Largest Q3 CRE Transactions Nation Wide
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This quarter, the CRE market saw a significant uptick in major sales and leases. This renewed investor optimism brought rising leasing activity across the United States. In this report, we will go over the top transactions of the quarter, as highlighted by the CoStar Power Broker Quarterly Deal Awards.
Top Sale: Brookfield's $1.3 Billion Industrial Portfolio Acquisition
Brookfield Asset Management made headlines with its $1.3 billion acquisition of a 128-property light-industrial and flex property portfolio, totaling nearly 15 million square feet. This is Brookfield's largest industrial acquisition in over five years, which includes properties leased to a range of businesses across 20 U.S. markets, particularly in the Sunbelt and Midwest regions. With a 96% occupancy rate at the time of sale and industrial sales reaching over $40 billion in the first nine months of 2024, this trend reflects ongoing demand for industrial spaces in the U.S. markets, according to CoStar's U.S. industrial capital markets report.
Top Office Lease: Blackstone Expands in New York City
Blackstone, the world’s largest commercial property owner, signed a significant office lease expansion at 345 Park Ave. in Midtown Manhattan, extending its lease through December 2034. This lease adds 13 floors, bringing Blackstone’s total occupancy to 55% of the building across 1.4 million square feet, up from 42% across 21 floors. This expansion, the largest commercial office lease in New York in the past two years, is a positive sign for the city’s office market.
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Top Industrial Lease: Western Post in California’s Inland Empire
Western Post, a global freight service company, signed the largest industrial lease of the quarter in Southern California’s Inland Empire. The company secured a nearly 928,000-square-foot lease at the DCT Rialto Logistics Center in Rialto, with two other agreements totaling over 2.1 million square feet. The surge in leasing activity follows an increase in retail sales and a recovery in cargo shipments to Southern California ports this year, which is now driving higher tenant demand for industrial space, as reported by the latest CoStar Market Analytics report for the Inland Empire (CoStar).
Top Retail Lease: Monopoly Lifesized in Times Square
In New York City’s Times Square, Path Entertainment Group leased nearly 50,000 square feet at SJP Properties' 11 Times Square for its interactive "Monopoly Lifesized" attraction. This unique experiential retail concept allows visitors to play a life-sized version of Monopoly, attracting shoppers and tourists. This lease highlights a trend where landlords use immersive experiences to draw foot traffic, especially as traditional retail continues to face online competition.