Commercial Observer

Howard Hughes Holdings has rejected?Pershing Square Capital Management’s?latest bid?to merge with the commercial real estate giant in a $900 million investment. Pictured: HHH CEO David O'Reilly and Pershing Square Capital Management, L.P. CEO William Ackman Read more: https://lnkd.in/e9mu6cSX

GSH Real Estate?has secured $59 million in financing to recapitalize?The Preserve at Spring Lake, a three-story, 320-unit apartment complex in Altamonte Springs, Fla., a suburb 11 miles north of Orlando. Newmark provided a $42 million fixed-rate loan, while Pensam Capital, a joint venture partner, provided a $17 million equity piece.?Newmark Capital Markets Strategies’?Anthony Orso (pictured),?Henry Stimler?and?Ricky Warner?arranged the financing. Read more: https://lnkd.in/evrpkF6g

Private equity firm The Bascom Group has paid $127 million for the 257-unit?Highridge Apartments?at?28125 Peacock Ridge Drive?in Rancho Palos Verdes. JLL’s?Blake Rogers (pictured)?and Kevin Sheehan?(Kevin S.)?represented the seller,?Essex Property Trust. JLL’s?Annie Rice?and?Jamie Kline?arranged an acquisition loan from?AXA Investment Managers. Read more: https://lnkd.in/eGhvyUR5

Gym chain?TMPL Fitness Clubs?is set to open a luxury gym and health club in Midtown East. Tmpl, known for its high-tech equipment and personalized workout programs, has signed a 20-year lease for 25,896 square feet on the ground floor, second level and mezzanine level of?Sage’s?747 Third Avenue, with an option to extend for an additional 10 years. Pictured: Jonathan Iger, CEO at Sage Realty Read more: https://lnkd.in/eTyCpyx3

Global law firm Davis Polk & Wardwell LLP, which has offices in London, Hong Kong and Tokyo, has leased 61,396 square feet at?RXR?and?Walton Street Capital’s?237 Park Avenue. Pictured: Scott Rechler, CEO at RXR Read more: https://lnkd.in/eit_5kFw

The Rabsky Group LLC?has secured $140 million of construction takeout financing for a nearly completed multifamily high-rise complex in Fort Greene, Brooklyn. Madison Realty Capital?originated the loan on the developer’s planned 463-unit property at?240 Willoughby Street, which is 95 percent complete. Pictured: Madison Realty Capital Managing Principal and Co-founder Josh Zegen Read more: https://lnkd.in/ei_hPRFm

Japanese bank?Mizuho Financial Group?is taking office space at Midtown’s?1285 Avenue of the Americas. Mizuho, the parent company of?Mizuho Americas, signed a seven-year sublease for 151,409 square feet on two floors of the 39-story office tower owned by?RXR. Pictured: RXR CEO Scott Rechler Read more: https://lnkd.in/eZq3Pzv6

Newmark has signed a 15-year renewal and expansion to take on about 31,000 square feet at its headquarters at?SL Green Realty Corp.’s?125 Park Avenue. property, also known as the?Pershing Square Building, growing its current footprint to 184,239 square feet. Pictured: Barry Gosin, CEO at Newmark (top), Steve Durels, Executive Vice President at SL Green Read more: https://lnkd.in/egMGyz_n

Florida developers?Terra?and?Russell Galbut's GFO_INVESTMENTS?have secured a $103.2 million inventory loan from?Apollo Global Management, Inc. for a newly completed high-rise condo in South Beach. Pictured: Terra CEO David Martin (top), GFO Investments Founder Russell Galbut (bottom) Read more: https://lnkd.in/eCpPENZw

JBG SMITH has sold?8001 Woodmont, a 322-unit luxury residential building named for its address at?8001 Woodmont Avenue?in Bethesda, Md., to?Peterson Companies?for $194 million. Developed in 2021, the building also contains about 19,500 square feet of ground-floor retail space, currently anchored by?Trader Joe’s. Pictured: JBG Smith CEO Matt Kelly Read more: https://lnkd.in/epH-KDkg