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San Francisco's iconic 101 California Street office tower is for sale with an asking price over $1 billion, the first such listing for a 'trophy' building since 2020.
Vornado Realty Trust has acquired a 36-story office property at 623 Fifth Avenue for $218 million, with plans for a major redevelopment into a Class A building.
Piedmont Office Realty Trust announced over 500,000 square feet of leasing in Q3, with 85% of the space being previously vacant, signaling progress.
The commercial real estate market is undergoing a major reset, with traditional banks pulling back and private credit investors stepping in to fill the void.
Chicago's office market shows a stark divide. While overall vacancy is high, intense competition exists for premium, amenity-rich 'trophy' buildings.
Rithm Capital has agreed to purchase real estate investment trust Paramount Group for $1.6 billion, a major deal in the challenged U.S. office market.
