Office commercial real estate news and analysis.
Patty & Press is taking over a former Zoup! location at 42983 Woodward Ave., marking the fast-casual brand's second restaurant in the Detroit metro area. Keystone Commercial Real Estate brokered the lease on behalf of the tenant as the hospitality group continues its regional expansion strategy.
Hyde Development and Gremada Industries have locked in a long-term, 150,000-square-foot industrial lease with Horwitz, LLC at their newly developed Dakota Commerce Center in Fargo. The deal, brokered by a CBRE team, marks a major occupancy milestone for the 633,200-square-foot business park.
Newmark has named Kyle Lutnick, son of former Chairman Howard Lutnick, as its new chief strategy officer. The appointment places a key member of the brokerage's founding family in charge of guiding the firm's long-term corporate vision.
Daniel Romualdez Architect P.C. is relocating its operations to the historic Mercantile Building in Midtown Manhattan. The firm inked a deal for a 5,670-square-foot space at 10 East 40th Street, signaling continued demand from boutique design tenants in the Bryant Park submarket.
The nation's largest municipal public employee retirement system has elected to retain its Queens headquarters, signing a short-term extension at a prominent Long Island City office property. The move highlights a continued reliance on the neighborhood's premier office assets by major institutional tenants.
Governor Kathy Hochul has formally presented Albany lawmakers with a legislative framework to impose a pied-à-terre tax on non-primary residences in New York City, initiating the tier at a 4 percent rate for properties valued at $1 million and above. The proposal sets a different baseline than the $5 million threshold previously discussed by the Governor and Mayor Zohran Mamdani.
Chicago-based accounting and consulting firm Prosperity Partners will relocate its New York operations to a full 11th-floor suite at 575 Madison Avenue. The 10-year commitment for 24,426 square feet signals continued demand for quality Midtown office space among professional services firms.
A major 11-story office building in Kansas City's Crown Center submarket has traded hands, with Colliers facilitating the acquisition by multifamily firm Crain Co. The transaction marks a strategic play for the Wichita-based buyer in a historically stable Missouri market.
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.
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.
Canadian menswear company Jack Victor has grown its presence at 8 West 40th Street by over 4,300 square feet, bringing its total leasehold in the Midtown office building to 11,000 square feet. The expansion secures the fashion brand full control of the 17th floor alongside a partial presence on the 18th floor.