GPARENCY News: Your hub for commercial real estate updates. Stay informed with curated headlines, and summaries crafted by ChatGPT. Stay ahead of the industry.
Virginia County Limits New Data Center Development
about 6 hours ago
Fairfax County, VA, Board of Supervisors passes new zoning ordinance regulating data center development to address noise, proximity to residential areas, and design concerns.
Judge rules Trump Tower a public nuisance because of fish deaths
about 6 hours ago
The Trump International Hotel and Tower in Chicago has been deemed a public nuisance for illegally drawing cooling water from the Chicago River and killing thousands of fish, in violation of environmental laws.
Chicago sues ex-employee alleging $200K rental assistance scam
about 7 hours ago
Chicago Mayor Brandon Johnson is suing former city employee Ilyas Lakada and three others for allegedly scamming the city out of over $200,000 in Covid-19 emergency rental assistance funds through a fake property management company.
Miami-Dade departments getting new offices after $182M acquisition
about 7 hours ago
Miami-Dade County purchased a 1970s office complex for $182 million to house various departments, sparking controversy over the price paid compared to the appraised value.
Lone Star Funds closes $2.7B for “deep value” assets on 3 continents
about 7 hours ago
Lone Star Funds CEO Donald Quintin secures $2.7 billion in capital for new real estate fund focusing on distressed assets across Europe, North America, and Japan.
Kimpton and Extell Plan 529-Key Hotel Next to Rockefeller Center
about 7 hours ago
Kimpton Hotels & Restaurants and Extell Development Company are partnering to open a 529-room luxury hotel next to Rockefeller Center in New York City in late 2025.
Ansin family’s Sunbeam proposes nearly 3,000-unit resi project in Miramar, amid record apartment pipeline
about 8 hours ago
The billionaire Ansin family proposes a massive mixed-use project with over 2,800 residential units in Miramar, adding to the record multifamily construction pipeline in South Florida.
Bethenny Frankel lists Bridgehampton compound for $6M
about 8 hours ago
Former "Real Housewives of New York" star Bethenny Frankel is selling her Bridgehampton home, which includes a main house, guest house, pool, outdoor kitchen, and landscaped gardens, for just under $6 million.
Infinity Collective evicts LuxUrban Hotels from South Beach building
about 8 hours ago
Infinity Collective evicts troubled hospitality firm LuxUrban Hotels from Miami Beach building and plans to announce new hotel tenant, as LuxUrban faces financial troubles and multiple eviction lawsuits.
$300M Loan Tied to Downtown L.A. Office Tower Heads to Special Servicing
about 9 hours ago
The $300 million CMBS loan tied to 1 Cal Plaza tower in Downtown Los Angeles has entered special servicing due to ongoing cash flow and occupancy issues, with Skadden law firm set to vacate, and the property owners, Rising Realty and DigitalBridge, facing challenges to sustain operations.
Court upholds conviction of developer in Huizar bribery scheme
about 9 hours ago
The Chinese billionaire behind Shen Zhen New World I was convicted of public corruption in Los Angeles for bribing former L.A. Councilman José Huizar with cash, trips, and escorts in exchange for support on a proposed hotel project.
Record leases on deck for 77 W Wacker after STRS Ohio repositioned
about 10 hours ago
Two major lease agreements totaling over 500,000 square feet could revitalize Chicago's 77 West Wacker Drive office tower, improving occupancy and boosting the building's prospects for the future.
New York AG halts $3M fair housing testing program
about 10 hours ago
New York Attorney General Letitia James halts $3 million fair housing testing program due to lack of progress and reworks the program for future bidding.
A 19th-century townhouse with a dark past sells for $56 million, making it the second most expensive townhouse sale this year and tied for the seventh priciest sold in New York City's history.
SoCalGas Signs New Lease While Ditching Namesake Tower in Downtown L.A.
about 10 hours ago
SoCalGas is leaving its longtime home in Downtown Los Angeles for a smaller space in a nearby office tower, marking a significant shift in the city's commercial real estate landscape.
Icon, Liz Lambert begin printing new El Cosmico in Marfa
about 10 hours ago
Hotelier Liz Lambert and construction tech company Icon are using 3D printing technology to build an extraterrestrial-looking array of domes, vaults, and arches for the expansion of El Cosmico in Marfa, Texas, set to be completed in 2026.
NYC Hiring Staff to Ramp Up Local Law 97 Enforcement
about 10 hours ago
New York City is increasing the number of workers enforcing Local Law 97, its carbon emissions reduction law, in response to criticism of understaffing and upcoming compliance deadlines for landlords.
Upstate New York film studio shuts down despite state incentives
about 11 hours ago
Despite New York's efforts to attract film production with tax credits, challenges persist outside of New York City as evidenced by the closure of Upriver Studios in Saugerties.
Morgan Stanley eyes $125M for boutique Park Avenue office
about 11 hours ago
Morgan Stanley is selling a Park Avenue office building for $125 million to focus on other real estate investments like warehouses and residential properties.
Howard Hughes’ timber building 80% leased as trophy assets dominate
about 13 hours ago
Howard Hughes Holdings' mass-timber office building in Greater Houston leasing up quickly, with 80% pre-leased and focused on eco-friendly materials and technology.
Charles Laginestra Leaves Fisher Brothers’ In-House Leasing to Return to CBRE
about 13 hours ago
After seven years at Fisher Brothers, Charles Laginestra has returned to CBRE as a senior vice president focusing on office leasing in Midtown and Midtown South, joining his brother and father at the firm.
Ad Agency David Signs 5K-SF Lease at The Refinery at Domino
about 13 hours ago
Three creative firms, including ad agency David, have signed leases at The Refinery at Domino in Brooklyn, with rents ranging from $58 to $80 per square foot.
Pasadena school district dives into redevelopment business
about 14 hours ago
The Pasadena Unified School District plans to convert a shuttered school into 115 affordable apartments for district employees with streamlined approval process under state laws to attract highly qualified teachers and staff.
Paramount Group plans to sell $402M debt on SF’s Market Center
about 14 hours ago
Paramount Group is in talks to sell a $402 million loan backed by a San Francisco office complex after writing down its investment to zero, potentially clearing the way for a new owner to establish new financing for the building.
Mixed messages: South Florida agents adjust to NAR changes
about 15 hours ago
South Florida brokers are facing challenges and confusion in implementing new regulations requiring buyers to sign commission-related paperwork upfront, with the goal of protecting consumers but creating complications for agents.
NY rents drop in August, landlords likely to “feel more pain”
about 16 hours ago
New Yorkers faced high rents last fall, but a decline in median rent prices in Manhattan, Brooklyn, and Queens may signal a turning tide as potential homebuyers consider purchasing due to expected cuts in mortgage rates.
Patrick Cantlay’s next drive? Multifamily real estate
about 17 hours ago
PGA Tour star Patrick Cantlay is partnering with LRE Management to venture into commercial real estate, starting with a multifamily fund in the Sun Belt region.
The Daily Dirt: Six upstate cities opt into good cause
about 17 hours ago
Newburgh City Council revives good cause eviction law following state budget passage, joining other upstate cities with narrow exemptions for landlords.
Inside Strategic Properties of North America’s many multifamily woes
about 17 hours ago
Strategic Properties of North America, a Chicago-area landlord facing legal turmoil over failed condo deconversion deals, is also struggling to profit on multifamily properties with floating-rate debt.
“Sophisticated businesspeople” did $35M deal on handshake. Bad idea
about 18 hours ago
Dr. Lalit Patel told the Superior Court of New Jersey that he did not invest $25 million with New Jersey real estate dealmaker Shaya Prager due to a "message from God," leading to a legal battle concerning a $10 million investment.
Property taxes soaring in majority-Black suburbs as values stagnate
1 day ago
Soaring property taxes in Chicago's southern suburbs are forcing economically vulnerable homeowners to choose between unsustainable debt or risk losing their homes, exacerbating the financial struggles of already distressed communities.
Patrick Murphy Leaving Cushman & Wakefield to Join JLL
1 day ago
Top Cushman & Wakefield office broker Patrick Murphy has left the firm to join JLL after more than seven years, with his new role at JLL currently unknown.
Obamas’ former Hyde Park condo listed for just $550K
1 day ago
Former President Barack Obama and Michelle Obama's Hyde Park condo, purchased for $278,000 in 1993, is back on the market for $550,000, boasting vintage charm and historical significance.
University Health buys $28M office building to save on leasing costs
1 day ago
University Health in San Antonio is expanding to accommodate additional staff, acquiring a new office building to consolidate departments and support future initiatives.
Multifamily Drives CRE Distress Rate to Another Record High
1 day ago
The distress rate for commercial real estate loans continued to rise in August, with multifamily and office sectors experiencing the highest levels of distress.
Houston-based Hanover Company is expanding into the suburbs with plans for a $54 million apartment complex in the Lakemont subdivision of Richmond, featuring a wood framed building and clubhouse.
South Bay golf course conversion faces double-barreled bureaucracy
1 day ago
Veteran developers Tony Arreola and Mark Lazzarini plan to build over 1,700 housing units on the shuttered Pleasant Hills Golf Course in Santa Clara County, facing bureaucratic challenges but aiming for approval by the end of the year.
Shops at Sunset Place redevelopment scores South Miami approval
1 day ago
Alex Vadia’s Midtown Development is set to revamp the struggling Shops at Sunset Place in South Miami with 1,500 residential units and various retail, hotel, office, and entertainment spaces.
Empire Outlets’ Anchor Tenant Nordstrom Rack Leaving Staten Island
1 day ago
Nordstrom Rack at Empire Outlets on Staten Island will close, but the retailer plans to focus on other locations after assessing its store network in New York City.
Luxembourg-based investor planning “something” along Boston Harbor
1 day ago
JAJ Investment Group, the family office of Frenchman Jacques Chahine, has acquired a vacant building at 400 Atlantic Avenue in Boston and hints at redeveloping it into something stunning.
Graham family plans 220-unit multifamily complex in Miami Lakes, amid record South Florida rentals pipeline
1 day ago
Graham Companies proposes a 220-unit multifamily complex in Miami Lakes amid a surge of multifamily project proposals in South Florida, seeking approval from the town council with conditions including donating land for a park or paying a fee.
Walmart’s founding family spends big on Denver mansion
1 day ago
Walmart's founding family, including Rob Walton, sets records for priciest home buys in Denver, planning to spend over $50 million on a new mansion in the Polo Club neighborhood.