?? Tech firms tighten up their office leases; plus, what WeWork’s first investor is up to now | Real Estate Rundown

THE RUNDOWN:

???? Our reporter untangled the confusing web around WeWork investor Joel Schrieber

?? A “Halloween ambush” against the Trump Group (not that Trump) over a Florida condo project

?? Film-friendly homeowners sold their Chicago-area manse, featured in “Chicago PD” and “Empire,” for $4.4 million?

??? Southern California cities must act quickly to avoid a development “travesty”

?? German investment fund Union Investment is moving in on LinkedIn’s Silicon Valley campus

?? Meta plans to sublease, not occupy, its Austin office space as the company shrinks its footprint

?THE DETAILS

???? Real estate developer and WeWork investor Joel Schrieber ’s loan history is riddled with delinquencies. Our reporter Keith Larsen untangled the story, writing, “while ousted WeWork CEO Adam Neumann has attracted scrutiny for his own real estate comeback, Schreiber’s could be the one worth watching.”

?? The Trump Group’s Estates at Acqualina luxury condo development is under fire once again from the project’s builders Suffolk Construction. Suffolk reopened a lawsuit against the developers (who are not connected to the former president), demanding $15 million for unpaid work. The suit came on Monday, leading the Trump Group to call it a “Halloween ambush.” As a side note, LeBron James recently bought one of the Acqualina condos for $9 million.

??? A TV-famous home in Chicago’s Bucktown neighborhood just set a new bar for home prices in the area. The sleek, 7,600-square-foot mansion, which was featured on “Chicago PD” and “Empire” sold for $4.4 million.

??? Orange County’s 35 cities must come up with a state-approved plan to develop more homes over the next eight years, or face the “builder’s remedy” — when developers step in to fill the gap. Only 12 cities so far are in compliance . One city council member called the developer solution a “travesty.”

?? German investment group Union Investment acquired a Sunnydale office building currently occupied by LinkedIn for $222 million, or $1,140 per square foot. In these days of office uncertainty, it looks like overseas investors are banking on the security of single-tenant occupancy. And they’re willing to pay a premium for it.?

?? We’re following Meta’s $3 billion plan to save money by shrinking its office space. This time the shrinkage is happening in Texas, where Facebook’s parent company is planning to sublease, rather than occupy, a 66-story tower currently under construction in Austin. Meta’s agreement with building owner Lincoln Property Company was the largest lease agreement in the history of Austin offices.