Office Leasing Success Story
Commercial Observer
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Some of the nation’s largest office leases of late have been along Manhattan’s Sixth Avenue. It’s an unusually incandescent bright spot in an otherwise largely cloudy picture. Find out how the corridor’s office owners are making it happen. Also for today: A nine-figure financing package for one of South Florida’s busiest developers from the country’s biggest bank by assets.
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— Tom Acitelli, Deputy Editor
Manhattan’s Sixth Avenue Bucks Office Trends With Brisk Leasing
Landing the nation’s largest office lease in 2023 took on extra significance amid broader real estate woes. So it’s especially gratifying for landlord Fisher Brothers — which signed that 20-year, 18-floor, 765,000-square-foot deal for law firm Paul, Weiss, Rifkind, Wharton & Garrison at its 1345 Avenue of the Americas in late December — that such a strong finish was quickly capped with another deal. Fisher Brothers started 2024 by signing an additional 150,000-square-foot lease in the building for an as-yet unnamed tenant. The pair of leases represents a payoff for the building’s longtime owner. Fisher Brothers had spent more than $120 million to remake 1345 Avenue of the Americas into a modern, Class A draw, including technology upgrades, new touchless elevators, and David Rockwell-designed amenities including the city’s largest indoor terrarium. Asking rents now range from $80 to $135 a square foot.
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JPMorgan Lends $245M on Terra’s Grove Central Mixed-Use Project in Miami
David Martin’s Terra and Grass River scored $245 million from JPMorgan Chase in permanent financing for Grove Central, a mixed-use development in Miami’s Coconut Grove neighborhood, Commercial Observer has learned. Earlier this year, the Miami-based joint venture completed the development, located by the Coconut Grove Metromover station at the intersection of US-1 and SW 27th Avenue. It features a 23-story rental tower with 402 apartments, a 1,250-space public parking garage, and about 170,000 square feet of retail space. The newly issued loan will fund remaining public infrastructure improvements, including upgrades being made to the adjacent Metrorail station. It also retires Grove Central’s existing $204.5 million construction loan, which Apollo Global Management provided in 2021.
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