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Equity Office Daily Brief: June 8, 2016

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Daily Brief

June 08, 2016

  EquilityOffice

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Landlord That Mirrored U.S. Property Boom and Bust to Shut Down

National Real Estate Investor

 

BentleyForbes once owned such renowned properties as the Watergate office complex in Washington and Bank of America Plaza, Atlanta’s tallest skyscraper. Now the company is on the verge of vanishing. C. Frederick Wehba, who co-founded the Los Angeles-based real estate firm in...

 


Looking Long-Term: Why Commercial Real Estate Investors Are Feeling Upbeat

Forbes

 

Investors face a conundrum in today’s market: Low interest rates are making fixed-income products less attractive, while broader equities continue to be volatile amid weak global economic growth, ongoing geopolitical turmoil and depressed commodity prices. “People are desperately seeking yield and having a very...

 


Courtyard at The Bloc to Open This Week

Los Angeles Downtown News

 

The $180 million upgrade of the massive mixed-use complex The Bloc will hit a milestone next week. Representatives of developer the Ratkovich Company have announced that the project’s open-air courtyard, dubbed The Square, will be unveiled on Thursday, June 16. The Square...

 


Building at the center of downtown L.A.'s resurgence sells; an upgrade is planned

Los Angeles Times

 

When downtown Los Angeles real estate pioneer Tom Gilmore renovated the previously vacant San Fernando Building in 2000, he transformed the run-down historic office tower into lofts, but didn’t include tenant amenities such as a gym, lounge or theater. Even so, the development was considered revolutionary, with...

 


Retail Happenings: Rachel Comey comes to Melrose Place; General Pants Co. hits La Brea Avenue

Los Angeles Times

 

Rachel Comey comes to Melrose Place The indie/arts-and-crafts-flavored New York City-based Rachel Comey label has picked Melrose Place as the location of its first standalone store on the West Coast, which opened June 1. The 2,600-square-foot space reflects the vibe of Comey’s clothes thanks...

 


Jacobs Engineering Moving to Dallas

Los Angeles Business Journal

 

Jacobs Engineering Group Inc. is preparing to move its headquarters from Pasadena to Dallas, according to an agenda posted online Saturday by the Texas city’s economic development committee. The design and engineering firm is set to receive a $277,500 grant from the...

 


Investor Buys Newbury Park Shopping Center

San Fernando Valley Business Journal

 

The Terrace, a two-level shopping center in Newbury Park, has sold for more than $15 million, according to commercial real estate brokerage, CBRE Group Inc. Tenants at the fully leased center include 12 restaurants and retail and athletic-oriented businesses. GPK Group Inc. of...

 



BLOG & ONLINE NEWS

 

Switching up your location makes you better (and more creative) at your job

Quartz

 

As a freelancer, I’ve found that where I work changes the kind of person I am. In coffee shops, I’m easily distracted by friendly chatter and people scrolling through Facebook. An office filled with serious-looking workers in suits, however, makes me...

 


California Plaza Land Comes to Market

GlobeSt.com

 

The land beneath One and Two California Plaza is coming to market in what could shape up to be one of the biggest L.A. deals this year. CRA/LA as the successor to the California Redevelopment Agency of the City of Los...

 

FULL TEXT


Landlord That Mirrored U.S. Property Boom and Bust to Shut Down

National Real Estate Investor

 

BentleyForbes once owned such renowned properties as the Watergate office complex in Washington and Bank of America Plaza, Atlanta’s tallest skyscraper. Now the company is on the verge of vanishing.

C. Frederick Wehba, who co-founded the Los Angeles-based real estate firm in 1993 and was chairman until 2012, said he will announce his official separation as an adviser and consultant this week. BentleyForbes now has just three employees and manages five properties -- mostly small office buildings in cities including Cleveland and Bloomington, Minnesota. It plans to sell the real estate within the next 12 months, then dissolve, Wehba said.

The rise and fall of BentleyForbes --  named after the luxury car and business magazine -- closely tracks last decade’s commercial real estate boom and bust. Until the early 2000s, the closely held company owned modest single-tenant office, industrial and retail properties. Its ambitions grew, and the firm began scooping up landmark buildings at what turned out to be top-of-the-market prices -- then lost most of them in the crash. While property values have since rebounded past the last peak, the landlord has lingered as a shadow of its prior self.

During the boom, “we were organizing to go public as a REIT,” Wehba, 69, said in an interview. That would have allowed BentleyForbes to refinance its loans and get tax benefits offered to real estate investment trusts. “We were going to go for $1 billion cash, and we were going to pay down our debt.”

Prices Plunge

Instead, the market collapsed. U.S. commercial-property prices reached a peak in October 2007 before plummeting 40 percent in just over two years, according to the Moody’s/Real Capital Analytics Inc. index.

“The office-transaction environment in ’05, ’06 and ’07 was red-hot, with significant financing available through many types of buyers, and all of that spurred a meteoric rise in asset values,” said Michael Knott, director of U.S. REIT research at Green Street Advisors in Newport Beach, California. “When the music finally stopped playing, there were several large and aggressive buyers who felt some pain from an environment that became much less hospitable.”

The crash took down major real estate companies including Maguire Properties Inc., and big landlords such as Harry Macklowe and Broadway Partners surrendered towers after missing debt payments. Maguire, after a name change, was taken over in 2013 by Brookfield Office Properties Inc., while Macklowe recovered to co-develop New York’s tallest residential tower, and Broadway’s Scott Lawlor made a comeback buying apartment complexes in smaller towns. BentleyForbes, in contrast, never rebounded yet never quite went away.

The company’s pain from the crash stretched from Chicago and Washington to Atlanta and Dallas. In Atlanta, it bought Bank of America Plaza in 2006 for $436 million, then the city’s biggest real estate deal ever. Less than six years later, the 55-story tower sold at auction for just $235 million after BentleyForbes missed mortgage payments.

The purchase was part of a series of expensive acquisitions. Also in 2006, BentleyForbes paid $470 million for Prudential Plaza, a Chicago complex with 41-story and 64-story towers that occupies a full city block. Later in the year, the company bought the Four Seasons resort in Irving, Texas, for $210 million, then spent $60 million on upgrades.

The firm had planned even more purchases.

“We think we’ll do $2 billion next year, that’s our goal,” Wehba said in an October 2006 interview.

The cracks emerged as U.S. property prices plunged. One of the first BentleyForbes buildings to run into trouble was the Watergate, purchased in 2005 for $86.5 million. The 11-story complex -- made famous by the political scandal that brought down President Richard M. Nixon -- was pulled from the market in May 2008 after failing to attract a high enough offer.

Expansion Plans

Still, just a few months later, BentleyForbes -- managed at the time by David Cobb, president and chief executive officer, and Chief Operating Officer Bert Dezzutti, along with Wehba and his son, co-founder C. Frederick Wehba II -- announced an ambitious five-year growth program, with plans to expand its portfolio to $12 billion by 2014 from $3 billion at the time.

It wasn’t meant to be. In March 2009, BentleyForbes put the Watergate back on the market, but turned it over to partner Capri Capital Partners the following year. By November 2009, BentleyForbes was behind on payments on the Texas Four Seasons, which eventually was sent to special servicing, then sold in 2014. Prudential Plaza faced a similar fate, with a loan on that property being transferred to a special servicer in October 2012. BentleyForbes still has a minority stake in the property.

The firm’s chief partner for its boom-era purchases was Capri, which invested in the Watergate, the Four Seasons resort and office buildings in Dallas, and ended up suing BentleyForbes over some of the ventures.

Three Employees

BentleyForbes is down to overseeing just $200 million in assets and employs only an asset manager and two assistants, after once having 102 workers. The elder Wehba, who plans to devote his time to the Wehba Foundation, a charity supporting Christian, educational and humanitarian initiatives, pegs total BentleyForbes losses at $170 million.

The biggest mistake BentleyForbes made was expanding from small, single-occupant buildings to large, multitenant office properties, Wehba said.

“We ran a very stable portfolio of assets that returned at a predictable rate through the ups and downs of the market cycles,” he said. Adding multitenant buildings “seemed like a logical path at the time, but it became too much to sustain in the face of the collapsing financial markets that derailed our IPO and our ability to operate assets in the recession that followed.”

-To contact the reporter on this story: Daniel Taub in Los Angeles at dtaub@bloomberg.net To contact the editors responsible for this story: Kara Wetzel at kwetzel@bloomberg.net Dan Reichl

Looking Long-Term: Why Commercial Real Estate Investors Are Feeling Upbeat

Forbes

 

Investors face a conundrum in today’s market: Low interest rates are making fixed-income products less attractive, while broader equities continue to be volatile amid weak global economic growth, ongoing geopolitical turmoil and depressed commodity prices.

“People are desperately seeking yield and having a very difficult time finding it,” said Chris Ludeman, global president of Capital Markets at CBRE Group, a commercial real estate services and investment firm.

One asset class many are considering is commercial real estate, with its potential to offer more stable, higher-yield returns over the long term. While commercial real estate also has risks — and has been affected by volatility and negative investment sentiment in recent months — its fundamentals remain strong, according to Ludeman.

“Commercial real estate continues to provide attractive risk-adjusted returns in a low-interest rate, low-return environment,” he said. “In most instances, you’re dealing with good corporate credit and longer-term leases in markets where new supply is limited,” leading to more sustainable, predictable yield, he added.

Ludeman forecasts returns in the commercial real estate sector will continue rising in the years ahead. At the same time, structural changes will lead to evolution in the office, retail, industrial and multifamily segments. These changes include a growing preference for renting over buying in the aftermath of the U.S. housing crisis (resulting in greater multifamily demand), and a rise in e-commerce sales that is reshaping the traditional retail and industrial space.

The office market is also evolving, as companies tailor their spaces and locations to better suit the needs of employees, including more collaborative layouts and sites closer to public transit routes.

Based on CBRE’s current analysis, Ludeman expects the economic expansion and commercial real estate cycle to continue an upward trajectory into 2018.

Supply Constraints Drive Demand

The U.S. housing crisis a decade ago, followed by the global financial crisis in 2008-09, slowed spending across industries, and commercial real estate was no exception. Today, as the global economy picks up, led by job growth and increased consumer activity in the United States, demand for all types of commercial real estate has increased.

“We are seeing record rents, record sales volume and record values,” said Spencer Levy, Americas head of Research at CBRE. “Our forecast is for a good performance at least for the next several years.”

In particular, Levy forecasts rents will rise between 4 percent and 5 percent in retail, office, industrial and hotel, and between 2 percent and 3 percent for multifamily units, or apartment buildings. Although rental growth may be slower in multifamily, the segment is growing — a trend that is expected to continue for years to come.

As the economy began to expand in 2012, multifamily and industrial asset classes became validated as institutional asset types and attracted interest from global capital investors, who added liquidity and demand to the market.

The multifamily phenomenon has been driven by changing demographics and the shocks from the global financial crisis. “There has been a structural shift in the percentage of renters versus buyers,” Levy said.

Renting is becoming “the new normal,” according to a report from the Urban Institute, which forecasts that new renters will outnumber new homeowners in the next 15 years, “causing a sustained surge of rental housing demand.” The report predicts that 59 percent of the 22 million new households formed between 2010 and 2030 will rent, compared to 41 percent that will buy. Multifamily real estate is already one of the fastest-growing segments of the U.S. real estate market, hitting a record $43 billion in the fourth quarter of 2015.

“The market can sustain more building today than it might have, say, seven or eight years ago,” Levy said. “That’s the fundamental story.”

Cautious Outlook

Still, there’s caution in the market, with some investors nervous about pulling the trigger on new deals, Levy said. Some of that cautious sentiment stems from concerns about China’s debt problem and volatile oil markets.

Another potential risk is rising interest rates. All eyes are on how far and how fast the U.S. Federal Reserve will raise rates in the weeks and months ahead. Traditionally, rising interest rates are considered a negative for real estate investors because the cost of borrowing rises. But it’s not always the case.

Levy points to the so-called “taper tantrum” in the spring and summer of 2013, when the 10-year U.S. Treasury note went from 2 percent to 3 percent over a three-month period, and cap rates remained stable.

“We believe there’s some room in there for cap rates to stay stable even in the phase of rising rates,” Levy said, adding that the yield on the U.S. 10-year Treasury note is already very low, at about 1.8 percent, and the spread between the 10-year Treasury and cap rates remains wide by historical standards.

On the flip side, rising interest rates can also be interpreted as a positive for the commercial real estate market, because they reflect stronger economic activity.

“So much of our business in commercial real estate is built around job growth and the consumer,” Ludeman said. That, in turn, affects retail space as well as manufacturing, including filling of warehouse, imports and exports as well as office and hotel occupancy rates as business activity increases.

“So we have a kind of virtuous cycle around the supply chain of the global business environment,” Ludeman said.

While interest rates will eventually go up, they are likely to remain stable, on a relative basis, and rise gradually over the longer term, according to Ludeman.

“As long as there’s predictability in the capital markets, and there are not high levels of volatility, I think a gradual rise in interest rates won’t be detrimental to the business,” he said.

Although volatility and uncertainty will continue in the global markets, and commercial real estate isn’t immune, the fundamentals of the business continue to be strong.

“It’s not just money chasing assets,” Ludeman said. Commercial real estate is providing positive risk-adjusted yields — “not necessarily just through cap rate compression, but around property level performance,” he added.

-Staff

Courtyard at The Bloc to Open This Week

Los Angeles Downtown News

 

The $180 million upgrade of the massive mixed-use complex The Bloc will hit a milestone next week. Representatives of developer the Ratkovich Company have announced that the project’s open-air courtyard, dubbed The Square, will be unveiled on Thursday, June 16.

The Square comes after the roof was removed last year from the 1970s-era mall, turning the closed-off retail space into an al fresco environment. The opening will include live entertainment, with the Rumproller Jazz Trio performing from 5-7 p.m.; Ratkovich officials said it will be the first event in the new “Summer Series at The Bloc” program.

Although The Square is being unveiled, the project is not yet done. The Bloc is still awaiting tenants including the anticipated Alamo Drafthouse, which is expected to open this year. Work also continues on the underground pathway connecting the mall to the Seventh Street/Metro Center stop across the street. The Metropolitan Transportation Authority previously said that the corridor will be finished by the end of 2016.

-Staff

Building at the center of downtown L.A.'s resurgence sells; an upgrade is planned

Los Angeles Times

 

When downtown Los Angeles real estate pioneer Tom Gilmore renovated the previously vacant San Fernando Building in 2000, he transformed the run-down historic office tower into lofts, but didn’t include tenant amenities such as a gym, lounge or theater.

Even so, the development was considered revolutionary, with many in real estate circles scoffing at the notion of market-rate apartments along a stretch of Main Street widely considered part of skid row.

But now with the area bustling with hip restaurants and bars, a new owner has stepped in with plans to upgrade the turn-of-the-century building yet again – part of what some expect will be a second wave of redevelopment of previously rehabbed historic structures in an increasingly luxurious downtown.

“We are going to see more and more of this as the market continues to mature and becomes more sophisticated,” said Carol Schatz, president of the Downtown Center Business Improvement District and Central City Assn.

MWest Holdings of Sherman Oaks, which acquired the Italian Renaissance Revival building at the corner of 4th and Main streets for about $37 million, plans to spend $2 million more to make improvements, including putting in a gym and residents lounge in the vacant basement.

MWest will also upgrade the hallways, repaint the facade and renovate apartments as tenants move out. In addition, the company wants to add a mural on one side of the building and a mini-theater in the basement. It is also exploring whether it can put new retail space along 4th Street.

The improvement should allow the developer to raise monthly rents, which now average about $2,500.

Part of the reason for the revamp is competition.

Andrew T. Kirsh, founding partner of Sklar Kirsh, who represented MWest in the sale, noted buildings that were rehabbed in the early 2000s must now compete with a flood of new buildings that have recently opened or are underway.

They include AvalonBay Communities' Ava apartments in Little Tokyo and Holland Partner Group’s upcoming apartment towers on Spring Street. Near Staples Center, cranes dot the sky, at work on large-scale luxury condo projects, including Greenland Group’s Metropolis.

“If you take a look where downtown was in 1999 and where downtown is in 2016, the expectations of residents, customers for retail is just so different,” Kirsh said.

And although there are still many vacant older buildings that have not been touched, there are increasingly fewer that are obvious candidates for housing conversions.

Ken Bernstein, manager of the city’s Office of Historic Resources, said that, as of spring 2011, 76 buildings downtown had been rehabbed under the city’s 1999 adaptive reuse ordinance, creating more than 9,100 new housing units.

The purchase of San Fernando is part of a larger strategy for MWest, which is looking to acquire aging buildings in and around the city center to renovate and take advantage of rising rents in the increasingly popular neighborhoods.

Last year, it acquired the Wilshire Royale, one of L.A.’s most well-known historic apartment buildings near MacArthur Park.

“Los Angeles, versus a city like London, Paris or Chicago, tends to look forward all the time,” MWest President Karl Slovin said. “We firmly believe we also have a lot of wonderful things to look back upon.”

One of those things, he said, is the San Fernando building, constructed in 1907 for James B. Lankershim, a leading San Fernando Valley land owner. Lankershim, whose last name graces a major Valley thoroughfare, put his headquarters in the penthouse of the building, which also served as a recruiting station during the two world wars.

In 2000, Gilmore converted the vacant eight-story office building into 70 apartments, using the newly passed adaptive reuse ordinance that’s credited with revitalizing the historic core. Gilmore replicated that in two nearby towers as well.

The projects, known as the Old Bank District, helped spark a transformation along Main and Spring streets.

In 1999, they were the subject of a cover story in the Los Angeles Times Magazine, which reported that “Gilmore believes he can make downtown into a living city again. No fooling.”

“Everybody thought they were nuts,” said Justin Weiss, a senior associate with Kennedy Wilson, the brokerage that represented Gilmore Associates in the sale to MWest.

But Gilmore proved his skeptics wrong.

The San Fernando’s ground floor is now home to the popular restaurants Ledlow and Baco Mercat, which will remain open. And at night, Main and Spring buzz with activity, as people flow in and out of a growing number of bars and restaurants.

The change in the neighborhood is reflective in the money Gilmore made in the $37-million sale. In 1998, the Times reported that he agreed to pay $7.5 million for not only the San Fernando Building but also the Farmers & Merchants Bank complex across the street.

One reason Gilmore sold the San Fernando was to raise money for the Main Museum of Los Angeles Art he’s planning at the bank complex, Slovin said. He’s also looking to unload the 12-story Continental building on Spring and 4th streets. Gilmore was out of the country and could not be reached for comment.

The museum will be a “three-dimensional space that weaves” through the Farmers & Merchants Bank building, the Hellman Building and the Bankhouse Garage – all buildings owned by Gilmore Associates, according to the architect’s website.

On the Bankhouse Garage rooftop, plans include a sculpture garden, cafe, amphitheater and water features.

Slovin said those plans will further revitalize the area. As for the San Fernando, he said he simply wants to pick up where Gilmore left off.

“What we are hoping to do is build on the legacy he created,” Slovin said.

-Andrew Khouri

Retail Happenings: Rachel Comey comes to Melrose Place; General Pants Co. hits La Brea Avenue

Los Angeles Times

 

Rachel Comey comes to Melrose Place

The indie/arts-and-crafts-flavored New York City-based Rachel Comey label has picked Melrose Place as the location of its first standalone store on the West Coast, which opened June 1.

The 2,600-square-foot space reflects the vibe of Comey’s clothes thanks to terra cotta-colored floors, poured concrete walls, wraparound wicker benches and exposed-wood ceiling beams. (Comey and her partner, Sean Carmody, worked with Los Angeles-based architect Linda Taalman, Brooklyn-based architect Elizabeth Roberts and San Francisco-based interior designer Charles de Lisle on the project.)While local stockists such as Tenoversix, Opening Ceremony and Mohawk General Store have long carried a selection of Comey’s wares, the new space showcases the full range including ready-to-wear, denim, accessories and footwear, including some fabrications and colorways that can be found only here and at Comey’s other standalone store, which opened in New York in 2014.

General Pants Co. opens first U.S. store on La Brea Avenue

Australia-based multi-brand retailer General Pants Co., which has 53 boutiques in its home country, opened its first U.S. store this month on a fashion-heavy stretch of La Brea Avenue.

The 4,009-square-foot space, which officially opened June 2, has a spare industrial vibe thanks to concrete floors, exposed brick walls and metal girders, a swirling wall of graffiti, and surf films projected continuously against white curtains hanging toward the back of the room. The shelves and racks are stocked with men’s and women’s offerings from a handful of younger-skewing Aussie brands that are either new to the L.A. market or haven’t previously been widely available in brick-and-mortar stores here. These include denim brands Ksubi and Neuw, surf/skate brands Insight and Arvust, streetwear labels Zanerobe and Spencer Project and women’s label Alice in the Eve, which is available exclusively through the boutique.

The store, dubbed the Local 132 by General Pants Co., will function as more than a straight-up retail space, according to design director Pip Edwards. “We’re calling it the Local because that’s how we Australians refer to our local pub – the neighborhood place you go to hang out.” Edwards added that the space would also serve as a wholesale showroom and VIP services office for many of the brands on the shelves and host occasional music- and art-focused events and parties. It will also serve as a beachhead of sorts for further U.S. expansion because General Pants Co. already has plans in the works to open its second U.S. store – in New York City – in September.

-Adam Tschorn

Jacobs Engineering Moving to Dallas

Los Angeles Business Journal

 

Jacobs Engineering Group Inc. is preparing to move its headquarters from Pasadena to Dallas, according to an agenda posted online Saturday by the Texas city’s economic development committee.

The design and engineering firm is set to receive a $277,500 grant from the city of Dallas that would “encourage the relocation of the company headquarters and stimulate business development activity in Dallas,” pending authorization from the committee, according to an agenda item listed for June 22.

A Jacobs spokeswoman confirmed that the company is planning a move.

“Jacobs confirms it is considering plans to move a portion of its corporate functions from its Pasadena location to Dallas later this year, pending a successful real estate process and final approvals for state and local economic development investments,” wrote Mendi Head, a spokeswoman for Jacobs, in an email.

She declined to disclose further details other than to say the company’s Pasadena office “will continue to employ staff and remain in operation.”

Jacobs already has 300 employees working in the downtown Dallas Harwood Center, where it recently signed a 10-year lease, according to the Dallas Business Journal.

The nearly 70-year-old firm has a market capitalization of $6.3 billion. It employs 60,000 people in 230 offices worldwide and provides a broad range of technical, professional, and construction services. The firm generated $12 billion in revenue last year.

Should Jacobs complete its move, it would follow in the footsteps of several large local companies leaving the state for Texas. Among them are Toyota Motor Corp.’s North American division and coffee-maker Farmer Bros.

-Olga Grigoryants

Investor Buys Newbury Park Shopping Center

San Fernando Valley Business Journal

 

The Terrace, a two-level shopping center in Newbury Park, has sold for more than $15 million, according to commercial real estate brokerage, CBRE Group Inc.

Tenants at the fully leased center include 12 restaurants and retail and athletic-oriented businesses.

GPK Group Inc. of Northridge and Granada Hills bought the center from David Fried of Santa Monica, according to CBRE. The 10-year-old, 39,600-square-foot center sits on 3.62 acres at 1714 Newbury Road and sold for $15.26 million, or about $385 a square foot.

CBRE Executive Vice President Philip Voorhees, Vice President Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow negotiated the deal on behalf of Fried, a private investor.

Slusher said GPK, also a private investor, was attracted to the center’s long-term viability stemming from three surrounding hotels that total 388 hotel rooms, in addition to the proximity to the 101 Freeway and the quality of the center’s construction.

Low interest rates are also spurring additional deals by investors, Slusher added. In this case, the buyer refinanced a loan on a multifamily property with a lower interest rate, and used the leftover cash to buy a retail property that requires less management and provides a high rate of return.

“That’s effectively the story here. He is able to get a little bit more cash-on-cash return,” Slusher said

-Carol Lawrence

Switching up your location makes you better (and more creative) at your job

Quartz

 

As a freelancer, I’ve found that where I work changes the kind of person I am. In coffee shops, I’m easily distracted by friendly chatter and people scrolling through Facebook. An office filled with serious-looking workers in suits, however, makes me switch into professional mode and buckle down.

The same principle has held true since I began rotating between different coworking spaces in New York City. The Farm, a Soho coworking space furnished with salvaged barn wood, is filled with high-energy startups. Whenever I’m there, I sit up straighter and type faster. The Yard, in Williamsburg, Brooklyn, has quirky art and a casual vibe. I feel more creative there, and am more likely to talk to the people around me. In other words, my environment shapes my workplace persona.

Thanks to the rise of the co-working space, many of my contemporaries are also experimenting with adding variety to their surroundings. Originally, independent workers and startups would invest in memberships to a single space. However, it’s becoming increasingly common for people to travel between multiple offices—a set-up that offers some unique benefits for employees.

“For some people, co-working provides flexibility of location,” workplace strategist Bacevice says. “Place attachment is less important to these people. Rather, they value choice and the ability to work from a variety of spaces around the city—especially if they are on the go, running from meeting to meeting in various locations.”

As a freelancer, I’ve found that where I work changes the kind of person I am. In coffee shops, I’m easily distracted by friendly chatter and people scrolling through Facebook. An office filled with serious-looking workers in suits, however, makes me switch into professional mode and buckle down.

The same principle has held true since I began rotating between different coworking spaces in New York City. The Farm, a Soho coworking space furnished with salvaged barn wood, is filled with high-energy startups. Whenever I’m there, I sit up straighter and type faster. The Yard, in Williamsburg, Brooklyn, has quirky art and a casual vibe. I feel more creative there, and am more likely to talk to the people around me. In other words, my environment shapes my workplace persona.

Thanks to the rise of the co-working space, many of my contemporaries are also experimenting with adding variety to their surroundings. Originally, independent workers and startups would invest in memberships to a single space. However, it’s becoming increasingly common for people to travel between multiple offices—a set-up that offers some unique benefits for employees.

“For some people, co-working provides flexibility of location,” workplace strategist Bacevice says. “Place attachment is less important to these people. Rather, they value choice and the ability to work from a variety of spaces around the city—especially if they are on the go, running from meeting to meeting in various locations.”

Working among strangers can also benefit those who prefer to plug away at a task without interruption. Through services like Croissant and WeWork, both of which offer a bevy of alternative locations, members can easily rotate to a different space every day of the month.

“If you want to just put your head down and focus on your own work, it might be easier to be an anonymous kind of worker who puts their headphones on and gets work done,” Spreitzer says. When you’re immersing yourself among new faces every day, it follows that you’Changing the space where you work can help you break out of a professional rutll be less likely to get sidetracked by a half-hour conversation about a favorite basketball team or a coworker’s weekend plans.

Yet working in a variety of spaces also has its downsides. For most people, it takes time to get used to the rules and atmosphere of a new environment. For example, every time I arrive at a new Croissant office, I have to figure out who the manager is. This is always awkward, since everyone is wearing casual clothes. As a result, I have to float around for a bit and stare at people, trying to find the person who can give me a desk, tell me where the coffee is, and give me directions to the bathroom.

“Changing places can boost stimulation and creativity, but may have start-up costs of getting socialized in a new space,” Spreitzer says.

Depending on your personality, jumping from one coworking space to the next can also put a dent in productivity. We all need structure in our lives—and showing up at the same office every day to work alongside the same people helps us to create routines. So if you’re the sort of person who gets ea
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The Spam Archive - Chronicling spam emails into readable web records index for all time

Please contact us with any comments or questions at questions@spamdex.co.uk. Spam Archive is a non-profit library of thousands of spam email messages sent to a single email address. A number of far-sighted people have been saving all their spam and have put it online. This is a valuable resource for anyone writing Bayesian filters. The Spam Archive is building a digital library of Internet spam. Your use of the Archive is subject to the Archive's Terms of Use. All emails viewed are copyright of the respected companies or corporations. Thanks to Benedict Sykes for assisting with tech problems and Google Indexing, ta Ben.

Our inspiration is the "Internet Archive" USA. "Libraries exist to preserve society's cultural artefacts and to provide access to them. If libraries are to continue to foster education and scholarship in this era of digital technology, it's essential for them to extend those functions into the digital world." This is our library of unsolicited emails from around the world. See https://archive.org. Spamdex is in no way associated though. Supporters and members of http://spam.abuse.net Helping rid the internet of spam, one email at a time. Working with Inernet Aware to improve user knowlegde on keeping safe online. Many thanks to all our supporters including Vanilla Circus for providing SEO advice and other content syndication help | Link to us | Terms | Privacy | Cookies | Complaints | Copyright | Spam emails / ICO | Spam images | Sitemap | All hosting and cloud migration by Cloudworks.

Important: Users take note, this is Spamdex - The Spam Archive for the internet. Some of the pages indexed could contain offensive language or contain fraudulent offers. If an offer looks too good to be true it probably is! Please tread, carefully, all of the links should be fine. Clicking I agree means you agree to our terms and conditions. We cannot be held responsible etc etc.

The Spam Archive - Chronicling spam emails into readable web records

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Spamdex - The Spam Archive Located in London, SW19 8AE. Phone: 08000 0514541.