Tag

Office Tower

All articles tagged with #office tower

businessreal-estate1 year ago•10 min saved

"Manhattan's Skyline Resurgence: New Details Unveiled for Park Avenue Office Tower"

New York City Mayor Eric Adams unveiled plans for a new 62-story office tower at 350 Park Avenue, set to be completed by 2032, which will house over 6,000 jobs and contribute to the city's economic resurgence. The tower, developed by Vornado Realty Trust, Kenneth Griffin, and Rudin, will feature 1.8 million square feet of office space, a public concourse, and anchor tenants Citadel and Citadel Securities. The project also includes contributions to the East Midtown Public Realm Improvement Fund and historic landmark upkeep. This development aligns with Mayor Adams' commitment to revitalizing Midtown Manhattan and follows his administration's efforts to enhance public spaces and drive economic growth in the city.

via nyc.gov|

#businessreal-estate #economic-recovery #mayor-eric-adams

real-estate2 years ago•4 min saved

Chicago Developer Purchases Office Tower, Plans Hotel Conversion; Brookfield Sells O'Hare Apartment Complex; Block 37 Mall and Pavilion Apartments Up for Sale

Chicago developer Mike Reschke's Prime Group has been selected as the buyer of the 40-story Jewelers Building at 35 E. Wacker Drive. Reschke is considering converting at least part of the office building into a hotel, given the soft demand for older office space. The exact price of the deal is expected to be over $39 million. Reschke's firm, Prime Group, is known for converting vintage office space into hotels, and they have previously converted sections of other office buildings into hotels in Chicago. The Jewelers Building, which hasn't changed hands since 1981, has a colorful history and was once connected to gangster Al Capone.

via CoStar Group|

#chicago #developer #hotel-conversion

real-estate2 years ago•3 min saved

Chicago Developer Expands Portfolio with Michigan Avenue Tower Acquisition

Chicago real estate firm R2 is in talks to buy a 41-story office building at 150 N. Michigan Ave. for around $70 million, which is 42% less than it sold for six years ago. The potential sale would show the impact of remote work and high interest rates on downtown office landlords. The purchase would be a major bet on the comeback of the downtown office market, but with the protection of having paid a historically low amount for the property.

via Crain's Chicago Business|

#chicago #downtown-office-market #office-tower

real-estate2 years ago•2 min saved

San Francisco Real Estate Market Takes a Hit with Discounted Sales and Empty Office Spaces.

San Francisco-based real estate developer SKS, partnered with a Korean real estate investor, has been selected by MUFG Americas to purchase the 286,000-square-foot office tower at 350 California St. for a price in the $200-$225 per square foot range, a 75% discount from the $250 million brokers were asking for the property in 2020. The property is currently only 32% leased, with most leases expiring within the next 18 months. The sale could be a bellwether for the city's commercial real estate market, which has been hit by record-high vacancy rates amid the transition to remote work.

via The San Francisco Standard|

#commercial-real-estate #mufg-americas #office-tower