Bisnow’s 13 Most Popular Stories Of 2023
Little is certain in this world, but one thing always holds true: Bisnow readers can't get enough of Amazon. Take a stroll down memory lane with the 13 most clicked Bisnow stories of the year to see what else grabbed readers' attention in 2023.
13) Bob Johnson, America’s First Black Billionaire, Says White Execs ‘Have To Work Harder’ On Diversity
Jon Banister, March 2
Diversification of the highest ranks of commercial real estate has been slow. There are eight CEOs of color at 89 of the largest companies in the industry, a Bisnow analysis found this year. Bob Johnson, the founder of Black Entertainment Television and RLJ Lodging Trust, sat down with Bisnow and RLJ’s current CEO, Leslie Hale, to discuss why and offer solutions.
"These are endemic problems for America’s economic and business community," Johnson said. "So I have no problems telling my CEO friends, Black or white ... that gentlemen, you just have to work harder if you really believe there are talented African Americans out there who can compete just as well or maybe even better than some of the white talent that you instinctively go after."
12) Billionaire David Rubenstein: 'Best Single Investment' Today Is Debt In Downtown Office Buildings
Emily Wishingrad, June 27
The office market’s deep distress and plunging values made it a prime investment target this year, Carlyle Group co-Chair David Rubenstein said in June.
"I would say the best single investment that I know of today is probably going to be commercial real estate debt in downtown office buildings, buying it from the banks when the banks want to get it off their books," Rubenstein said at Bisnow’s D.C. State of the Market event.
11) Blackstone’s Real Estate Co-Head Reveals How It Will Spend New $30B Fund
Mike Phillips, April 17
Blackstone closed its Real Estate Partners X fund at $30B this year, making it the largest private equity fund in history. Blackstone Global co-Head of Real Estate Kathleen McCarty gave Bisnow the lowdown on how that money will be spent and why the softness in CRE today is different from the last downturn.
10) Remains Of 7,000-Year-Old Civilization Found At Related Group Site Along Miami River
Alex Gratereaux, Feb. 8
The Related Group made a major archaeological discovery when it broke ground on a three-tower condo development in Miami’s Brickell neighborhood: There was a large Tequesta Native American tribe living along the river way back in the Archaic period. This story was just the beginning of the saga — the latest is that the tract was designated an archaeological site, but Related is able to move forward with its project anyway.
9) Self-Made Developer Artem Tepler Dies At 41
Ciara Long, Nov. 3
The suicide of Artem Tepler, a Los Angeles-based developer and co-founder of Schon Tepler, devastated the real estate community. He is remembered for his generosity, kindness and willingness to help others coming up in the business.
8) What The Historic Collapses Of SVB, Signature Bank Mean For Commercial Real Estate Investors
Dees Stribling, March 13
This story, published right after the string of bank failures in March, described the “epic new cloud of uncertainty” coming down on the real estate industry and forecast the credit constraints that plagued the rest of the year.
7) J.P. Morgan, Blackstone Execs Warn Of Deepening Commercial Real Estate Distress
Jarred Schenke, March 23
On the heels of a March interest rate increase by the Federal Reserve, executives from Blackstone and JPMorgan expressed concern about rising distress in CRE, especially office.
“When the Federal Reserve hits the brakes, something goes through the windshield,” J.P. Morgan Asset Management CEO George Gatch said.
6) Multifamily Investor With Nearly $8B Under Management Exploring Sale Of The Company
Jarred Schenke, April 14
In April, The Carroll Organization, an Atlanta-based investor with nearly 100 multifamily properties totaling 28,000 units in its portfolio, announced it was for sale. The company ultimately traded to RMR Group in July for $80M as The Carroll Organization CEO Patrick Carroll faced accusations of personal misconduct including domestic violence.
5) Rats And Roaches: $229M Foreclosure Just The Start Of Troubles For Texas Investor
Maddy McCarty, April 10
Applesway Investment Group was a prominent syndicator in Houston, bringing small investors into multifamily deals. But this year it faced foreclosure, a $1.6M lawsuit for unpaid work and accusations that at least one of its properties was uninhabitable.
4) Lennar Puts 11,000-Unit Multifamily Portfolio Up For Sale
Taylor Driscoll, Dec. 15
Lennar is marketing more than 11,000 apartments for sale, which could bring in around $4.5B. The homebuilder’s multifamily arm recorded an operating loss last quarter as revenues fell while its single-family business performed well.
3) EXCLUSIVE: Microsoft Stops Work On 90-Acre Atlanta Campus
Jarred Schenke, Feb. 2
Bisnow broke the news in February that Microsoft had halted plans to develop a campus in Atlanta. The company, which had just laid off more than 10,000 people, said it intended to hold the land until “expansion is warranted.”
2) Tishman Speyer Exec Missing Since Jan. 1, Husband Arrested For Misleading Police
Taylor Driscoll, Jan. 8
The disappearance of Ana Walshe, a Tishman Speyer regional general manager, became national news. Her body has not been found, but her husband has been charged with her murder and is expected to go on trial next year.
1) Why Amazon Is Investing $11B In A Small, Rural Virginia County
Dan Rabb, Sept. 7
Amazon Web Services is planning to spend $11B building a pair of data center campuses in Louisa County, Virginia, a rural area where the largest town is home to 2,000 people. The move is part of a broader plan for AWS to spend $35B building data centers throughout Virginia, often in remote areas.
