News/Events
JLL Nearly Doubles Profits, Fueled By Leasing Rebound
The brokerage outperformed peers, with net income up 92% and adjusted earnings per share leaping 59% year-over-year as it rides a wave of tenant demand.
Miami's Condo Craze Has Developers Spending Millions On Sales Galleries
Developers are finding that their sales galleries are increasingly valuable in the race for luxury condo development.
America's War Machine Is Growing, Sparking A Defense Real Estate Boom
The Trump administration was pushing the U.S. to be on a permanent wartime footing before any bombs fell in Iran, supercharging demand to replenish stockpiles.
Snapchat Parent Company Subleases 199K SF from Verizon at Penn 2
Snap, the technology firm behind Snapchat, is taking over Verizon’s three-floor office lease in Manhattan’s Penn District. The 198,983-square-foot sublease spans the eighth through and 10th floors of Vornado Realty Trust’s 2 Pennsylvania Plaza, known as Penn 2, according to sources familiar with the transaction. The long-term deal, struck at a premium to Verizon’s own…
Fashion House Veronica Beard Expands HQ to 60K SF at 26 West 17th Street
Apparel retail brand Veronica Beard has expanded its office headquarters to approximately 60,000 square feet at the Winter Organization’s 26 West 17th Street in Midtown South, according to landlord broker CBRE. The company, which has been in the building since about 2013, signed the new deal to renew its existing space at the building and…
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…
