In a significant capital raise for the multifamily sector
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The unfinished Oceanwide Plaza complex, widely known as the 'Graffiti Towers,' has attracted a $470 million bid from KPC Development and Lendlease. This offer marks a pivotal turnaround attempt for the bankrupt project one month after an exit plan was established.
The employee-owned electrical contractor has secured over 300,000 square feet of warehouse and distribution space across multiple Virginia markets since late last year, signaling strong demand for industrial real estate in the Mid-Atlantic region.
Twin Group Associates seeks to capitalize on the shifting dynamics of Lower Manhattan by converting a six-story commercial property into residential units, further cementing the area's evolution from a strictly business-centric hub.