishman Speyer to offer at least 5% of the project to investors from the black and Hispanic communities.
Energy & Environment
Global energy mix still has high level of fossil fuel
Fossil fuels make up about the same percentage of the world’s energy mix as they did in 2009, Reuters reports. Figures from green energy policy network REN21show fossil fuels made up 80.2% of the world’s energy mix in 2019, down from 80.3% in 2009. However, wind and solar and other renewables rose to 11.2% of the energy mix in 2019 from 8.7% in 2009. The rest is made up of biomass, such as wood, and from agricultural and animal waste. “We are waking up to the bitter reality that the climate policy promises over the past 10 years have mostly been empty words,” REN21’s executive director, Rana Adib, tells the wire service.
Industrial park lands two leases for U.S. headquarters
Interwood Distribution Center landed two tenants who will relocate their U.S. headquarters in north Houston, the Houston Chronicle reports. The 341,692-square-foot development is at the northeast corner of John F. Kennedy Boulevard and Interwood South Parkway. GCP Paper USA will lease more 230,000 square feet for its first manufacturing and distribution center in the nation. Toyota subsidiary Tailift Material Handling USA will lease more than 37,000 square feet.
Integrity Marketing Group leaves suburbs for Dallas’ urban core
Integrity Marketing Group, an independent insurance provider, is leaving Cypres Waters north of LBJ Freeway for Fountain Place tower on Ross Avenue, D Magazine reports. Integrity is moving between 300 and 400 employees to the new accommodations, which will take up six floors and 100,00 square feet. The magazine says the move is one of the largest from suburb to urban core in recent memory.
Household name Coppola garners top CRE honor
R. Craig Coppola, whose name has decorated signage on commercial property in the Valley of the Sun for years, was honored by the Arizona Chapter of NAIOP for “significant and positive” impact to the industry, Chamber Business News reports He received the Award of Excellence at the group’s annual award ceremony. Coppola is the highest-producing broker in the history of the largest broker-owned firm in the country, Lee & Associates, which he co-founded. He has served on a number of nonprofit and written five books on real estate sales. He also coached his neighborhood team, Arcadia, to the state Little League finals in 2007.
FIBRA Macquarie earns Green Lease Leader status
FIBRA Macquarie became the first Mexican-based real estate participant recognized as a Green Lease Leader, Business Wire reports. Chosen by the Institute for Market Transformation and the U.S. Department of Energy’s Better Buildings Alliance, the Green Lease Leaders program recognizes landlords and tenants who modernize their leases to spur action on energy efficiency, air quality and sustainability in buildings. “Sustainability is at the core of FIBRA Macquarie’s strategy,’’ FIBRA Macquarie’s CEO, Juan Monroy, says. “Taking these factors into consideration across all elements of our investment and operational approach is not only critical from an environmental standpoint, but we believe yields higher economic returns over the long term.”