During this slowest of slow news weeks, the intrepid reporters at Commercial Observer nonetheless went out and found stories to report. First, we learned that the good folks at Blackstone decided that they had too much recreational time on…
Global investment firm KKR has provided the owners of The Clarendon apartment complex in Los Angeles with a $101 million loan, property records show. Santa Monica-based mortgage brokerage company Gortikov Capital arranged and announced the…
Truckers going eastbound and down(town) are suing to waylay the long-delayed tolling program that would charge a fee to drivers entering Manhattan’s central business district. The Trucking Association of New York filed the lawsuit against…
Amid an ongoing shortage of industrial space, investment giant Blackstone plans to build a 127,655-square-foot distribution center in Miami-Dade County’s Airport West distribution area. Link Logistics, Blackstone’s industrial unit, has…
Trinity Real Estate Investments and Credit Suisse are closing in on $575 million to refinance the Diplomat Beach Resort in Hollywood, Fla., two years after purchasing the oceanfront property in a record transaction. Citi Real Estate…
More distressed D.C. office space is set to be auctioned off. Joint-venture owners Office Properties Income Trust (OPI) — managed by The RMR Group — and AEW defaulted on their mortgage at 1750 H Street NW. The 123,000-square-foot, 10-story…
The short week after Memorial Day weekend produced smaller commercial real estate financings, mostly in the multifamily sector. They were led by a $97 million construction loan from Goldman Sachs for Mahaffey Apartment Company to build a…
This week, the famed Empire State Building welcomed a new tenant with financial advisory firm Pontera Solutions signing on for 40,679 square feet in the skyscraper. That’s an expansion from Pontera’s current 10,539-square-foot digs at 111…
A $725 million resort deal in Hawaii tops the sales sheet this week. Blackstone flipped the 450-room Turtle Bay Resort after buying the property six years ago for $332 million. There were other major investment sales in Florida, California…
Football Hall of Famer Peyton Manning might spend some time in New York City this year. The former National Football League quarterback’s production company, Omaha Productions, subleased 5,401 square feet on the fifth floor of 27 West 24th…
Office-to-residential conversions are the new golden child of the Golden State’s adaptive reuse sector … for now. Nationally, hotel-to-residential conversions dominated 2023’s adaptive reuse pipeline. In California, however, office-to…
Fertility technology company TMRW Life Sciences gave up most of its space at 250 Hudson Street to subtenant EvolutionIQ, Commercial Observer has learned. EvolutionIQ will take over 27,761 square feet from TMRW on the sixth floor of the 15…
Dalfen Industrial has secured $58.2 million in financing to acquire a 340,000-square-foot industrial property in San Bernardino, Calif., Commercial Observer has learned. Affinius Capital provided the financing for the property at 4982…
He who controls the spice controls 15-39 Covert Street. Brooklyn Spice may not be riding in on a giant sandworm like in “Dune,” but it is setting up shop in the Ridgewood, Queens, warehouse once occupied by Queens Brewery. The spice…
LaSalle Investment Management is getting two offices off its hands. The JLL subsidiary sold two office buildings in Los Angeles’ Playa Vista neighborhood for $74.3 million in total, according to Newmark, which brokered the deal for the…
Watermark Capital Group has sealed $50.6 million of acquisition financing for the purchase of ant Brooklyn office building slated to be converted into multifamily housing, Commercial Observer has learned. BridgeCity Capital originated the…
New York City’s housing crisis is multifaceted and all encompassing. We have people who are struggling to maintain the homes they own, to become a homeowner, and even to just pay their monthly rent all across the city and all at once. The…
High density could be coming to Miami’s Wynwood district, brought to you by the Live Local Act. Bazbaz Development filed a proposal to build a 48-story residential tower at 2110 North Miami Avenue, which could become the tallest building…
The Mahaffey Apartment Company has secured $97 million in construction financing to build The Carlton at Robinson Gateway, a 610-unit apartment community in Palmetto, Fla., Commercial Observer has learned. Goldman Sachs provided the…
Bethesda, Md.-based JBG Smith is affording affordable housing its due attention. The REIT has consolidated its workforce housing initiatives into Leo Impact Capital, a new platform dedicated to acquiring, operating and preserving middle…
It appears WeWork will meet its self-imposed deadline of exiting bankruptcy by May 31. U.S. Bankruptcy Court Judge John Sherwood said during a Thursday hearing that he would approve the coworking firm’s plan to restructure the company…
The drop in U.S. laboratory leasing is raising more red flags in light of a generational spike in life sciences construction. As a result, analysts, most notably Citigroup’s Benjamin Gerlinger, have downgraded its rating of commercial real…
Developer Yacov Smouha has sealed $21.5 million of financing for the acquisition and conversion of a former office and factory building in Tribeca into a self-storage facility, Commercial Observer has learned. White Oak Real Estate Capital…
The office-to-residential pattern continues, this time in Annandale, Va. An affiliate of Nicholas Development has filed a rezoning request with Fairfax County to convert a mostly vacant Annandale office into a multifamily building,…
Commercial real estate lender Dwight Capital signed a 23,000-square-foot lease to move its headquarters to The Well, Terra’s mixed-use development in Bay Harbor Islands, Fla., Commercial Observer can first report. The lease in Bay Harbor…
Global development company Lendlease is calling it a day after 45 years of operating in the U.S. market, in a reorganization that will focus on its native Australia while positioning itself into a “lower-risk business,” the developer…
Dollar Tree is giving more than its two cents. The discount retail brand announced the purchase of 170 storefronts previously owned by Southern California-based 99 Cents Only Stores, following the latter company’s Chapter 11 bankruptcy…
The prospects have gone from bad to worse for the assailed Gas Company Tower in Downtown Los Angeles. The value of the 1.4 million-square-foot office building — which backs a $350 million CMBS loan and more than $100 million in mezzanine…
Blackstone is selling Turtle Bay Resort on the north shore of Oahu, Hawaii, for $725 million — double what it paid for in 2018. Host Hotels & Resorts bought the 450-room resort on 1,300 acres and plans to rebrand it as a Ritz-Carlton. The…
The Writers Guild of America East (WGAE) will stick to the plotline at 250 Hudson Street, Commercial Observer has learned. The 70-year-old labor union penciled out a 16-year renewal to keep its 16,749-square-foot headquarters on the…