“The struggle to create housing that is affordable for people across the entire spectrum of income will be the defining civic issue for this generation of leaders in the Hudson Valley,” Pattern CEO Adam Bosch said.
Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
WASHINGTON— CoStar Group, Inc., a leading provider of commercial real estate information, analytics and online marketplaces, announced today that it plans to acquire Ten-X for $190 million in cash.
Ten-X was launched in 2009 with the goal of providing a digital transaction platform for effectively liquidating the large volume of distressed commercial real estate assets that came on the market during the Great Recession. Ten-X has since become a leading platform for digital commercial real estate transactions with close to $24 billion of sales successfully executed on the platform.
The Ten-X platform has transacted approximately $7 billion in retail properties, $6 billion in office properties, $4 billion in multifamily properties, $3 billion in hotel properties, and billions in value in other commercial property types. While Ten-X initially focused on distressed assets, non-distressed sellers and brokerage firms have increasingly come to rely on Ten-X to facilitate faster execution to transact properties.
The Ten-X transaction platform has become the trusted online platform for brokers across the country to execute transactions for their clients, including all of the top 25 US commercial real estate brokerage firms. Leading lenders, special servicers and institutional sellers have relied on Ten-X’s transaction platform to sell billions in assets. Fannie Mae, Bank of America, JP Morgan Chase, Blackstone, Starwood, BlackRock, Capital One, MetLife, LNR, UBS, PNC, and SunTrust are just some of the major institutions that have trusted the Ten-X platform to transact billions of dollars in online commercial property transactions.
CoStar Group operates the most heavily trafficked online marketplace for commercial properties and land for lease and sale in North America and Europe with 10 million monthly visitors in April 2020 to its websites including LoopNet.com and CoStar.com. After completion of the transaction, CoStar Group intends to integrate the Ten-X digital transaction platform directly into both LoopNet and CoStar thereby exposing the properties that brokers are selling on the Ten-X platform to millions of potential buyers from around the world.
Ten-X Commercial’s 2019 unaudited financial statements reflect revenue of approximately $57 million. The transaction is expected to close in the third quarter of 2020, subject to customary closing conditions and regulatory review. Assuming the transaction closes in the third quarter of 2020, Ten-X is not expected to have a material impact to CoStar Group Adjusted EBITDA for the year.
Boasting a vacancy rate in the low 4% and uninterrupted positive trends in rental rates, fundamentals for Westchester multifamily are strong.
Brokers contend that companies will be attracted to Class A-type space, while properties rated at either B or C will have trouble attracting tenants.
The Orange County Partnership attends the SEMI Industry Strategy Symposium in Half Moon Bay, CA to promote Orange County as "the bridge" between New York City and Albany, and a shovel-ready market with sites ready for major semiconductor manufacturing investment.
Leasing activity totaling 6.38 million square feet in the fourth quarter was 20% ahead of the five-year quarterly average of 5.34 million square feet.
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