Commercial Observer

Ny Pilates, which already has eight locations throughout the city and on Long Island, signed an 8,911-square-foot lease at?Nuveen, a TIAA company Real Estate’s?201 East 86th Street. Newmark’s?Jason Pruger?and?Jason Stein negotiated on behalf of the tenant while?Michael Paster,?Benjamin Birnbaum?and?Ariel Schuster, also of Newmark,?handled the deal for the landlord. Pictured: Nuveen Global Head of Real Estate Chris McGibbon Read more: https://lnkd.in/e4F3RFqA

Grandview Companies?has secured a $63 million financing package from Peachtree Group for the development of a multifamily development in Western Washington. Pictured: Greg Koenig, senior vice president of commercial real estate credit at Peachtree Group Read more: https://lnkd.in/e-GhJh_c

Multifamily developer?Jamison Properties, LP?has landed $60 million of construction financing to complete an office-to-residential conversion in Los Angeles. Beach Point Capital Management Management?provided the loan on the developer’s planned adaptive reuse project of the former Pierce National Life Building property at?3807 Wilshire Boulevard?in L.A’s Koreatown.? Pictured: Jaime L. Lee, NACD.DC of Jamison Properties, Andrew Chen, CFA, CAIA of Beach Point Read more: https://lnkd.in/eAkEVY8U

Trammell Crow Company?has secured $70.2 million to refinance?Tracy 205 Logistics Center, a 606,000 square-foot industrial center that opened in 2023 in Tracy, California. Barings?provided the financing, while?Mike Walker?and?Bradford Zampa?of?CBRE’s?San Francisco Debt & Structured Finance?arranged the transaction. Read more: https://lnkd.in/e64vGn3d

The life sciences market is still healing, but could emerging trends potentially upend the sector in 2025? Read the story: https://lnkd.in/eUv_NZC2

A lot of market uncertainty remains as we round out the first quarter of 2025, but one bright spot amid the murkiness has been the continuous stream of capital markets deal flow, with the figures so far this year blowing past those of 2023 and 2024. Read more: https://lnkd.in/eqg4g_jv

Development and investment firm?Naftali Group?has agreed to buy the 33-story luxury apartment building at?800 Fifth Avenue?for more than $800 million. Naftali has entered a contract to buy the 208-unit property from?Spitzer Enterprises?— run by former New York Gov.?Eliot Spitzer?— and?Winter Properties. Pictured: Eliot Spitzer of Spitzer Enterprises, Miki Naftali of Naftali Group Read more: https://lnkd.in/eWDDvSCu

13th Floor Investments?and?Midtown Equities?have unveiled their plans for a condo and hotel development along Miami Beach’s coast branded by?Casa Cipriani New York, the exclusive members-only club. The project, at?3621?and?3611 Collins Avenue?in the Mid-Beach neighborhood, will rise 19 stories and house 36 hotel rooms and 23 condo units, the latter of which will average 3,900 square feet. The?Miami Beach Historic Preservation Board?will hear the application April 22. Pictured: Arnaud Karsenti, managing principal of 13th Floor Investments Read more: https://lnkd.in/edN-A_JM

Five years since the onset of the COVID-19 pandemic unleashed remote-work trends that sent the office sector into a prolonged dark stretch, the aftermath is still being felt in the commercial mortgage-backed securities market. Prior to 2020, office loans usually led the way in CMBS conduit deals, typically comprising 30 to 35 percent of a pool. Over the last year that percentage has receded to 14 to 15 percent, according to data from analytics firm?CRED iQ?. Read more: https://lnkd.in/eTx4WciY

Billions of fresh dollars are pouring into commercial real estate collateralized loan obligations. It is a sure sign of deal flow in the capital markets. Also for today: Office as an asset class makes up a lot less than it used to of commercial mortgage-backed securities conduit bundles.