FRAMINGHAM, MA—A merger would create “an industry-leading office supply retailer that could more effectively compete” against larger rivals, shareholder Starboard Value asserts in a letter made public on Tuesday.

NEW YORK CITY—This year, REITs that emphasize the office, industrial and retail sectors should pull ahead in growth leadership, says Fitch Ratings.

PHOENIX—The lion's share of tower cranes looming over construction sites in major cities goes to rental and condominium projects, according to Rider Levett Bucknall's new index.

IRVINE, CA—With a portfolio now closing in on the $1-billion mark, CEO Jeff Hanson says “we couldn't be more pleased” at the rate with which the REIT is achieving scale.

PARAMUS, NJ—Now known as Urban Edge Properties, the $3-billion spinoff separates VNO's shopping center business from its core office and street retail focus.

NEW YORK CITY—Caplan's promotion to the newly created position of global CIO comes as Blackstone is raising its eighth opportunistic investment fund; its predecessor set an industry record in 2012.

LOS ANGELES—While larger distribution facilities have gotten the lion's share of development dollars in the past few years, light industrial may represent the best bet for rent growth, says CBRE.

HARTFORD, CT—Brown, who joined Cornerstone as president a year ago, says the firm has seen “meaningful expansion across sectors and geographies” during that time.