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September 1, 2023

This Week's D.C. Deal Sheet
Looking For Insights On Architecture & Design? Attend This Event Sept. 28 At The Westin City Center

The Square, a highly anticipated 25K SF food hall coming to Downtown D.C., is set to open Tuesday. 

This Week's D.C. Deal Sheet

The new culinary venue is on the ground floor of Tishman Speyer’s 1.1M SF International Square office complex, which spans nearly a block between K and Eye streets NW near the Farragut West Metro station.The concept comes from Union Market creator Richie Brandenburg and Rubén García, the former longtime director of José Andrés…

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Top Stories on Bisnow.com
Keller Williams Execs Hit With Another Racketeering Suit Keller Williams Execs Hit With Another Racketeering Suit
Canadian Financial Giant CIBC Pulling Back From U.S. Office Real Estate Canadian Financial Giant CIBC Pulling Back From U.S. Office Real Estate
'Couldn’t Be Much Better': Economists React To The August Jobs Report On X, Formerly Twitter 'Couldn’t Be Much Better': Economists React To The August Jobs Report On X, Formerly Twitter
Once-Hot Furniture Industry Cools Off, And Mitchell Gold + Bob Williams Is The Latest Casualty Once-Hot Furniture Industry Cools Off, And Mitchell Gold + Bob Williams Is The Latest Casualty
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REIT Alexandria Names New Co-Presidents, Regional Market Directors

REIT Alexandria Names New Co-Presidents, Regional Market Directors

Two weeks after announcing the resignation of its president, Alexandria Real Estate Equities has named his replacements.The life sciences REIT promoted Daniel Ryan and Hunter Kass to serve as co-presidents and regional directors of the San Diego and Boston markets, respectively, according to a filing with the Securities…

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Spiking Power Costs In Big Markets Pushing Some Data Center Developers Away

Rising power costs and energy market volatility are changing the development calculus for colocation data center providers.

Spiking Power Costs In Big Markets Pushing Some Data Center Developers Away

Over the past year, data center operators have seen the cost of electricity shoot up in some of the industry’s most important markets. Northern Virginia’s average industrial power rate has increased nearly 35% since 2021, while New Jersey saw a more than 56% increase during the same period

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In Case You Missed It...
Carr Properties Sells New Bethesda Apartment Towers For $220M Carr Properties Sells New Bethesda Apartment Towers For $220M
Joint Venture Buys 4 Woodbridge Shopping Centers For $52.8M Joint Venture Buys 4 Woodbridge Shopping Centers For $52.8M
900-Unit Redevelopment Of Wardman Park Hotel Lands $360M Construction Loan 900-Unit Redevelopment Of Wardman Park Hotel Lands $360M Construction Loan
How Arlington Developers, Officials Aim To Bring Down Its 23% Office Vacancy How Arlington Developers, Officials Aim To Bring Down Its 23% Office Vacancy
 
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Vaccine Boost Fading For Big Pharma, Leading To Cost Cuts In Biotech
Vaccine Boost Fading For Big Pharma, Leading To Cost Cuts In Biotech  

The global emergency effort to devise and deliver coronavirus vaccines was a shot in the arm for many large pharmaceutical companies, leading to rising profits, extensive reinvestment in research and vast expansions of biomanufacturing capacity.

That boost, it seems, is running out. And those cuts in research and other investments may trickle down, leading to more conservative or restrained spending on real estate and development as the lab market is already seeing a slight surge in supply. 

Recent financial statements and announcements from many of the firms associated with this surge, including Pfizer and Catalent, contain a combination of spending and job cuts. 

Pfizer is considering an “enterprise-wide cost improvement” program based on expected fall Covid-19 vaccine sales — which, despite significant evidence of a new surge, have been disappointing — and BioNTech will cut research funding by $440M this year,  Endpoints reported. Bivalent booster sales have been difficult to predict as…

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