Pass the Joint: JV Equity Partnerships Are All the Rage [Updated]
In 2019, two major investment firms split a Coke in Midtown. Specifically, the Coca-Cola Building at 711 Fifth Avenue. It was bought by Nightingale Properties, a New York owner, and Wafra Capital...
View ArticleSavanna Closes on 1375 Broadway Buy with $389M Financing Package
Savanna closed on its purchase of 1375 Broadway last week and landed a $388.5 million financing package in the process, multiple sources told Commercial Observer. The deal — one of the very few large...
View ArticleCreative Office and Warehouse Campus Trades for $38M in LA
A joint venture involving Captiva Partners, Avalon Investment Company and Westbrook Partners has acquired a 189,000-square-foot creative office and industrial campus in Los Angeles for about $38...
View ArticleExtell CEO Sush Torgalkar Steps Down
Sush Torgalkar, who took over as CEO of Extell Development from founder Gary Barnett last year, stepped down from his post this week, the developer confirmed. Torgalkar wrote in an email sent to Extell...
View ArticleTwo DC-Area Office Buildings Trade for $107M
WashREIT has sold 1227 25th Street NW, a 136,540-square-foot office building in Washington, D.C., for $53.5 million to an undisclosed buyer. The REIT also sold Monument II, a Class A office building...
View ArticleDC’s Fairfax at Embassy Row Hotel to Be Converted to Senior Living
A joint venture between Maplewood Senior Living and Omega Healthcare Investors, has acquired the Fairfax at Embassy Row, a hotel in Washington, D.C.’s DuPont Circle neighborhood, with plans to convert...
View ArticleRubenstein Partners Taps Michael Happel, Joseph Zuber to Lead NYC Office
Rubenstein Partners — the developer best-known for office projects in North Brooklyn — has hired New York City REIT founder Michael Happel and Black Walnut Capital’s Joseph Zuber to lead the company’s...
View ArticleUSC Hyatt House Hotel Lands $61.5M Refi
Westbrook Partners has provided $61.5 million to refinance the leasehold interest for the Hyatt House Hotel at the University of Southern California Health Sciences Campus. The Mayer Corporation...
View ArticleAmazon Distribution Site in SoCal Trades for $128M
An Amazon warehouse in Greater Los Angeles has traded for $128 million in a deal that illustrates the current state of commercial real estate in Southern California. The former office property last...
View ArticleCIM Lends $148M on Tysons Corner Office Campus
Westbrook Partners and American Real Estate Partners (AREP) have landed a $148 million refinance from CIM Group for Highline at Greensboro District, a 460,851-square-foot, Class A office campus in...
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Swift Real Estate Pays $93M for Reframe Studios in LA
More film and streaming space is coming to Los Angeles after Swift Real Estate Partners acquired a sound stage and creative office conversion project in the Atwater Village neighborhood, just outside...
View ArticleBurberry Downsizing NYC Offices to 43K SF at 11 West 42nd Street
Burberry stitched together a deal to relocate its New York City offices from Madison Avenue to 43,000 square feet at 11 West 42nd Street near Bryant Park — downsizing its footprint by about 25,000...
View ArticleBlackstone Lends $322M on 570 Washington Resi Towers
The joint venture behind a more than $1 billion luxury condo slated for an empty West Village lot nabbed a $322 million debt package and raised more than $400 million of equity for the long-awaited...
View ArticleLender Files to Foreclose on Shuttered Wagner Hotel
Troubles are mounting for the owners of The Wagner, a shuttered hotel in Battery Park City. The property’s lender, a limited liability company tied to Silver Creek Development, sued hotel owner Howard...
View ArticleDeutsche Pfandbriefbank Leads $95M Refi of DC Property on GW Campus
A joint venture between Westbrook Partners and MRP Realty has landed a $95 million debt package to refinance a mixed-use office asset in Washington, D.C., Commercial Observer has learned. Deutsche...
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