Diana Sabau
Senior Content Writer, CRE News & Market Analysis
Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.
Newmark Brokers $150 Million Loan for Revamp of Textile Building
In 2021, construction and rehabilitation work began to reshape the former Textile Building into a new, 19-story, 710,000-square-foot office tower. Efforts included upgrades to existing windows; HVAC and ventilation systems; elevators; and general infrastructure. Meanwhile, the lobby was redesigned by Studio MAI, adding more natural light through the use of arched ceilings.
Bradmore Secures Construction Loan for West Los Angeles Creative Office
The financing will go toward the completion of 42xx, a 151,000-square-foot, low-rise office campus located at 4204-4230 Glencoe Ave. in Silicon Beach, one of the most sought-after real estate markets in Los Angeles. Neighbors include the likes of video game developer Electronic Arts, which is partially leasing a new, 155,000-square-foot office property near the end of the 90 Freeway.
Empire Capital Lands $215 Million Acquisition Loan for Midtown Office
Located between West 53rd and West 54th streets, the tower totals 525,825 square feet. Built in 1965 and renovated in 2007, the Emery Roth & Sons-designed building has had a tumultuous couple of decades. Purchased at the height of the commercial real estate market in 2006 by Harry Macklowe, it commanded a whopping $498 million. Three years later, in the midst of the financial crisis, Macklowe had to auction it off. In 2010, RXR bought the tower off Otera for about $400 million. Five years later, Blackstone became the majority stake owner after it scooped up the property as part of a six-asset portfolio deal.
Business Group to Move into WeWork Offices in Downtown St. Louis
The deal will allow Greater St. Louis Inc. — which already occupies space on the 13th floor of the building — to lease out the entire 22nd floor, which had previously hosted coworking space provider WeWork. The move is expected to be completed by spring 2023.
Healthcare & Green Jobs Head List of Fastest-Growing Careers in U.S.
The U.S. labor market was already undergoing an important expansion of its health sector in an effort to provide care for one of the largest cohorts of retirees. Accordingly, by 2021, the number of Americans working in healthcare-related jobs was roughly 20 million. Meanwhile, the green energy sector — which had been steadily growing throughout the course of the last decade — is now receiving more attention as an important source of new jobs for both blue- and white-collar workers.
Prologis Unveils Plans for Alameda Crossings Studio Complex
Located at 1716 E. Seventh St. on a nine-acre site that previously hosted a Greyhound bus terminal, the campus will feature 10 soundstages and 291,000 square feet of Los Angeles office and support space. The proposed project will also have a parking garage with capacity for 941 vehicles and 136 bicycles.
Haystack Oncology Leases New Facility in Baltimore
Originally built in 1965 as a bus depot, City Garage was redeveloped into a manufacturing hub with the backing of Sagamore Ventures in 2016. The property is part of the Baltimore Peninsula, a mixed-use project undertaken by a team that includes the likes of MAG Partners, MacFarlane Partners, Sagamore Ventures and the Urban Investment Group within Goldman Sachs. Currently undergoing construction, the 235-acre development is estimated to deliver more than 14 million square feet of commercial office, retail and residential space to the local market.
Marx Realty Signs Trio of Fintech Tenants at 10 Grand Central
Designed by Ely Jacques-Kahn, 10 Grand Central has undergone major renovations since 2019. The effort — lead by David Burns, principal of Studios Architecture — was part of Marx Realty’s repositioning strategy for the 359,000-square-foot tower. Notably, the new façade features soaring marquee brass fins and oversized walnut doors. The lobby has also been refurbished, boasting a 7,500-square-foot indoor/outdoor lounge and club floor. The property also has a 40-seat conference space and a 1930s-inspired garden party outdoor space, dubbed The Ivy Terrace.
Amazon Nabs 569,000 Square Feet at Bronx Warehouse
The facility’s proximity to Cross Bronx Expressway, Hutchinson River Parkway and the Bruckner Expressway gives Amazon access to more than 9.4 million potential customers within a 15-mile radius — a boon for the e-commerce giant, which has been increasingly focused on last-mile logistics since the start of the pandemic.
Sodexo Inks Deal for New Bethesda Headquarters
Sodexo is expected to move in the spring of 2024, leaving its current location at 9801 Washingtonian Blvd., which has served as its headquarters since the 1980s, when the Paris-based company opened its American arm. According to the Washington Business Journal, Sodexo previously considered a relocation in 2012. However, that move was scraped after county and city officials offered $4 million in public incentives.
