The latest commercial real estate news and developments.
A prime ground-floor retail condominium spanning over 17,000 square feet near Caesar's Superdome has officially changed hands for $7.2 million. The food-service anchored property signals continued appetite for well-located urban retail assets in the New Orleans Central Business District.
StudioB is bringing a new design showroom to Washington, D.C.'s Union Market District. The project joins a wave of creative and experiential retail tenants moving into the popular mixed-use neighborhood.
Cushman & Wakefield has recruited Tom Maloney back to its ranks to serve as the chair of its occupier advisory services division. The move comes as commercial real estate firms fiercely compete for corporate tenant representation in a shifting office market.
The Federal Reserve held its benchmark interest rate steady for the third consecutive meeting, leaving commercial real estate professionals navigating an extended period of high borrowing costs. While the pause was widely anticipated, the central bank's murky guidance on future cuts prolongs deal-making uncertainty across the sector.
Jones Lang LaSalle capitalized on resilient corporate real estate demand to generate $6.4 billion in first-quarter revenue. The global brokerage's robust performance was driven by surging industrial activity and stabilized office markets, pushing adjusted EBITDA up 22%.
Newmark reported a 27% year-over-year revenue increase in the first quarter, fueled largely by a rebound in corporate office leasing activity. The earnings beat signals a potential turning point for the long-struggling office sector.
Prudent Growth Partners has acquired the 20,520-square-foot Eastgate Shopping Center in Batavia, Ohio, for $3.3 million. The highly leased neighborhood asset provides the private equity firm with stable, service-oriented tenancy in the growing Cincinnati suburbs.
In a major adaptive reuse deal for a legacy department store footprint, Academy Sports + Outdoors has leased the former 130,000-square-foot Macy’s space at Fairview Town Center in Texas. The transaction highlights a broader trend of sporting goods retailers absorbing vacant anchor boxes in suburban lifestyle centers.
Daiwa House Group has bought out its development partner Trammell Crow Company, taking full ownership of the 309-unit Parkside Residences in Houston in a deal valued at $85.2 million. The transaction marks the successful conclusion of a joint venture that originally formed in 2019 to bring the multifamily asset to life.
Aardex has completed an adaptive reuse renovation of a historic retail property in downtown Phoenix, converting the space to meet modern commercial demands. The project highlights the growing trend of repurposing legacy retail buildings in urban cores across the Southwest.
PNC Bank is solidifying its presence in the Texas capital by relocating its regional operations into a newly developed tower in the heart of downtown Austin. The move highlights the continued demand for premium office space in the city's urban core despite broader market headwinds.
As traditional financing sources pull back from affordable housing projects, Safehold is positioning its modernized ground lease structure to fill capital stack gaps in Texas and other high-growth markets. The approach allows developers to unlock land value while maintaining long-term operational control of their properties.