GPARENCY News: Your hub for commercial real estate updates. Stay informed with curated headlines, and summaries crafted by ChatGPT. Stay ahead of the industry.
Judge Pauses Trump’s Federal Workforce Resignation Deadline
about 4 hours ago
A federal judge has paused the Trump administration's buyout program for federal workers, allowing more time for employees to accept the offer before potential layoffs.
Gladstone poised to buy Mission Bay life sciences offices
about 4 hours ago
Gladstone Institutes is expanding in San Francisco's Mission Bay, purchasing life sciences offices while fundraising for research labs and planning to add 300 new scientists.
Berkeley loses track of city office building owned for decades
about 4 hours ago
A city-owned office building in Berkeley was lost for decades due to unimplemented policy recommendations, leading to potential financial losses and the need for a centralized inventory of city-owned and leased buildings.
One Santana West 70% full after signing 3 new office tenants
about 4 hours ago
Federal Realty Investment Trust's One Santana West office building in San Jose is now 70% leased with three new tenants and a full-service cafe opening on the ground floor.
Beacon Capital, MetLife land Loop tenant after Salesforce exit
about 4 hours ago
Start Early, a Chicago-based nonprofit focused on childhood education, moves its headquarters to a high-quality Loop office space at 1 North Dearborn Street amidst a trend of tenants seeking to entice employees back to the workplace.
The demand for high-quality office space in Atlanta is leaving older buildings struggling financially while newer buildings thrive, with occupancy rates as high as 92%.
Kentucky builder cements Texas Triangle presence in acquisition
about 5 hours ago
Drees Homes expands into San Antonio by acquiring Monticello Homes, marking their presence in all major Texas cities and capitalizing on the state's booming housing market.
Silver Creek lists massive Michelin Tire facility after market’s peak
about 5 hours ago
Silver Creek Development is selling the 2 million-square-foot Michelin Tire Super Regional Distribution Center in Wilmington, Illinois, amidst a strong industrial sector in Chicago.
Fred Ohebshalom dodges foreclosure, lands refi for Fifth Avenue Hotel
about 5 hours ago
A new loan from KSL Capital Partners and Columbia Pacific has saved Fred Ohebshalom's Fifth Avenue Hotel from foreclosure by Madison Realty Capital, replacing an $82 million loan held by Madison, Newbond, and Maguire.
Dallas-Fort Worth is the second-largest market for built-to-rent housing in the U.S., with almost 8,500 units in the pipeline, driven by job growth and fewer regulations in Texas.
David Werner to Buy 300 East 42nd Street From Fortress for $52M
about 6 hours ago
David Werner Real Estate Investments is purchasing a Midtown East office building at a steep discount from Fortress Investment Group, with unclear plans for the property.
La Clara condo owners in West Palm, allegedly “stripped” of promised luxury experience, sue development team
about 6 hours ago
La Clara's condo association in West Palm Beach is suing the developer and construction team for alleged defective construction and misrepresentations, claiming the finished product did not match the promised high-end finishes and amenities.
Penthouse 80 at 520 Fifth Avenue in Midtown Manhattan, a nearly 2,600 square foot unit with 360-degree views, is in contract to be sold for $11.5 million.
Single-family zoning is so passé, lawmakers want to eliminate it
about 7 hours ago
Illinois lawmakers introduce legislation to allow multi-flat buildings on single-family lots across the state, potentially eliminating single-family zoning.
Chetrit’s historic Brooklyn hotel may be headed to auction block
about 7 hours ago
The Chetrit Group faces ongoing financial challenges with the troubled Hotel Bossert in Brooklyn Heights, as a new auction is scheduled amidst mounting debt and failed deals.
Cobalt Service Partners Signs 5K-SF Deal at 40 West 17th Street
about 7 hours ago
Private equity firm Cobalt Service Partners is relocating offices to Midtown South, signing a lease for a 5,000-square-foot space at 53 West 21st Street.
Abandoned hospital in receivership for vandalism amid redev plans
about 7 hours ago
The abandoned Tri-City Hospital in Southeast Dallas will be demolished after being placed in receivership due to public safety violations, with property owner Rod Burchfield planning a mixed-use project on the site.
AvalonBay Ends 2024 With Strong Development Pipeline, Growth Prospects
about 7 hours ago
AvalonBay Communities ended 2024 with a strong development pipeline and increased funds from operations, setting the stage for further growth in 2025 and beyond.
Developer sells Edgewater site once slated for housing for $5M
about 7 hours ago
Quest Realty Group sold a rare empty lot in Chicago's North Side for $5 million to an unidentified buyer, who may need to re-submit development applications to the city if they don't break ground within six years of the original approval date.
David Zaslav makes another bid to sell Greenwich Village townhouse
about 8 hours ago
Warner Bros. Discovery CEO David Zaslav is attempting to sell his renovated Greenwich Village townhouse for $21.9 million after buying it for $11.8 million in 2016.
St. Regis condo sales revving with city’s priciest resi deal
about 8 hours ago
A mystery buyer bought two condos on the 52nd floor of the St. Regis Chicago tower for $9 million, marking the city's priciest residential sale this year.
David Werner snaps up another big bargain with $52M Midtown deal
about 8 hours ago
David Werner has been buying up Manhattan office buildings at deep discounts, including the 235,000-square-foot building at 300 East 42nd Street for $52 million.
Dealership expanding? Craig Zinn Automotive pays $15M for Hollywood church site near its Toyota sales centers
about 9 hours ago
Craig Zinn Automotive Group purchased a Hollywood church building near its existing Toyota dealerships for $14.5 million, with plans for future development on the site.
Compass launched Compass One, a consumer platform allowing access to exclusive inventory and pre-marketing tools in a bid to control listings and commissions, pending potential changes to the National Association of Realtors' Clear Cooperation Policy.
CBRE Provides Senior Loan in $67M Refi for Atlanta-area Multifamily Community
about 10 hours ago
ARC Multifamily Group secures $67 million to refinance The Blakely, a 420-unit multifamily community in Pendergrass, GA with the help of CBRE's multifamily lending arm and Pensam Capital.
Orange Township approves $350M redevelopment of former hospital
about 10 hours ago
The Orange Township Planning Board approved a $350 million redevelopment of the Orange Memorial Hospital, including apartments, retail space, and public amenities.
Slatkin brothers dangle $700M recap of 2 Santa Monica hotels
about 11 hours ago
Edward and Thomas Slatkin are exploring a $700 million recapitalization of their two Santa Monica beachfront hotels to build 350 branded residences next door.
Loan for Morgan Stanley, Crown Acquisitions retail shipped to special servicing
about 11 hours ago
Morgan Stanley and Crown Acquisitions face potential financial troubles on Lower Manhattan retail property due to imminent default on $64 million loan, exacerbated by lease uncertainty with Gap.
CRE Principals and Investors On How to Actually Use AI in the Everyday
about 12 hours ago
Commercial real estate leaders are fully embracing artificial intelligence in the everyday operation of their assets and incorporating it into their decision-making to inform investment strategies.
Developer files for bankruptcy over North Miami Beach apartment tower dev site, amid dispute with lender
about 13 hours ago
Celal Ozkan's Sky Gardens Residences filed for Chapter 11 bankruptcy amid a dispute with lender Safe Harbor Equity over a 341-unit apartment tower development site in North Miami Beach.
Former NFL player and Texas politician Scott Turner confirmed as HUD Secretary amidst high home prices and mortgage rates, facing a housing affordability crisis.
Judge denies Nir Meir’s pleas for drastic bail reduction
about 13 hours ago
Nir Meir denied significant bail reduction, remains in Rikers Island jail unless he can pay $5 million cash or $7.5 million bond, faces allegations of $86 million fraud scheme.
Gilbane Development Companies Hires James Patchett as President & CEO
about 15 hours ago
Gilbane Development Company, one of America's oldest construction firms, has hired James Patchett as its new president and CEO to lead its development division into the future.
News Corp's Realtor.com is relocating its headquarters from Santa Clara, California to Austin, Texas, citing affordability, business-friendly environment, and tech hub status.
Greystar Sells Downtown San Diego Residential Plaza for $309M
1 day ago
MG Properties purchased the 718-unit San Diego residential plaza, Park 12 - The Collection, for $309 million, making it one of the largest apartment deals in the city's history.
Walnut Creek tops Atherton for all-cash home deals
1 day ago
Walnut Creek residents are buying homes in cash more frequently than those in Atherton, the city with the most expensive ZIP code in the US, due to high interest rates and difficulty obtaining home insurance.
M, Carlton shell out $93M for Denver office retail project
1 day ago
M Development and Carlton Associates purchased a stake in the 9+CO project in Denver, replacing CIM Group as the majority equity partner and continuing the redevelopment of a former medical school into a retail office village.
Red Oak request for injunction against Vanguard denied
1 day ago
A judge denied Red Oak Realty's request for a preliminary injunction against Vanguard Properties in a battle over agent poaching claims, citing lack of evidence and likelihood of success.
Basses keep Sundance Square leasing activity under wraps
1 day ago
Despite high vacancy rates and lack of transparency from billionaire owners Ed and Sasha Bass, signs of change are appearing in Fort Worth's Sundance Square as nearby areas thrive.
DSF Group acquires Town Square at Mark Center in Northern Virginia for $237 million, marking one of the region's largest commercial real estate deals in 2024.
C&W names first executive director for northwest region
1 day ago
Cushman & Wakefield has hired former Shorenstein executive Tom McDonnell to lead its northwest region, overseeing growth initiatives and business development.
NYC to Open Bids for 672K-SF Long Island City Warehouse Once Set to House Amazon HQ2
1 day ago
Mayor Eric Adams’s administration plans to open bids for a warehouse in Long Island City, Queens, that was once planned to be Amazon’s NYC headquarters, seeking commercial, industrial, and community-serving tenants.
Josh Kraft, son of Patriots owner Robert Kraft, launches Boston mayoral bid
1 day ago
Josh Kraft, son of New England Patriots owner Robert Kraft, is running for mayor of Boston on a platform of rent control and affordable housing, criticizing incumbent Michelle Wu for not delivering on rent control despite her efforts.
NYC’s Real Estate Market Is Going From ‘Defense to Offense’ in 2025
1 day ago
Despite challenges, New York City's real estate market saw a 26% increase in investment sales in 2024, driven by stronger fundamentals and new housing policies.
SLTX Capital targets historic building in hotel conversion trend
1 day ago
SLTX Capital will convert the historic Scanlan Building in downtown Houston into a 140-room Hilton Canopy hotel while preserving historic elements and updating internal systems.