Connect with us

Roundup

Real Estate Roundup 2.12.20

One World Trade Center (Credit: Michael Mahesh)

Real Estate Roundup:

Leasing

  • Celonis has signed a 34,328-square-foot lease on the 87th floor of One World Trade Center. Asking rent on the deal was $85 per SF. The tower, owned by the Port Authority and the Durst Organization, is now more than 85 percent leased. Celonis is moving from its current US headquarters at 119 West 40th Street. (NYPost)
  • National Grid signed a 15-year, 87,000-square-foot office lease for the entire 11th and 12th floors of the 400,000-square-foot office condo at Brookfield’s 2 Hanson Place. The office space is located on top of the Atlantic Terminal shopping mall and across the street from Barclays Center. (NYPost)
  • Fertility benefits company Progyny has subleased 25,000 SF at Empire State Realty Trust’s 1359 Broadway. Asking rents at the building range from the mid $60s to the mid $70s per SF. (CO)

Financing 

  • Westhab has secured a $35.3 million financing package from TD Bank for its 63-unit building at 227 Elm Street in Yonkers. The project is intended to create housing for the homeless and those with low incomes. (CO)

Other news 

  • JLL has continued to ride the revenue wave since its mid-year merger with HFF… Revenue shot up 10 percent to $5.4 billion for the fourth quarter, while fee revenue grew by 12 percent to nearly $2.4 billion. (TRD)
  • Former Goldman Sachs executive Dino Fusco is joining Silverstein Properties as its chief operating officer. (TRD)
  • Simon Property Group is buying rival mall owner Taubman Centers in a $3.6 billion transaction that demonstrates how the largest U.S. mall owner is pushing ahead with expansion despite headwinds in the industry. (WSJ)
  • Simon Property Group, Brookfield, and Authentic Brands Group are moving forward with its $81 million bid of Forever 21 after no rival bids emerged… Simon counted 98 Forever 21 stores occupying 1.5 million square feet in its U.S. portfolio at the end of the third quarter. That made it the landlord’s seventh-biggest tenant in terms of one rent metric, the percentage of total base minimum rent, though Forever 21 dropped to 12th in the fourth quarter after the landlord reduced rent. (WSJ)
  • Lexin Capital has put its 12-story Midtown South office building at 229 West 28th Street on the market. (TRD)

Tech

  • The construction industry notoriously suffers from 51 DSO, the longest of any US industry. Payment delays grow as paperwork travels from subcontractors to general contractors to developers to lenders—and these delays ultimately cost the industry $64B in 2019. Construction finance software Rabbet put together an on-demand webinar to show how developers can halt the domino effect at play. 

Continue Reading
To Top