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Scholastic & ESRT Close Sale-Leaseback of SoHo Headquarters Office
The Scholastic headquarters office in Manhattan encompasses an iconic pair of Broadway buildings that speak volumes to the history of the vibrant and dynamic journey of New York City through time.
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.
Slalom Renews Anchor Lease at Pioneer Square Tower
Slalom renews and extends its anchor tenant lease through 2034 about a year after moving its Seattle headquarters office to the Hawk Tower in Pioneer Square.
Coworking Captures Opportunity as National Office Pipeline Continues to Shrink
Sluggish construction pipeline presents opportunities that the coworking sector has been banking on. Read the highlights and insights on industry trends in our full monthly U.S. office markets report.
Why All CRE Brokers Should Promote Their Listings On CommercialCafe
Market your listings, promote your profile, manage your CRM and get your industry news all on CommercialCafe! Check out all the benefits and sign up today.
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.
Market Value vs. Assessed Value — Differences in Commercial Real Estate
Understand the difference between the market value and the assessed value of commercial property, how each is calculated, and why each is important.
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.
