Prepared by Richard Plehn
Welcome to the May 13th edition of our Weekly Commercial Real Estate News!
As we kick off another week of exploration in the dynamic world of commercial real estate, we’re excited to bring you the latest updates on market trends, breaking news on deals, and highlighted developments shaping the industry.
We’ll dive deep into the evolving landscape of commercial real estate, uncovering the trends reshaping various sectors and also shine a spotlight on groundbreaking deals and innovative transactions that are making waves in the market.
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New York Business Journal
Skip Protocol takes office space in Lower Manhattan – New York Business Journal (bizjournals.com)
Why Lower Manhattan’s office market saw positive absorption in Q1 – New York Business Journal (bizjournals.com)
SolMicroGrid, Watson Farley & Williams sign leases at Tower 45 – New York Business Journal (bizjournals.com)
Venerable signs lease at One World Trade Center – New York Business Journal (bizjournals.com)
Bloomberg extends lease for New York City headquarters – New York Business Journal (bizjournals.com)
Bisnow
Park Avenue South Tech Campus Spirals Toward Default After Meta’s Early Exit (bisnow.com)
Debt On Blackstone’s Forsaken Broadway Office Tower Sells For $200M (bisnow.com)
This Week’s N.Y. Deal Sheet (April 4, 2024) (bisnow.com)
WeWork To Close Manhattan Headquarters, One Of Its Largest Coworking Locations (bisnow.com)
American Eagle Relocating NYC Offices To 338K SF In Midtown South (bisnow.com)
The Financial District Is Once Again On A Quest For A New Identity (bisnow.com)
Bloomberg Extends 1M SF Headquarters Lease Until 2040 (bisnow.com)
This Week’s N.Y. Deal Sheet (May 5, 2024) (bisnow.com)
Vornado Eyes Selling Fifth Avenue Retail As Office Occupancy Drops (bisnow.com)
Fitch Flags Transparency Concern Over Workout Of $350M NYC Office Loan (bisnow.com)
Commercial Observer
Flushing Bank Keeping Office and Retail Presence at 99 Park – Commercial Observer
Leather Goods Maker Mundi Westport Moving Showroom to 11K SF at 366 Fifth Avenue – Commercial Observer
Travel Agency SmartFlyer Takes 8K SF at 530 West 25th Street – Commercial Observer
Sullivan & Worcester Relocating to 42K SF at 1251 Avenue of the Americas – Commercial Observer
Skanska USA Opening 15K-SF Brooklyn Office for Offshore Wind Project – Commercial Observer
Insurance Firm Venerable Leases 11K SF at 1 World Trade Center – Commercial Observer
Watson Farley & Williams Moving NYC Law Office to 13K SF at Tower 45 – Commercial Observer
Media Startup Puck Moving Newsroom to 10K SF at Trinity Commons – Commercial Observer
Lease Deals of the Week: Bloomberg Keeps Its Nearly 1M SF on Lexington Avenue – Commercial Observer
Crain’s New York
NYC Deals of the Day: May 9, 2024 | Crain’s New York Business (crainsnewyork.com)
Mortgage on SL Green’s 245 Park Ave. deemed a ‘loan of concern’ | Crain’s New York Business (crainsnewyork.com)
NYC Deals of the Day: May 10, 2024 | Crain’s New York Business (crainsnewyork.com)
The Real Deal
Oceanwide Puts Graffiti-Covered Towers Up for Sale in DTLA (therealdeal.com)
Conde Nast Not Done Subleasing 1 WTC Space (therealdeal.com)
New York YIMBY
Fisher Brothers Announces Leasing Activity At 299 Park Avenue (newyorkyimby.com)
Vuori To Open Third New York City Location At 120 Fifth Avenue (newyorkyimby.com)
JKS To Open New Location At 1245 Broadway In NoMad, Manhattan (newyorkyimby.com)
WatchHouse Opens First US Location At 660 Fifth Avenue (newyorkyimby.com)
280 East Houston Street Tops Out In Manhattan’s East Village – New York YIMBY
New York Post
This new NYC office tower aims to lure locals back to work (nypost.com)
WeWork is shutting down its NYC headquarters (nypost.com)
Wall Street Journal
Blackstone’s Beleaguered Real-Estate Fund Stems Exodus – WSJ
Office-Loan Defaults Near Historic Levels With Billions on the Line – WSJ
Trump’s Prized Wall Street Building Could Fall Victim to the Office-Market Meltdown – WSJ
