News/Events
CIBC Supplies $102M Refi for SkyREM Industrial Portfolio
Real estate investment firm SkyREM has secured $101.8 million to refinance a 1.9 million-square-foot industrial portfolio across the East Coast, Commercial Observer has learned. CIBC provided the nonrecourse financing, which carries an initial three-year term with two one-year extension options. JLL Capital Markets’ Peter Rotchford, Steven Binswanger and Lucas Borges arranged the transaction on behalf…
As Fed Hikes Rates for First Time Since 2023, Commercial Real Estate Comes to Terms
The Federal Reserve raised interest rates for the first time in more than three years Wednesday, but the hawkish move is not expected to curtail commercial real estate transactions in the latter half of 2026. In a unanimous 12-0 vote, the Federal Open Market Committee (FOMC) hiked its benchmark interest rate a quarter point to…
Law Firm Greenberg Traurig Expands to 133K SF at One Vanderbilt
Law firm Greenberg Traurig has no objections to its Midtown offices at One Vanderbilt — in fact, it’s taking even more space there. The law firm, which provides legal services to businesses, financial institutions and high-profile individuals, has signed a 10.5-year lease for 33,477 additional square feet on the entire 33rd floor of SL Green…
In Pro-Development South Florida, NIMBYism Rises
When Catherine Adler first moved to the West Palm Beach area in 1991, the South Florida city counted only a handful of high-rises, most of which were clustered around downtown. Today, though, she barely recognizes the regional city. Since 2019, at least nine towers have been completed. More than 10 are now under construction, some…
George Soros Puts Argonaut Building on the Market for Roughly $100M
Another Manhattan office building has hit the market. This time it’s the landmarked Argonaut Building, an approximately 140,000-square-foot office and retail building at 224 West 57th Street in Midtown. George Soros’s Soros Fund Management has put the property up for sale and is seeking a price of roughly $100 million, according to a source with…
IMG Worldwide Renews 90K SF at SL Green’s 304 Park Avenue South
Global talent agency IMG Worldwide has renewed a 90,202-square-foot slice of its office lease at 304 Park Avenue South between East 22nd and East 23rd Streets in Midtown South. IMG arrived at SL Green Realty’s 12-story office building in 2008, according to CoStar Group. Its last reported expansion in 2016 saw the company occupy seven…
Nearwater Management Takes 38K SF at SL Green’s 245 Park Avenue
Nearwater Management did not have to look far for a new office. The asset management firm is moving within SL Green Realty’s portfolio from One Vanderbilt to 37,563 square feet on the entire 28th floor at 245 Park Avenue on an eight-year lease, according to the real estate investment trust (REIT). The two buildings are…
Prologis Buys JFK Airport Warehouse From Wildflower for $49M
Prologis is taking control of a last-mile logistics facility near Queens’ John F. Kennedy International Airport. The real estate investment trust (REIT), using the entity Prologis Exchange NY 2000, has purchased the 116,725-square-foot warehouse at 153-44 South Conduit Avenue, also known as the JFK Conduit Logistics Center, from Adam Gordon’s Wildflower for $49 million, according…
JLL’s Matt Landek to Lead New Data Center Operations Firm L5 Mission Critical
L5 Mission Critical, a new data center operations and management firm, has tapped Matt Landek as its first president and CEO. Landek previously spent 14 years at JLL, most recently serving as president of its data centers and critical environments division in Chicago. L5 Mission Critical, launched Wednesday by Detroit-based construction company Walbridge, was formed…
