News/Events
PCCP, Integrity Community Builders Form Build-to-Rent JV
Integrity Community Builders (ICB) and PCCP have formed a programmatic joint venture to develop build-to-rent (BTR) communities across the U.S., Commercial Observer can first report. The new JV will marry Houston-based ICB’s experience in land acquisition, development and construction with PCCP’s institutional investment expertise. As co-investors, the partners will deploy up to $200 million per…
CMBS Loan Backed by Pittsburgh’s Gateway Center Liquidates at $65M Loss
An iconic office complex in the City of Bridges has hit a dead end. The $92 million commercial mortgage-backed securities (CMBS) loan secured by Gateway Center, an iconic office complex in Downtown Pittsburgh, has liquidated via a note sale, resulting in a $64.8 million loss to the CMBS trust, according to an alert from Morningstar…
Muji, Daniel Eddy’s Winner Sign Retail Leases at Brooklyn’s Alloy Block
Two new retail tenants have taken almost 13,000 square feet at a new development in Downtown Brooklyn. Japanese home goods and apparel brand Muji was the largest of the two, signing a 10-year, 10,000-square-foot lease at Alloy Development’s 100 Flatbush Avenue, part of the larger five-building, mixed-use Alloy Block complex, according to the landlord. Retail…
Visual Effects Studio Phosphene Takes 7K SF at 90 Broad Street
Emmy nominated visual effects studio Phosphene has inked a 7,383-square-foot lease at Princeton International’s 90 Broad Street in Manhattan’s Financial District, according to tenant broker Avison Young. Phosphene will move from its current office at 5 Hanover Square, also in the Financial District, as the building is being converted from an office property into a…
Midtown South Led Manhattan Office Leasing’s Stellar July Performance
So you think Manhattan office leasing has a summer slump? Fuhgeddaboudit! Manhattan office leasing velocity in July increased by 22 percent over June’s volume, helped along by healthy square footage appetites and ample activity in Midtown South. Tenants acquired, renewed, expanded or extended 3.87 million square feet of Manhattan office space last month, according to…
Mediation Firm JAMS to Relocate to 55K SF at Rudin’s 3 Times Square
Mediation firm JAMS — the name is an abbreviation of judicial arbitration and mediation services — is relocating its New York Resolution Center to the top two floors of Rudin’s 3 Times Square. The global provider of alternative dispute resolution services plans to take up 55,335 square feet across the Midtown office tower’s 29th and…
The Likes of Blackstone and Brookfield Are Using AI to Build Real Estate Tech In-House
Even as some of the biggest commercial real estate companies shoulder the challenges and massive costs of developing proprietary artificial intelligence-powered tools, this shift marks not so much an inflection point for proptech as a sign that the commercial real estate industry has never embraced technology more seriously to run its business efficiently. General speculation…
The Best Salespeople Train Like Elite Athletes
People often ask me what elite salespeople have in common. The answer usually surprises them. It isn’t charisma. It isn’t intelligence. It isn’t even natural talent. The greatest salespeople I’ve ever known have far more in common with Olympic athletes than they do with the stereotypical image of a salesperson. Both understand something that most…
JP Morgan to Deploy $750B to Increase Housing Supply Via American Dream Initiative
When J.P. Morgan commits, it commits. The bank just announced plans to deploy more than $750 billion to increase housing supply and support homeownership in the U.S. The eye-popping amount will be deployed through 2035. “An affordable and resilient housing market is essential to driving economic growth and increasing opportunity,” Michelle Herrick, head of commercial…
