#commercial-real-estate

#commercial-real-estate

When large companies require employees to end remote work and return to the office (RTO), the effects typically ripple through local economies and nearby small businesses. There can be more foot traffic and spending at restaurants, cafés, and coffee shops as office workers take lunch breaks or visit shopping districts before or after their shifts. Convenience stores, dry cleaners, food trucks, and gyms can also see an uptick, leading to improved weekday sales and a steadier cash flow.

A Morgan Stanley real estate investment unit, acting through an affiliate, has paid $110.3 million for a two-building tech complex on Osgood Road in Fremont, documents filed on Jan. 6 with the Alameda County Recorder's Office show. San Jose-based Western Digital Technologies, a data storage company, is the tenant in the two-building tech campus, whose addresses are 44100 and 44200 Osgood Road in Fremont, public records and the company's website show.

A Morgan Stanley real estate investment unit, acting through an affiliate, has paid $110.3 million for a two-building tech complex on Osgood Road in Fremont, documents filed on Jan. 6 with the Alameda County Recorder's Office show. San Jose-based Western Digital Technologies, a data storage company, is the tenant in the two-building tech campus, whose addresses are 44100 and 44200 Osgood Road in Fremont, public records and the company's website show.

The new entity that owns San Francisco Centre, the city's biggest mall, has sued to evict three of the last remaining tenants, according to court filings. An unlawful detainer motion filed Friday seeks the eviction of Executive Order bar; KBR Enterprises Inc., which operates the Shoe Wiz repair service; and Fardin Amiri, who appears to own a salon in the mall.

Hybrid work has rewritten the brief for the office. The focus has shifted from real estate leases and floor plans toward lifestyle-oriented service as a measure of value. In this new reality, developers, investors, and hospitality brands are converging around the shared goal of creating workspaces that feel flexible and connected. The result is an office space that behaves like a great hotel, with services and amenities that invite people in and support specific lifestyle choices.

A high-profile real estate firm has bought a Palo Alto office building from another firm in a deal that shows some buildings in prime Bay Area locations can still attract investors.

SUNNYVALE Leases by Databricks and Crowdstrike have filled up two big office buildings in downtown Sunnyvale, helping transform the city's urban core into a lively hotspot for residents, shoppers, and workers. Databricks leased 455,000 square feet spread out over two new office buildings, one at 200 West Washington Ave. and the other at 250 West Washington Ave., according to executives with Hunter Partners, a principal developer of Cityline Sunnyvale, as the downtown mixed-use development is known.

Fresh off a dominant reelection bid, Boston Mayor Michelle Wu is gearing up for a renewed test of her political capital. This week, Wu restarted her public push to shift more of the city's tax burden onto commercial real estate in order to provide savings for residential homeowners. This effort has been stymied by state lawmakers twice already. Now, Wu is hoping that the third time is the charm on Beacon Hill.

PA Media Global banking giant JP Morgan Chase has announced plans to build a new tower in Canary Wharf, claiming it will boost the UK's economy by 10bn. The firm said at three million square feet (280,000 sq m), the building would have double the space of Britain's current tallest building, the Shard. It will hold about 12,000 of its staff and be its most significant presence in Europe, the Middle East and Africa (EMEA).

Sperone Westwater, the Bowery-based gallery that represents canonical figures including Francesco Clemente and Bruce Nauman, will cease operations at the end of this year. The closure, first reported by Artnet News, comes just two months after the gallery marked its 50th anniversary and three months after the gallery's co-founder, Gian Enzo Sperone, sued his fellow co-founder, Angela Westwater, seeking to dissolve the gallery, and alleging her "unlawful handling" of funds.

Ecrypt announced it inked a long-term, off-market lease for 23,000 square feet at Kravetz' 29899 Agoura Road, once home to the Los Angeles Rams. The deal is valued at more than $7 million, according to a release. Earlier, Kravetz-connected entities defaulted on the commercial mortgage-backed securities debt secured by a five-office-property portfolio located throughout the San Fernando Valley and faced calls to cede control to a court-appointed receiver; 29899 Agoura Road is part of that portfolio.

Jordan Trigg, who co-owns several Japantown businesses with his wife, Rina Trigg, has relinquished ownership of multiple parcels on the north side of East Taylor Street between North Fourth Street and North Fifth Street, according to Santa Clara County public records. Joe Jean, chief executive officer of J&J Acoustics, acted through an affiliate to gain control of the parcels at 165, 175, 181, and 193 East Taylor St., documents show.

A five-story office building at 99 Bedford St. in downtown Boston sold at auction Wednesday for $19 million below its assessed value and more than $30 million less than it fetched in 2019 underscoring the continued slump in the city's office market. The winning bidder was Bradley Hall, on behalf of Chevron Partners LLC, a real estate development company in Boston, and Capital Hall Partners, a real estate development and investment firm headquartered in Santa Monica, California, with offices in Boston.

I'm thrilled that Flying Horse Investments is bringing new life to these central storefronts. This deal, along with the dedicated work of our Office of Economic Development and the Downtown Berkeley Business District, will help revitalize our downtown and draw people back to the heart of Berkeley.

McCarthy Development, a Los Gatos-based real estate firm that is floating the proposal, intends to bulldoze five buildings on the site and replace them with three new buildings, according to the proposal. Designed as a high-end industrial campus, the facility can support advanced manufacturing, research and development, technology, some warehouse, and office uses, McCarthy Development stated in project plans. The three new buildings are slated to total 437,600 square feet.

SL Green Realty () has agreed to purchase a Midtown Manhattan office building near Park Avenue from Blackstone () for $730M, as part of its bet that New York City will continue to strengthen as the top-performing office market in the U.S., the Wall Street Journal's Peter Grant reports. SL Green intends to announce the deal on Wednesday when it is anticipated to post its Q3 results as well, the author says, citing people familiar with the matter.

A five-story office building just steps from South Station will be auctioned on Nov. 5. Paul E. Saperstein Co. Auctioneers & Appraisers is listing the 98,000-square-foot property at 99 Bedford St. The building, which dates back to 1899, houses five tenants and features a renovated lobby completed in 2020. Ground-level tenants include Forefront Eye Care and TALK English School, while state filings show that Korb & Associates PLLC also leases office space in the building.

Two years ago, state and local governments pushed to fast-track conversions of near-empty offices into much-needed apartments to alleviate a housing crunch. The promised panacea never eventuated. Momentum to create homes out of empty offices has faded even as office vacancies rise and housing shortages intensify. Developers have not submitted a single application to turn an office into housing in central Melbourne since 2023. Just one successful application has been made in the CBD of Sydney, the country's most unaffordable city.

An office building in Pleasanton was bought in a deal that cut the property's value nearly in half, records show. Real estate firms Cannae Partners and Realm teamed up to pay $8.5 million to buy the building at 4696 and 4698 Willow Rd., documents filed on Sept. 30 with the Alameda County Recorder's Office show. Deerfield Realty was the seller and provided the buying group with $4.25 million in financing at the time of the purchase, county records show.

At first, Greg and Colin Cleghorn's approach involved acquiring distressed properties (usually at auction), renovating them, and leasing to tenants, followed by refinancing for further acquisitions, but once the brothers from Syracuse, NY, saw a need in the commercial space, they decided to pivot. Their success stemmed from a strategic shift to the commercial market driven by the rise in e-commerce.