News/Events
AI Song Maker Suno Takes 12K SF at 515 West 20th Street
We can discuss the ethics of artificial intelligence creating art all day long, but the fact is these companies aren’t going anywhere anytime soon, and they need office space. Generative AI music platform Suno has taken 12,048 square feet across the fifth floor of 515 West 20th Street for its first New York City office,…
Ultimate Equity Buys Hollywood, Fla., Townhouse Project for $32M
Ultimate Equity has acquired a 69-unit townhome community in Hollywood, Fla., for $32 million, Cushman & Wakefield announced. The gated community called Royal Oaks in the Emerald Hills neighborhood changed hands in an all-cash 1031 exchange acquisition at a record price per unit for the submarket, and a capitalization rate below 5 percent, Cushman &…
Cushman & Wakefield Sets Second-Quarter Revenue Record
Cushman & Wakefield said Wednesday that its second-quarter earnings were strong enough to boost the commercial real estate services giant’s per-share earnings guidance for the year. “Our results this year demonstrated that we have hit our stride, and we’ve gotten there fast,” C&W CEO Michelle MacKay said Wednesday during the company’s earnings call. “We didn’t…
Zenith IOS, JPMAM Seal $215M Credit Facility With KeyBank, Truist
As the industrial outdoor storage space continues to gain momentum, some key players are celebrating the next phase of their partnership with a fresh round of financing. Zenith Industrial Outdoor Storage and J.P. Morgan Asset Management (JPMAM) just secured a $215 million credit facility from KeyBank and Truist, Commercial Observer can first report. The facility finances…
Podcast: How Renter Loyalty Programs Drive Multifamily NOI – Stake CEO Rowland Hobbs
Rowland Hobbs is CEO and co-founder of Stake, a fintech platform that rewards renters with cash back, working to make renting financially rewarding. Before Stake, he led design and innovation at Teneo and served as head of product design for Accenture North America, and he founded Post+Beam, an innovation design firm, and Linea, a computer vision…
Volastra Therapeutics Subleases 18K SF at Alexandria Center for Life Science
A biotechnology firm is relocating its lab space from West Harlem to Midtown South. Volastra Therapeutics signed an 18,120-square-foot sublease in the Alexandria Center for Life Science at 430 East 29th Street, owned by Alexandria Real Estate Equities, according to CBRE. Volastra is subleasing space on the 11th floor from Black Diamond Therapeutics and relocating…
Mall Giant Macerich Narrows Losses in Q2 Amid Stronger Leasing
“No one is building new regional malls, and roughly 90 percent of our go-forward NOI comes from Class A assets and the best retailers of the world.” So said Jackson Hsieh, president and CEO of Macerich, early on during the mall-focused real estate investment trust’s second-quarter earnings call Tuesday afternoon. (He was referring to projected…
The Plan: Architecture Firm Corgan Redesigned Its Own Empire State Building Office
For 18 years, part of the New York City team at national architecture firm Corgan has called the 54th floor of the Empire State Building home. But, after nearly two decades, even an office in a building as iconic as that one needs a good sprucing up. Corgan’s footprint in the Empire State Building went…
Arrow Real Estate Advisors Hires Jeff Weinberg as Managing Director
Arrow Real Estate Advisors is adding another experienced veteran to its staff of capital markets experts. The New York-based real estate advisory firm has hired Jeffrey Weinberg as a managing director, Commercial Observer can first report. Weinberg comes from Meridian Capital Group, a firm he co-founded in 1991. Weinberg served as executive vice president, specializing…
