Commercial Observer

Report: The Greater Los Angeles office market recorded more than 3.8 million square feet of leasing activity in Q4 of 2024, which is slightly better than the previous quarter and the most reported since Q1 of 2020, when nearly 4 million square feet of space was leased (via Savills Pictured: LA28 Olympic & Paralympic Games CEO Reynold Hoover Read more: https://lnkd.in/eUEckYPq

Alen Mamrout (pictured) and JOE MAMROUT’s American Exchange Group has sealed its purchase of Savanna’s 1375 Broadway. Sail Harbor Capital financed the purchase of a $200 million note on the building in August, which then cleared a pathway to ownership for American Exchange. Read more: https://lnkd.in/eXbv6T-a

Terreno Realty Corporation has paid Singapore-based GLP Capital Partners $195.6 million for an industrial campus located at at 7725 and 7785 NW 41st Street in Doral, Florida. Pictured: Ming Mei, Founder & CEO of GLP Capital Partners Read more: https://lnkd.in/e2-RZHHa

A newly built multifamily complex in unincorporated Palm Beach County, Fla., has sold for $102.4 million, or $360,000 per unit. Southeast Commercial, an affiliate of The Church of Jesus Christ of Latter-day Saints, acquired the 284-unit property at 4310 Chukka Lane from an affiliate of developer Greystar. Pictured: Bob Faith, Founder, Chairman & CEO of Greystar Read more: https://lnkd.in/ehukkvXe

An affiliate of New York-based investment firm Prospect Ridge has purchased the 396-key Tysons Corner Marriott Hotels in Fairfax County from an affiliate of Rockwood Capital Group  for $63.9 million. Pictured: Prospect Ridge Co-CEO Brahm Cramer Read more: https://lnkd.in/effeCgNX

Florida-based Publix Super Markets was involved in a slew of property sales last year, usually as the buyer of one of its own stores (or a store’s shopping center). This latest deal finds the grocery store chain as the seller. Also for today: A Boston firm has bought one of the tallest office buildings in Washington, D.C.

Financial services firm Citadel is moving into offices at 660 Fifth Avenue as it waits for its new headquarters to be built at 350 Park Avenue. The firm signed a lease for 504,000 square feet at the 39-floor Midtown office tower redeveloped by landlord Brookfield Properties. Pictured: Ken Griffin, Founder & CEO of Citadel Read more: https://lnkd.in/eQCY3gSh

Williams Equities is starting the new year strong, having secured two lease renewals with impact.com and PETER PENNOYER ARCHITECTS, DPC at 136 Madison Avenue covering nearly 37,000 square feet. Pictured: Michael T. Cohen, Principal at Williams Equities Read more: https://lnkd.in/eVYMMbie

BXP, Inc. is taking advantage of the hollowed office real estate market in Washington, D.C., agreeing to pay $34 million, or just under $113 per square foot, to Hines for a 12-story building at 725 12th Street NW. Pictured: Owen D. Thomas, Chairman & CEO of BXP Read more: https://lnkd.in/ebutCJMM

New Jersey-based Garden Commercial Properties has acquired the 95,000-square-foot Publix Super Markets-anchored Plaza Del Mar retail property in Manalapan, Palm Beach County for $37 million, or about $390 per square foot. Read more: https://lnkd.in/enH3XGev Pictured: Publix CEO Kevin Murphy