News/Events
Jemal-Led JV Plans 323-Unit Office-to-Resi Conversion in D.C.
Jemal Real Estate, DivcoWest and JLS Capital have formed a joint venture to extend the wave of office-to-residential conversions in Washington, D.C. The JV plans to convert a 342,000-square-foot office building at 1255 23rd Street NW in D.C.’s West End into 323 apartments — including about 36 affordable units — while 22,000 square feet of ground-floor…
AI Financial Platform Brex Inks 94K-SF Lease at GFP’s 200 Varick Street
Brex, an AI-powered financial platform, is moving into a new office in Manhattan’s Hudson Square neighborhood. The San Francisco-based artificial intelligence firm, which provides corporate cards, expense management software and business cash management accounts for new companies, has signed a lease for 93,779 square feet at GFP Real Estate’s 200 Varick Street, according to a…
Data Centers: There’s So Much to Talk About
All eyes were on the most controversial asset class in America during Commercial Observer’s Data Centers Development and Infrastructure Forum, held Oct. 6 in Midtown Manhattan at the City University of New York Graduate Center. Experts across data center law, construction, investment and development discussed the past, present and future of the asset class, with…
Terra-Led JV Lands $507M Construction Loan for South Beach Condo Before Pre-Sales
A Terra-led partnership has scored a $507 million construction loan for a waterfront condo tower in Miami Beach — even before launching sales. The financing from Adi Chugh’s Tyko Capital covers the 28-story, 106-unit development at 1250 West Avenue, along South Beach’s western waterfront facing Biscayne Bay. In an unusual move for a luxury condo…
TJ Maxx Signs 29K-SF Deal to Replace H&M at 150 East 86th Street
Discount department store T.J. Maxx is replacing H&M in a busy retail spread on Manhattan’s Upper East Side, Commercial Observer has learned. T.J. Maxx has signed a lease for 28,837 square feet at Extell Development’s retail condominium unit at 150 East 86th Street, according to a source close to the deal and a third-quarter Manhattan…
Dwight Capital Refis Pennsylvania Apartments With $34M HUD Loan
Vanguard Development has landed $34 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance a multifamily property in south-central Pennsylvania, Commercial Observer has learned. Dwight Capital closed the HUD 223(f) loan backed by the Reserve at Willow Ridge apartment community in Lancaster, Pa., about 65 miles west of Downtown Philadelphia. Brandon Baksh…
Toll Brothers Buys West Chelsea Development Site for $45M
It looks like there’s more luxury housing coming to Manhattan’s swanky West Chelsea neighborhood. Homebuilder Toll Brothers, through its Toll Brothers City Living condo development division, has acquired a development site at 126-128 10th Avenue and next-door 456 West 18th Street from longtime owner the Nanis family for a total of $45 million, broker Adirondack…
AI Platform Synthesia Moves HQ to 50K SF at GFP’s 675 Avenue of the Americas
Artificial intelligence companies are continuing to scoop up Midtown’s premiere office space. AI video platform Synthesia, which provides an enterprise-focused communications platform backed by “Shark Tank” entrepreneur Mark Cuban, inked a 50,000-square-foot lease at GFP Real Estate’s 675 Avenue of the Americas for its new U.S. headquarters, according to tenant broker Lee & Associates. The…
Interactive Floor Plans Platform Planpoint Exits Stealth
Planpoint, a real estate marketing platform that turns floor plans and site maps into interactive tools for selling and renting property, emerged from stealth mode Thursday, Commercial Observer has learned. The Montreal-based startup is being used by developers and property teams such as Brigil, Cogir and Mach, allowing prospective buyers and renters to explore available…
