Rockrose Takes Over NoMad Office Building in $145M Deal
Rockrose Development is doubling down on the city’s office market with the takeover of a NoMad building that it plans to combine with a neighboring property. Rockrose’s Ted Traum said the acquisition signals the company’s “tremendous confidence” in the health of the city and the future of the office market, even as vacancy rates remain high and companies delay bringing their employees back to the office.
Flight to Quality Drove Gains in Manhattan Office Market
The Manhattan office market’s gains in the wake of the pandemic appear to be centered on a continued flight to quality.
CBRE Investment Management recently agreed to buy a portfolio of logistics properties from Ross Perot Jr.’s Hillwood Investment Properties, according to the Wall Street Journal. The properties involved in the deal are valued at $4.9 billion.
Morgan Stanley Inks Massive Lease at Fisher Brothers’ Park Avenue Plaza
Morgan Stanley is keeping its faith in New York City’s office culture in the new year, agreeing to one of the city’s biggest leases since the onset of the pandemic.
REITs Romped in 2021 as Property Values Soared
Investors who bet on real estate investment trusts at the beginning of 2021 are reaching for top-shelf champagne these days as they prepare to celebrate the new year.
Blackstone Nears Deal Valuing Manhattan Office Tower at $2.85 Billion
Blackstone Inc. is in advanced talks to acquire a 49% stake in a new Manhattan office tower in a deal that values the skyscraper at $2.85 billion, providing a shot of confidence for New York during tough times.
Will Outdoor Terraces and Chefs Lure You Back to the Office? These Buildings Hope So.
Expensive air filtration systems to prevent the spread of Covid-19. Rooftop gardens irrigated by rainwater. A lunchtime menu from Michelin star chef Daniel Boulud.
Developers and the tenants that occupy big blocks of space across the U.S. are making expensive gambles on real estate perks designed for the uncertainties of the pandemic era, hoping the additions will be enough to lure reluctant employees back to the office and retain top talent in high demand. The changes offer hope to owners of trophy properties from New York to Seattle who feared disaster for their investments not that long ago.
KKR, Wells Fargo Look to Expand at Manhattan’s Hudson Yards
Private-equity firm KKR & Co. and financial services company Wells Fargo & Co. are looking to add more square footage at Hudson Yards, the latest sign that high-end office space is still in demand as companies try to lure back remote workers and retain talent. Although office demand in New York has been sluggish, big employers are competing to lock up the most-prestigious space.
CBS Studio Selling for $1.8 Billion as Demand Soars for Show-Business Real Estate
A venture of two real-estate firms has agreed to pay more than $1.8 billion for the historic CBS Studio Center in Los Angeles, the latest deal in the red-hot studio sector. The higher-than-expected price tag shows how demand for limited studio space is rising. New demand is being fueled in large part by Amazon.com Inc., Netflix Inc. and Apple Inc. competing to create new streaming content. Real-estate investors are getting in on the action by buying the sound stages, office space, and other real estate tied to show business.