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Today's Did You Know in Commercial Real Estate Recent news surrounding the Flatiron Building in Manhattan has focused on its conversion from office space to residential units. The current owners—GFP Real Estate, The Brodsky Organization, and The Sorgente Group—are pushing forward with plans to transform the iconic building into 60 luxury condominiums. This comes as the building has remained vacant since 2019, when Macmillan Publishing left, and amid high office vacancy rates in Midtown Manhattan. The developers filed an application with the city to convert approximately 200,000 square feet of space into residential units, leaving only a small portion for ground-floor retail. Reports disclosed that the conversion may start in 2025. The Flatiron Building's distinctive triangular shape and historic status is said to remain largely unchanged, though it will undergo internal renovations to modernize it for residential use. This shift is part of a broader trend in New York City, where older office buildings are being repurposed to meet the growing demand for luxuryhousing. LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_nyccrea #AndreasNakosRealtor

What's Happening in #Tampa / #StPete: Netpark, one of Tampa’s most unique office properties, is on the market! The 1 million-square-foot indoor office park, which was previously an enclosed shopping mall, has been owned by a tenant-in-common investor group since 2005. Dale Peterson, CCIM and Joe Chick of CBRE Group Inc. are marketing the property for sale. Netpark is in unincorporated Hillsborough County, on 97.56 acres near East Lake-Orient Park and the Seminole Hard Rock Hotel & Casino. The mall was built in 1976 It is 60% leased, according to CBRE. Traditionally, it has been a destination for call centers and other back-office tenants. https://lnkd.in/gK5ikSTQ #office #forsale #redevelopment #commercialrealestate #tamparealestate #valuation #forsale #appraisal Tampa Bay Business Journal

Downtown Deals Stand Out in Soft Market REAL ESTATE: Office Tower Bought to Convert to Apartments a Rarity in San Diego By Ray Huard SAN DIEGO – A downtown San Diego office tower at 530 B St. has been sold for $27.5 million with plans to convert it to apartments and an East Village apartment complex has been sold for $82.2 million. Ambient Communities, based in Encinitas, bought the office building at 530 B St. and BDP Impact Real Estate, based in Pennsylvania, bought Market Street Village Apartments at 699 14th St. The transactions come at a time when there’s been little activity downtown, although the Symphony Towers office tower in September was sold to Formosa Ltd., based in Orange County, with no plans to change its use. Real estate brokers said that the 530 B St. deal was a bit of an oddball and that it’s unlikely that many other downtown office towers will be converted to apartments or condominiums because they’re just not suitable. For one thing, most of the downtown towers have all-glass facades, and punching through them to create operable windows for residences is impossible. Many also have large floorplates that just don’t work well for residences, said Matt Carlson, executive vice president of CBRE and co-head of CBRE U.S. Capital Markets. “Very few of our downtown towers can convert. There’re probably one or two others that can convert,” Carlson said. Carlson, Hunter Rowe, Camille Doan, Matt Pourcho and Anthony DeLorenzo represented 530 B St.’s seller, Swift Real Estate Partners, based in San Francisco. Market Street Village Apartments in East Village recently sold for $82.2 million. Photo courtesy of Colliers Challenges of Conversions Richard Gonor, executive vice president of JLL in San Diego, said that with the current tight lending market, investors are often reluctant to put money into converting office buildings to apartments or condominiums. “With these conversions, there’s a lot more risk than with a new building,” Gonor said. “With a conversion, you’re basically pulling a building apart and putting it back together again. There are oftentimes a lot of unknown things with the building that adds to our concern.” https://lnkd.in/gJdmp4aq #commercialrealestate #renovation #construction #realestate #office #downtown #downtownoffice #redevelopment

#South Florida’s #office market continues to defy the bleak national picture for the sector. Overall asking rental rates in #MiamiDade County rose to an average of $63.49 per square foot per year in the second quarter, up 12.7 percent from a year earlier, commercial real estate firm JLL reported. Annual asking rents for Class A space in the Miami area topped $72 a square foot. The trends in Miami’s #Brickell submarket have been particularly robust. Space at Oko Group and Cain International’s 830 Brickell – where rents are well above $100 a foot – is 93 percent leased, according to JLL data. And when that 55-story trophy tower is completed later this year, it’s likely to be 100 percent leased. Read more via Jeff Ostrowski at Commercial Observer: https://lnkd.in/eVeVHYGP

A nine-story office building that has stood next to the Cherry Hill Mall for decades is slated to be demolished in the coming months, reflecting a commercial real estate market that remains weakened by the economic impacts of the COVID-19 pandemic. One Cherry Hill, built in 1968 and owned by mall operator PREIT, is expected to come down after the holiday shopping season, commercial development blog 42 Freeway reported. To read the full article, head to:  https://lnkd.in/eCXR2SMA For more Mid-Atlantic commercial real estate news, follow us on LinkedIn. To learn more about Philadelphia Real Estate Council visit https://precouncil.org/  #realestatenews  #PREC  #realestate  #philadelphiarealestate  #CommercialRealEstate  #CRE  #RealEstateInvesting  #IndustrialProperty  #PropertyManagement  #InvestmentProperty  #CommercialProperty  #AssetManagement  #CommercialBrokerage  #PropertyInvestment  #PropertyPortfolio  #CREIndustry  #PropertyValues  #CommercialRealtor  #RealEstateMarket

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📰 Today I´m sharing this insightful article from the New York Post highlighting the shift in NYC's office real estate market, as tenants favor Class A over Class B buildings. With demand soaring and space dwindling, a spike in Class A rents is anticipated until new developments emerge. A must-read for anyone in the commercial real estate sector. Please find full story here: https://lnkd.in/eszNaPqD #commercialrealestate #newyork

Interesting article on the Bellevue CBD office market. Tenants need to understand that even if the reported 'million' square feet of pending leases are signed, there would still be 3.6 million square feet of available space in the submarket. This translates to a 26.3% availability rate, which, interestingly, remains higher than any other pre-pandemic figures. #officelease #bellevuecbd #tenantrep #lease #office #Bellevue

Exciting News! This week's blog post is out now! Explore the latest on Aimco's Brickell Office and Apartment Towers hitting the market for $650M. Discover insights into this redevelopment opportunity and how it could shape Miami's real estate landscape. Read the full article here #RealEstateNews #BrickellMarket #RedevelopmentOpportunity #MiamiOportunidades