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.
Saudi Fund Partners With Related for Proposed Manhattan Office Tower
Saudi Arabia’s government fund is partnering with Related Companies to acquire a two-thirds stake in a site at 625 Madison Ave. in Manhattan, where a new skyscraper is planned. The total cost for the site and its development is projected to exceed $1 billion, according to sources familiar with the deal. The fund has already invested $200 million into the project, although its final contribution is still being determined.
WeWork Secures First Post-Bankruptcy Coworking Lease in Manhattan, N.Y.
A leading global provider of flexible space, WeWork announced that it had executed a 60,000-square-foot lease agreement with AmTrust RE at 250 Broadway. This marks the company’s first coworking deal since its bankruptcy filing. The new location is projected to open in December and will cover five floors (the 24th, 25th, 27th, 28th and 29th).
Nonprofit Renews & Expands Footprint at Orange County Office Complex
The Regional Center of Orange County (RCOC), a nonprofit organization dedicated to supporting individuals with developmental disabilities, has renewed and increased its footprint at the Tustin Centre complex in Santa Ana, Calif.
RXR Closes in on $1 Billion Deal for Madison Avenue Office
RXR has finalized a significant deal to acquire the Plaza District skyscraper at 590 Madison Ave. by placing a $50 million deposit. Approximately 3.5 weeks prior, the company signed a letter of intent to purchase the building from the STRS Ohio state teachers’ pension fund for nearly $1.1 billion.
Blackstone Secures $1Billion Refi for Multi-State Industrial Portfolio
Blackstone Real Estate Income Trust (BREIT), the firm’s nontraded REIT, recently refinanced a portfolio comprising 59 industrial properties spanning 13 states. This was achieved by securing a $1 billion CMBS loan that was originated late last month. The syndicate of lenders for this loan includes Goldman Sachs, German American Capital Corp., Barclays Capital Real Estate Inc. and JPMorgan Chase. This is an interest-only, floating-rate loan with an initial term of two years and featuring three additional one-year extension options.
Carr Properties Sells Downtown D.C. Office Building to Shorenstein
Carr Properties sold the building at 901 K St. NW to Shorenstein for $84.3 million, according to documents filed with the D.C. Recorder of Deeds. The company originally developed the 219,000-square-foot property, located near the convention center, in 2009 and subsequently renovated it in 2021. Its current tenants include Baker Donelson; Seward & Kissel; Unite Here Local 25; and Microsoft.
Empire Capital Inks $130 Million Deal for 2 Midtown South Office Buildings
Empire Capital, a London-based private investment fund known for acquiring discounted office properties, is reportedly set to purchase two Midtown South buildings — 381 and 373 Park Ave. S. — for $130 million. These pre-war buildings have been owned by the Hemmerdinger family’s ATCO Properties for decades.
Fanatics Grows Presence in Manhattan Following New Office Deal
Fanatics recently signed a lease for 54,000 square feet at 345 Hudson St., a 17-story property owned through a joint venture involving Norges Bank Investment, Hines and Trinity Church.
Gilbane Signs New Office Lease at Jamestown-Owned Arlington, Va., Building
Gilbane Building has reached an agreement with Atlanta-based real estate investor and manager Jamestown for a 27,000-square-foot office at Ballston Exchange — a mixed-use project in Arlington, Va.’s Ballston area offering retail, dining and office spaces.
Deloitte Signs 800,000-Square-Foot Lease for New Headquarters at Hudson Yards
Deloitte has chosen Hudson Yards as the location for its new North American headquarters. The company will lease nearly three-quarters of the planned 1.1-million-square-foot office building at 70 Hudson Yards, which is part of Related Companies’ extensive mixed-use development on Manhattan’s West Side.
