News/Events
Financial Services Firm Aegon Takes 21K SF at 125 West 57th Street
International financial services firm Aegon is moving its office kingdom to New York City. Aegon, which was founded in the Netherlands and specializes in life insurance, pensions and retirement plans, has decided on 125 West 57th Street for its new headquarters, inking a 20,600-square-foot lease at the property in Manhattan’s Plaza District owned by Alchemy-ABR…
Citadel Credit Union Provides $50M Refi on Philly Office Tower
A joint venture between CSB Holdings and Tide Realty Capital has sealed a $50 million loan to refinance a newly acquired Philadelphia office tower, Commercial Observer has learned. Citadel Credit Union supplied the loan on the 29-story office building at 2000 Market Street in Philadelphia’s Center City neighborhood. CSB and Tide Realty teamed up to…
Where AI Stops in Commercial Real Estate, Judgment Begins
In this column on July 14, I wrote about something I believe is going to become increasingly important in business , particularly in commercial real estate: The value of information is declining while the value of judgment is increasing. The premise was relatively simple. For most of my career, information was a great differentiator and…
Gatsby Florida Lands $119M Loan to Build Spec Palm Beach Gardens Office
Development and investment firm Gatsby Florida has secured a $118.6 million loan from Cirrus Real Estate Partners to build a speculative luxury office complex in Palm Beach Gardens, Fla., Commercial Observer has learned. Called The Palm, the eight-story development will feature about 200,000 square feet of Class A office space as well as 30,000 square…
Republic Clothing Commits to 81K SF at 1411 Broadway
Republic Clothing has swapped its sublease for full tenancy at 1411 Broadway. The international apparel manufacturer and wholesaler signed a 15-year direct lease for 81,000 square feet with building co-owners La Caisse, formerly Ivanhoe Cambridge, and the Swig Company, according to the landlord brokers. The deal is part of a trio of recent office leases…
Peachtree Refis AJ Capital’s Graduate by Hilton Nashville Hotel With $63M Loan
AJ Capital Partners has landed a $62.5 million loan to refinance its Graduate by Hilton Nashville hotel property as it seeks to capture more market share in Music City, Commercial Observer has learned. Peachtree Group supplied the three-year loan with two 12-month extension options for the 205-room hotel that opened across the street from Vanderbilt…
Tyko Capital Lends $322M on Integra Investment’s West Palm Beach Marina Project
Ship ahoy! Adi Chugh’s Tyko Capital has docked money in West Palm Beach waters for Integra Investment’s new marina project. The firm provided a $322 million acquisition and construction loan to Integra for Safe Harbor Rybovich, a 15-acre marina at 4200 North Flagler Drive in the coveted South Florida city that the real estate investment…
Commercial Mortgage-Backed Securities Distress Is Peaking — Again
Discussions around distress that have dominated the commercial mortgage-backed securities (CMBS) market have taken a turn for the worse, with data points shifting in the same unfavorable direction for months. The distress rate has steadily trickled up, approaching a peak, with office distress hitting an all-time high of 8.89 percent in July with another maturity…
Principal Asset Management’s Rich Hill On REITs, CMBS and Private Credit
Rich Hill is senior managing director and global head of real estate strategy and research at Principal Asset Management, a firm that oversees $107 billion of global real estate investments across a mix of public and private spheres, mixing equity and debt. Hill handles four quadrants of commercial real estate investments, which he likens to…
