Articles of the week ending June 6th
Tishman Speyer Buys 148 Lafayette for $106M – Commercial Observer
By Andrew Coen, Commercial Observer
Tishman Speyer acquired 148 Lafayette Street in SoHo for $105.5 million—its first Manhattan office purchase since 2019—financed with a $68.3 million loan from Blackstone.
Tech Companies Are Back In The Manhattan Office Market
By Elizabeth Cryan, The Real Deal
Tech companies are driving a major resurgence in Manhattan office leasing, fueled by renewed venture capital funding, hybrid work adoption, and increased demand for high-quality space, marking the sector’s strongest start since 2000.
Queen One signs long-term lease for new headquarters in Williamsburg, Brooklyn _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
Queen One, a local tech firm founded by Maricor Resente and Ryan Urban, is establishing its new Williamsburg headquarters with a $10 million investment and support from $6 million in state tax credits, aiming to create 600 tech jobs and solidify New York’s role as a hub for next-generation technology.
Next-Generation Leaders May Accelerate Real Estate Investment in Alternative Properties – Commercial Observer
By Deloitte, Commercial Observer
Driven by evolving market forces and incoming next-generation leadership, alternative property sectors like data centers, life sciences, and senior housing are expected to grow significantly—potentially comprising nearly 70% of U.S. commercial real estate portfolios by 2034.
News _ New York’s Port Authority Bus Terminal begins $10 billion makeover
By Andria Cheng, CoStar News
New York’s Port Authority Bus Terminal has begun a $10 billion overhaul to create a modern, expanded facility with improved commuter amenities, green space, and retail, aiming to support long-term transit growth and revitalize Midtown Manhattan by 2032.
News _ More US office space to be removed this year than added for first time since at least 2000
By Candace Carlisle, CoStar News
For the first time since at least 2000, more U.S. office space will be removed than added in 2024, as conversions and demolitions outpace new construction, driven by high vacancies, shifting tenant demand, and a growing trend of transforming outdated offices into residential and mixed-use developments.
News _ Manhattan’s tech office leasing signals best annual start since 2000
By Andria Cheng, CoStar News
Manhattan’s tech office leasing hit its strongest start to a year since 2000, driven by AI growth, stricter return-to-office policies, and renewed expansion by major tech firms like Amazon, with tech accounting for a rising share of major U.S. office leases nationwide.
New Tech Venture Queen One Signs 30K-SF Lease at 25 Kent Avenue – Commercial Observer
By Mark Hallum, Commercial Observer
New tech startup Queen One has signed a 10-year lease for nearly 30,000 square feet at 25 Kent Avenue in Brooklyn, planning to invest $10 million and employ 600 people over five years, with support from $6 million in state tax credits.
Manhattan Office Leasing Dipped Slightly in May, But Still Beating 2024 – Commercial Observer
By Amanda Schiavo, Commercial Observer
Manhattan office leasing in May saw a slight monthly decline but remains strong year-over-year and on pace for its best annual performance since 2001.Manhattan office leasing in May saw a slight monthly decline but remains strong year-over-year and on pace for its best annual performance since 2001.
KKR Private Real Estate Loan Pipeline Hits All-Time High
By TRD Staff, The Real Deal
KKR’s private real estate loan pipeline reached a record $42 billion, capitalizing on traditional lenders’ risk aversion and market dislocation to expand its financing opportunities.
Consulting Firm JB&B Inks 68K-SF Deal at 55 Water Street – Commercial Observer
By Isabelle Durso, Commercial Observer
Consulting firm JB&B signed a new lease for nearly 68,000 square feet at 55 Water Street in Lower Manhattan, amid a strong May for Manhattan office leasing overall.
Brookfield Closing In on Equity Investment in 63 Madison Avenue – Commercial Observer
By Amanda Schiavo, Commercial Observer
Brookfield is investing $400 million in preferred equity to recapitalize the 15-story office building at 63 Madison Avenue, without acquiring a limited partner stake.
Samsung Doubles Penn 1 Offices to 71K SF – Commercial Observer
By Lois Weiss, Commercial Observer
Samsung has doubled its office space at Vornado’s Penn 1 tower to 71,000 square feet under a new 10-year lease, expanding to an additional floor and aligning both leases.