Deals
Focusing on commercial property transactions? Stay up to date with the latest investment sales and lease agreements across all major commercial property types: Both traditional and flexible office space properties, retail spaces, industrial real estate, life sciences, data centers, and more.
Flint Development Secures Massive Lease Deal for its Northern Virginia Warehouse
J.E. Richards signed a 935,000-square-foot lease at a Flint Development-owned warehouse in Stafford, Va., in what is one of the biggest single-tenant deals of its kind in the northern Virginia market. The agreement extends throughout a 10-year period, with 500 J.E. Richards employees expected to move into the warehouse before the end of the year.
String of New Leases, Expansions & Renewals at Cohen Brothers’ Red Building in West Hollywood, Calif.
Cohen Brothers has secured seven leases totaling nearly 96,000 square feet at the Red Building, a creative office space in West Hollywood, Calif., that’s part of the company’s Pacific Design Center complex. The deals include new tenants, while also locking down a series of existing beauty, fashion and tech tenants.
Ares Forks Over $109 Million for 2 Miami-Dade Industrial Assets
Ares Management has closed a deal worth $108.7 million for two fully leased industrial warehouses in Miami(opens in new tab)-Dade County. The assets — previously owned by BGRE (formerly known as Brookfield Properties) — include a 230,147-square-foot distribution center at 3811 W. 108th St. in Hialeah, Fla., which fetched $65.3 million, and a 142,472-square-foot warehouse at 13190 NW 17th St. in Sweetwater, Fla., that sold for $43.4 million.
General Atlantic Inks 150,000-Square-Foot Lease to Anchor 625 Madison
Related Companies secured a lease to anchor its 858,500-square-foot office space in Manhattan’s Plaza District. The tenant is General Atlantic, a global investment firm that’s set to occupy five floors totaling 150,000 square feet within the building upon its completion, which is scheduled for 2029. About one-third of the company’s global workforce (330 employees) will be working from 625 Madison Ave. once the move is completed. Â
SparrowHawk & Almanac Secure $236 Million Acquisition Loan for EQT Industrial Portfolio
SparrowHawk and Almanac Realty Investors have teamed up to acquire a 20-property portfolio spanning six markets and totaling 4.4 million square feet of industrial space previously owned by EQT and valued at $400 million. The deal was financed by a $236 million loan(opens in new tab) provided by PPM America and is structured as a five-year, fixed-and-floating-rate mortgage.
Comcast Moves Into New Times Square Office
Comcast sealed a 141,000-square-foot lease at 1540 Broadway in Times Square. The move marks a relocation and consolidation push from Comcast, which previously conducted its advertising sales and technology division’s operations from Shorenstein Properties’ 1407 Broadway and BGRE’s 55 W. 46th St.
BXP Lands $1.2 Billion Construction Loan for Midtown Office Tower
Boston-based BXP’s planned 930,000-square-foot tower at 343 Madison Ave. has secured a $1.2 billion construction loan, a massive chunk of the estimated $2 billion needed to complete the development of 46-story prime office space in Manhattan, N.Y., situated near Grand Central Terminal’s Madison Concourse.
Major Industrial Deal: PCCP & Stonemont Acquire $1B+ Portfolio From Blackstone
A joint venture between PCCP and Stonemont Financial Group has officially finalized the acquisition of a massive, 5.9-million-square-foot industrial portfolio from seller Blackstone. The off-market transaction closed on July 29 for upwards of $1 billion with advisory services provided by Eastdil Secured. Financing for the purchase was arranged through debt from JP Morgan and Wells Fargo with Eastdil Secured advising on the debt execution, as well.
NVIDIA Inks 27,600-Square-Foot Lease at Downtown D.C. Office Building
Artificial intelligence chipmaker NVIDIA has signed a 27,600-square-foot sublease at Douglas Development’s Woodies Building, located at 1025 F St. NW. The transaction marks the Santa Clara, Calif.-based company as the latest technology giant to secure premier office space in Washington, D.C. amid a broader trend of demand concentrating within the market’s most prestigious properties.
Hollywood Studio Headed Toward Distress Sale After Default on $357 Million Loan
Hackman Capital Partners is expected to bring Television City back to the market. The financial pressure on Hackman Capital is substantial as a lender group led by Deutsche Bank filed a notice of default last month claiming they were owed more than $357 million.
