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December 18, 2023

Hines Plans To Build More Than 600K SF Of Office In Next Phase Of Atlantic Yards

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Hines is forging ahead on the design of a second phase of its Atlantic Yards project in Midtown, a huge office complex that could be the first of a new generation of buildings in the next development cycle. 

Hines Plans To Build More Than 600K SF Of Office In Next Phase Of Atlantic Yards

The Houston-based developer is working on plans for The Forge at Atlantic Yards, a three-building, 637K SF office campus with ground-floor retail space, Hines Senior Managing Director John Heagy told Bisnow. The project is slated for the site of the Overtime Elite arena at the corner of 17th and…

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‘Sue First, Ask Questions Later’: Biometric Data Collection Could Cost CRE Millions — Even If It Follows The Rules

Biometric building access controls have become increasingly popular among security-minded residential and commercial property managers, but the legal risks of collecting and using this data are growing. 

A new surge in class-action lawsuits over biometric data collection under the Illinois Biometric Information Privacy Act, also known as BIPA, is leaving CRE operators vulnerable to liabilities totaling millions in damages and legal fees — even if they aren't doing anything wrong.

The Illinois statute is also setting a precedent for robust copycat laws that other states are considering passing, as well as potential federal legislation. 

“Plaintiffs' lawyers, if they see biometric information collection, they might just sue first and ask questions later,” said D. Reed Freeman Jr., a partner in the Washington, D.C., office of ArentFox Schiff LLP. “You could be completely compliant with the law and find yourself having to defend litigation and then prove that you're compliant.”

‘Sue First, Ask Questions Later’: Biometric Data Collection Could Cost CRE Millions — Even If It Follows The Rules

At least 2,000 suits had been filed as of earlier this year under BIPA since 2018, and legal experts told Bisnow the pace is only accelerating. This includes several high-profile, expensive settlements, like the $725M Facebook paid out in October after settling a class-action suit

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This Week's Atlanta Deal Sheet: Novel Midtown Sells In Biggest Multifamily Deal Of The Year

This Week's Atlanta Deal Sheet: Novel Midtown Sells In Biggest Multifamily Deal Of The Year  

A California investor paid the city's highest price tag for an apartment tower this year with a purchase in the heart of Midtown.

Goldrich Kest purchased Novel Midtown, a 14-story, 340-unit apartment tower in Midtown Atlanta, from Crescent Communities for $151M, CoStar reported. The price means that Goldrich Kest — which owns other apartment properties in Metro Atlanta — paid more than $400K per unit, the Atlanta Business Chronicle reported.…

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Hedge Fund, Developers Buying Up, Shutting Down Greyhound Bus Terminals

Hedge Fund, Developers Buying Up, Shutting Down Greyhound Bus Terminals  

Many of America’s urban bus terminals are disappearing as more investors buy centrally located transit hubs and sell them for redevelopment. 

Greyhound bus terminals across the U.S. are being shuttered, including dozens that were bought and sold by a hedge fund that grew to prominence by buying up local newspapers before selling off their headquarters and cutting staff,  CNN reports. FirstGroup, a British transportation firm that owned Greyhound since 2007,…

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