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Equity Office Daily Brief: May 17, 2018

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Daily Brief

May 17, 2018

  EquilityOffice

PRINT NEWS

 

The boss wants you to give up your desk, and it's probably to cut costs

L.A. Times

 

Like fax machines and desktop telephones, your individual office workspace may be headed for extinction. More than half of corporate executives say they plan to switch to unassigned worker seating for all or some of their employees during the next three years....

 


Valley Economic Forecast: Sunny With Higher Growth

San Fernando Valley Business Journal

 

Forecasters have upgraded their predictions for the San Fernando Valley during 2018, Matthew Fienup, executive director of the Center for Economic Research and Forecasting at California Lutheran University, announced Wednesday at a breakfast organized by the Business Journal. “Our outlook for the...

 



BLOG & ONLINE NEWS

 

Playboy leaving the Hills for Westwood

The Real Deal

 

After the death of founder Hugh Hefner, Playboy is pulling up stakes from Beverly Hills, amid a shakeup in its business model that could see the end of its print magazine. Playboy Enterprises, the publisher of Playboy magazine, has agreed to a...

 


West Hollywood developer arrested on federal bribery charges

The Real Deal

 

Federal prosecutors have charged a West Hollywood developer with bribing a Los Angeles County official in exchange for business from county departments. FBI agents arrested Charles Company co-founder and partner Arman Gabay on federal bribery counts at his Beverly Hills home, the...

 


52-Story Mixed-Use Tower Proposed at 11th and Hill

Urbanize LA

 

Plans have been filed for yet another high-rise residential development in South Park. The latest project, submitted yesterday to the Los Angeles Department of City Planning, calls for replacing a warehouse at 11th and Hill Streets with a 52-story building that would feature 528...

 


LA Deal Sheet

BisNow

 

Positive Investments Inc. has expanded its South Los Angeles real estate portfolio.  The Arcadia-based real estate company recently purchased a vacant 10-building multifamily property in Compton from an undisclosed nonprofit for $12.5M. The nonprofit sold the asset to gain capital for...

 


HyreCar Expands Into Three New States

SoCal Tech

 

Los Angeles-based HyreCar, which operates a peer-to-peer car sharing service aimed at offering up vehicles for use by drivers for ridesharing services like Lyft and Uber, said it has expanded it services into three new states. According to HyreCar, it is now...

 


DataScience.com Acquired By Oracle

SoCal Tech

 

Culver City-based DataScience.com, a developer of data science software led by serial entrepreneur Ian Swanson, has been acquired by Oracle, the companies said on Wednesday. Financial details of the acquisition were not announced. Oracle said it will add DataScience.com's platform to its Oracle...

 


The Amazon Effect: A Look at What Getting HQ2 Would Mean for Each Market

National Real Estate Investor

 

Landing Amazon's HQ2 could lead to rent bumps in office, retail and multifamily properties for years for the winning market, according to CoStar research. As the race to land Amazon's massive HQ2 project has unfolded, market experts have tried to glean some insights on which market might...

 


Technology Is Helping Increase Loan Volumes

Globe St.

 

Small balance lending demand has taken off. Sabal Capital Partners is a leader in this space, working with Freddie Mac’s small balance loan program, which focuses on workforce housing. To keep up with the strong demand for small balance loan, defined as loans with...

 


Chef'd Aims For Meal Kit To Be Standard Amenity In Office Space

BisNow

 

Meal kit company Chef’d has inked a deal with Byte Foods to put Chef'd meal kits in 100 of Byte’s smart refrigerators in the San Francisco Bay Area and Sacramento, including such workplaces as Tesla, Cisco, Chevron, Sutter Health hospitals and...

 


WeWork Debuts The AI Desk

BisNow

 

The AI desk is about to be born, thanks to WeWork and Amazon's Alexa, and it could be coming to a WeWork office near you very soon. WeWork is trailling artificial intelligence in New York which is "at the convergence of...

 


What Will Cause The Next Recession?

Globe St.

 

Real estate leaders overwhelmingly agree that fundamentals are strong, lending hasn’t gotten out of hand and the market is strong—and that means there is no recession on the horizon. But, just because real estate caused the last recession, doesn’t mean that...

 

FULL TEXT


The boss wants you to give up your desk, and it's probably to cut costs

L.A. Times

 

Like fax machines and desktop telephones, your individual office workspace may be headed for extinction.

More than half of corporate executives say they plan to switch to unassigned worker seating for all or some of their employees during the next three years. Instead of having their own desks, workers will grab an empty workstation when they come to the office in the morning.

Don't be late to work, or you could wind up sitting by the smelliest trash bin.

It's just one of the ways employers are shaking up the traditional office environment to cut costs and — supposedly — increase productivity, according to a new report by commercial real estate firm CBRE.

In the last decade, business employers have increasingly shifted from individual offices to open work environments. They usually say the moves are to increase collaboration among workers.

But major office users also acknowledge that with these changes, they are slashing real estate costs.

At a growing number of office centers, including JPMorgan Chase's new campus in Plano, Texas, and Liberty Mutual Insurance across the street, many workers don't have assigned desks and keep their personal items in a locker or cabinet when they leave.

"The modern workplace is in a state of transition as workplace design standards have evolved from traditional layouts with a mix of enclosed and open workspaces," CBRE research analyst Julie Whelan said in the new report. "Managing employees through this change is critical, so that the initiative is viewed as being additive to productivity and wellness instead of a pure cost-cutting measure."

The moves, it appears, are only partially to build teamwork and promote employee networking.

More than 50% of the firms surveyed said their primary reason for the office changes is to reduce costs. Only 20% of companies said they are going to the new office environments to promote innovation. And less than a third said the changes are to retain and attract talent.

CBRE surveyed mostly banking and finance, tech and telecom and professional service firms about their office plans.

Almost half of the companies said they planned to make workplace changes to seek better use of space. Less than half said they plan to allocate primary assigned worker seating in the years ahead.

Not all trends are as utilitarian.

To keep their workers happy, office users say they plan to ramp up their workplace amenities, including full-service cafeterias, employee showers, bike racks for commuters, custom coffee services, green space, game rooms and on-site healthcare.

"Twenty years ago, real estate was much different. It was a place to house people. But now our clients are using it as a tool to attract and retain the best talent in their respective industries," said CBRE's Clay Vaughn, a senior vice president in Dallas. "A big part of creating great space is giving employees options of how and where they work in the office."

"The companies that embrace this," Vaughn said, "will be the winners in the fierce competition for talent."

Even if that means giving you a locker to call your own instead of a desk.

-Steve Brown

Valley Economic Forecast: Sunny With Higher Growth

San Fernando Valley Business Journal

 

Forecasters have upgraded their predictions for the San Fernando Valley during 2018, Matthew Fienup, executive director of the Center for Economic Research and Forecasting at California Lutheran University, announced Wednesday at a breakfast organized by the Business Journal.

“Our outlook for the San Fernando Valley is bright,” said Fienup. “The San Fernando Valley continues to grow more rapidly than neighboring geographies in the year ahead.”

He delivered the news as an update to a forecast he gave in December for the San Fernando Valley. Fienup said his team now estimates 3.2 percent growth for the San Fernando Valley in 2018, while the previous forecast in December was for 2.8 percent growth.

The Center for Economic Research and Forecasting is the only organization that specifically examines the Valley economy. The Thousand Oaks organization developed a data set using ZIP codes to define the local economy.

After admitting that his team had underestimated the power of the Trump administration’s Federal tax reform and profit repatriation policies, both of which have strengthened the nation’s economic activity, Fienup went into the minutiae of the San Fernando Valley’s economy, which has seen its biggest statistical boosts in the information/technology and leisure/hospitality job sectors.

Fienup observed that, since 2014, the San Fernando Valley’s economy has “now every single year grown more rapidly than the rest of L.A.” In fact, in the 2014-15 fiscal year, the Valley’s growth proved stronger than the entire state of California.

While job growth last year ranked below Los Angeles and California, the Valley nevertheless exhibited a higher GDP because the fewer jobs added onto the Valley’s economy were higher-paying.

In summation, Fienup considered the Valley’s fiscal landscape “a picture of strength and resilience” but he warned that a cooling trend may set in over the next couple years. If there are any hints of a downer on the horizon, it’s rising housing costs.

The economist’s proposed solution to offset a dip in the Valley economy is to retain and grow companies in the market’s most thriving sector.

“Don’t cook the golden goose,” Fienup warned. “Infotech is the golden goose in San Fernando Valley.”

-Michael Aushenker

Playboy leaving the Hills for Westwood

The Real Deal

 

After the death of founder Hugh Hefner, Playboy is pulling up stakes from Beverly Hills, amid a shakeup in its business model that could see the end of its print magazine.

Playboy Enterprises, the publisher of Playboy magazine, has agreed to a roughly 40,000-square-foot sublease at Douglas Emmett Inc.’s 10960 Wilshire Boulevard, according to CoStar. The company’s new offices are about three miles away from its current Beverly Hills offices at Rockefeller Group’s 9346 Civic Center Drive.

The move could inject fresh energy into the house that Hefner built. Playboy has struggled to remain relevant in the digital age and to maintain an identity following the founder’s death in October.

Michigan-based private equity firm Rizvi Traverse took control of the company following Hefner’s death and quickly began an effort to shift its focus from media to branding to capitalize on its famous name. But recent licensing deals in the video gaming industry and with rapper Pitbull to brand suits haven’t done well, according to Forbes.

In January, rumors circulated that Playboy would stop publishing the iconic print edition of its men’s lifestyle magazine. Rizvi managing partner Ben Kohn said in January that the company planned “to spend 2018 transitioning from a media business to a brand-management company,” according to the Los Angeles Times.

Even the fate of the infamous Playboy Mansion in Holmby Hills was up in the air until recently. Twinkies heir Daren Metropolous purchased the 20,000-square-foot home in 2016 for $100 million with plans to combine it with a neighboring property. Hef had a deal to remain at the property until his death.

Metropolous said he wouldn’t demolish it, but just to be sure City Councilman Paul Koretz tried to landmark the property. They struck a deal in March in which Metropolous agreed not to demolish it.

West Hollywood developer arrested on federal bribery charges

The Real Deal

 

Federal prosecutors have charged a West Hollywood developer with bribing a Los Angeles County official in exchange for business from county departments.

FBI agents arrested Charles Company co-founder and partner Arman Gabay on federal bribery counts at his Beverly Hills home, the U.S. Attorney’s Office said.

Prosecutors allege Gabay sent the employee monthly $1,000 payments over six years — amounting to thousands of dollars — and last year offered to buy the employee a $1.1 million home in Santa Rosa. In return, Gabay would receive a $45 million county lease at the Hawthorne Plaza mall, officials said.

The 57-year-old developer, who’s legal name is Arman Gabaee, faces up to 10 years in prison for the alleged scheme.

The payments add up to around $72,000 over six years. A statement from the U.S. Attorney’s Office suggest federal agents have been aware of the scheme since at least 2016, referencing “covertly recorded meetings” late that year and in early 2017 when Gabay paid “thousands of dollars” to the employee.

Prosecutors said Gabay made two offers on an eight-acre property in Santa Rosa meant as a bribe to the county employee in 2017. Specifically, the payments would help secure a 10-year, $45 million lease with county departments at the mall, which Charles Co. planned to redevelop into a $500 million mixed-use project. Plans were canceled in February.

Intercepted communications show Gabay wanted to hide his interest in the property by buying it through an entity, officials said. He ultimately withdrew the offers when FBI agents approached him about the scheme, according to prosecutors.

Gabay runs Charles Co. with his brother Mark, who handles acquisitions. Arman focuses on new development, according to the firm’s website. The firm has a diverse portfolio of two dozen properties, mostly around Los Angeles. The firm finally broke ground on a mixed-use project on Santa Monica Boulevard in West Hollywood in March, four years after it first received approvals from the city.

-Dennis Lynch

52-Story Mixed-Use Tower Proposed at 11th and Hill

Urbanize LA

 

Plans have been filed for yet another high-rise residential development in South Park.

The latest project, submitted yesterday to the Los Angeles Department of City Planning, calls for replacing a warehouse at 11th and Hill Streets with a 52-story building that would feature 528 condominium units and street-level commercial uses.

The .63-acre development site, currently improved with a mid-century industrial building, is currently listed as the property of an entity known as South Hill Holdings, LLC.

The project at 1111 S. Hill Street is the latest in a string of high-rise proposals for South Park, as property owners look to vest new projects before the implementation of the affordable housing linkage fee in June.  Earlier this month, plans for similar high-rise towers were submitted for a pair of parking lots just west at 11th and Olive Streets.

Other ongoing projects in the nearby vicinity include a seven-story apartment complex by Forest City, which is now wrapping up work across Hill Street, and the restoration of the historic Herald-Examiner Building as office space.

-Steven Sharp

LA Deal Sheet

BisNow

 

Positive Investments Inc. has expanded its South Los Angeles real estate portfolio. 

The Arcadia-based real estate company recently purchased a vacant 10-building multifamily property in Compton from an undisclosed nonprofit for $12.5M. The nonprofit sold the asset to gain capital for the purchase of another property, said Keller Williams Commercial’s Henry Garcia, who represented the buyer in the off-market transaction.

Sotheby’s International Realty’s Steve Mortitz and Joe Cilic represented the seller.

Built in 1986, the 79,373 SF property spans nearly one city block at 1515 East Rosecrans Ave. The buildings contain 86 units that are a mixture of one-bedroom, two-bedroom, three-bedroom and four-bedroom townhomes.

Positive Investments' purchase is part of a larger strategy to provide a diversity of housing options, including affordable housing for South Los Angeles residents. The company also owns a 70-unit multifamily property across the street, Garcia said in a news release.

“This is the tenth property our client has acquired in this area in the past six months,” Garcia said. “Positive Investments plans to undertake a major capital improvement program to transform the asset into a hybrid housing community which will include a mix of special needs, low income Section 8 and market rate units.”

SALES

SHP Capital LLC has purchased a 0.27-acre former gas and service station site in Los Angeles from Sunset Management LLC for $8M. With high visibility along the Sunset Strip, the property at 7979 West Sunset Blvd. will be redeveloped into a mixed-use project that includes ground-floor retail with multifamily units above, according to the brokers. CBRE’s Laurie Lustig-Bower, Timothy Bower and Kamran Paydar and PWR Property Group’s Nick Aprahamian represented the seller. 

***

As part of a sale-leaseback, BLT Enterprises has purchased a 31K SF industrial asset in Vernon from La Mexicana LLC for $6M. La Mexicana, a Mexican food distributor and manufacturer, signed a 12-year lease to occupy the property at 4601 Pacific Blvd. after the sale. Lee & Associates' Doug Marshall represented the buyer and seller. Weber & Wood’s Blair Wood also represented the seller.

***

In a sale and leaseback, the Wang Family Trust has purchased a 25,918 SF office building in Newport Beach from BLD Ventures LLC for $10.5M. At close of escrow, BLD Ventures, a restaurant investment and operations company, signed a 10-year lease at 20377 SW Acacia St. Lee & Associates’ Brian Garbutt represented the buyer and seller.

***

Duke Realty has acquired a pair of industrial buildings totaling 119,431 SF in Fullerton from a private seller for $22.8M. The properties consist of two buildings at 500 and 700 Burning Tree Road on nearly 7.5 acres within the 47-acre Northpoint Commerce Center. Cushman & Wakefield’s Jeff Chiate, Rick Ellison, Mike Adey, Jeffrey Cole and Ed Hernandez represented the seller. 

***

De Venture Building LLC has acquired a 8,807 SF retail property at 19216 Ventura Blvd. in Tarzana from an undisclosed trust for $4.15M. Marcus & Millichap’s Brandon Michaels represented the seller.

LEASES

The Ratkovich Co. has secured six leasing agreements in recent months totaling 100K SF at its 5900 Wilshire property in the Miracle Mile district of Los Angeles. Company officials said Edelman, a communications and marketing firm, has signed a five-year renewal to occupy 30,584 SF; Phenomenon, a marketing agency, has signed a lease to occupy an additional 6,622 SF for a total of 21,914 SF; Creative Circle has signed a lease to occupy 17,643 SF; business management firm Jess S. Morgan & Co. has signed a lease for 6,270 SF; and financial services company Western Standard has signed a lease for 2,913 SF. As previously reported, talent agency Buchwald has signed a 10-year lease for a 14,906 SF penthouse.

EXECUTIVE NEWS

JLL announces the hiring of five new employees to expand its healthcare brokerage team. Bryan Lewitt will join JLL as a managing director, Chris Isola as executive vice president, Evan Lewitt and Kellie Hill as senior associates and Julia Dardick as client services specialist. 

***

Hospitality lawyer Jeffrey T. Myers has joined Jeffer Mangels Butler & Mitchell LLP as a partner in JMBM's Global Hospitality Group and Real Estate Department. Myers' practice focuses on the development, financing, acquisition and operation of hotels, resorts and other hospitality properties. 

-Joseph Pimentel

HyreCar Expands Into Three New States

SoCal Tech

 

Los Angeles-based HyreCar, which operates a peer-to-peer car sharing service aimed at offering up vehicles for use by drivers for ridesharing services like Lyft and Uber, said it has expanded it services into three new states. According to HyreCar, it is now operating in Hawaii, Iowa, and Minnesota. HyreCar said the expansion into the new states comes due to "growing demand" by local drivers in those markets. HyreCar says it is now operating in 35 states across the United States.

DataScience.com Acquired By Oracle

SoCal Tech

 

Culver City-based DataScience.com, a developer of data science software led by serial entrepreneur Ian Swanson, has been acquired by Oracle, the companies said on Wednesday. Financial details of the acquisition were not announced. Oracle said it will add DataScience.com's platform to its Oracle Cloud, to allow its customers to "fully utilize" machine learning. The exit is the second big one for Swanson, who sold his last startup, Sometrics, a virtual currency monetization platform, to American Express in 2011. DataScience was venture backed by such investors as Greycroft Partners, TenOneTen, Crosscut Ventures, and Pelion Venture Partners.

The Amazon Effect: A Look at What Getting HQ2 Would Mean for Each Market

National Real Estate Investor

 

Landing Amazon's HQ2 could lead to rent bumps in office, retail and multifamily properties for years for the winning market, according to CoStar research.

As the race to land Amazon's massive HQ2 project has unfolded, market experts have tried to glean some insights on which market might emerge as the winner.

In that vein, CoStar Group has analyzed the potential effects landing the headquarters project might mean for every market in contention. The data giant estimates that winning the project could lead to additional 1 percent of rent growth per year in best case scenarios across property types. (Although the effect would be more muted in larger markets like New York or Los Angeles.)  

According to the firm's data crunching, Austin, Texas, Nashville, Tenn., and Raleigh, N.C., would see the largest Amazon effect across office, retail and apartment sectors while larger markets including Los Angeles, New York, Washington and Chicago see very little impact from a potential Amazon arrival. In New York, Amazon’s effect per year is predicted to be a 0.12 percent rise in office rents, 0.12 percent rise in apartment rents and a 0.12 percent rise in retail rents. 

 “In a large market like New York, Amazon’s arrival could transform a submarket or neighborhood in the way that Google transformed Chelsea, but the overall market is just too large for a single occupier to move the needle,” John Affleck, international economist at CoStar Group, said in an emailed statement. “Many Amazon employees will likely buy a home rather than rent, lessening the stress an Amazon arrival would put on the rental market. Get ready for higher home prices, though!"

In the following slides we've summarized CoStar's findings, listing current market rents for office, retail and multifamily properties and the estimated one-year and 10-year effects the HQ2 project would have in each market. 

CoStar’s forecasting model includes more than 5 million properties across all key real estate metrics. Market models assumed an additional 10,000 jobs per year to the Base Case economic assumptions for each of the finalist cities (5,000 Amazon jobs plus 5,000 jobs created as a result of Amazon's presence).

Office and retail rent figures represent the average amount per sq. ft. per month. Apartment rents are average amount per unit per month.  

-David Bodamer

Technology Is Helping Increase Loan Volumes

Globe St.

 

Small balance lending demand has taken off. Sabal Capital Partners is a leader in this space, working with Freddie Mac’s small balance loan program, which focuses on workforce housing. To keep up with the strong demand for small balance loan, defined as loans with a value of $1 million to $7.5 million, Sabal has adopted technology to create efficiencies, and it has become a cornerstone of the firm’s business. We sat down with Pat Jackson, CEO of Sabal Capital Partners to talk about the demand for small balance loans and how the firm is leveraging technology to support the high demand.

GlobeSt.com: What has demand been like this year for small balance lending, and why?

Pat Jackson: Demand for commercial small balance loans has been exceptionally high year-to-date, following high volume in 2017, as well. There is currently a real need for acquisition and refinance debt in the $1 million to $7.5 million range, specifically for multifamily properties. Many of these properties are workforce housing located in, or near, major metropolitan regions where employment is strong, populations are high, for sale homes are expensive and many are simply priced out. Freddie Mac’s Small Balance (SBL) Program, which Sabal is a major lender partner to, is designed to provide finance that will ultimately keep these properties in play and affordable for America’s workers.

GlobeSt.com: How has technology changed the small balance lending market, and how has it helped you to close a higher number of deals?

Jackson: Technology is the cornerstone of our platform and has been a paramount contributor to our success from the start. We designed our proprietary SNAP technology platform to drive unparalleled efficiency throughout the lending process. Key automation has allowed us to eliminate cumbersome, old school paper processes and to improve communication between us and our valued broker partners. The technology also enhances our credit decisions, helping us to ensure we fund the right transactions. All of these tech advancements combined enable incredible speed to close, which is extremely valuable to our borrowers.

GlobeSt.com: Have you seen other players in this market begin to adopt more technology?

Jackson: We believe that when Sabal launched SNAP, we were the first in the SBL marketplace to deliver an advanced tech platform and, in doing so, disrupted the sector altogether. Since then, we have seen competitors introduce technology, to varying degrees, into their operations and, in certain cases, even try to get their hands on our own system presumably to try and replicate it. However, we continue to develop and introduce improvements and additions to SNAPÔ to ensure we remain ahead of the curve at all times.

GlobeSt.com: Are there new technologies coming that will disrupt this market?

Jackson: A lot of the tech advancements in the small balance sector have thus far focused on introducing and improving automation in the loan application and servicing areas. Expect to see technology applied to other areas such as toward the improved assessment of risk in underwriting. With commercial loans, large data sets must be analyzed to assess risk. Technology is particularly adept at finding variations in the data that might indicate areas of concern for the lender. While human experts are still needed and are here to stay, technology can help them find these deviations much faster and then decide more accurately how best to handle them.

GlobeSt.com: How do you expect small balance activity this year to compare to activity last year?

Jackson: Demand has significantly increased three years running and we have no reason to believe that this year won’t continue this trend. With workforce housing in high demand, the debt on these multifamily properties will be as well.

-Kelsi Maree Borland

Chef'd Aims For Meal Kit To Be Standard Amenity In Office Space

BisNow

 

Meal kit company Chef’d has inked a deal with Byte Foods to put Chef'd meal kits in 100 of Byte’s smart refrigerators in the San Francisco Bay Area and Sacramento, including such workplaces as Tesla, Cisco, Chevron, Sutter Health hospitals and Stanford University. 

The meal kits will be offered starting at once at the 100 locations, with plans to expand into all of Byte Foods' roughly 500 locations over the next six months.

“Our goal is to provide a rotating assortment of high-quality meal kits to more consumers in more places,” Chef’d CEO Kyle Ransford said. “By partnering with Byte Foods, we are able to bring our meal kits to a new channel."

Previously, Byte Foods' smart refrigerators sold salads, sandwiches, snacks and drinks. Now they will have Chef'd meal kits for customers either to prepare at work or home.

Each kit contains two or more servings of ready-to-cook, pre-portioned ingredients, including leafy greens, herbs and proteins.

The move is the latest in the rise of meal kits, which were created to bypass brick-and-mortar stores just as online grocers do.

Last year, Campbell Soup bet big on meal kits when it invested $10M in Chef'd.

“We believe that digital and e-commerce is going to transform industry,” Campbell Americas Simple Meals and Beverages President Mark Alexander told Fortune.

Smithfield Foods bet even bigger last year, putting $25M into Chef'd. 

The primary model for Chef'd is an online platform to choose and order from more than 1,000 meals at any given time, without subscriptions or membership fees.

Chef'd partners with chefs, culinary personalities and more than 125 brands in food, fitness and health and wellness to its create meal kits, which are for next-day delivery.

The Chef'd partnership with Byte Foods comes at a time when the meal-kit industry is looking to sell more boxes offline, Bloomberg reports. Retail sales of meal kits were up 26% in 2017 to more than $150M, according to Nielsen data.

Albertson's got into the game last year to sell meal kits in its stores, acquiring meal-kit subscription service Plated for between $175M and $200M. That deal marked the first acquisition of a prepared-meals company by a national grocer.

Chef’d meal offerings at Byte Foods will for now include Smoky Maple Pork Loin with Swiss Chard and Mashed Sweet Potatoes; Weeknight Chicken Pad Thai with Carrots and Sugar Snap Peas; and 20 Clove Garlic Chicken with Mashed Purple Potatoes and Spinach. 

Customers purchase food with credit cards directly from the fridge at any time, with Byte automatically keeping track of what was purchased and charging accordingly.

“At 4 p.m., 80% of people don’t know what they’re having for dinner that night," Byte Foods CEO Megan Mokri said. "By offering meal kits available for purchase in the office, Byte and Chef’d meet that last-minute delivery need while still allowing people to cook at home."

-Dees Stribling

WeWork Debuts The AI Desk

BisNow

 

The AI desk is about to be born, thanks to WeWork and Amazon's Alexa, and it could be coming to a WeWork office near you very soon.

WeWork is trailling artificial intelligence in New York which is "at the convergence of AI and office furniture," We Work European Transactions Director Mary Finnigan said at the Bisnow Manchester State of the Market event.

"This comes out of the analytics we've done on our spaces," Finnigan said. "What we've developed in some locations in New York is the ability that as you approach your desk, the desk will recognise you via a phone app, will raise the desk to the right height, will know if you prefer standing or sitting desks, and will adapt the temperature or lighting according to how you customised the app.

"So it's about customising spaces to suit our members, whilst recognising that different people can come in and out of the space on a regular basis."

The disclosure is the first sign of movement in a project believed to have been running since late autumn 2017 for WeWork employees only.

The coworking giant has been using Amazon's Alexa for Business platform exploring what would happen if Alexa was not tied to physical spaces, but to individuals. Testing has been taking place at their Chelsea, New York, base, TechCrunch reported in November.

According to TechCrunch, the aim is to make any desk, anywhere in the world, suit the unique user, using the Alexa iPhone app, rather than needing to use Echo in the same room.

The development comes out of wider work on data analytics. "We’ve used our experience from our 250 locations to make the design of each space community-driven," Finnigan said.

"So we’ll use data from previous build-outs right down to where we put an armchair or a beer tap to encourage communication, and that is all done with the aim of facilitating community and members doing business with each other."

Follow further coverage of the Bisnow Manchester State of the Market event later this week.

-David Thame

What Will Cause The Next Recession?

Globe St.

 

Real estate leaders overwhelmingly agree that fundamentals are strong, lending hasn’t gotten out of hand and the market is strong—and that means there is no recession on the horizon. But, just because real estate caused the last recession, doesn’t mean that it will cause the next one. At RealShare Southern California last week, some of the speakers hinted that technology companies are at best has some financial troubles and at worst will be the purveyor of the next contraction.

On the Uncovering Hotspots – Identifying Development Opportunities in Southern California, speaker Simon Aftalion, development director at Markwood Enterprises, said technology would cause the next recession. “I don’t think that our next recession is going to be caused by real estate,” he said. “It is going to be technology, because I think that sector is acting like the real estate market did in the early 2000s.” On an earlier panel focused on capital markets, Michael Klein, co-founder and CEO at Freedom Financial Funds, also suggested that technology companies were having financial problems that could impact real estate owners. He suggested that interest rates might be the catalyst for some issues for those companies.

The Uncovering Hotspots panel included speakers Bob Sonnenblick, principal at Sonnenblick Development; Adrian Goldstein, founder at CGI Strategies; Rick Raymundo, senior managing director of investments at Marcus & Millichap; and John Petrov, president at Baldwin Construction, with moderator Marcus Arredondo, corporate managing director at Savills Studley—and many of them agreed that we were nearing the end of the cycle, even if real estate wouldn’t be its demise. Sonnenblick said, “We are at the bottom of the ninth with two outs. The game is over.” Raymundo echoed the opinion, saying, “The game is over and we are in a rain delay,” adding that a lot—at least for real estate investors—will hang on the outcome of the Costa Hawkins repeal. Petrov was more positive with his outlook, putting the cycle at the 7th inning, but adding no more commentary.

It was no surprise that the panel of developer’s handful of concerns focused on construction and land costs, but also mentioned the inflated prices driven up by Chinese money. Sonnenblick expects a noticeable fall in pricing now that the Chinese have pulled capital, but we have yet to see that outcome in the market.

-Kelsi Maree Borland

Daily Brief May 17, 2018 unsubscribe

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Google + Spam 2010- 2017 Spamdex - The Spam Archive for the internet. unsolicited electric messages (spam) archived for posterity. Link to us and help promote Spamdex as a means of forcing Spammers to re-think the amount of spam they send us.

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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