Sixth Street's Marcos Alvarado Talks Investment Preferences, and Earnings Season Is Upon Us

Plus: Scott Rechler's RXR and Gary Barnett's Extell make big New York City office acquisitions   Brought To You By: This week in commercial investments, Marcos Alvarado, head of U.S real estate at Sixth Street Partners, discusses why this is the best time he's seen in his 20-year career to invest in CRE. Plus Gary Barnett’s Extell buys 655 Madison for $160 million, RXR and Hudson Bay Capital acquire a 700,000 square-foot office property for $320 million, and three large REITs report earnings for Q3. [Sixth Street’s Marcos Alvarado Discusses His CRE Investment Strategy]( The head of U.S. Real Estate at Sixth Street leads a firm with $75B in assets under management and believes now is the perfect time to be an aggressive CRE investor. [Read More](   Top Investments Of The Week   - Hollywood’s Dolby Theatre [Sells]( to Elie Samaha, Jeff Sagansky, for About $50M - Gortikov Capital [Pays]( $120M for Santa Monica Affordable Housing Portfolio - Atlas Capital [Buys]( KKR’s Apartment Tower at 80 Dekalb Avenue for $203M - W&L Group [Sells]( Sunset Park Holiday Inn Express for $20M [Fannie Mae](   Acquisitions   [RXR, Hudson Bay Capital Secure $320M to Acquire and Recap 620 Avenue of the Americas]( Scott Rechler’s RXR and Hudson Bay Capital have secured a $320 million loan to jointly acquire and recapitalize 620 Avenue of the Americas, a 700,000-square-foot mixed-use office and retail property in Manhattan. [Read More]( [Gary Barnett’s Extell Buys 655 Madison — Slated for Demolition — for $160M]( Extell, led by Gary Barnett, bought the 233,323-square-foot building from Williams Equities in a deal that closed Oct. 10 but was made public Wednesday. [Read More](   Stock Spotlight   Equinix | $893.06 | +25.16 | 2.90% As of October 18, 2024 3:48 PM EDT This week, the data center giant received a 'BBB+' stable outlook rating from Fitch. [View real-time trading data >>]( Piedmont Office Realty Trust | $11.12 | +1.12 | 12.16% As of October 18, 2024 3:52 PM EDT This week, S&P Global dropped the Atlanta-based office REIT credit rating from 'BBB-' to 'BB+'. [View real-time trading data >>](   Other Stories From This Week   [SL Green Reports Strong Leasing and Cash Flow in Q3 Earnings]( SL Green reported $78.6 million in funds from operations (FFO) — a figure used by real estate investment trusts to designate cash flow — in the third quarter of 2024. CEO Marc Holliday said the firm plans to be aggressive investing into capital stacks in 2025. [Read More]( [Rexford Industrial Reports $1.4 Billion in Sales Year-to-Date]( The REIT’s revenue this past quarter increased by 17.7% year-over-year as it reported its portfolio was 97.8 percent leased in the third quarter. [Read More]( [Prologis Persists Through Softened Industrial Market]( Logistics-focused real estate investment trust beats analyst estimates for funds from operations and posted third-quarter revenue of $1.9 billion. [Read More]( [Fannie Mae]( What We're Reading This Week   - China aims to [jumpstart]( its stalled property sector by doubling debt support to $562B [Financial Times] - The number of U.S. housing starts and building permits [declined]( last month [Bloomberg] - Single-family housing construction [increased]( by nearly 3% last month [CNBC] [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Share your thoughts: Help us improve with our quick feedback survey!]( [Commercial Observer]( © Copyright 2024 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 10/21/2024