#commercial-real-estate

#commercial-real-estate

Fresh off a dominant reelection bid, Boston Mayor Michelle Wu is gearing up for a renewed test of her political capital. This week, Wu restarted her public push to shift more of the city's tax burden onto commercial real estate in order to provide savings for residential homeowners. This effort has been stymied by state lawmakers twice already. Now, Wu is hoping that the third time is the charm on Beacon Hill.

PA Media Global banking giant JP Morgan Chase has announced plans to build a new tower in Canary Wharf, claiming it will boost the UK's economy by 10bn. The firm said at three million square feet (280,000 sq m), the building would have double the space of Britain's current tallest building, the Shard. It will hold about 12,000 of its staff and be its most significant presence in Europe, the Middle East and Africa (EMEA).

Sperone Westwater, the Bowery-based gallery that represents canonical figures including Francesco Clemente and Bruce Nauman, will cease operations at the end of this year. The closure, first reported by Artnet News, comes just two months after the gallery marked its 50th anniversary and three months after the gallery's co-founder, Gian Enzo Sperone, sued his fellow co-founder, Angela Westwater, seeking to dissolve the gallery, and alleging her "unlawful handling" of funds.

Jordan Trigg, who co-owns several Japantown businesses with his wife, Rina Trigg, has relinquished ownership of multiple parcels on the north side of East Taylor Street between North Fourth Street and North Fifth Street, according to Santa Clara County public records. Joe Jean, chief executive officer of J&J Acoustics, acted through an affiliate to gain control of the parcels at 165, 175, 181, and 193 East Taylor St., documents show.

A five-story office building at 99 Bedford St. in downtown Boston sold at auction Wednesday for $19 million below its assessed value and more than $30 million less than it fetched in 2019 underscoring the continued slump in the city's office market. The winning bidder was Bradley Hall, on behalf of Chevron Partners LLC, a real estate development company in Boston, and Capital Hall Partners, a real estate development and investment firm headquartered in Santa Monica, California, with offices in Boston.

I'm thrilled that Flying Horse Investments is bringing new life to these central storefronts. This deal, along with the dedicated work of our Office of Economic Development and the Downtown Berkeley Business District, will help revitalize our downtown and draw people back to the heart of Berkeley.

McCarthy Development, a Los Gatos-based real estate firm that is floating the proposal, intends to bulldoze five buildings on the site and replace them with three new buildings, according to the proposal. Designed as a high-end industrial campus, the facility can support advanced manufacturing, research and development, technology, some warehouse, and office uses, McCarthy Development stated in project plans. The three new buildings are slated to total 437,600 square feet.

A five-story office building just steps from South Station will be auctioned on Nov. 5. Paul E. Saperstein Co. Auctioneers & Appraisers is listing the 98,000-square-foot property at 99 Bedford St. The building, which dates back to 1899, houses five tenants and features a renovated lobby completed in 2020. Ground-level tenants include Forefront Eye Care and TALK English School, while state filings show that Korb & Associates PLLC also leases office space in the building.

Two years ago, state and local governments pushed to fast-track conversions of near-empty offices into much-needed apartments to alleviate a housing crunch. The promised panacea never eventuated. Momentum to create homes out of empty offices has faded even as office vacancies rise and housing shortages intensify. Developers have not submitted a single application to turn an office into housing in central Melbourne since 2023. Just one successful application has been made in the CBD of Sydney, the country's most unaffordable city.

At first, Greg and Colin Cleghorn's approach involved acquiring distressed properties (usually at auction), renovating them, and leasing to tenants, followed by refinancing for further acquisitions, but once the brothers from Syracuse, NY, saw a need in the commercial space, they decided to pivot. Their success stemmed from a strategic shift to the commercial market driven by the rise in e-commerce.

It's apparently come time for San Francisco's Mid-Market to be rebranded, 15 years after the neighborhood was primed for a big tech comeback that never really came, and a year after its defining tenant, Twitter, flew the coop. You may have seen the news last week that the building we once called The Twitter Building, now Market Square (1355 Market Street), has a new tenant who has snapped up a small portion of Twitter's very large former footprint,

The desolate and distressed San Francisco Centre, once a Westfield mall before its owners handed back the keys, stands in stark contrast to Unibail-Rodamco-Westfield's outdoor shopping center in Century City. The San Francisco mall, owned by Unibail-Rodamco-Westfield and Brookfield Properties until the two entities stopped making payments on a $558 million note and then bailed, is now worth less than $200 million.

The startup Motive, which makes software for managing vehicle fleets and recently closed a $150 million funding round, has taken a 40,000-square-foot sublease in the building, X's broker Mike Sample told SFGATE on Thursday. He confirmed that more than 700,000 square feet of space in X's old offices are still up for grabs. X and Motive's deal was first reported by the San Francisco Business Times, whose sources said that the startup would move in in phases, beginning with 25,000 square feet.

In a sign of ongoing weakness within the Bay Area hotel market, a San Jose hotel has been bought by a local real estate investment group for far less than the property's prior value. Sonesta Select San Jose Airport was purchased for $14 million, according to documents filed on Aug. 29 with the Santa Clara County Recorder's Office. A San Mateo-based group headed up by Jayesh Keshav, Leena Keshav, Neeraj Keshav, Jai Jalaram, and Krishna Keshav Patel bought the hotel through an affiliate,

On October 12, A&E, the cable channel behind "Hoarders" and "Duck Dynasty," will air "The Real Estate Commission," a show about Drowlette's travails and triumphs as a commercial real estate dealmaker. The 8-episode series arrives as the idea of side hustles and DIY investments continues to captivate droves of Americans with aspirations for financial freedom. Drowlette promises that audiences won't be disappointed as he attempts to offer a glimpse into a multitrillion-dollar industry normally dominated by billionaire developers and corporate investment giants.

Then came our scoop that a deal for 811 Wilshire also fell out, leaving Jamison in default and facing foreclosure on the 337,000-square-foot property. There's no telling what next week will bring you'll just have to stay tuned to TRD, as usual but it does appear that local Jamison is in better shape than global Brookfield as far as the two downtown L.A. property values go.

SAN JOSE Bernal Plaza, a San Jose shopping center featuring stores such as Staples and Ross, has been bought by a Southern California investor in what experts say signals robust interest in South Bay retail sites. Bison Partners paid $38.3 million for the retail hub, according to documents filed on Sept. 5 with the Santa Clara County Recorder's Office. The Lucky Stores supermarket site, owned by Lucky, wasn't part of the property purchase.

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