Alexandra Farcas
Alexandra is a staff writer and communications specialist at CommercialCafe, covering commercial real estate trends, news and tips. Her work can also be found on the PropertyShark blog, where she usually writes about the latest office deals. Alexandra’s articles have been featured by Bustle, NBC Washington, Thrive Global, the Boston Business Journal, The Durst Organization, Philly Mag, HR Dive.
Omninet Capital Nabs Two Metro LA Office Campuses for $78M
Omninet Capital recently purchased two metro Los Angeles office properties — one in Torrance and one in Commerce — for a total of $78 million. In the first deal, Omninet bought a three-building office park in Torrance called Park Del Amo. Located at 2355 and 2377 Crenshaw Blvd., the 204,468-square-foot campus fetched $39 million. At…
Tik Tok Inks Lease for 232K SF at Durst’s One Five One
Social media giant Tik Tok recently signed a 10-year lease for 232,000 square feet of Midtown Manhattan office space at the Durst Organization’s One Five One, previously known as Four Times Square or the Condé Nast Building. The terms of the deal were not disclosed. Tik Tok will take over seven floors in the 48-story…
Central Business Districts vs. Urban vs. Suburban: Breaking Down 10 Years of Office Expansion in the US
Between 2008 and 2018, the U.S. expanded its office footprint by 682 million square feet, 370 million of which have been added in the top 20 markets. Using data from Yardi Matrix, a recent COMMERCIALCafé study looked closely at where this space was added—urban areas, suburban areas or central business districts (CBDs). The findings highlight…
Yardi Matrix Special Report: Coworking Grows Steadily, NYC Leads the Way
In October, Yardi Matrix released its latest special report, “Shared Space: Coworking’s Rapid Growth Set to be Tested.” According to the findings, the coworking segment continued its growth in 2019, despite industry headlines being dominated by the struggles of The We Company. However, this rapid expansion is set to be put to the test in…
Cove Property Group’s Hudson Commons Gets $724M Refi from Blackstone
On Monday, Cove Property Group announced the closing of a $724.2 million financing from Blackstone Mortgage Trust for Hudson Commons, its trophy office redevelopment located in Manhattan’s Hudson Yards. An Eastdil Secured team led by Grant Frankel, Phil McKnight and Ethan Pond represented Cove in the deal. “We are thrilled to provide senior mortgage financing…
Facebook Officially Signs Lease for 1.5M SF at Hudson Yards
Facebook has officially signed a lease for over 1.5 million square feet of Manhattan office space at Hudson Yards, after months of rumors about the company’s interest in the location. The tech behemoth will be taking over 30 floors in three of the Hudson Yards buildings, developers Related Cos. and Oxford Properties Group announced last…
Savanna Nabs SL Green’s 521 Fifth Avenue for $381M
Last week, SL Green announced it has agreed to sell 521 Fifth Avenue to Savanna for $381 million. New York City’s largest office landlord owns a 50.5 percent in the 460,000-square-foot Midtown Manhattan office building. The deal is expected to close in the second quarter this year. Conveniently located in the proximity of Bryant Park…
ServiceTitan Expands to 125K SF at Nestle’s Former HQ in Glendale
ServiceTitan Inc. has recently signed a lease for 125,000 square feet of Los Angeles office space at 800 N. Brand Blvd. in Glendale. The tech startup will take over five floors of the building that were formerly occupied by the Nestlé USA headquarters, which was moved to Virginia last year. The 21-story, 520,000-square-foot building at…
Lantana Office Campus to Change Hands for $350M
Skydance Media is close to purchasing two buildings in the Lantana Media Campus in Santa Monica. If the deal goes through, the entertainment company will pay $350 million for the space, roughly $1,250 per square foot. Located at 2900 and 3000 Olympic Boulevard, the two properties dubbed Lantana West and Lantana Center total 278,680 square…
The Carlyle Group Expands Lease at One Vanderbilt
SL Green has recently announced that The Carlyle Group expanded its 15-year lease at One Vanderbilt, planning to take over an additional 32,592 square feet of Midtown Manhattan office space here. The deal brings The Carlyle Group’s total square footage at the building, currently under construction, to 127,744. The new 1,401-foot office tower branded One…
GM’s Driverless Car Unit to Take 47K SF in Pasadena
GM Cruise has inked a seven-year lease for 47,051 square feet at 465 N. Halstead Street, a recently upgraded two-story office building in Pasadena. General Motors’ driverless car unit will pay $11.4 million for the space. CBRE represented the landlord, EverWest Real Estate Investors, in the deal. In 2016, EverWest purchased the 239,000-square-foot property known…
Lyft to Join Peloton at New Hudson Commons Redevelopment
Ridesharing giant Lyft has inked a 100,638-square-foot lease at Hudson Commons, a creatively-repositioned Manhattan office tower located at 441 Ninth Avenue. The company will join Peloton, which signed a 312,200-square-foot lease here in November. The building, which is now 63 percent pre-leased, is expected to be delivered this summer. In December 2016, Cove Property Group…
WeWork to Take Over 100K SF in LA’s Arts District
WeWork will take over the entire 100,000 square feet of Los Angeles office space at Maxwell, a three-building redevelopment project located at East 4th Pl. and Mateo. The deal marks the coworking firm’s twentieth location in LA, as well as its first move into the Arts District. WeWork has also recently signed a deal for…
Hewlett Packard Enterprise to Relocate NYC Offices
Hewlett Packard Enterprise has recently signed a 10-year lease for 17,945 square feet of Midtown Manhattan office space at SL Green Realty’s 461 Fifth Avenue. The company plans to relocate its current New York City offices from 556 West 22nd Street here. Hewlett Packard will take over the entire eighth and tenth floors in the…
Mom-and-Pop Investor Nabs Three Nolita Retail Condos
Adelaide Polsinelli, Vice Chair of Compass, has recently completed the off-market sale of three retail condos located at 262-272 Mott Street, in the heart of Manhattan’s Nolita. The condos, consisting of 2,500 square feet, sold for $7,350,000, just under $3,000 per square foot. The buyer, a mom-and-pop firm, plans to occupy the space. The deal…
Industrious Inks Deal for Second DTLA Location
Industrious will take over 22,275 square feet of Los Angeles office space at 444 South Flower Street, known as the Citigroup Center. The coworking firm entered a partnership with the owner, Coretrust Capital Partners. Following this deal, Industrious will have two locations in DTLA and six in LA county. Conveniently located in the heart of…
GreenOak and Rising Realty Secure $111M Refi for The CalEdison
GreenOak Real Estate Advisors and Rising Realty Partners obtained a $111 million floating rate loan for the historic CalEdison office building in Los Angeles. Invesco Real Estate provided the financing, while JLL arranged the deal. Opened in 1931, the 14-story building at 601 West 5th Street was originally the headquarters of the Southern California Edison…
Spaces Inks Lease for 84K SF at 31 Penn Plaza
Coworking firm Spaces signed a lease for 83,840 square feet of Chelsea office space at 132 West 31st Street, also known as 31 Penn Plaza. The IWG subsidiary will remain here for the next 15 years. The landlord, Vanbarton Group, inked three other leases in the building. Spaces will take over part of the ground…
Three New Tenants to Move into Condé Nast’s Old Space at 4 Times Square
Three tenants have signed new leases or expansions amounting to 154,000 square feet of Midtown Manhattan office space at the Durst Organization’s 4 Times Square. National Cable Communications, Analysis Group and SS&C Technologies will be taking over Condé Nast’s former offices. National Cable Communications inked a deal for 65,000 square feet on the 11th and…
Online Medical Apparel Startup Signs Lease for 26K SF at Santa Monica Gateway
Online medical apparel startup FIGS inked a lease for 26,118 square feet of Los Angeles office space at Santa Monica Gateway, according to CBRE. The location will serve as the company’s new headquarters. Dubbed Santa Monica Gateway, the property at 2834 Colorado Avenue is a newly developed, 200,000-square-foot office complex consisting of two four-story buildings….