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Office Towers

All articles tagged with #office towers

real-estate2 years ago

"Commercial Real Estate Market Sees Massive Discounts and Recovery in Late 2024"

The global commercial-property market is showing signs of recovery as more buyers and sellers are finding opportunities to transact, following a period of uncertainty in 2023. Jones Lang LaSalle Inc. reports a 16% increase in the average number of bids per deal in November 2023 compared to the end of 2022, with more clarity around values and a pressing need to address looming debt maturities expected to drive increased activity in the office real estate market.

via Bloomberg|
#commercial-property-market#deals#debt-maturities
transportation2 years ago

Hochul abandons Vornado's office tower plan for Penn Station rebuild.

New York Governor Kathy Hochul announced that the $7 billion overhaul of Penn Station will proceed with or without the development of office towers that were supposed to help pay for the project. Hochul severed ties with the development plan that her predecessor, Andrew Cuomo, had worked out with Vornado Realty Trust, acknowledging that the pandemic had erased demand for more office space in Midtown Manhattan. The renovation of Penn Station is a pressing goal, and the design process will entertain all concepts for how to improve the station.

via The New York Times|
#kathy-hochul#office-towers#penn-station
real-estate2 years ago

San Francisco's 350 California Street Sells at Significant Discount

Union Bank has sold its tower in San Francisco for $60 million to $67 million, which is about 75% off the original listing price of $250 million. The sale sets a benchmark for what older office towers are worth in San Francisco's new era of working-from-home and office-downsizing. The $200 to $225 per square foot price will make other deals possible, and it sends cold shivers down the spines of holders of the CMBS that contain the defaulted mortgages of other towers in the area.

via WOLF STREET|
#benchmark#cre#office-towers