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.
Q3 2022 CommercialEdge Office Report: Demand for Coworking Continues to Drive Growth
CommercialEdge released its national office report for October, shining a spotlight once again on the reemergence of coworking spaces as a magnet for tenants, developers and investors alike. As a recent survey conducted by BOMA confirmed, office-using businesses are signaling their preference for shorter lease terms and more flexible workspace arrangements, which will allow them to quickly adjust their footprints according to their needs.
BOMA Releases New COVID-19 Tenant Impact Survey
The highlights presented in the final study relied on a series of fielded responses from more than 1,267 office decision-makers, including company owners, CEOs and other members of the C-Suite. The goal of the survey was to better understand the future financial and operational implications for commercial real estate owners and operators.
Great Central Transport Leases 2 Compton Warehouse Spaces
Trucking, storage and distribution company Great Central Transport has signed two leases totaling 344,000 square feet of industrial space in Compton, Calif. The largest of the two deals included a 200,000-square-foot industrial building at 601-615 W. Walnut St., which is owned by the San Francisco-based warehousing giant Prologis. The second deal was for a roughly 144,000-square-foot property at 921 Artesia Blvd. that’s owned by JPMorgan Asset Management.
Related Secures Construction Loan for West Palm Office
Since 2020, Related has become dominant in the West Palm Beach office market, both as a developer and an owner. In terms of owned assets, the company’s portfolio includes Phillips Point, CityPlace Tower and Reflections office properties, as well as a 50% stake in Esperanté Corporate Center. Meanwhile, Related recently added a 20-story property located at 360 Rosemary to its name, in addition to announcing plans for another office construction project at 515 Fern. In fact, the company’s entire portfolio in West Palm Beach has earned it the moniker of the “Wall Street of the South” as a result of its ability to attract out-of-state financial firms.
LuminUltra Inks Lease for New Headquarters at BWI Tech Park
LuminUltra has penned a lease deal with St. John Properties for 14,000 square feet at 805 Pinnacle Drive in Linthicum, Md. The Canadian company will relocate its U.S. headquarters to the new facility located within BWI Tech Park — a 156-acre business campus that encompasses more than 1 million square feet of Maryland commercial real estate, including office, flex, R&D and retail space.
O’Melveny & Myers Plans Move to 1301 Avenue of the Americas
Paramount Group — one of the largest real estate investment trusts in the U.S. — has announced the closing of a 15-year lease agreement with O’Melveny & Myers LLP (OMM) for 142,000 square feet of office space at 1301 Avenue of the Americas. The law firm will occupy the 17th through 20th floors in the 1.7-million-square-foot trophy tower located between 52nd and 53rd streets in Midtown Manhattan. The move is scheduled to occur in late 2024 or early 2025.
Truist Joins Vista Equity & Meta at 50 Hudson Yards
Truist Financial will join a select list of tenants — comprised of the likes of Meta, Vista Equity Partners and ServiceNow — at the soon-to-be-completed 50 Hudson Yards in Midtown Manhattan. Even before construction began on 50 Hudson Yards, the building was already attracting the attention of major players. Social media giant Meta signed in 2019 and also has space at other Hudson Yards properties, while BlackRock had agreed to move its headquarters to the skyscraper as early as 2016.
Bright MLS Inks Deal for 13KSF in Bethesda
The Bethesda office space is part of a 24-acre, mixed-use development that also includes 765 apartments, 99 condos, and a 177-room hotel, as well as 80,000 square feet of additional office space and more than 40 retailers. Notably, the campus also provides access to event spaces, such as the private dining options at Owen’s Ordinary and Summer House, as well as the ballrooms at Canopy by Hilton and Pinstripes.
Home Depot Leases 500,000 Square Feet at Duke Realty Warehouse in LA County
Home Depot inked a lease deal that will allow it to fully occupy Duke Realty’s newly built smart industrial building in Los Angeles County. The 529,866-square-foot Irwindale, Calif., industrial space is equipped with a building automation system (BAS), smart metering system, solar panels and high-efficiency air conditioning units.
Kaufman Borgeest & Ryan Signs New Lease Deal for Midtown Office
Law firm Kaufman Borgeest & Ryan recently closed a 15-year lease deal at Global Holding’s 875 Third Ave. The company will occupy 27,000 square feet of prime Manhattan office space located between East 52nd and East 53rd streets, marking a significant downsizing from its current 48,000-square-foot lease at Silverstein Properties’ 120 Broadway. The move reflects a wider trend of companies adjusting their office space needs to accommodate employees’ preferences for flexible work schedules.
