Commercial

Not to be outdone by MLB’s announcement last week of a 400,000-square-foot lease at 1271 Sixth, the National Basketball Association (NBA) has signed a 175,000-square-foot lease extension through 2035 at 645 Fifth Ave. in New York City.

Olympic Tower is a 21-story, 419,000-square-foot, 4-Star office and residential tower built owned by Oxford Properties Group, the real es

First the good news: This year’s Deloitte Holiday Survey signals another strong holiday season for U.S. retailers, with total 2016 holiday sales expected to exceed $1 trillion, an increase of up to 4% from November through Jan. 1 as an improved job market, rising consumer confidence and a bump in disposable income drives another projected increase in 2016 holiday spending.

Now the more challenging news, at least for operators and employees of department…

In a major shift at the top of Cushman & Wakefield’s senior leadership, Joe Stettinius will move into the newly created position of chief executive, Americas brokerage and capital markets, while Tod Lickerman will shift from the position of global president to chief executive of the Americas.

Also, Cushman has appointed company veteran John Santora, who has served as global chief operating officer for the last year, to the role of president of…

Driven this year by solid office demand growth in Sunbelt markets across the country, the national office occupancy rate is expected to increase into 2018 as such metros as Phoenix, Los Angeles, Atlanta and Miami enjoy net job growth in what’s already been one of the most drawn-out U.S. economic recoveries on record.

With slower than expected but steady job growth and muted levels of new construction, the U.S. vacancy rate fell to 10.5% in the…

KLX, Inc.’s Aerospace Solutions Group (ASG), a leading global distributor and value-add service provider of fasteners and consumables for the aerospace industry, has signed a massive 500,000-square-foot, build-to-suit lease for a new global headquarters and distribution hub in Florida’s Miami-Dade County.

The lease is the second largest commercial deal in the South Florida market this year, just behind NBCUniversal Telemundo’s 560,000-square-foot…

A joint venture between The Swig Company and Himmel + Meringoff Properties has secured a $200 million loan to refinance its 8 Times Square office building at 1460 Broadway in New York City.

Eastdil Secured of New York arranged the new loan for the borrowers, placing the 10-year, fixed-rate loan with Citigroup. Law firm Fried Frank acted as counsel to the ownership group, led by Robert Sorin, real estate partner, Julianne E. Befeler, Chad M. Sandler…

Not to be outdone by MLB’s announcement last week of a 400,000-square-foot lease at 1271 Sixth, the National Basketball Association (NBA) has signed a 175,000-square-foot lease extension through 2035 at 645 Fifth Ave. in New York City.

Olympic Tower is a 21-story, 419,000-square-foot, 4-Star office and residential tower built in 1974 on nine-tenths of an acre in Midtown Manhattan’s Plaza District submarket, at the northeast corner of East 51st…

Following a nationwide site selection process, CoStar Group plans to open a major new research operations headquarters and software development center in downtown Richmond. As part of its expansion, CoStar plans to invest a quarter billion dollars into the local economy, including adding more than 700 new jobs, which is projected to quickly rank the company among the city’s top 10 private employers.

To accommodate its expected growth, CoStar has…

Pennsylvania Real Estate Investment Trust (PREIT) completed the sale of Washington Crown Center in Washington, PA, for $20 million or about $29.50/square foot.

The 676,000-square-foot enclosed mall is anchored by Bon-Ton, Macy’s, Gander Mountain and Sears.

Performance at the center has been declining of late. As of June 30, 2016, the property generated sales per square foot of $313 and non-anchor occupancy of 87.4%, according to PREIT. Both of those numbers are slightly lower than the end of the first quarter when ...