ROCKAWAY, N.J. — Resource Realty of Northern New Jersey has arranged a 30,131-square-foot industrial lease in Rockaway, about 35 miles west of New York City. According to LoopNet Inc., the building at 400 Forge Way was completed in 1986 and totals 73,131 square feet. Brian Wilson and Scott Peck of Resource Realty represented the landlord in the lease negotiations. The name and representative of the tenant were not disclosed.
NEWTON, MASS. — Gilbane Building Co. has topped out a 19,335-square-foot academic project in metro Boston. The building is a new dining hall for students at The Fessenden School, a K-12 establishment in Newton, located just west of the state capital. The building will feature an all-electric kitchen and a flexible design that divides the dining room into two zones separated by a central servery and flex bar.
NEW YORK CITY AND EL SEGUNDO, CALIF. — Brookfield Asset Management (NYSE: BAM) has entered into a definitive agreement in which one of the firm’s private real estate funds will acquire the outstanding shares of Peakstone Realty Trust (NYSE: PKST), an industrial REIT that has a strategic focus on the industrial outdoor storage (IOS) sector. The El Segundo-based company, which sold off its final office assets in December, currently owns 76 industrial properties, including 60 IOS assets. At a proposed price of $21 per share, the all-cash transaction represents an implied enterprise value of approximately $1.2 billion. The price represents a 34 percent premium relative to Peakstone’s share price on Jan. 30, the last full trading day prior to the announcement. “This transaction recognizes the value of our industrial portfolio and the progress we have made expanding our IOS platform,” says Michael Escalante, CEO of Peakstone. At the conclusion of the acquisition, Peakstone will be a privately held company and will be delisted from the New York Stock Exchange. Founded in 2009 as Griffin Realty Trust, the company was rebranded as Griffin Capital Essential Asset REIT in January 2023 and then as Peakstone Realty Trust in 2021. For Brookfield, the …
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Q4 2025 Demand Overview: Industrial and Multifamily Slowed, Office Stabilized, Retail Held Steady
Lee & Associates’ 2025 Q4 North America Market Report looks at diverging market demand across industrial, office, retail and multifamily spaces nationwide in the last quarter. Demand continued to soften for industrial spaces, while multifamily saw a reversal: decreased demand after seven consecutive quarters of strengthening. Office saw a slow increase in net absorption, but only after six years of negative absorption; retail demand was mixed. Industrial and retail spaces contended with tariff concerns, while all four types of commercial real estate saw either decreased or slowed rent growth in the final quarter of 2025. Lee & Associates’ full, detailed market report is available to read here. The overviews for the sectors below illustrate the market landscape through data on net absorption, leasing and development activity, sales transactions and rent growth, in addition to demand. Industrial Overview: Demand Falls Under Tariff Pressure Falling demand for industrial space continued in 2025 under the added strain of the United States’ aggressive trade and tariff policies affecting commercial property markets across North America. In the United States net absorption declined again in 2025 as tenant and rent growth fell to their lowest levels since the aftermath of the financial crisis. Meanwhile, inventory growth has been scaled back …
NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and New York-based Sterling Equities, has begun leasing the first phase of Willets Point Commons, a 2,500-unit affordable housing project in Queens. Phase I of Willets Point Commons comprises two mid-rise buildings housing a combined 880 units, 40 percent of which are reserved for residents earning 60 percent or less of the area median income. Another 15 percent of units are set aside for tenants that formerly experienced homelessness. Amenities include a landscaped inner courtyard, laundry facilities, lounge space with access to outdoor terraces, bicycle storage and ground-floor retail space. Related and Sterling partnered with the New York City Department of Housing Preservation & Development and the New York City Housing Development Corp. on the project. Construction began in December 2023.
NEW YORK CITY — StorageMart has acquired a portfolio of 15 self-storage facilities totaling 25,498 units in New York City, where the Missouri-based owner-operator does business under the Manhattan Mini Storage brand. The portfolio, which also offers 121 parking spaces for vehicular storage, spans approximately 1.3 million net rentable square feet and includes facilities in Manhattan, Staten Island, Brooklyn and Queens. Eastdil Secured represented the undisclosed seller in the transaction and advised StorageMart in securing acquisition financing for the deal.
PHILADELPHIA — Cronheim Hotel Capital, a division of New Jersey-based intermediary Cronheim Mortgage, has arranged a $28.5 million loan for the refinancing of the Renaissance Philadelphia Downtown hotel. The number of rooms was not disclosed. The hotel’s amenities include business and fitness centers, as well as meeting/event space and two onsite restaurants. The loan was structured with interest-only payments and a fixed interest rate. The direct lender and borrower were also not disclosed.
NEW YORK CITY — Mandelbaum Barrett PC has renewed and expanded its office lease in Midtown Manhattan. The law firm now occupies 11,330 square feet across the entire 21st floor at 570 Lexington Avenue, a 450,622-square-foot building that was constructed in 1932. The landlord, The Feil Organization, was self-represented in the lease negotiations. The tenant representative was not disclosed.
UPPER MACUNGIE, PA. — Pharmaceutical giant Eli Lilly & Co. (NYSE: LLY) will open a $3.5 billion manufacturing facility in the Lehigh Valley community of Upper Macungie. The development will span about 925,000 square feet across multiple buildings and is expected to bring about 850 new jobs to the region. A construction timeline was not announced. Lilly is acquiring the property at 9802 Main St. in Upper Macungie from Jaindl Land Development for the project. According to local news outlet WFMZ, this property is known as Fogelsville Corporate Center and is undeveloped agricultural land. In addition to the 850 permanent jobs, development of the new facility is expected to create about 2,000 construction jobs. According to Pennsylvania Gov. Josh Shapiro, the state committed more than $100 million in incentives to land the project, including $50 million in tax credits. Lehigh Carbon Community College will receive additional state funding and feed Lilly’s talent pipeline by creating and expanding academic and workforce training programs in life sciences. “Lilly’s commitment to the Lehigh Valley and to Pennsylvania will bring billions of dollars of investment and hundreds of good-paying jobs, solidifying our position as a leader in the growing life sciences industry,” Shapiro said …
NEW YORK CITY — Greystone has provided a $97.6 million HUD-insured loan for the refinancing of Villa Hermosa, a 272-unit affordable housing complex in East Harlem. Built in 1910, Village Hermosa offers one-, two- and three-bedroom units that are reserved for households earning 50 percent or less of the area median income. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse loan, which carries a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The borrower, Metropolitan Realty Group, will use a portion of the proceeds to fund capital improvements, including upgrades to unit interiors and building utility systems.