What happened, and who moved.
A 170-year-old monastery in Bay Ridge, Brooklyn, has sold for $42.25 million. The Sisters of the Visitation’s 7.5-acre campus at 8902 Ridge Boulevard –– a campus behind 30-foot stone walls, with a monastery, chapel and school –– was bought by a group of Brooklyn- and Miami-based developers and investors with a…
Coastland Residential has nabbed a $84.5 million construction loan for a multifamily development near Tropical Park in southwest Miami-Dade County. The debt from PNC Bank covers the Vybe 75, which will house 366 apartments and 5,000 square feet of ground-floor retail space. The eight-story development at 4383…
The smells still coming from the husk of the Lineage Cold Storage warehouse, which caught fire in the Boyle Heights neighborhood of Los Angeles on June 17, defy common description. Nearly 4,000 odor complaints have been lodged with the South Coast Air Quality Management District (SCAQMD), with various descriptions…
A joint venture between Spitzer Enterprises and Arden Group has sealed $109.5 million of permanent financing for a newly-built multifamily tower in Jersey City, Commercial Observer can first report. Northwestern Mutual supplied the loan to retire construction debt following the lease-up and stabilization of…
A major media company is moving its advertising headquarters to Broadway. Comcast Advertising, the advertising sales and technology division of Comcast, has signed a 140,000-square-foot lease at 1540 Broadway, owned by GFP Real Estate and BDT & MSD Partners. The deal represents a relocation for Comcast from 55 West…
The affordable housing development push continues in New York City. The Domain Companies has secured $175 million in construction financing to build Elara, a two-building, 429-unit mixed-income housing development in the historic Astoria neighborhood of Queens, Commercial Observer can first report. Wells Fargo…
Architecture and design firm SWA Group has signed a 5,789-square-foot lease at Olmstead Properties’ 381 Park Avenue South in Midtown South, the landlord announced Tuesday. The 10.5-year lease for the global landscape architecture, planning and urban design firm will stretch across part of the building’s 12th floor.…
Global investment management firm Capital Group is taking space for an additional office in New York City. Capital Group, which is based in Los Angeles and oversees $3.6 trillion in assets, signed a 10-year lease for the entire 70,400-square-foot fourth floor of Rudin’s 345 Park Avenue in Midtown, according to the…
Simon Property Group’s second quarter offered more evidence that the nation’s largest mall owner is carrying its post-pandemic run into the second half of 2026. The real estate investment trust said Monday that its quarterly revenue, funds from operations (FFO) and tenant sales are all climbing while the company’s…
Law firm Greenberg Traurig is relocating to another Related Ross building in Downtown West Palm Beach, Fla. The firm signed a 10-year lease to occupy about 25,000 square feet at the 15 CityPlace office development, which remains under construction, the tenant announced. The deal spans the entire 12th floor of the…
Washington D.C.-based law firm Dunn Isaacson Rhee is establishing a new office in New York City. The firm, which specializes in high stakes trials, investigations and crisis management, has inked an 11,167-square-foot lease on the 34th floor of 7 World Trade Center, developer and landlord Silverstein Properties…
Nonprofit group Alliance for Downtown New York has expanded its Lower Manhattan footprint to 42 Broadway. The Downtown Alliance, which manages the area’s business improvement district, secured a 14,420-square-foot lease at the Financial District tower, according to a recent CBRE office market report. The Downtown…
Jose Tur owns two rent-stabilized rental buildings in Manhattan’s Washington Heights with a total of 45 units. The properties have been in his family for over 30 years, and the mortgages are fully paid off. But Tur tells Commercial Observer that despite this, while he’s reluctant to give an exact number, “more than…
Real Capital Solutions (RCS), a real estate investment firm headquartered in Colorado, has launched a new $350 million fund that will target acquiring distressed Class A and Class B offices across the U.S., Commercial Observer can first report. The fund, RCS Contrarian Office Fund, plans to lever-up and ultimately…
Developer El-Ad National Properties has paid $60 million for an oceanfront hotel in Fort Lauderdale, Fla., property records show. The 99-room Sea Club Resort sits on a 1.2-acre site at 619 North Fort Lauderdale Beach Boulevard, between Belmar and Auramar streets. The 54,982-square-foot building dates back to 1954.…
The Metropolitan Transportation Authority (MTA) and Mayor Zohran Mamdani are considering high tech options to transfer heat out of subway stations and into the buildings above, in what would likely be a complicated and pricey infrastructure project. Still, city officials and the MTA believe it could be worth it to…
New York-based private equity group OceanSound Partners has expanded by more than 10,000 square feet at SL Green Realty’s 450 Park Avenue office tower in Midtown. A new five-year lease secured OceanSound 32,032 square feet across the entire eighth, 22nd and 23rd floors of the office tower at the corner of Park…
Obelisk Real Estate Partners has secured $86.2 million to finance the acquisition of a three-building industrial portfolio in Charleston, South Carolina, Commercial Observer can first report. Barings provided the debt, while JLL’s Peter Rotchford, Christopher Peck, and Nicholas Thorton arranged the transaction. The…
On May 21, shortly before Memorial Day weekend, participants in public real estate markets awoke to a truly remarkable headline. AvalonBay Communities, the owner of 98,000 apartments and with a market capitalization of $25 billion, would be merging with Equity Residential, one of the oldest real estate investment…
Life sciences developer Longfellow Real Estate Partners has parted with its first-ever New York City project at a discount. Longfellow’s Hatch Life Sciences Building, located at 43-10 23 Street in Long Island City, Queens, has sold for $86.9 million, according to city records filed Friday. Pearl Realty Management’s…
Barry Sternlicht’s Starwood Asset Management has acquired two affordable housing properties in Miami-Dade County from the Gatehouse Group, paying a combined $63.8 million, property records show. In the largest deal, the investor paid $34 million for the 150-unit Magnolia Landing Apartments in the Naranja…
An international advertising agency is more than doubling its office footprint with a new headquarters lease in El Segundo, Calif. Innocean USA signed the 101,000-square-foot deal at Hackman Capital Partners’ creative office campus in the small enclave just south of Los Angeles International Airport. The agency…
Architecture firm Selldorf Architects has renewed its 10-year, 13,815-square-foot lease at Gordon Property Group’s 860 Broadway. Selldorf has called the Flatiron District’s 860 Broadway home for the last two decades, according to landlord brokerage Colliers. The asking rent was not disclosed. However, the average…
Moshe Popack’s YMP Real Estate Management has secured $30 million to refinance Park Towers, a 210-unit multifamily complex in Miami, Commercial Observer can first report. Valley National Bank provided the loan, structured at a fixed-rate of 6.09 percent, while Meridian Capital Group’s David Hayum and Michael…
An artificial intelligence-driven document processing firm is relocating within the Flatiron District, Commercial Observer has learned Extend AI signed an 8,750-square-foot lease across the entire sixth floor of 119 Fifth Avenue in a relocation from its current offices at 135 West 29th Street, according to the…
Invictus Real Estate Partners has secured $67.2 million to refinance Eliot on Ocean, a 194-unit multifamily property in Revere Beach, Mass., a coastal submarket five miles outside of Boston. Bridge Investment Group Holdings provided the debt, structured as a three-year, floating-rate loan, while a JLL Capital…
Fancy adding a 770,386-square-foot trophy office property to your portfolio? You’re in luck. Tishman Speyer is marketing 6 Grand Central for sale, sources told Commercial Observer, with an asking price somewhere around $450 million. The fee simple interest in the property is being marketed by Eastdil Secured’s Gary…
Predication and betting site Polymarket has doubled its footprint at 78 Crosby Street to 12,700 square feet, adding the fifth floor to the space it already leases on the fourth floor. Polymarket has been headquartered at the Lower Manhattan building since 2023. Its original lease for 6,350 square feet was also…
TPG AG U.S. Real Estate and Redfearn Capital have acquired a 5.4 million-square-foot industrial portfolio for $628 million, Commercial Observer can first report. The seller was DRA Advisors, while BDT & MSD Partners provided a $479 million loan in the deal, sources said. The 53-building portfolio, which is roughly…
The immigration attorneys at Manifest Law will be making some of their own moves, Commercial Observer has learned. The law firm signed a 18,200-square-foot sublease at Koeppel Rosen’s 902 Broadway, where it will be taking over space previously occupied by Adaptive Security, according to tenant brokerage Nomad…
Restaurateurs Danny Abrams and Cindy Smith are making a splash on the Upper West Side. The couple and co-founders of New England-style seafood spot Mermaid Inn have selected 61 West 74th Street for their next venture, Commercial Observer has learned. Abrams secured the 2,300-square-foot lease, plus a basement…
Nordstrom Rack has signed a 22,000-square-foot lease in Wellington, Fla., the Seattle-based retailer announced Thursday. Nordstrom Rack is the discount concept run by Nordstrom. The new store, set to open in spring 2027, will be at The Shoppes at Isla Verde at 800-1020 South State Road 7. Other tenants include Best…
Warp, an artificial intelligence-driven employee management platform, has more than tripled its office footprint for the second time in 12 months. The startup recently secured a 16,500-square-foot expansion to fully occupy the seventh floor at 156 Fifth Avenue, less than a year after settling at the Flatiron…
Milestone Group has sold a garden-style multifamily community near Zoo Miami for just $2 million more than it paid to acquire the property five years ago. Harbor Group International (HGI) bought the 505-unit Emerald Palms Apartments for $109 million, property records show. The 28-acre property includes 37…
Maybern, a financial technology company that specializes in fund management solutions for private markets, has signed a long-term lease renewal at 10 Astor Place, nearly tripling its footprint in the GFP Real Estate-owned building. As part of the deal, Maybern will grow from 11,000 square feet to 30,000 square…
Scott Rechler’s RXR continues to secure capital from institutional lenders. RXR, together with joint venture partners Halpern Real Estate Investments, Korman Communities and Invent Development Partners, has secured $125 million in construction debt for AVE Station House, a 13-story, 301-unit luxury multifamily…
Starwood Property Trust’s stock tanked hours after the firm reported its second-quarter earnings, dropping 4 percent in one morning, as the firm reported major declines in net income. Starwood’s stock currently trades at $15.55 per share, down 6 percent from where it traded one month ago and down nearly 20 percent…
Rudin has hired Craig Panzirer as senior vice president for office leasing, Commercial Observer has learned. Panzirer began the new role in July. He is now tasked with leading the leasing strategy of Rudin’s 8.6 million-square-foot portfolio of office properties, including major towers like 345 Park Avenue, 3 Times…
Timberlane Partners has secured $52 million to refinance Sumner Mill Apartments, a 162-unit multifamily community outside of Seattle and Tacoma, Wash., Commercial Observer can first report. Mesa West provided the debt, structured as a short-term, first-mortgage loan, while BWE’s Jake Roberts arranged the…
When you walk into a building developed by Marx Realty, you might find yourself curious if you accidentally skipped work and entered a luxury hotel — and that’s exactly what Marx wants. Marx, known for its hospitality-infused approach to the office, has announced a $68 million repositioning at 430 Park Avenue, a…
Angela Gentry has carved out her own spot in New York City’s commercial real estate scene. In 2022, Gentry, who at the time had more than 20 years of experience in the field, joined JLL in a role specifically created for her: executive managing director of sales and platform for the New York tri-state area. […]
Prosper Group and Versluys Group have paid $50 million for a development site in Miami’s Brickell district, where they plan to build a $650 million condo tower, the joint venture announced. The 1-acre assemblage includes three parcels: one along the Miami River, with more than 300 feet of water frontage, as well as…
Brookfield Asset Management raised a record $77 billion in the second quarter of 2026, bringing its assets under management to more than $1 trillion, the investment firm reported in an earnings call Wednesday. Year-to-date, the investor has brought in $98 billion, more than half of what Brookfield raised for all…
Krea USA nabbed a $61.8 million construction loan for a multifamily development in Lauderhill, Fla., property records show. The financing from Abanca Bank covers the 385-unit Le Parc at Lauderhill development, at 3831 Northwest 13th Street, just east of the Lauderhill Mall and North State Road 7. The 10-acre…
BlackRock has acquired more than 3,600 rental residential units in Southern California in one of the region’s largest commercial real estate deals in recent memory. It’s also the largest U.S. multifamily sale since June 2024. One of the investment vehicles run by the asset management titan put down $1.63 billion…
Ultimate Equity has acquired a 69-unit townhome community in Hollywood, Fla., for $32 million, Cushman & Wakefield announced. The gated community called Royal Oaks in the Emerald Hills neighborhood changed hands in an all-cash 1031 exchange acquisition at a record price per unit for the submarket, and a…
A historic New York City hotel has received a new round of debt financing. Kensico Properties has secured $106 million to refinance the Lowell Hotel, a 17-story, 74-key luxury boutique hotel on Manhattan’s Upper East that the firm purchased and redeveloped in 1984, Commercial Observer can first report. Blue Owl…
We can discuss the ethics of artificial intelligence creating art all day long, but the fact is these companies aren’t going anywhere anytime soon, and they need office space. Generative AI music platform Suno has taken 12,048 square feet across the fifth floor of 515 West 20th Street for its first New York City…
Cushman & Wakefield said Wednesday that its second-quarter earnings were strong enough to boost the commercial real estate services giant’s per-share earnings guidance for the year. “Our results this year demonstrated that we have hit our stride, and we’ve gotten there fast,” C&W CEO Michelle MacKay said Wednesday…
Zenith IOS, JPMAM Seal $215M Credit Facility With KeyBank, Truist As the industrial outdoor storage space continues to gain momentum, some key players are celebrating the next phase of their partnership with a fresh round of financing. Zenith Industrial Outdoor Storage and J.P. Morgan Asset Management (JPMAM) just…
“No one is building new regional malls, and roughly 90 percent of our go-forward NOI comes from Class A assets and the best retailers of the world.” So said Jackson Hsieh, president and CEO of Macerich, early on during the mall-focused real estate investment trust’s second-quarter earnings call Tuesday afternoon.…
A biotechnology firm is relocating its lab space from West Harlem to Midtown South. Volastra Therapeutics signed an 18,120-square-foot lease in the Alexandria Center for Life Science at 430 East 29th Street, owned by Alexandria Real Estate Equities, according to CBRE. Volastra is subleasing space on the 11th floor…
Rowland Hobbs is CEO and co-founder of Stake, a fintech platform that rewards renters with cash back, working to make renting financially rewarding. Before Stake, he led design and innovation at Teneo and served as head of product design for Accenture North America, and he founded Post+Beam, an innovation design…
For 18 years, part of the New York City team at national architecture firm Corgan has called the 54th floor of the Empire State Building home. But, after nearly two decades, even an office in a building as iconic as that one needs a good sprucing up. Corgan’s footprint in the Empire State Building went […]
Prologis, the world’s largest industrial landlord, is about to get even bigger. The San Francisco-based real estate investment trust (REIT) has succeeded in its fourth offer to acquire rival Segro, the United Kingdom’s largest REIT, in a deal valuing Segro’s equity at roughly $18.8 billion. Prologis announced…
Ailing Alexandria Real Estate Equities is showing signs of improvement as leasing increased over the second quarter of 2026, a hopeful sign of progress after several quarters of declining fundamentals. The real estate investment trust (REIT) posted earnings Tuesday that show declining balance sheet performance with…
Blue Owl Capital is pushing beyond Northern Virginia’s Data Center Alley after acquiring a 71-acre development site in Culpeper, Va., for $66.4 million. Blue Owl’s data center operator Stack Infrastructure purchased Culpeper Technology Park at 15140 Keyser Road from RACM. The transaction is equal to more than…
Walmart has paid $11.7 million for development land by the western end of Palm Beach County, Fla., in the latest example of retailers taking greater control over their retail presence, property records show. The vacant, 24-acre parcel at 5253 Seminole Pratt Whitney Road sits within Minto Communities’ Westlake…
Why did the chicken cross the continent? To get to new customers on the other side. Popular fast-casual grilled chicken restaurant El Pollo Loco has signed a lease to open its first-ever East Coast location in New York City, Commercial Observer has learned. El Pollo Loco signed a 10-year lease for 2,400 square feet…
Vornado Realty Trust announced Tuesday morning that it could levy as much as $350 per square foot at one of its latest office developments, at a time when rents over $300 a square foot at trophy properties are becoming the norm. 350 Park Avenue, which Vornado is developing with Ken Griffin’s Citadel and Rudin, may […]