Articles of the week ending January 3rd
Two Park Avenue Office Towers Change Hands in End-of-2024 Deals
By Connect CRE
Munich Re acquired full ownership of 320 Park Ave. for an estimated $500 million to $525 million, while Haddad Brands purchased 2 Park Ave. for $360 million in significant Manhattan office transactions.
RXR, SL Green, Apollo Converting 5 Times Square Into 942 Resi Units
By Suzannah Cavanaugh, The Real Deal
Apollo Global Management, in partnership with RXR and SL Green, plans to convert the 39-story office building at 5 Times Square into a mixed-use development with 942 residential units, amidst a strategic recapitalization of its $1.3 billion debt and a significant investment in renovations.
News _ Warehouse draws highest price for Amazon occupancy in nearly two years
By Mark Heschmeyer, CoStar News
Terreno Realty’s acquisition of a Brooklyn warehouse leased to Amazon for nearly $156.3 million highlights a resurgence in demand for industrial properties with stable tenants, despite a broader market cooldown.
News _ Prologis buys 10-acre Brooklyn waterfront site for $120 million
By Andria Cheng, CoStar News
Prologis has acquired a nearly 10-acre waterfront site in Brooklyn for $120 million, allowing for the potential development of over 865,000 square feet of logistics space, enhancing its New York portfolio.
Midtown Manhattan’s 2024 office leasing volume topped pre-pandemic level
By Andria Cheng, CoStar News
Midtown Manhattan’s office leasing volume in 2024 surpassed pre-pandemic levels, driven by a significant increase in demand for new or renovated properties, though the overall Manhattan market remains below 2019 levels.
Manhattan office leasing sets post-pandemic record
By Victor Rodriguez, CoStar Analytics
Manhattan’s office leasing in 2024 reached a post-pandemic record of 25.8 million square feet, reflecting a 12% increase from 2023, driven primarily by strong demand from the legal and finance sectors, despite overall leasing still being 22% below pre-pandemic levels.
Majestic Rayon, Cudge Realty to Renovate 695 Sixth Avenue
By Lois Weiss, The Real Deal
Majestic Rayon and Cudge Realty are seeking M-CORE tax breaks to fund a $189 million overhaul of the 199,000-square-foot building at 695 Sixth Avenue, which will modernize the property and potentially create 563 jobs.
Invesco Swallows Loss on Meatpacking Office Sale to Savanna
By TRD Staff
Savanna Real Estate Fund acquired Invesco’s 430 West 15th for $85 million, marking a significant loss for Invesco as the sale price was nearly half of what they paid for the property in 2018.
Hahn Kook Center on Park Avenue Plans Upgrade with M-CORE
By Lois Weiss, The Real Deal
The Korean-owned Hahn Kook Center at 460 Park Avenue is undergoing a $200 million makeover to attract high-paying office tenants, with plans to leverage the city’s M-CORE program for financial assistance.
Atlas Capital Group selling 548 W. 22nd Street to Fortinet
By Rich Bockmann, The Real Deal
Fortinet is set to acquire a West Chelsea office building for $50 million, reflecting the high demand for real estate among well-capitalized companies.