News/Events
Zara Doubles Footprint at a Macerich Shopping Center in Los Angeles County
Fashion firm Zara is more than doubling its footprint at a Southern California shopping center. The clothing retailer is expanding from 22,000 square feet to a 45,000-square-foot flagship opening next year at Macerich’s 1.3 million-square-foot Los Cerritos Center in southeast Los Angeles County. Zara’s existing store will remain open during construction. The property is at…
Fort Partners Buys Hotel Next to Its Four Seasons Property in Palm Beach
Fort Partners purchased an oceanfront hotel in Palm Beach., Fla., from real estate investor Jeff Greene, next door to the Four Seasons resort it owns. The Fort Lauderdale-based firm paid at least $112.6 million for the Tideline Palm Beach Ocean Resort at 2842 South Ocean Boulevard, property records show, though South Florida Business Journal pegs…
David Burris, Investor Group Buy Mixed-Use Upper East Side Site for $28M
Terra Holdings’ David Burris and a group of investors have made a $28.1 million covered land play on Manhattan’s Upper East Side. The acquisitions secured three low-lying, pre-war buildings at the corner of Lexington Avenue and East 61st Street, encompassing 780–782 Lexington Avenue and 136 East 61st Street. The trio of mixed-use properties totals approximately…
New York Life Provides $386M Refi for 200 Madison Avenue
A joint venture between George Comfort & Sons, Loeb Partners Realty and Jamestown has secured a $386 million loan to refinance its Midtown East office tower at 200 Madison Avenue, Commercial Observer has learned. New York Life provided the floating’rate loan with a three-year initial term and two 12-month extension options for the 750,000-square-foot building…
Irish Arts Center Signs 4K-SF Lease at GFP’s 630 Ninth Avenue
GFP Real Estate has signed three new office deals at its Film Center Building in Hell’s Kitchen. The largest of the leases at 630 Ninth Avenue was for the Irish Arts Center, known in the Hibernian tongue as An Claidheamh Soluis, which signed a three-year, 4,422-square-foot lease on the 14th floor of the building while…
U.S. Housing Starts Stabilize as Developers Move Cautiously Forward: Report
August was a mixed month for the national housing market in terms of project starts, but trends seemed to stabilize overall as developers tighten their construction pipelines while moving forward with already-approved projects. Overall housing starts in the U.S. declined in August, falling 2.6 percent month-over-month to a seasonally adjusted annual rate of 1.3 million…
On, Sneaker Maker Beloved by Roger Federer and Kylian Mbappé, Moves HQ to Penn 1
It’s on! The Swiss athletic sneaker and apparel company now known as On is moving and expanding its New York City office headquarters to 85,000 square feet at Vornado Realty Trust’s Penn 1, Commercial Observer has learned. The company, previously known as On Running, is currently located in a small office by comparison at Spear…
The C-PACE Opportunity for Ground-Leased Properties
Ground leases underlie some of the country’s most valuable commercial real estate. They are common in high-value markets such as Manhattan and are frequently used when land is owned by a university, public authority, institution or large corporate entity. They can also provide the long-term site control needed for projects involving new market tax credits…
The Plan: NYC’s First Flight Club Aims for a Bull’s-Eye at 31 Union Square West
The first rule of Flight Club is to find a historically significant building to lease. Founded in 2012 by British friends Steve Moore and Paul Barham, Flight Club — a U.K.-based chain of fanciful pubs for darts aficionados — has grown into an international event venue that brings people together with food, fun, drinks and,…
