Netflix Valley HQ sold
CBRE Global Investors on behalf of German investor WealthCap has bought the Silicon Valley office campus of online streaming giant Netflix. Wealth Cap will pay around $192m (£126m) for 121 and 131 Albright Way, California. The two low-rise office buildings total 260,979 sq ft.
Rob Speyer goes solo as chief
Jerry Speyer is to step down as joint chief executive of New York real estate giant Tishman Speyer. He will remain as chairman of the company but will no longer share the chief executive role with his son Rob, who take soles responsibility.
JV buys German resi
Peakside Capital Advisors and GRP Capital have launched a joint venture investment vehicle to buy houses in Germany. GRP, which was set up this year by former Patrizia fund managers Boris Schran and Stefan Aumann, and private equity firm Peakside will each take a 50/50 share in Parkside GRP Capital. It will invest in and manage residential assets for national and international clients across Germany.
Vantone scales back space
A Chinese company is looking to shrink its footprint at One World Trade Center by 85%. Beijing-based Vantone Industrial has asked landlord the Durst Organisation and the Port Authority of New York to cut its occupancy from 202,000 sq ft to 31,344 sq ft. A lack of demand for space from Vantone’s Asian customers has led to the move.
Gemdale shines on US project
Chinese real estate developer Gemdale Properties has completed its first overseas deal. It has entered a joint venture with Los Angeles builder LaTerra Development on a $125m (£82.5m) mixed-use project on Hollywood’s Western Avenue, near Sunset Boulevard.
