GPARENCY News: Your hub for commercial real estate updates. Stay informed with curated headlines, and summaries crafted by ChatGPT. Stay ahead of the industry.
Praelium Real Estate lands major office tenant in high-vacancy market
about 7 hours ago
R.E. Mason is relocating its headquarters to Three Resource Square in University Research Park from its longtime home in Charlotte’s Lockwood neighborhood, marking a major transition for the company.
Judge approves $18M sale of Location Ventures’ Miami Beach dev site
about 8 hours ago
The $17.5 million sale of a former Location Ventures development site in Miami Beach will pay off a lender with a pending foreclosure complaint, but prospective condo buyers will collectively lose over $10 million in deposits.
Musk, Ramaswamy Push for Federal Workers to Return to Office Full Time
about 9 hours ago
Elon Musk and Vivek Ramaswamy are leading a task force to eliminate remote work for federal workers and require them to return to the office five days a week, sparking potential backlash from labor unions.
Cape Cod-style Palisades manse with $17M ask tops LA contracts
about 9 hours ago
The luxury real estate market in Los Angeles County slowed post-election, with a home in Pacific Palisades topping last week's list of signed contracts with an asking price of nearly $17 million.
Core Scientific to convert Bitcoin mining site to data center
about 9 hours ago
Core Scientific is converting its Bitcoin mining operation into a $4 billion artificial intelligence data center in Denton, doubling its footprint and increasing power capacity.
Giuseppe Iadisernia launches sales of Oasis Hallandale condos
about 10 hours ago
Developer Giuseppe Iadisernia is launching condo sales for the east tower of his planned Oasis Hallandale development, with unit prices ranging from $750,000 to $5 million.
Empty offices in Bay Area add up to $5.4B in lost revenue per year
about 10 hours ago
Office landlords in Los Angeles, San Francisco, and San Jose face potential yearly revenue losses of at least $2 billion due to vacant workplaces, with California cities ranking among the top five U.S. metros with the highest cost of office vacancies.
Bad bookkeeping alleged at Houston Housing Authority
about 10 hours ago
External auditors have found major deficiencies in the Houston Housing Authority’s bookkeeping and oversight of its federal housing voucher program, prompting the resignation of president and CEO David Northern Sr.
Witkoff, Ari Pearl land $273M construction loan for Shell Bay in Hallandale Beach
about 11 hours ago
Witkoff Group and PPG Development secure $273 million loan for luxury condo and hotel project Shell Bay in Hallandale Beach, featuring Auberge-branded residences, a Greg Norman-designed golf course, marina, and high-end amenities.
Chicago Daily News building hits market amid Sam Zell’s liquidation
about 11 hours ago
Former Chicago Daily News Building in downtown Chicago, previously owned by Sam Zell, hits the market amid liquidation of assets, showcasing historic value and development potential.
Foreign founders flock to SF’s AI hub, ignoring Trump’s immigration talk
about 11 hours ago
International entrepreneurs in artificial intelligence are flocking to San Francisco, despite Trump's anti-immigration rhetoric, to take advantage of the thriving startup ecosystem in the city.
Techie Bradley Robertson sells 5-acre Paradise Valley lot for $13M
about 12 hours ago
Tech entrepreneur Bradley Robertson sold 5 acres of land in Paradise Valley for $12.5 million, setting a state record for a single-family lot purchase.
Public corruption charges dropped against ex-Miami commissioner Alex Diaz de la Portilla and lobbyist William Riley
about 12 hours ago
State prosecutors have dropped the public corruption case against ex-Miami commissioner Alex Diaz de la Portilla and lobbyist William “Bill” Riley Jr. due to lack of evidence.
RFR’s 285 Madison Back in Special Servicing After Loan Extension
about 12 hours ago
Despite receiving forbearance from its lenders, RFR Holding was unable to prevent 285 Madison Avenue from defaulting on a $222 million commercial mortgage-backed securities loan, resulting in the building heading back to special servicing.
Japanese bank bucks flight-to-quality with renewal at ’80s office
about 12 hours ago
MUFG Bank is renewing its lease at a 40-year-old building in Las Colinas and investing $500,000 in a refresh project, deviating from the trend of moving to newly built offices with more amenities.
CBRE could shrink office footprint in move to Irvine Cos tower
about 12 hours ago
CBRE will downsize its Chicago office by relocating to an Irvine Company-owned tower in River North, reflecting a shift in office needs driven by hybrid and remote work trends.
Luxury rentals on tap for JCPenney HQ redevelopment
about 14 hours ago
Capital Commercial Investments and Streetlights Residential are redeveloping the JCPenney headquarters into a mixed-use development, The Park at Legacy, which will include luxury apartments starting at $4,000 a month among other amenities.
Shaya Prager responds as more lenders say he deceived them
about 14 hours ago
Lenders are challenging Shaya Prager's claims of transparency in his controversial ground lease structure as his office empire faces mounting legal attacks and loan defaults.
Indian Lakes Hotel redev iffy amid Ruben Espinoza’s personal guarantee
about 14 hours ago
Investor Ruben Espinoza may have to use personal assets to pay off a defaulted loan on a shuttered Bloomingdale hotel, putting redevelopment plans on hold.
Value of Brookfield office towers in DTLA falls by two-thirds
about 15 hours ago
Brookfield-owned office towers in Downtown Los Angeles see value drop significantly, reflecting overall market decline due to pandemic remote work shift.
Atlanta Beltline moves on $270M Bankhead mixed-use project
about 15 hours ago
Atlanta Beltline Inc. is developing a mixed-use community with affordable housing on 31 acres in the Bankhead neighborhood, aiming to address housing affordability and improve connectivity in the area.
Sand Hill Property revises plan for retail village in San Jose
about 15 hours ago
Sand Hill Property has revised plans for a retail village in southwest San Jose, reducing the number of homes and excluding affordable housing in the project.
Gem and Flynn face foreclosure on two buildings in SF’s Union Square
about 15 hours ago
Gem Realty Capital and Flynn Properties have defaulted on two office buildings in San Francisco's Union Square, as the properties' values dropped 76 percent over five years, despite reports of a new political climate in the city.
Transformco signs newcomer Panda Mart to fill OC mall
about 15 hours ago
As malls recover from the pandemic, Eddie Lampert's Transformco Properties has leased part of a former Sears in Orange to South African discount retailer Panda Mart, a new player filling the retail void with a mix of products sourced from China.
Bagel store calls Lloyd Goldman’s eviction case half-baked
about 16 hours ago
Apollo Bagels in the West Village is facing eviction proceedings from its landlord due to complaints about long customer lines blocking neighboring store entrances.
Despite being granted more time to refinance its senior loan, RFR's Grand Central office tower is facing imminent default due to financial difficulties.
American Dream mall in East Rutherford, New Jersey is finally seeing success after years of financial struggles and setbacks, with increasing foot traffic, strong leasing, and improved retail sales.
Beverly Hills Estates founders Rayni and Branden Williams have decided to separate as a couple while remaining dedicated to their successful luxury brokerage.
Hush-hush plans for Spurs arena, entertainment district see daylight
1 day ago
San Antonio's downtown sports and entertainment district, including a potential new stadium for the Spurs, is advancing with a projected cost between $3-4 billion.
$80M film-scoring studio, music school wanted for stockards
1 day ago
Third Coast Music plans to purchase the historic Stock Yards Bank & Trust building in Chicago for $1.9 million, with the goal of creating an $80 million campus for music production to support the city's growing film and television industry.
Merlone Geier buys Ralphs-anchored Stevenson Ranch mall for $58M
1 day ago
Merlone Geier acquires Stevenson Ranch Plaza in Santa Clarita Valley for $57.8 million and is known for redeveloping former Sears stores into multifamily properties in Southern California.
San Francisco’s oldest home sells in speedy deal for $22M
1 day ago
San Francisco's oldest home sells for $22.1 million, becoming the biggest single-family sale ever in Russian Hill and reflecting renewed confidence in the luxury market.
Howard Lorber sells $1.8M of Douglas Elliman stock to new CEO
1 day ago
Douglas Elliman's new chairman and CEO acquired 1.1 million shares of the company, boosting the stock price, following the departure of the former chairman and CEO amid an investigation into the company's work culture.
Adam Neumann Buys Discounted Aventura Office Complex for $116M
1 day ago
Former WeWork CEO Adam Neumann purchases a three-building office complex in Aventura, Florida for $116.2 million through his new venture Flow, representing a 17 percent drop in value from when it was purchased in 2021.
Merrimac Ventures launches sales of Fort Lauderdale condos
1 day ago
Merrimac Ventures is launching sales for the Bungalow East condo project in Fort Lauderdale, offering luxury units starting at $2 million with a variety of exclusive amenities and memberships included.
Trump taps Lutnick, other industry vets for senior posts
1 day ago
Howard Lutnick, CEO of Cantor Fitzgerald, was appointed by President-elect Donald Trump to run the Commerce Department after being sidelined in the competition for treasury secretary.