The two Old City properties are the latest Philadelphia office buildings sold at a steep discount. #philadelphia #commercialrealestate #realestate #development
Philadelphia Business Journal’s Post
More Relevant Posts
-
[Article] The most expensive street for office real estate in Chicago is Green Street in Fulton Market, according to a new report from JLL. Here's how it ranks nationally. #commercialrealestate #chicago #chicagobiz
Chicago's Fulton Market has one of the priciest US streets for offices
bizjournals.com
To view or add a comment, sign in
-
Downtown office buildings in major cities across the US are being sold at steep discounts, including Boston, Chicago, LA, and New York. Recent sales include the following: a 62-story tower in LA, which sold for $153.5 million in December 2023, with the last purchase being in 2014 at $268.5 million; a 13-story tower in San Francisco's Financial District, which sold at a 60% discount over its purchase price; and an office building in Chicago, which was sold at a discount of almost 90% over its 2012 purchase price. In Boston, an office building sold in the fall at a 74% discount over its last trade. With over 70% of Boston's budget for FY24 based on real estate taxes, what will the effect of tax abatements be on the City's revenue, and, in turn, services? #officebuildings #officemarket #bostonrealestate #distresseddebt #newyorkrealestate
West Loop Landmark In Shadow Of Willis Tower Sells For Nearly 90% Discount
bisnow.com
To view or add a comment, sign in
-
If your firm signed a five-year lease or greater pre-pandemic in the Brickell Avenue market, prepare for a twofold increase in your office rent! Contact me today to formulate a strategy before your lease expires- The sooner the better to allow for a leveraged strategy to renew or relocate your office and secure value propositions. #miamioffice #brickell #office #cre #tenantrepresentation
The Brickell Avenue office market continues to lead Miami into new office rent highs placing Miami amidst key U.S. markets such as New York City, Houston, and Silicon Valley. Although leasing activity tempered off in 2023 considerably compared to the record 2022, Class A rates continue to rise and now peak over $100 per square foot representing a 90% increase since the start of the pandemic in early 2020. Tenants who signed five-year leases or greater pre-pandemic must have a strategy in place or face a twofold increase in occupancy cost. For a full report on the Brickell Avenue office market, contact us today. Blue Box Real Estate, LLC is a best-in-class independent commercial real estate firm providing Tenant Advisory Services in the Brickell Avenue market and throughout South Florida. We're happy to offer a free lease review and market snapshot to prepare your firm for your lease expiration. #Miami #Miamirealestate #Brickell #brickellMiami #CRE #office #officeleasing
To view or add a comment, sign in
-
Commercial Lender @ ACOM Capital | Bridge Loans | Construction Loans | Permanent Loans | SBA Loans | USDA Loans
LA office building sells at 52% less than 2018 price LOS ANGELES: A Los Angeles (LA) office building located near Century City and Beverly Hills has sold for about 52% less than its price five years ago. Harbor Associates and F&F Capital Group bought the five-story property at 1640 Sepulveda Boulevard for about US$44.7mil, according to a statement. The building last sold in 2018 for US$92.5mil. It’s the latest sale of an LA office building in a market that’s been pressured by the rise of remote work and financing challenges brought about by soaring interest rates. Recently, the Aon Centre in downtown LA sold for US$147.8mil, about 45% less than its previous purchase price in 2014. The building at 1640 Sepulveda Boulevard was constructed in 1987 and has had more than US$11mil in renovations, including upgrades to tenant spaces as well as a redesigned lobby. The building was 80% occupied at the time of the deal’s closing, according to the statement. “After several years of kicking the can down the road, we are now beginning to see distress hit the market,” Harbor principal Joon Choi said in the statement. “There are still compelling opportunities to find the hidden gems at a deep discount to replacement.” The deal is the second real estate acquisition for the joint venture in the past two months. Harbor and F&F also acquired an industrial portfolio in Carlsbad, California, for about US$21mil in November. #losangelesrealestate #californiarealestate #officebuildings #commercialproperty #commercialrealestate #commerciallending #commercialloans #commercialloan
To view or add a comment, sign in
-
This is an interesting article on office buildings in Chicago that are selling for highly discounted prices after foreclosures. The featured purchase at $16 per square foot gives the new owner a low enough basis to make capital improvements and to fund new leases at below market rents. This is the next cycle for failing office buildings, and we will see it across the country. It has happened in previous down cycles and is the natural evolution of the economic crisis in this product type.
West Loop Landmark In Shadow Of Willis Tower Sells For Nearly 90% Discount
bisnow.com
To view or add a comment, sign in
-
What's Happening in #Tampa / #StPete: One of downtown Tampa's signature office towers is nearing a sale.100 North Tampa, which bears the signage of Regions Bank, is on the verge of being sold! The 42-story tower is owned by an affiliate of PGIM, the asset management arm of Prudential Financial. The affiliate has owned the tower since 2007. Atlanta-based The Brookdale Group is the rumored buyer of the 596,383-square-foot tower. According to data from CBRE, the tower is around 15% vacant. CBRE's data shows 105,000 square feet of direct availability and 15,000 square feet of sublease availability The tower's rumored pricing is around $150 million or $250 per square foot. The last sale amount of that building was approx $275/sf. https://lnkd.in/ghgnG4qV Paul Carr Robert Turner Daniel Ethridge Tampa Bay Business Journal #tamparealestate #office #officetower #realestate
Downtown Tampa office tower nears nine-figure sale - Tampa Bay Business Journal
bizjournals.com
To view or add a comment, sign in
-
What's Happening in #Tampa / #StPete: One of downtown Tampa's signature office towers is nearing a sale.100 North Tampa, which bears the signage of Regions Bank, is on the verge of being sold! The 42-story tower is owned by an affiliate of PGIM, the asset management arm of Prudential Financial. The affiliate has owned the tower since 2007. Atlanta-based The Brookdale Group is the rumored buyer of the 596,383-square-foot tower. According to data from CBRE, the tower is around 15% vacant. CBRE's data shows 105,000 square feet of direct availability and 15,000 square feet of sublease availability The tower's rumored pricing is around $150 million or $250 per square foot. The last sale amount of that building was approx $275/sf. https://lnkd.in/ghgnG4qV Paul Carr Robert Turner Daniel Ethridge Tampa Bay Business Journal #tamparealestate #office #officetower #realestate
Downtown Tampa office tower nears nine-figure sale - Tampa Bay Business Journal
bizjournals.com
To view or add a comment, sign in
-
The Bargain Hunters Scooping Up Discounted Office Buildings Commercial real estate is witnessing a significant rise in discounted purchases of distressed office buildings. Some properties in major cities like Manhattan and San Francisco are selling for up to 70% off their previous values. The trend highlights a strategic shift as investors, from family offices to investment firms, capitalize on these opportunities for long-term holds or conversion projects. Click below to read more. https://lnkd.in/gjkcPhZu #RealEstate #CommercialRealEstate #OfficeBuildings #Investing #OfficeMarket #PropertyInvestment #MarketTrends #CRE #InvestmentOpportunities #OfficeSpace #RealEstateMarket #UrbanRealEstate #OfficeConversions
The Bargain Hunters Scooping Up Discounted Office Buildings
https://propmodo.com
To view or add a comment, sign in
-
The Brickell Avenue office market continues to lead Miami into new office rent highs placing Miami amidst key U.S. markets such as New York City, Houston, and Silicon Valley. Although leasing activity tempered off in 2023 considerably compared to the record 2022, Class A rates continue to rise and now peak over $100 per square foot representing a 90% increase since the start of the pandemic in early 2020. Tenants who signed five-year leases or greater pre-pandemic must have a strategy in place or face a twofold increase in occupancy cost. For a full report on the Brickell Avenue office market, contact us today. Blue Box Real Estate, LLC is a best-in-class independent commercial real estate firm providing Tenant Advisory Services in the Brickell Avenue market and throughout South Florida. We're happy to offer a free lease review and market snapshot to prepare your firm for your lease expiration. #Miami #Miamirealestate #Brickell #brickellMiami #CRE #office #officeleasing
To view or add a comment, sign in
-
River North Development Update. Local Firm Plans To Convert Offices in Chicago’s River North to Apartments Chicago Development Partners Has Deal To Buy Portion of 10-Story Building. A local developer plans to buy a mostly vacant office property in Chicago’s River North at a big discount to the previous sale price in a potential residential conversion play, a deal that would mirror two common themes in the U.S. real estate market. Chicago Development Partners has an agreement to buy the office portion of a 10-story building at 111 W. Illinois St., which is expected to be redeveloped into apartments, https://lnkd.in/gmJDNg23
Local Firm Plans To Convert Offices in Chicago’s River North to Apartments
product.costar.com
To view or add a comment, sign in
41,226 followers
More from this author
-
Six-figure jobs surged in the second quarter. Here's where to find them.
Philadelphia Business Journal 1mo -
Six-figure jobs surged in the second quarter. Here's where to find them.
Philadelphia Business Journal 1mo -
These are Greater Philadelphia's highest-paying jobs
Philadelphia Business Journal 5mo