Focus

Los Angeles pilots digital twin project to aid building decarbonization

Smart Cities Dive – June 3

Cityzenith is partnering with the Los Angeles branch of the U.S. Department of Energy’s Better Buildings Challenge to help construct a digital twin, or virtual replica, of a section of the city to help make its buildings more sustainable and reduce carbon emissions. The endeavor will initially focus on Los Angeles’ downtown neighborhood, Bunker Hill. The partnership will also help Los Angeles work toward its Green New Deal goal to achieve zero net emissions by 2050 across its building sector, which accounts for 43% of the city’s emissions.

News

Regus parent IWG sees potential for 500-plus new U.S. coworking locations

Bisnow - May 27

The future of coworking spaces looked uncertain during the pandemic, but the CEO of Regus and Spaces’ parent company says huge opportunities lie in the industry’s near future. IWG is preparing to open between 500 and 700 new coworking spaces in the U.S. in the next 12 months, founder and CEO Mark Dixon told the Washington Business Journal. As businesses navigate their future relationships with office spaces, many are looking to coworking spaces as options to bring shared workplaces closer to employees’ homes.

JLL’s tips for avoiding ‘dead ends’ in PropTech adoption

PlaceTech - May 24

How do you start figuring out what tech your offices, shops, or warehouses need when there are thousands of startups in the industry? PlaceTech spoke to JLL Spark’s Raj Singh for his advice on getting it right. Among his tips, Singh suggests that firms (1) hire people who understand tech – or face financial consequences; (2) build a framework; (3) remember: “best in class” might not be best for you; and (4) recognize the value of occupancy data.

Deals

Intercontinental Exchange expands mortgage play with $13B Black Knight buy

The Real Deal - May 5

Intercontinental Exchange, the owner of the New York Stock Exchange, has agreed to acquire mortgage data firm Black Knight for $13.1 billion, the companies announced in early May. The acquisition is expected to close in the first half of next year, pending approval from Black Knight shareholders. Black Knight, which employs close to 6,500 people, provides software, data, and analytics for the real estate and housing finance markets.

Roofstock founder closes on $90M fund to back early-stage PropTech startups

TechCrunch – May 26

Early-stage PropTech startups have a potential new source of capital in 1Sharpe Ventures, which recently closed its $90 million inaugural fund. Roofstock co-founder and chairman Gregor Watson and real estate investor Rob Bloemker started the venture firm in 2021 and had their first close last year.

SPAC deal tests investors’ zeal for single-family rentals

Wealth Management – May 17

A property management and acquisition platform for single-family landlords is going public through a blank-check merger in a bet that investor appetite for rental houses will outlast waning enthusiasm for real estate technology stocks. PropTech Investment Corporation II, a special-purpose acquisition company, is merging with Appreciate, which helps investors buy, manage, and sell rental homes in more than 40 geographic markets across the U.S.

Rental property investment startup Arrived Homes raises $25M to fund further expansion

GeekWire – May 17

Arrived Homes, a Seattle startup that helps people invest in single-family rental properties, has raised $25 million in new funding to continue its expansion into new markets. The Series A round was led by Forerunner Ventures, with returning investors including Bezos Expeditions, Good Friends, Uber CEO Dara Khosrowshahi, former Zillow CEO Spencer Rascoff, Core Innovation Capital, PSL Ventures, and Neo.