Office commercial real estate news and analysis.
The Core at Crosby, a sprawling 615,305-square-foot office and life sciences campus, has secured new financing through a joint venture between Anchor Line Partners and Alloy Properties. Berlin Hyp provided the capital for the Bedford-based property, highlighting the continued institutional demand for well-anchored assets in the Greater Boston suburbs.
Jack Resnick & Sons has finalized a flurry of new office and retail commitments totaling 119,000 square feet at 250 Hudson Street. The transactions propel the Hudson Square property to 99% occupancy, highlighting sustained tenant demand in the neighborhood.
A 67,584-square-foot healthcare facility in Rohnert Park has changed hands in a $23.7 million transaction brokered by Marcus & Millichap. The property, anchored by Kaiser Permanente and Petaluma Health Center, was acquired by a private family investment group.
Berkadia has arranged a $37.6 million, 28-year Commercial Property-Assessed Clean Energy loan for a newly built 117,075-square-foot outpatient healthcare facility in Washington, D.C.'s Congress Heights neighborhood. The deal highlights the growing momentum of long-term sustainability financing in the medical real estate sector.
Morgan Stanley has divested a 450,330-square-foot industrial asset in Central New Jersey, with the fully leased facility purchased by Property Reserve Inc. CBRE facilitated the transaction for the modern cross-dock building, which remains occupied by Iron Mountain Information Management.
Marcus & Millichap has successfully closed the $9.7 million sale-leaseback of two Super Star Car Wash locations in Tucson and Glendale, Arizona. The transactions highlight a continued appetite for single-tenant net-leased automotive properties in the Sun Belt region.
Santa Monica-based Wave Sports & Entertainment has committed to 8,320 square feet at 145 West 30th Street, signaling continued demand from digital media tenants in Manhattan's Midtown South corridor. The long-term deal carries an asking rent of $48 per square foot.
Manhattan's office sector posted its strongest month in recent memory this May, with tenants committing to over 4.24 million square feet of workspace. The leasing velocity represents a 17.3% jump from April and dwarfs the borough's 10-year historical baseline by more than 50%.
Soloviev Group's 9 West 57th Street has redefined Manhattan's pricing landscape by achieving $340 per square foot, a figure that now stands as the city's all-time record. The milestone reflects a deepening polarization in the commercial real estate market, where premium assets continue to command unprecedented premiums.
Global law firm Simpson Thacher & Bartlett has officially secured a 916,000-square-foot headquarters at Extell Development's under-construction 570 Fifth Avenue, marking the largest Manhattan office lease recorded in May. The landmark transaction signals continued institutional demand for premium, newly developed office space in Midtown.
JPMorgan Chase is consolidating its local workforce into a 51,000-square-foot corporate hub at the Broadwest mixed-use development in Nashville. The financial giant has also secured the naming rights for the high-rise property, which will feature a new client center double the size of its previous location.
JPMorgan Chase is consolidating its workforce into a new 51,000-square-foot space at the 600,000-square-foot Broadwest mixed-use development in Nashville. The financial giant has secured naming rights for the highrise, marking a major commitment to the Tennessee market with a facility that includes a newly expanded client center.