Articles of the week ending September 18th
Tishman Speyer Selling 148 Lafayette Street To Shorenstein
By Rich Bockmann, The Real Deal
Tishman Speyer is selling 148 Lafayette Street in SoHo to Shorenstein Properties for approximately $135 million, a 30% gain from its $105.5 million purchase 16 months earlier, after expanding General Catalyst and leasing two floors to Graphite.
PGIM Refis Manhattan Office-to-Storage Conversion With $57M Loan
By Andrew Coen, Commercial Observer
PGIM provided a $57 million refinancing loan for Mequity Companies and Flatiron Equities Real Estate’s conversion of 152 West 36th Street from an office building into a roughly 1,500 unit self storage facility, with completion expected in early 2027.
Tishman Speyer files plans for million-square-foot Hudson Yards office tower
By Andria Cheng, CoStar News
Tishman Speyer has filed plans for a 38-story, approximately 1.05 million-square-foot office tower at 545 W. 36th St. in Hudson Yards, just north of its Spiral tower, reflecting continued demand for high-quality office space.
Thinking Machines Lab signs Manhattan lease
By Emily Pross, CoStar Research
Thinking Machines Lab has signed a 21,500-square-foot lease at 79 Fifth Ave., taking the entire fourth floor for its first East Coast office, while maintaining its primary headquarters in San Francisco.
Lender doubles down on New York office conversions after Pfizer setback
By Andria Cheng, CoStar News
Northwind Group provided a $219 million construction loan to convert floors 2 through 11 of 100 Wall St. into 168 rental apartments while the upper floors remain office space, highlighting continued financing for New York office-to-residential conversions.
Billionaire investor Josh Harris’ 26North signs major Manhattan lease
By Andria Cheng, CoStar News
26North, founded by billionaire investor Josh Harris, signed an 84,000-square-foot, 13-year lease for four floors at 40 W. 57th St. as it relocates to the renovated Manhattan office tower.
$420M CMBS Loan Backed by 51 West 52nd Exits Special Servicing, Secures Extension
By Brian Pascus, Commercial Observer
Harbor Group International secured an extension on the $420 million CMBS loan backed by 51 West 52nd Street, allowing the 893,000-square-foot Midtown office tower to exit special servicing after recent leasing activity and significant renovations.