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.
Paramount Signs Lease at Recently Completed Film Studio in Manhattan, N.Y.
Paramount Television Studios has leased 70,000 square feet at the facility to film the second season of “Dexter: Resurrection” for the Paramount+ streaming service. The Gensler-designed project features six soundstages and production support areas alongside specialized office space in Manhattan.
Shvo Secures New Tenant for San Francisco Office in Record-Breaking Lease Deal
The Transamerica Pyramid in San Francisco has reportedly secured a record-breaking rental rate for the West Coast. While many local landlords continue to navigate high vacancy rates, this recently revitalized, 48-story office tower has attracted a tenant paying more than $300 per square foot.
Breakthrough Properties Secures CMBS Loan for Torrey Heights Development
Breakthrough Properties — a joint venture specializing in life sciences assets that was established in 2019 by Tishman Speyer and Bellco Capital — has successfully finalized a $465 million refinancing package for its premier Torrey Heights development.
Stiles & Shorenstein Nail Down $185 Million Refi for Fort Lauderdale Office Tower
A joint venture between Stiles and Shorenstein Investment Advisors has successfully obtained $185 million in financing for The Main — a 25-story, premier office space in Fort Lauderdale, Fla. Provided by the Japanese financial services firm Nomura, the senior floating-rate loan was brokered by a JLL capital markets team consisting of Paul Stasaitis, Geoff Goldstein and Blake Koletic.
ING Group Renews & Expands Lease at Durst-Owned Office Tower
ING Group — the Amsterdam-based global banking and financial services firm — not only renewed its existing, 132,400-square-foot office, but also tacked on an additional 21,515 square feet. This move brings the company’s total footprint at the Manhattan office tower to 153,915 square feet, encompassing the seventh through 11th floors.
Apple Grows Midtown Footprint in 95,000-Square-Foot Lease Deal
Apple is significantly expanding its presence in the Penn District, signaling a major commitment to Midtown. The tech giant is adding 95,000 square feet across two additional floors of Vornado Realty Trust’s Penn 11, bringing its total occupancy within this premium Manhattan office space to 550,000 square feet.
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Amazon Forks Over $79 Million for Industrial Flex Building in Pasadena, Calif.
Amazon has made a significant deal in Pasadena commercial real estate, paying $79 million for an industrial property. This transaction underscores the tech giant’s growing footprint in southern California as the sale more than doubled the building’s value in just four years. The seller — El Segundo, Calif.-based Alvarez & Marsal Capital Real Estate — achieved a massive gain of around 139% from the sale after purchasing the property from Graymark Capital in early 2021 for only $33 million, according to property records. At approximately $469 per square foot, the price represents a substantial premium for flex industrial space.
UN Population Fund Reduces Its Office Footprint in Midtown
The United Nations Population Fund (UNPF) is executing an ongoing space consolidation plan by relocating its office from 605 Third Ave. to 730 Third Ave. in Midtown East. This move will drastically reduce the organization’s total office space in Manhattan as it cuts its current allocation of 130,000 square feet at its premises at 605 Third Ave. by more than half.
Best Cities for Startups: Phoenix & Austin Lead the Charge for New Business Density & Growth
In the U.S. and across the globe, 2021 marked the year of the most generous seed funding sprees. Since then, rising interest rates, supply chain disruptions, and inflation surges have all contributed to a more targeted and cautious approach from venture capital holders, who are now targeting AI, software as a service (SaaS), fintech and health tech startups. That tightening of capital means that startups must now rely more heavily on fundamental business health and the strength of their local ecosystems.
