Commercial Real Estate News
Your go-to source for news in the commercial real estate industry, covering all property types and asset classes across the most sought-after markets in the U.S. Stay up to date with news about notable lease deals and the newest sale transactions, recent ground-up construction, as well as redevelopment projects, and more.
Ad Agency Saatchi Leases Flatiron District Office Space
M&C Saatchi Group closed on a deal that will result in a 40% reduction of its office footprint in New York City: The company signed a 10-year agreement for 13,000 square feet at 16 W. 22nd St., where it will occupy the entire ninth floor of the GFP Real Estate-owned building. Asking rent was $46 per square foot.
Areté & Chemtrec Leases Total 90,000 Square Feet at Falls Church, Va. Office
Golden Eagle Group secured two new leases totaling roughly 90,000 square feet at its office property in Falls Church, Va. One of the tenants is California-based defense tech company Areté Associates, which has inked a deal for 65,000 square feet of office space. Hazardous material disposal company Chemtrec — which will occupy more than 25,000 square feet of space in the eight-story building — is the other new arrival.
GTN Gains Foothold in Manhattan Office Market
GTN closed on a five-year lease deal for its first New York City office at the RXR-owned 32 Old Slip building. The fintech company will occupy roughly 3,300 square feet of office space on the 32nd floor of the 36-story property that’s located within the city’s Financial District along the Water Street corridor. Asking rent was $66 per square foot.
Quinn Emanuel Urquhart & Sullivan to Anchor Revitalized Landmark
Quinn Emanuel Urquhart & Sullivan has opened its new headquarters in the renovated Textile Building at 295 Fifth Ave. in Midtown South. The global litigation firm is the…
Quadrature Establishes Presence in U.S. with Puck Building Lease
Quadrature signed a decade-long lease for 30,000 square feet of prime Manhattan office space on the fourth floor of Kushner Companies’ Puck Building. The company will be moving into space vacated by New York University, which decided to terminate its lease at 295 Lafayette St. after a 20-year stay.
Travelers Insurance Leases 42,000-Square-Foot Office in Los Angeles County
Travelers is set to occupy more than half of the office space at 21680 Gateway Drive following a move from the neighboring 21688 Gateway Drive — an 81,000-square-foot office building that was part of the former Gateway campus.
BBVA Grows Manhattan Footprint with New, 74,000-Square-Foot Headquarters
BBVA will be relocating and expanding its offices to Two Manhattan West — a 1.9-million-square-foot, Brookfield Properties-owned building near Penn Station. The firm will take up 74,000 square feet of office space across the eighth and ninth floors to accommodate its staff of roughly 350 employees currently running U.S. operations.
Mullen Automotive Inks Lease for Orange County Warehouse
Mullen Automotive will occupy the former site of Kraft Heinz Lunchables in Fullerton, Calif. The company signed a five-year, triple-net lease deal with Link Industrial for a 121,615-square-foot warehouse at 1500 E. Walnut Ave. Negotiations on behalf of the landlord were conducted by a CBRE team consisting of Ben Seybold and Sean Ward. The lease rate was $2.01 per square foot.
$2 Billion Life Sciences Project Secures 1st Tenant
Janssen Supply Group, a subsidiary of Johnson & Johnson, has become the first occupant of a biopharmaceutical manufacturing facility in Holly Springs, N.C. This $2 billion project, developed by…
CommercialEdge Report Highlights Consecutive Waves of Maturing Debt Hitting Major U.S. Markets
A recent analysis by CommercialEdge of nearly 80,000 office properties in the United States, with a combined debt of $920 billion, revealed that 16% of all outstanding loans are expected to mature by 2024, with a second, larger wave of maturities totaling 33% by 2026. The majority of these maturing loans are located in major markets, with Manhattan, Class A properties, and urban areas leading the way.
