News/Events
Tishman Speyer’s 6 Grand Central Hits the Market for Roughly $450M
Fancy adding a 770,386-square-foot trophy office property to your portfolio? You’re in luck. Tishman Speyer is marketing 6 Grand Central for sale, sources told Commercial Observer, with an asking price somewhere around $450 million. The fee simple interest in the property is being marketed by Eastdil Secured’s Gary Phillips and Will Silverman, sources said. The…
Bridge Investment Group Provides $67M Refi for Value-Add Multifamily Outside Boston
Invictus Real Estate Partners has secured $67.2 million to refinance Eliot on Ocean, a 194-unit multifamily property in Revere Beach, Mass., a coastal submarket five miles outside of Boston. Bridge Investment Group Holdings provided the debt, structured as a three-year, floating-rate loan, while a JLL Capital Markets team of Scott Aiese, Tom Sullivan and Alex…
Polymarket Bets On a Second Floor at Manhattan’s 78 Crosby Street
Predication and betting site Polymarket has doubled its footprint at 78 Crosby Street to 12,700 square feet, adding the fifth floor to the space it already leases on the fourth floor. Polymarket has been headquartered at the Lower Manhattan building since 2023. Its original lease for 6,350 square feet was also extended, with both deals…
Barry Gosin Stepping Down as Newmark’s CEO
It’s the end of an era for Newmark. Barry Gosin, the firm’s fearless leader, will step down from his CEO position on Dec. 31, the company announced Friday. Gosin has held the CEO position since 1979. The 75-year-old Gosin will segue to become chairman of Newmark & Company Real Estate, Newmark’s operating company, in order…
TPG AG, Redfearn Capital Acquire Industrial Portfolio for $628M
TPG AG U.S. Real Estate and Redfearn Capital have acquired a 5.4 million-square-foot industrial portfolio for $628 million, Commercial Observer can first report. The seller was DRA Advisors, while BDT & MSD Partners provided a $479 million loan in the deal, sources said. The 53-building portfolio, which is roughly 87 percent occupied, includes both logistics and…
Mermaid Inn Restaurateurs Ink 2K SF at 61 West 74th Street for New Eatery
Restaurateurs Danny Abrams and Cindy Smith are making a splash on the Upper West Side. The couple and co-founders of New England-style seafood spot Mermaid Inn have selected 61 West 74th Street for their next venture, Commercial Observer has learned. Abrams secured the 2,300-square-foot lease, plus a basement space, at $130 per square foot, according…
Nordstrom Rack Takes 22K SF in Wellington, Fla.
Nordstrom Rack has signed a 22,000-square-foot lease in Wellington, Fla., the Seattle-based retailer announced Thursday. Nordstrom Rack is the discount concept run by Nordstrom. The new store, set to open in spring 2027, will be at The Shoppes at Isla Verde at 800-1020 South State Road 7. Other tenants include Best Buy, Homesense, Total Wine…
Immigration Law Firm Manifest Law Subleases 18K SF at 902 Broadway
The immigration attorneys at Manifest Law will be making some of their own moves, Commercial Observer has learned. The law firm signed a 18,200-square-foot sublease at Koeppel Rosen’s 902 Broadway, where it will be taking over space previously occupied by Adaptive Security, according to tenant brokerage Nomad Group. Asking rent for the space was $75…
Starwood’s Net Income Drops 95% Annually — and Then Its Stock Drops
Starwood Property Trust’s stock tanked hours after the firm reported its second-quarter earnings, dropping 4 percent in one morning, as the firm reported major declines in net income. Starwood’s stock currently trades at $15.55 per share, down 6 percent from where it traded one month ago and down nearly 20 percent from a year ago. …
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