Office commercial real estate news and analysis.
CSC Real Estate has expanded its healthcare property holdings with a $70 million acquisition of three adjacent properties on Manhattan's Upper East Side, including a medical office building at 210 East 86th Street and two neighboring retail spaces. The deal with Perlbinder Realty highlights continued investor appetite for medical office assets in prime New York City locations.
A mixed-use tower on the Lower East Side has flipped for $36 million, marking a steep discount from its $50 million bankruptcy-connected sale just weeks prior. The rapid transaction highlights lender urgency to offload distressed Manhattan assets in a challenging capital markets environment.
Olmstead Properties and Vertex have acquired 19 West 44th Street in Midtown Manhattan, purchasing the 302,000-square-foot office building from Savanna at a 45% discount from its 2017 acquisition price of $195 million. The deal reflects continued price corrections in Manhattan's office market.
The Core at Crosby, a sprawling 615,305-square-foot office and life sciences campus, has secured new financing through a joint venture between Anchor Line Partners and Alloy Properties. Berlin Hyp provided the capital for the Bedford-based property, highlighting the continued institutional demand for well-anchored assets in the Greater Boston suburbs.
Jack Resnick & Sons has finalized a flurry of new office and retail commitments totaling 119,000 square feet at 250 Hudson Street. The transactions propel the Hudson Square property to 99% occupancy, highlighting sustained tenant demand in the neighborhood.
A 67,584-square-foot healthcare facility in Rohnert Park has changed hands in a $23.7 million transaction brokered by Marcus & Millichap. The property, anchored by Kaiser Permanente and Petaluma Health Center, was acquired by a private family investment group.
Berkadia has arranged a $37.6 million, 28-year Commercial Property-Assessed Clean Energy loan for a newly built 117,075-square-foot outpatient healthcare facility in Washington, D.C.'s Congress Heights neighborhood. The deal highlights the growing momentum of long-term sustainability financing in the medical real estate sector.
Morgan Stanley has divested a 450,330-square-foot industrial asset in Central New Jersey, with the fully leased facility purchased by Property Reserve Inc. CBRE facilitated the transaction for the modern cross-dock building, which remains occupied by Iron Mountain Information Management.
Marcus & Millichap has successfully closed the $9.7 million sale-leaseback of two Super Star Car Wash locations in Tucson and Glendale, Arizona. The transactions highlight a continued appetite for single-tenant net-leased automotive properties in the Sun Belt region.
Santa Monica-based Wave Sports & Entertainment has committed to 8,320 square feet at 145 West 30th Street, signaling continued demand from digital media tenants in Manhattan's Midtown South corridor. The long-term deal carries an asking rent of $48 per square foot.
Manhattan's office sector posted its strongest month in recent memory this May, with tenants committing to over 4.24 million square feet of workspace. The leasing velocity represents a 17.3% jump from April and dwarfs the borough's 10-year historical baseline by more than 50%.
Soloviev Group's 9 West 57th Street has redefined Manhattan's pricing landscape by achieving $340 per square foot, a figure that now stands as the city's all-time record. The milestone reflects a deepening polarization in the commercial real estate market, where premium assets continue to command unprecedented premiums.