Key facts
- Michael J. Levitt, former CEO of Brixmor Property Group, has died at 94.
- Levitt was a pioneer in affordable housing.
- CoStar and other brokerages face a class-action lawsuit.
- The lawsuit alleges price-fixing.
- The alleged price-fixing involves inflating commission rates for commercial real estate brokers.
- A data center in Mesa, Arizona, was sold.
- The data center sale price was $116 million.
Michael J. Levitt, a notable figure in affordable housing and the former CEO of Brixmor Property Group, has passed away at the age of 94. Levitt was recognized for his contributions to the real estate sector, particularly in developing affordable housing initiatives.
In a separate development within the real estate industry, CoStar Group and several other brokerages are now defendants in a class-action lawsuit. The suit alleges that these entities engaged in price-fixing practices, specifically by conspiring to artificially inflate commission rates for commercial real estate brokers. This legal action could have significant implications for the business models of major players in the commercial real estate data and services market.