Articles of the week ending November 29th
News _ Why a tech firm that can help companies work remotely is leasing more offices
By Katie Burke, CoStar News
Monday.com is significantly expanding its office spaces worldwide to create attractive environments that encourage in-person collaboration and accommodate its rapidly growing workforce, despite being a company that facilitates remote work for other organizations.
Class B buildings lure firms with cheaper rent, transit access
By C.J. Hughes, Crain’s New York Business
A growing number of companies are shifting from Brooklyn to Class B office spaces in Manhattan, drawn by reduced rents and improved recruitment potential, signaling a resurgence for these previously overlooked properties.
AmTrust Snags Midtown East Office Tower for $66M – Connect CRE
By Paul Bubny, Connect CRE
AmTrust RE has acquired a 268,000-square-foot office building at 360 Lexington Ave. for $65.5 million, with plans for extensive renovations and enhancements to tenant amenities to capitalize on the increasing demand for office space.
Steiner NYC lands $148.5M Deutsche Bank loan for Admirals Row _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
Steiner NYC secured a $148.5 million refinancing loan from Deutsche Bank for the mixed-use Admirals Row development in Brooklyn Navy Yard, which features a Wegmans supermarket and various industrial and retail spaces.
SL Green Gobbles Up 500 Park Office Condo for $130M
By Holden Walter-Warner, The Real Deal
SL Green has acquired the office portion of 500 Park Avenue from Morgan Stanley for $130 million, highlighting its strategy to capitalize on the property’s premium location and potential for rent growth.
RXR Scores 430K SF Lease from Ropes & Gray
By TRD Staff, The Real Deal
Ropes & Gray has signed a significant 430,000-square-foot lease at RXR’s 1285 Sixth Avenue, marking a substantial expansion from its current location, and highlighting a positive trend for office landlords in New York City.
City Council Secures $5B for City for All
By Kathryn Brenzel, The Real Deal
The City of Yes $5B pledge includes funding for 200 housing staffers and potential rezonings in four neighborhoods to support housing development initiatives, though the expected housing units have been reduced from 109,000 to 80,000 over the next 15 years.