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Related marketing Neiman’s Hudson Yards store as office

first_imgNeiman Marcus at Hudson Yards (Getty, iStock)With Neiman Marcus in bankruptcy, the Related Companies is marketing the department store’s space at the Hudson Yards mall to office tenants.Related and co-developer Oxford Properties are marketing Neiman’s 190,000 square feet and other retail space as office use, according to Business Insider. In total, the developers put 380,000 square feet at the top of the mall — or roughly 40 percent of the shopping complex — on the market.A representative for Related declined to comment to Business Insider and a spokesperson for Oxford did not respond.Read more Neiman Marcus bankruptcy could spell doom for Hudson Yards” Related’s CEO talks Hudson Yards and “complicated” projects Neiman Marcus files for bankruptcy The move is a remarkable change in strategy for Related and Oxford, which once considered the retail component to be the most valuable aspect of their $25 billion Hudson Yards megaproject.The developers spent $80 million building out the store for Neiman, which they used as an anchor to lure other retail tenants. Related and Oxford developed the adjacent office towers and sold some of those spaces off at-cost, figuring they would drive value at the development by filling the office towers with workers who would shop at the mall.But the city’s retail market had suffered in the years since Related and Oxford hashed out plans for the complex, and the coronavirus shut down has made matters worse.Neiman filed for bankruptcy earlier last month. [Business Insider] – Rich Bockmann Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsHudson YardsNeiman MarcusOxford Properties GroupRelated Companieslast_img read more

TikTok, Clarice: Why the government’s moves against Chinese firms could hurt real estate

first_imgTagsChinese investmentDonald TrumpWeChat Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlinkcenter_img Trump’s crackdown on TikTok and WeChat could further chill Chinese investment in U.S. real estate.Daniel Chang’s phone wouldn’t stop lighting up.It was the night of Aug. 6, shortly after President Trump signed an executive order banning the ubiquitous Chinese social media platform WeChat. Chang, a prominent broker at Sotheby’s International Realty, said his longtime Chinese clients rushed to swap phone numbers and email addresses, worried they would lose contact.“A lot of people cannot fanqiang using a VPN,” he said, using the term for scaling the “Great Firewall” of China. “If you’ve lost WeChat, you’ve lost everything.”For all its problems, the U.S. has historically been considered one of the safest major markets for business, with a robust legal system and a government that’s stayed out of the way of private enterprise. Those same factors made it a top global destination for real estate investors. But the Trump administration’s unprecedented crackdown on WeChat coupled with its recent efforts to force a sale of TikTok could have a chilling effect across several industries, according to experts.“This is an administration that believes in what economists call ‘managed trade.’ That is, instead of letting the market decide things, we should regulate,” said Bill Reinsch, a trade expert at the Center for Strategic and International Studies in Washington. “The message is, “we want you to do things our way and we want you to promise to do things our way.’”The moves could further dampen Chinese interest in U.S. real estate, notably on two crucial fronts: wealthy individuals who use WeChat to find and invest in U.S. residential property and Chinese institutional investors and lenders who have pumped billions of dollars of debt and equity into the local market.“If you’ve lost WeChat, you’ve lost everything.”Daniel Chang, Sotheby’s International Realty“Foreign investors are used to thinking about political risks when operating in developing countries with weak legal institutions and rule of law,” Brookings Institution fellow Geoffrey Gertz wrote on Aug. 7. The TikTok and WeChat bans, Gertz wrote, suggest that “political risk should be a core concern for any global company attempting to operate across the U.S.-China divide.”Key moneyThe White House says TikTok and WeChat – which are used by an estimated 2 billion people worldwide – are national security threats. After Trump signed executive orders banning the apps, Peter Navarro, the White House director of trade policy said the apps had put Americans in “the crosshairs of an Orwellian regime.”“It’s 10 p.m.,” Navarro quipped. “Does the Chinese Community Party know where your children are at?”Trump, ever the real estate operative, has also characterized TikTok in industry terms and argued the U.S. government should get a cut of sale proceeds. “It’s a bit like the landlord-tenant,” he said on Aug. 3. “Without a lease, the tenant has nothing. So they pay what’s called key money, or they pay something.” (New York real estate observers would have noted the irony of this phrasing, given that TikTok signed one of the city’s largest new office leases in May at the Durst Organization’s Times Square tower.)Trade experts warned that the president’s actions suggest a U.S. hostile to international business. The bans, Eurasia Group’s Paul Triolo told CNN, represent an “unprecedented intervention by the U.S. government in the consumer technology sector.”“Does the Chinese Community Party know where your children are at?” – Peter Navarro, White House trade adviserTikTok slammed Trump’s executive order as setting a “dangerous precedent” and undermining “global businesses’ trust in the United States ” (On Aug. 27, TikTok CEO Kevin Mayer resigned, reasoning that “the role that I signed up for — including running TikTok globally — will look very different as a result of the U.S. administration’s action to push for a selloff of the U.S. business.”)Nobody knowsThe U.S.-China trade war has already taken a big toll on commercial real estate.Chinese investment in U.S. real estate hit a high in 2016, when investors poured $19.5 billion into commercial property deals, according to Real Capital Analytics. But Beijing’s strict capital controls, enacted late that year, put an end to record deals that included Anbang Insurance Group’s $1.95 billion purchase of the Waldorf-Astoria in 2014, HNA Group’s $2.2 billion buy of 245 Park Avenue and Fosun International’s $725 million purchase of 28 Liberty in 2013.(Click to enlarge)Last year, Chinese investment in U.S. real estate plummeted to $827 million and Chinese firms are now racing to sell their U.S. assets under pressure from Beijing. In 2019, Chinese investors sold more than $20 billion worth of real estate, according to Real Capital Analytics.The under-fire Anbang, for example, has put its portfolio of luxury hotels on the market, while HNA is unwinding assets acquired during a $50 billion spending spree. Last month, Dalian Wanda Group agreed to sell its 90 percent stake in Chicago’s Vista Tower in Chicago for $270 million.Observers said the Trump administration is looking to hurt China where it is most vulnerable. The president proposed new sanctions on Hong Kong in July, after China moved to revoke the city’s special status, which had allowed it to function as an international banking hub.The forced sale of TikTok — could start impacting that flow of capital.” Alex Foshay, Newmark Knight Frank“There were holes in the system, where Chinese families and even companies could move money to Hong Kong and set up Hong Kong entities that they could invest real estate through,” said one Chinese lender.The Hong Kong conduit is now in question, and the lender said no one knows how far the U.S. government will go to hamper Chinese and Hong Kong financial institutions, including banks. “You could wake up and they could say you have to stop doing new business as a bank,” the lender said.Alex Foshay, head of international capital markets at Newmark Knight Frank, said Chinese bank lending could be the “other shoe that has yet to drop,” said In 2019, mainland Chinese banks loaned $4.2 billion on commercial real estate deals including $2.3 billion in New York City, NKF data show. Year to date, banks have loaned just $1.73 billion, primarily on New York deals.“Chinese lending has continued to be very aggressive in recent years,” Foshay said. “The current trade war — and more specifically, the forced sale of TikTok — could start impacting that flow of capital.”The lender source disputed that scenario, pointing out that Chinese banks in the U.S. are funded locally. Beijing also likes the optics of Chinese banks doing business around the world.“It’s a marketing statement to say, ‘We have a global financial powerhouse,’” the lender said.Message not deliveredThe WeChat ban is not just a political headache. It’s also a serious logistical and communications one.“WeChat is almost like an addiction, it’s a necessity of life for anyone from China,” said the Chinese lender, who noted that even banks rely on the social network as an important back channel.“Compared to all the other attacks on China, it’s on the mechanical side of communication,” said RCA’s Jim Costello.For that reason, the ban has big implications beyond real estate. “It would practically shut down communication between the U.S. and China,” Graham Webster, a China expert at think tank New America, told Bloomberg.In an Aug. 11 call with White House officials, more than a dozen major U.S. corporations including Apple, Goldman Sachs and Ford, said the ban would undermine their competitiveness. “For those who don’t live in China, they don’t understand how vast the implications are if American companies aren’t allowed to use it,” Craig Allen, president of the U.S.-China Business Council, told the Wall Street Journal.For many would-be property investors, the uncertainty of whether WeChat really will be banned is harrowing. Reinsch predicted many will sit on the sidelines until after the November presidential election. But Costello pointed out that the ban could also hurt investors who already own assets in the U.S.“Managing those assets and communicating with service providers, customers, and investment partners all happens on WeChat,” he said.According to Sotheby’s Chang, many clients are testing other apps — iMessage, QQ, AliPay, WhatsApp, Line and Telegram.Chang said he’s concerned about record retention, since he stores some proprietary information on WeChat. But the thing he fears most is the loss of market intelligence. For instance, although institutional investors have already pulled back, parents of Chinese college students who don’t want them living in dorms during Covid are still interested in the residential market.“I see what the Chinese people are posting, or not posting,” Chang said. “That’s what I’ll miss.”—Kevin Sun contributed reporting.last_img read more

Ron Perelman mulls listing Hamptons estate for $180M

first_imgTagsResidential Real EstateThe Hamptons Share via Shortlink Ron Perelman and his estate in the Hamptons (Getty; Google Maps)Ron Perelman may part with his sprawling East Hampton estate for the right price.The billionaire banker and businessman is reportedly searching for a buyer for his 57-acre estate, according to the New York Post.A spokesperson for the billionaire told the publication that the property is not for sale “officially or unofficially,” but brokers who represent high-end buyers said they’ve heard from sources close to Perelman that he would entertain offers of about $180 million.The most expensive home currently for sale in the uber-wealthy enclave is Jule Pond, an oceanfront Southampton estate built for Henry Ford that’s asking $145 million.Perelman’s property, dubbed “The Creeks,” was built in 1899 and is located near Georgica Pond in East Hampton. Perelman purchased the massive home in the 1990s for $12.5 million, and for a decade used it as the setting for his star-studded Apollo in the Hamptons fundraiser, where past performers include Jon Bon Jovi and Jennifer Hudson. Perelman also came under fire for building code violations at the estate, including the illegal expansion of several smaller dwellings. That issue was resolved in 2018.The 77-year-old businessman has reportedly been trying to downsize his asset to have a “simpler life.” In July, Perelman sold his 70 percent stake in Humvee maker AM General, and auctioned off paintings by Joan Miro and Henri Matisse for $37.3 million, according to the Post. [NYP] — Akiko MatsudaRead moreRon Perelman’s firm lands $110M refi for Lenox Hill rentalAdam Neumann parts with Westchester homeHefty prices, robust sales: Hamptons market thrives in Q2center_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

$99M is not enough: Pierce Brosnan lists Malibu manse at massive price

first_imgPierce Brosnan (Credit: Andreas Rentz/Getty Images)Pierce Brosnan is hoping to pull off a feat more stunning than anything he did playing James Bond: Sell a 12,500-square-foot home for $100 million, or $8,000 per square foot.The home at 3118 Broad Beach Road in Malibu hit the market at $100 million. Compass’ Malibu specialist, Chris Cortazzo, has the listing.The five-bedroom, 14-bathroom house includes ocean views, a saltwater pool, movie theater, gym, and wine cellar. It sits on over an acre of land. Brosnan, and his wife, Keely Shaye, purchased the property in two separate purchases totaling 7.4 million in 2000 and developed the home, according to the Wall Street Journal, which first reported the listing.Most of the Los Angeles mansions that have sold for $100 million or near that over the last two years — and there have been several — have involved much bigger properties. Two examples: Petra Ecclestone sold her 56,000-square-foot Spelling Manor in Beverly Hills for $120 million, while Lachlan Murdoch paid $150 million for the 10-acre Chartwell Estate in Bel Air, whose mansion is 25,000-square-foot.But for Brosnan, there is hope close to home. Former NBC Universal executive Ron Meyer sold his 14,500-square-foot Malibu home for $100 million in August 2019.Cortazzo is also the most prolific luxury sales agent in Malibu, though his property listings are usually far lower than some of his ultra-luxury competitors.Messages left with Cortazzo and other Compass representatives Monday were not immediately returned. Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinkcenter_img TagsMalibulast_img read more

Construction spending up from a year ago

first_imgMessage* Email Address* Construction spending for the month was estimated to be $1.4 trillion, seasonally adjusted, which is a marginal 0.3 percent gain from August, according to the Census Bureau’s monthly report.September’s spending represents a 1.5 percent year-over-year increase from $1.39 trillion in 2019.Private residential construction was once again responsible for the majority of construction costs — and the only sector tracked by the report that saw month-over-month growth. Private homebuilders’ work was estimated at $610 billion in September, seasonally adjusted, up 2.8 percent from August’s $594 billion.Sentiment among homebuilders hit an unprecedented high level last month, though buyer demand for newly built homes waned. Home prices continue to climb, however, amid record low levels of inventory. Housing starts in September were up 2 percent from August and 11 percent year-over-year.Nonresidential private construction totaled $464 billion in September, down 1.5 percent from August’s estimated $471 billion. Public construction spending was also down with a total spend of $339 billion. That’s a drop of 1.7 percent from August’s $344.8 billion.Contact Erin Hudson Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlinkcenter_img Full Name* Homebuilders continue to be responsible for the majority of dollars spent on construction (iStock)Construction spending this year is up 4.1 percent from last year, according to new data for September.During the first nine months of the year, some $1.058 trillion has been put toward public and private construction, compared with $1.016 trillion for the same period in 2019.The housing sector powered the gain, though growth tapered off in September.Read moreNew home sale prices rise but buyers are hanging backHousing starts jump as homebuilder confidence improvesBuilding up: Homebuilder confidence hits new highs TagsConstructionDevelopmentHousing Marketlast_img read more

Oculus exec warns uptake may be slow

first_imgOculus exec warns uptake may be slowVP of product suggests content, price issues may keep virtual reality tech from changing the industry overnightBrendan SinclairManaging EditorFriday 25th September 2015Share this article Recommend Tweet ShareCompanies in this articleOculus VRIn an on-stage appearance at yesterday’s Oculus Connect keynote, Facebook founder Mark Zuckerberg warned that virtual reality might grow slowly at first. It was a sentiment echoed by Oculus VP of product Nate Mitchell in an interview with Gamasutra published today.While Oculus is convinced of VR’s potential to change the world, Mitchell said history has shown that new technology generally doesn’t do that overnight.”At the end of the day, I think that if you look at many of the most successful consumer hardware products of all time, most of them sold in the very low millions of units in their first year — especially new product categories, things like Kindle and iPod. They sold in the hundreds of thousands in their first generation,” Mitchell said.The two big challenges that Mitchell said most needed to be addressed were content and price. While people might have their minds blown by an impressive VR demo, they still need good content to justify investing in the tech and have it as a permanent fixture in their homes. To start with, Mitchell expects that content to come from small developers and indies interested in the possibilities of VR and able to take risks their larger counterparts can’t.”If we can sell enough that developers start being successful and they can reinvest in the system,” Mitchell said, “we can start the cycle and kick start the chicken-and-the-egg problem. I think we can make this thing into a thriving ecosystem.”Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games If enough small developers give people a reason to buy the system, then there may be an installed base big enough to justify the larger players investing in VR games and content at the multimillion dollar level.Oculus can help make that happen working from two directions. First, it can by promote developers making VR-specific games and fostering innovation in the community. Second, it can make the hardware increasingly affordable over time.”Price is going to be one of the biggest barriers to entry,” Mitchell said. “It’s just not going to be some insane, insane console launch, but if we can build this thing year over year and keep growing the community and the ecosystem, then we can make VR that changes the world.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The VR & AR newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesOculus halts headset sales in GermanyFacebook says it’s a temporary move and will continue supporting existing owners in the countryBy Brendan Sinclair 8 months agoSony reportedly increasing PS5 production to 10m units by 2021Meanwhile, Facebook said to be ramping up manufacturing for Oculus devicesBy James Batchelor 9 months agoLatest comments (3)Andrew Jakobs Lead Programmer 5 years ago hmmm.. as we still don’t know how mucht the Oculus is actually going to cost, this makes me worry a bit and gives me the idea the Oculus isn’t going to cost the price as was mentioned they were targetting for (a couple of years ago).. 0Sign inorRegisterto rate and replyNick Parker Consultant 5 years ago Is this refreshing realistic pragmatism or a warning? Loss leading on the console to generate an installed base worthy of investing development on has always been the route to market for console manufacturers (Nintendo sometimes being the exception). Launching hardware takes balls of steel but I think with the FB deep pockets, Oculus can ride through the rocky early adopter stage. Ditto PS VR.center_img 2Sign inorRegisterto rate and replykevin williams , KWP Limited5 years ago >…Is this refreshing realistic pragmatism or a warning?……Or damage limitation against previous over-exaggeration of the opportunity – we can point to those previous comments they did not shut-down at the time that their system would run on a $600 priced PC! Now the reality hits home and they need to try and manage the three elephants in the room! Edited 1 times. Last edit by kevin williams on 29th September 2015 12:15pm 1Sign inorRegisterto rate and replySign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

Bethesda joins ESA

first_imgBethesda joins ESAFallout publisher signs up with trade group alongside Vantiv, Greybox, and Snail GamesBrendan SinclairManaging EditorTuesday 15th December 2015Share this article Recommend Tweet ShareThe Entertainment Software Association announced four new member companies today, headlined by the creators of the Elder Scrolls franchise. With the addition of Bethesda Softworks, Vantiv Entertainment Solutions, Greybox and Snail Games, the US trade group representing the game industry now boasts 32 members.”Our newest members are true industry innovators, leading the development of exciting new content and new opportunities to reach and engage consumers,” ESA president and CEO Michael Gallagher said. “These highly creative companies represent the broad range of our industry’s offerings, and we look forward to collaborating with them to move our industry forward.”Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games The addition of Bethesda brings a former ESA member back into the fold, albeit in a roundabout way. In 2008, id Software left the group but offered little in the way of explanation. The following year, Bethesda parent ZeniMax Media acquired the Doom developer, with Bethesda assuming publisher duties for the id catalog of titles.”ESA has a long-standing tradition of representing the computer and video game industry at the highest level on important policy issues,” said ZeniMax Media CEO and chairman Robert Altman. “We’re proud to join the association that is the leader in promoting the development and growth of the video game industry.”The addition of four new companies to the ESA offsets the loss of two long-time members earlier this year in the form of Sega and Daybreak Game Company (formerly Sony Online Entertainment).Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesGearbox, Microsoft, Amazon and Apple oppose Texas anti-trans lawBorderlands developer even suggests it would expand out of the state if law is passedBy James Batchelor 20 days agoGerman legal reform to set new standards for loot boxesBundestag passes youth protection law that would require clear descriptors for games featuring loot boxesBy Matthew Handrahan 2 months agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

USC to start publishing label focused on “innovative work”

first_imgUSC to start publishing label focused on “innovative work”USC Games Publishing aims to become the industry’s equivalent of the MIT PressMatthew HandrahanEditor-in-ChiefFriday 29th January 2016Share this article Recommend Tweet ShareThe University of Southern California is using its celebrated games program as a platform to launch a new publishing label, one focused on innovation and creativity rather than profits.USC Games Publishing will launch in the spring, with an initial focus on releasing the best work from its students to console, PC and mobile platforms. According to an article on Wired, the label has a longer term goal of opening up to developers outside of the school, as long as the work adheres to certain ideals”Curation is one of the most important things that players deserve these days,” said Tracy Fullerton, who has been director of USC Games since May 2014. “There’s a tremendous amount of content available for people to find, and yet it’s very difficult to find. One of the ways that … this label that we’re establishing can participate is by curating important voices, really innovative work, and putting it out there under our publishing label.”Fullerton continued: “We’re going to err on the side of the designer. Creative control would remain with the designer.”According to Richard Lemarchand, the former Naughty Dog design lead who left for USC in 2012, the program’s students create games of “shippable quality” every year. Fl0w, The Unfinished Swan and The Misadventures of P.B. Winterbottom are all examples of games that started out as USC projects, all of which received critical acclaim and at least solid commercial performance.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games But money won’t be the real goal, Fullerton said, comparing USC Games Publishing to the MIT Press in book publishing. “These are not books that are going to necessarily be on The New York Times best-seller list, but these are books that are important, that need to be out there in the zeitgeist. I feel like we can do something similar here with games.”We are not expecting to make a profit… We hope that what we reap from this is cultural recognition of this form.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesUSC Games launches fund to support Black and Indigenous studentsProfessor Jim Huntley talks about starting the Gerald A. Lawson Endowment Fund with help from Take-Two, and why it’s a needed step toward equityBy Brendan Sinclair 6 days agoUS State Department supports virtual exchange program to unite young developers globallyGame Exchange will support aspiring developers from ‘underserved populations’ across the US and Middle EastBy Danielle Partis 30 days agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

InnoGames boasts 100% mobile revenue boost

first_imgInnoGames boasts 100% mobile revenue boostAlso sees €100m in revenue in 2015Rachel WeberSenior EditorThursday 18th February 2016Share this article Recommend Tweet ShareCompanies in this articleInnoGamesInnoGames achieved a revenue of revenue of €100 million in 2015, a 25 per cent growth on the previous year. It also revealed that on the mobile side of its business it had achieved a growth of 100 per cent thanks to Forge Of Empires.”Thanks to the high quality of Forge of Empires’ cross platform approach, 60 per cent of the game’s players are now using the mobile apps,” said CEO Hendrik Klindworth.”And although InnoGames plans to further focus on mobile in 2016, we do still see a great demand for browser games as well. In fact, our successful launch of the browser title Elvenar in 2015, along with having another profitable year for our older browser titles Tribal Wars and Grepolis, proves that the platform is still popular.”InnoGames has around 150 million registered players globally. Earlier this month it appointed a new director of human resources.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games “The significant increase in sales and our once again profitable balance sheet show that we are moving in the right direction with our mobile strategy,” added CFO Markus Lipp. “We have several mobile titles in development, and are convinced that 2016 will be another highly profitable year in the books.”InnoGames also released a short video featuring comments from Klindworth and it can be viewed below. Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesMTG increases investment in InnoGames, forms new holding companyGamingCo will include MTG’s entire gaming business, including KongregateBy Rebekah Valentine 5 months agoForge of Empires reaches €500m in lifetime revenueInnoGames’ strategy title brought in over €250m in the last two yearsBy Rebekah Valentine A year agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

Nexon to acquire Big Huge Games

first_imgNexon to acquire Big Huge GamesKorean publisher to buy all remaining shares after backing the company at its foundationMatthew HandrahanEditor-in-ChiefThursday 10th March 2016Share this article Recommend Tweet ShareCompanies in this articleBig Huge GamesNexon’s Korean subsidiary has agreed to acquire the outstanding shares in Big Huge Games, the US studio it worked with on the mobile hit, DomiNations.Indeed, Nexon has been involved ever since Big Huge was revealed to be the new studio from Brian Reynolds and Tim Train back in 2014. Reynolds and Train founded the company’s original incarnation in 2000, but that ended when it was closed amidst the very public implosion of 38 Studios.Version 2.0 launched with Nexon’s backing, and the Korean company went on to publish DomiNations. According to CEO Tim Train, that existing relationship, and the positive outcomes that resulted from it, laid the foundation for the buyout. Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games “We are thrilled to be joining forces with Big Huge Games,” Nexon CEO Owen Mahoney added in a statement. “One of Nexon’s core objectives is to empower the best game developers around the world enable them to succeed.”DomiNations has achieved great success in both the West and Asia, and we’re excited to work with Big Huge Games to deliver the best quality gameplay to fans for years to come.”DomiNations has been downloaded 19 million times since it launched in April 2015.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Mobile newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesDomiNations’ lifetime revenue passes $100mHistorical mobile strategy game celebrates two-year anniversary with 32m playersBy James Batchelor 4 years agoSecretNewCo becomes Big Huge GamesBrian Reynolds revives studio with backing from NexonBy Rachel Weber 6 years agoLatest comments (1)Richard Browne Head of External Projects, Digital Extremes5 years ago Fantastic news for a fantastic team. I do hope it goes better than when we did it . . . 0Sign inorRegisterto rate and replySign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more