Prepared by Richard Plehn
Welcome to the July 15 edition of our Weekly Commercial Real Estate Update! This week, we’re thrilled to share the newest market trends, major deal announcements, and highlights of significant developments shaping the commercial real estate landscape. From shifting office space strategies to impactful retail and industrial transactions, our coverage offers the insights you need to stay informed and ahead in this ever-changing market.
Join us as we explore the key factors driving the industry and examine the most notable deals making waves this week.
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The Real Deal
Developer Brandon Miller dies at 43 (therealdeal.com)
Hobby Lobby Eyes Manhattan Debut With 70K SF Tribeca Lease (therealdeal.com)
City Planning Holds Hearing on City of Yes for Housing Opportunity (therealdeal.com)
Tracking NYC office sales since 2021 (therealdeal.com)
WeWork reworks lease at 575 Lexington Avenue office to provide high-end lounge for the building (therealdeal.com)
The Commercial Observer
Willow Tree Credit Partners Signs 11K-SF Deal at 450 Park Avenue – Commercial Observer
Tradeweb Markets Moving to 76K SF at 245 Park Avenue – Commercial Observer
Mixed-Use Conversion Is Not the Answer for Office Owners – Commercial Observer
Art Group Tin Drum Inks 14K-SF Deal at 25 West 39th Street – Commercial Observer
IT Firm Nagarro Subleases 41K SF at 195 Broadway – Commercial Observer
Manhattan Leasing Momentum Creeps Toward Pre-Pandemic Levels in Q2 – Commercial Observer
Marketing Company Cheil Moving to 37K SF at Vornado’s Penn 1 – Commercial Observer
CBRE Keeping Its 180K SF at MetLife Building for Another 13 Years – Commercial Observer
Crain´s New York
NYC Deals of the Day: July 8, 2024 | Crain’s New York Business (crainsnewyork.com)
Decoration & Design Building faces $30M loss as tenants flee | Crain’s New York Business (crainsnewyork.com)
Bisnow
Related Maneuvering To Take Over Pacific Park From Chinese Developer In Default (bisnow.com)
MetLife Seizes Garment District Office Building In $30M Foreclosure Sale (bisnow.com)
New Yok YIMBY
125 West 57th Street’s Curtain Wall Progresses in Midtown, Manhattan – New York YIMBY
Classic Car Club Signs Lease At 645 11th Avenue In Hell’s Kitchen (newyorkyimby.com)
Demolition Is Complete At 201 East 23rd Street in Kips Bay, Manhattan – New York YIMBY
Rolex USA Headquarters Rises Above Street Level at 665 Fifth Avenue in Midtown, Manhattan – New York YIMBY
18 West 55th Street Tops Out in Midtown, Manhattan – New York YIMBY
Permits Filed for 219 East 42nd Street in Midtown East, Manhattan – New York YIMBY
520 Fifth Avenue’s Arched Façade Climbs Higher in Midtown, Manhattan – New York YIMBY
New York Post
Park Avenue office tower lures another tenant amid major upgrades (nypost.com)
Big deal to bring Ikea to empty Midtown lot raises bigger questions (nypost.com)
