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Marcus & Millichap Names Chief Operating Officers for Western and Eastern Divisions | 0 Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced that Richard Matricaria and J.D. Parker have been promoted to COO Western Division and COO Eastern Division, respectively. In April 2019, they were named executive vice presidents of the operating company, responsible for overseeing the company’s division managers and specialty directors as part of the leadership succession plan. Richard Matricaria, COO Western Division, Marcus & Millichap (Photo: Business Wire) “The vision behind this dual leadership structure is to execute the company’s growth plan more efficiently with expanded leadership bandwidth and the complementary skills of two highly talented ....
Construction has already begun on a 148K SF retail space that will serve as the anchor tenant for the mixed-use development. The Grid is being developed by StreetLevel Investments and joint venture partner Provident Realty Advisors. Construction of the 192-acre mixed-use development began in 2018 and will be completed in multiple phases. Some of the offerings include 350K SF of retail, restaurant and entertainment concepts; 2,400 residential units; 500K SF of creative office space; multiple hotel brands and concepts; a health club; a network of pocket parks, jogging and bike trails; and activated public space. Architecture firm Gensler and landscape architecture company TBG are consultants on the project. ....
Shorter Leases are Adding a Wrinkle to Underwriting Office Investments In addition to the pandemic, some blame the rise of co-working space and growing tenant demand for greater flexibility for driving shorter lease terms. There remain ongoing debates in the office market on whether the pandemic-driven shift to work-from-home strategies will drive long-term structural changes. Will office tenants require more or less space? Will there be an outmigration from urban centers? How much will the glut of sublease space affect rents? Even with vaccinations now taking place and a new normal potentially only months away, many agree that it is too soon to tell. That uncertainty is manifesting in many tenants opting for shorter-term lease commitments, which is creating underwriting challenges for both investors and lenders. ....