Latest news with #GregFlynn
Business Times
01-06-2025
- Business
- Business Times
San Francisco office towers sell in City's biggest deal since 2022
[SAN FRANCISCO] A pair of San Francisco towers was sold on Friday in the highest-priced deal for the city's battered office market in three years. The skyscrapers, known as Market Center, were acquired by restaurant franchise magnate Greg Flynn and investment firm DRA Advisors, who took over a distressed US$417 million mortgage at a discount. They paid about US$177 million, according to a person with knowledge of the matter, who asked not to be named discussing private figures. The transaction marks the second nine-figure office deal in San Francisco this year and the largest since 2022, according to brokerage CBRE Group. After being hit hard by vacancies following the pandemic, the city has started to see renewed interest from investors looking to score bargains and capitalise on the tech hub's artificial intelligence boom. Still, the sale represents a massive drop in value for Market Center, which Paramount Group and a partner purchased from Blackstone for US$722 million in 2019. Four years later, Paramount wrote its value down to zero, citing the 'tough leasing environment and upcoming debt maturities' in a 2024 earnings call. The company stopped making payments on the loan that summer and defaulted on the mortgage in January, according to its annual report. Flynn and DRA took the loan over in what's known as a deed in lieu of foreclosure. 'We are buying it at a price that allows us to invest heavily to take it from good to really great,' Flynn said in an interview. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The two office towers, the 22-story 555 Market St and 40-story 575 Market St, were 44 per cent leased as of April. Flynn said he is planning an extensive build out to attract tenants, including an activity centre called 'The Breakroom.' The plans include a full-sized basketball court with a climbing wall on the first floor. On the second floor, he'll add a gym with changing room and studios for workout classes, along with multiple pickleball courts and a big golf suite. While many of San Francisco's recent office renovations, like the Transamerica Pyramid, focused on luxury amenities, Flynn wants to take the approach of making it the 'funnest and most activated building' in an appeal to tenants with younger workers. Tenants will also be given generous improvement allowances to customise their spaces, he said. 'San Francisco has never seen anything like this,' Flynn said. 'New York is way ahead of San Francisco in amenities.' Along with his restaurant franchise business, which operates more than 2,900 Pizza Huts, Panera Breads and other restaurants around the world, Flynn has expanded his real estate portfolio through his Flynn Group. He bought the 103-year-old Huntington Hotel in 2023 for about 70 per cent of its assessed value and last year purchased 631 Howard St, an office building in the tech-heavy South of Market area. While office vacancies remain near a record, San Francisco has seen a recent uptick in leasing activity in the amid demand from AI companies and tech giants recommitting to staying in San Francisco. CBRE forecasts that AI companies may take an additional 17 million to 21 million square feet of office space in San Francisco by 2030 – an expansion that would cut its office vacancy rate in half. BLOOMBERG
Bloomberg
30-05-2025
- Business
- Bloomberg
San Francisco Office Towers Sell in City's Biggest Deal Since 2022
A pair of San Francisco towers sold Friday in the highest-priced deal for the city's battered office market in three years. The skyscrapers, known as Market Center, were acquired by restaurant franchise magnate Greg Flynn and investment firm DRA Advisors, who took over a distressed $417 million mortgage at a discount. They paid about $177 million, according to a person with knowledge of the matter, who asked not to be named discussing private figures.
NZ Herald
26-04-2025
- Business
- NZ Herald
Kerikeri River at full spate after wet weather
Wendy's NZ owner Greg Flynn, chief executive and founder of Flynn Group, talks to Tom Raynel about the NZ business and his plans for growth in Australia. Video / Alyse Wright Thousands have gathered for Anzac Day services around the country as Kiwis remember our fallen servicemen and women. Video / Cherie Howie / NZ Herald Coverage of the dawn service for Anzac Day live from. Wellington. Video / TVNZ Don't bin those fabric scraps, Rover's birthday is coming up! Reporter Milla is at Waiōrea Community Recycling Centre, where upcycling workshops teach kids to make cool stuff. The state-owned bank is raising $500m in a bid to beat big Australian-owned banks. Is a capital injection enough to make it competitive? The company's brand ambassador is former Bachelor NZ star Art Green. Video / Ben Dickens / Carson Bluck Helicopter crews film thick flames and black smoke from a Wairau Valley business on Auckland's North Shore. Firefighters are responding to a significant fire at a commercial warehouse in Wairau Valley. Video / Dean Purcell / Inflite / Caleb Timms / Supplied A 16-year-old has been charged with the murder of the American student who was fatally attacked at an Auckland bus stop on St Johns Rd over the weekend. Video / Dean Purcell Taupō's Louisa Redward plummeted down a cliff from a rope swing in Taupō's Spa Thermal Park earlier this month. Minister of Transport Chris Bishop speaks to the media. Video / NZ Herald Banks stepping up their game in tackling scams, Winston Peters under sportlight after media comments and emotional conclusion to Podmore inquest. 100-year-old racer Les Harris leads a final lap from a ute, surrounded by family and fellow riders. Reporter Finlay is flipping out with Azaria Tai, an 8-year-old gymnast who has already conquered the region. Up next, the world! Police have closed half of Bowen Street in Wellington after a chemical-related incident . Video / Azaria Howell
Yahoo
17-03-2025
- Health
- Yahoo
Mississippi reports first outbreak of highly pathogenic bird flu strain in US since 2017
Mississippi state and federal officials have confirmed an outbreak of a strain of bird flu not reported in the U.S. since 2017, with quarantine and depopulation efforts already underway. In a statement released March 12, the Mississippi Board of Animal Health stated that poultry from a commercial broiler breeder chicken flock in Noxubee County had tested positive for highly pathogenic avian influenza (HPAI). 'The State Veterinarian has quarantined the affected premises, and birds on the property have been depopulated to prevent the spread of the disease. Birds from the flock have not entered the food system,' the board stated. Greg Flynn, spokesperson for the Mississippi State Department of Health, confirmed to The Hill that his department was aware of the outbreak and that no human cases have been reported. The Animal and Plant Health Inspection Service (APHIS) under the Department of Agriculture confirmed the outbreak was linked to the H7N9 strain, marking the first outbreak of this strain occurring in commercial poultry in the U.S. since 2017. The APHIS noted this outbreak is unrelated to the H5N1 bird flu outbreaks currently impacting commercial flocks in other parts of the U.S. 'The flock of roughly 46,000 birds was experiencing high mortality, and samples tested at the Mississippi Veterinary Research & Diagnostic Laboratory, a member of the National Animal Health Laboratory Network, were presumptive positive for HPAI then confirmed at APHIS' National Veterinary Services Laboratories (NVSL),' the agency stated. Both the Mississippi Board of Animal Health and the APHIS said the risk to the public remains low as the virus is not a food safety risk when eggs and poultry are properly handled and cooked. The Mississippi board called on home poultry owners to practice 'good biosecurity' and to be aware of signs of bird flu symptoms. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
17-03-2025
- Health
- The Hill
Mississippi reports first outbreak of highly pathogenic bird flu strain in US since 2017
Mississippi state and federal officials have confirmed an outbreak of a strain of bird flu not reported in the U.S. since 2017, with quarantine and depopulation efforts already underway. In a statement released on March 12, the Mississippi Board of Animal Health (MBAH) stated that poultry from a commercial broiler breeder chicken flock in Noxubee County had tested positive for highly pathogenic avian influenza. 'The State Veterinarian has quarantined the affected premises, and birds on the property have been depopulated to prevent the spread of the disease. Birds from the flock have not entered the food system,' the MBAH stated. Greg Flynn, spokesperson for the Mississippi State Department of Health, confirmed to The Hill that his department was aware of the outbreak and that no human cases have been reported. The Animal & Plant Health Inspection Service (APHIS) under the Department of Agriculture confirmed the outbreak was linked to the H7N9 strain, marking the first outbreak of this strain occurring in commercial poultry in the U.S. since 2017. APHIS noted this outbreak is unrelated to the H5N1 bird flu outbreaks currently impacting commercial flocks in other parts of the U.S. 'The flock of roughly 46,000 birds was experiencing high mortality, and samples tested at the Mississippi Veterinary Research & Diagnostic Laboratory, a member of the National Animal Health Laboratory Network, were presumptive positive for HPAI then confirmed at APHIS' National Veterinary Services Laboratories (NVSL),' stated the agency. Both the MBAH and APHIS said the risk to the public remains low as the virus is not a food safety risk when eggs and poultry are properly handled and cooked. The MBAH called on home poultry owners to practice 'good biosecurity' and to be aware of signs of symptoms of bird flu.
