Rob Sattler

Articles of the Week – Ending July 19th

Articles of the week ending July 19th

WeWork reworks lease at 575 Lexington Avenue office to provide high-end lounge for the building​

By TRD Staff, The Real Deal
WeWork is reworking its real estate portfolio post-bankruptcy by providing high-end work lounges for tenants in order to enhance the daily experience and drive future demand for office spaces.

Related, Wynn Find Casino Pitch Resistance on The High Line​

By TRD Staff, The Real Deal​

Friends of the High Line are pushing back against Related and Wynn’s development plans for a casino and skyscraper on the High Line, citing concerns about blocked views, gusty winds, and shadows.

Queens is NYC’s top outer-borough office market​

By Bill Egbert, The Real Deal​

Queens has emerged as the king of outer-borough office sales in recent years, with a higher deal volume than Brooklyn thanks to a boom in Hunters Point.

Neiman Marcus Space Converted to Wells Fargo Office​

By Kathryn Brenzel, The Real Deal​

Neiman Marcus’ Hudson Yards space is being converted into offices for Wells Fargo, with a new glass façade designed by architecture firm KPF.

Looking To Make Adaptive Reuse Projects Pencil In Today’s Market_ Start By Uncovering The Unknowns​

By Emily DeNardo, Bisnow​

The trend of adaptive reuse projects is on the rise due to factors such as sustainability, elevated vacancy rates, and cost savings, with a significant increase in office-to-residential conversions and a focus on uncovering unknown challenges prior to construction.

Gary Barnett’s Extell Refinances 570 Fifth Ave​

By TRD Staff, The Real Deal
Extell Development secured $340 million in refinancing for its supertall development at 570 Fifth Avenue, with plans for a 78-story building featuring residential, office, and retail space.

Chetrit Group’s Meyer Chetrit Digs 65 Broadway out of Default​

By Suzannah Cavanaugh, The Real Deal​

Meyer Chetrit and Robert Wolf were able to bring the $151 million CMBS loan on 65 Broadway out of default by negotiating a rescue plan and bringing payments current.

RXR Explores Conversion Of 230 Park Following $670M Default​

By Sasha Jone, Bisnow
RXR Realty is exploring converting a portion of the Helmsley Building on Park Avenue following a default on a $670M loan.

Prologis To Ramp Up Acquisitions, Says Market Has ‘Opened Up‘​

By Emily Wishingrad, Bisnow​

Prologis plans to significantly increase its acquisitions this year due to increased activity in the capital markets and hopes for interest rate cuts, with a focus on midsized acquisitions in the $100M to $200M range.

Placer.ai Office Index_ June 2024 Recap – Placer.ai Blog

By Lila Margalit & Samuel Roche​
In June 2024, office visits nationwide broke a new post-pandemic record, with Miami and New York leading the way in office recovery.

Occupiers, Conversions, Bloomberg Give NYC Office Sales Market A Boost​

By Ciara Long, Bisnow​
The NYC office sales market is seeing increased activity from non-institutional buyers, such as end users, family offices, and high net worth individuals, taking advantage of opportunities presented by low prices and potential for conversion projects.

News _ Problem Office Loans Drag On Results of More Major Banks, Though Signs of Optimism Appear​

By Andy Peters and Mark Heschmeyer​
Large banks such as Bank of America and PNC Financial Services Group are facing challenges with delinquent office mortgages, leading to increased charge-offs, though signs of improvement are starting to emerge.

News _ Manhattan Office Leasing Posts Considerable Uptick at Midyear​

By Victor Rodriguez, CoStar Analytics​
Despite a considerable uptick in leasing activity and larger deal signings in midtown Manhattan, caution should be exercised as half-year new leasing totals are still significantly lower than those between 2017 and 2019.

‘We Won’t Have Enough Office Space’_ No Quality To Fly To As Construction Pipeline Runs Dry​

By Ryan Wangman, Bisnow
The lack of new office construction and potential influx of tenants seeking top-tier Class-A space could lead to a significant imbalance in office supply and demand by 2025.

News _ New York Tenants Make it Clear_ They Want the Best Space​

By Victor Rodriguez, CoStar Analytics​

Manhattan office tenants are increasingly choosing high-quality office space, leading to a decline in availability rates for five-star buildings and a preference for new or recently renovated Class A buildings.

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