Real Estate Round Up

Mar 24, 2025

The Team

Real Estate news of the week.

Morgan Lewis leases 123,000 sq. ft. in Michael Shvo’s Transamerica Pyramid tower in San Francisco. Bringing the occupancy to just over 80%, and after investing nearly $1B into the the deal to acquire and renovate the building and another property. Deal term of 20 years was disclosed, but no price.
QXO Acquires Beacon Roofing Supply. Price Tag: $11,000,000,000.00 (11 Billion Dollars) Someone is counting on Roofing sales.
The Container Store Exited Bankruptcy. Their CEO also exited
NBER (National Bureau of Economic Research) issued a new working paper on housing prices. I’m still digesting it, but I’ve attached a screenshot of their introduction. And I’m glad to see someone else taking economic research with some humor.

Freddie Mac’s board, CEO and COO all just got fired.
Mortgage Applications were rejected at an average of 41.8% in February according to the New York Federal Reserve Bank credit access survey. (attachment below)
Zillow downgrades their housing price forecast for 2025
Forever 21 isn’t forever anymore. Officially closing all stores.

Lennar;

Lennar’s margins just took a big hit. They posted smallest gross margin in 10 years
John Burns Real Estate Consulting (JBREC ) has tracked Lennar’s average incentive use to get houses moving. Currently at 13% of sales price, or (everyone say it with me now) the highest since 2009.
If Co CEO Stuart Miller’s remarks weren’t painting a clear enough picture, Fortune decided to help out.

Attachements for each below.

Have a great week everyone,