News/Events
J.E. Richards, Maker of Data Center Components, Signs Massive Northern Virginia Lease
A commercial electrical contractor and manufacturer based in the greater Washington, D.C., area has signed a massive industrial lease. J.E. Richards, which makes data center components, took all 935,000 square feet at Flint Development’s 211 Centreport Parkway in Stafford, Va., representing the largest industrial lease ever transacted between the Metro D.C. and D.C.-Richmond corridors, according to…
Cohen Brothers Closes Nearly 96K SF in Leases at West Hollywood’s Pacific Design Center
Cohen Brothers Realty Corporation of California has signed seven leases totaling nearly 96,000 square feet at the Pacific Design Center’s Red Building in West Hollywood, Calif., Commercial Observer can first report. The deals add or retain beauty, fashion and technology tenants at the 400,000-square-foot creative office building that is part of the larger 1.6 million-square-foot…
Short-Term Rental Giant Airbnb Launches $250M Housing Construction Fund
Airbnb is joining the fight to alleviate America’s ongoing housing supply shortage. The online rental housing marketplace announced Monday that it plans to invest $250 million to fill financing gaps in the development of affordable and mixed-income multifamily projects. The firm projects that the $250 million will turn into $5 billion in development capital as…
KKR Pays $608M for 51% Stake in Realty Income European Net-Lease Portfolio
Private equity giant KKR is taking a substantial stake in a European net-lease portfolio run by a prominent U.S. real estate investment trust (REIT). KKR announced Monday it has formed a joint venture with Realty Income — a publicly traded REIT specializing in net-lease properties — in which the private equity firm will make a…
Law Firm Proskauer Rose Expands to 478K SF at SJP’s 11 Times Square
Global law firm Proskauer Rose has added roughly 60,000 square feet to its more than 14-story footprint at 11 Times Square. The longtime anchor tenant’s expansion spans floors 31 and 32 of SJP Properties’ 1.1 million square-foot office tower, located at the corner of Eighth Avenue and West 42nd Street one block west of Times…
Rockefeller Group Files Plans to Build 340 Apartments at 200 West 97th Street
New York City-based developer, owner and operator Rockefeller Group has submitted big housing plans for the Upper West Side development site it bought in January. Rockefeller, along with Atlas Capital Group, has filed plans to build a 340-unit, 392,319-square-foot residential building at 200 West 97th Street, according to a recent filing with the New York…
PGIM Refis Manhattan Office-to-Storage Conversion With $57M Loan
A joint venture between Mequity Companies and Flatiron Equities Real Estate has sealed a $57 million loan to refinance an office-to-storage conversion project in Midtown Manhattan, Commercial Observer has learned. PGIM supplied the loan for the sponsorship’s transformation of 152 West 36th Street from a 51,853 square-foot Class C office building into a roughly 1,500-unit…
PNC Bank Provides $92M Construction Loan for Luxury D.C. Multifamily
Carr Properties has secured $92 million of construction debt to build a 299-unit Class A multifamily complex in Downtown Washington, D.C., Commercial Observer can first report. PNC Bank provided the debt, structured with a five-year term and 20-year tax abatement, with United Bank also participating in the deal. Berkadia’s Brian Gould and Pat Cunningham arranged…
Fifth Third Bank Expands to 32K SF at 50 Rockefeller Plaza
Fifth Third Bank is expanding its office footprint at Rockefeller Center. The financial institution added roughly 11,000 square feet to its headquarters at Tishman Speyer’s 50 Rockefeller Plaza for a total of 32,347 square feet, which will expire with its current lease in February 2034, according to the landlord. Tishman Speyer did not immediately disclose…
