Prepared by Richard Plehn
Welcome to the June 3rd edition of our Weekly Commercial Real Estate News! As we kick off the beginning of the month, we’re thrilled to bring you the latest market trends, breaking news on significant deals, and highlight noteworthy developments shaping the commercial real estate landscape. In this edition, we’ll explore the emerging trends driving the market, delve into impactful transactions, and spotlight innovative projects that are making waves in the industry.
Whether you’re an investor, a property owner, or simply interested in the commercial real estate sector, our comprehensive updates and insights will keep you informed and ahead of the curve.
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The Real Deal
WeWork Moves HQ To Union Square Offices (therealdeal.com)
Consigli Acquires Lendlease’s NY and NJ Portfolio (therealdeal.com)
Bankruptcy judge approves sale of William Vale Hotel (therealdeal.com)
The Commercial Observer
New York City Faces Class A Office Shortage – Commercial Observer
Tech Firm TMRW Life Sciences Subleases 28K SF at 250 Hudson Street to EvolutionIQ – Commercial Observer
Writers Guild of America East Stays Put at 250 Hudson Street – Commercial Observer
Hines Expanding 345 Hudson Office With 15K SF at Adjacent 555 Greenwich – Commercial Observer
Bisnow
This Week’s N.Y. Deal Sheet (May 5, 2024) (bisnow.com)
Vornado Investors Balk At Steven Roth’s $20M Pay Package (bisnow.com)
Vanbarton Group Defaults On $87.5M Loan At Its Own Headquarters (bisnow.com)
WeWork Moving Headquarters To Union Square During Final Days Of Bankruptcy (bisnow.com)
William Vale Hotel’s $177M Sale Approved By Bankruptcy Judge (bisnow.com)
Crain’s New York
NYC Deals of the Day: May 30, 2024 | Crain’s New York Business (crainsnewyork.com)
452 Fifth office landlord pays off JPMorgan loan with Tel Aviv Stock Exchange funding | Crain’s New York Business (crainsnewyork.com)
Shareholders of Vornado, SL Green, Paramount say CEO pay is too high | Crain’s New York Business (crainsnewyork.com)
Skidmore, Owings & Merrill pitches skyscrapers that store energy | Crain’s New York Business (crainsnewyork.com)
New York Post
Empire State Building thriving despite doom-and-gloom NY Times forecast (nypost.com)
64 NYC office buildings are looking to tranform into housing (nypost.com)
Wall Street Journal
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
Real-Estate Downsizing Finally Comes for Your Pharmacy – WSJ
Chicago to Offer Most Generous Subsidies in U.S. to Save Its Downtown – WSJ
New York YIMBY
New Leases Signed At 1177 Avenue Of The Americas In Manhattan (newyorkyimby.com)
300 East 50th Street Tops Out In Midtown, Manhattan (newyorkyimby.com)
New Lease Signed At 555 Greenwich Street In Hudson Square, Manhattan (newyorkyimby.com)
One Madison Avenue Wraps Up Construction in Flatiron District, Manhattan – New York YIMBY
