Office commercial real estate news and analysis.
Governor Kathy Hochul has formally presented Albany lawmakers with a legislative framework to impose a pied-à-terre tax on non-primary residences in New York City, initiating the tier at a 4 percent rate for properties valued at $1 million and above. The proposal sets a different baseline than the $5 million threshold previously discussed by the Governor and Mayor Zohran Mamdani.
Chicago-based accounting and consulting firm Prosperity Partners will relocate its New York operations to a full 11th-floor suite at 575 Madison Avenue. The 10-year commitment for 24,426 square feet signals continued demand for quality Midtown office space among professional services firms.
A major 11-story office building in Kansas City's Crown Center submarket has traded hands, with Colliers facilitating the acquisition by multifamily firm Crain Co. The transaction marks a strategic play for the Wichita-based buyer in a historically stable Missouri market.
Cushman & Wakefield has recruited Tom Maloney back to its ranks to serve as the chair of its occupier advisory services division. The move comes as commercial real estate firms fiercely compete for corporate tenant representation in a shifting office market.
Newmark reported a 27% year-over-year revenue increase in the first quarter, fueled largely by a rebound in corporate office leasing activity. The earnings beat signals a potential turning point for the long-struggling office sector.
Prudent Growth Partners has acquired the 20,520-square-foot Eastgate Shopping Center in Batavia, Ohio, for $3.3 million. The highly leased neighborhood asset provides the private equity firm with stable, service-oriented tenancy in the growing Cincinnati suburbs.
Canadian menswear company Jack Victor has grown its presence at 8 West 40th Street by over 4,300 square feet, bringing its total leasehold in the Midtown office building to 11,000 square feet. The expansion secures the fashion brand full control of the 17th floor alongside a partial presence on the 18th floor.
Data center developer Cipher Digital is leaving SL Green's One Vanderbilt for H.J. Kalikow's 101 Park Avenue, anchorating 26,400 square feet in a trio of deals totaling 77,400 square feet at the Midtown tower. The relocations signal continued demand for specialized office space from technology and infrastructure firms.
Energy Capital Partners is expanding its headquarters operation at One World Trade Center, taking over the building's entire 59th floor. The new lease brings the infrastructure investment firm's total presence in the tower to 70,425 square feet.
Beloved London doughnut destination Bread Ahead has secured its first American foothold, signing a lease for a 2,400-square-foot space at Solil Management's 1571 Second Avenue. The deal marks a pivotal transatlantic expansion for the bakery and baking school brand.
Artificial intelligence firm Spade Data has signed a 6,933-square-foot lease at 155 West 23rd Street, marking the first new commitment at the Manhattan property since space was reintroduced to the market in late 2025. The deal signals continued appetite from tech-driven financial services companies for well-positioned Chelsea office space.
Canadian menswear company Jack Victor has signed an expansion lease totaling 4,321 square feet at 8 West 40th Street, growing its total office presence to 11,000 square feet. The deal underscores a growing trend of apparel companies consolidating and expanding their Midtown Manhattan operations.