NEW YORK CITY — Locally based owner-operator Global Holdings has received a $382.4 million loan for the refinancing of 120 Park Avenue, a 620,000-square-foot office building in Midtown Manhattan. Wells Fargo and LBBW co-provided the loan. Bloomberg LP serves as the building’s anchor tenant, occupying roughly 500,000 square feet across 20 stories and recently extending its commitment to the building through 2040. Global Holdings is currently undertaking capital improvements to the building, including a lobby renovation and elevator modernization. The firm also recently completed window upgrades on the fifth and sixth floors.
By Scott Olson As I look back over the last 12 months since my August 2025 Cedar Rapids update, the resilience of this city to adapt despite high interest rates, tariffs and a Middle East conflict is second to none. Our city council priorities have remained unchanged: • Housing options and affordability • Strengthen and stabilize neighborhoods • Clean and safe city • Recreational and cultural amenities • Homelessness • Flood control system The economic growth highlighted in this report is matched by city efforts in all the priority areas. Our current national rankings reflect these successes: • No. 3 Best Place to Live in the Midwest (SpaceWise, 2026) • No. 3 City with the Most Affordable Rent (WalletHub, 2026) • No. 5 Midwest City for a Peaceful Retirement (lnvestopedia, 2026) • No. 11 Most Affordable Small City to Buy a Home (WalletHub, 2026) • No. 16 Best City to Buy a House in America (Niche.com, 2026) • No. 19 Safest City in Americas (WalletHub, 2026) — ranked across key dimensions, including home and community safety and natural disaster risk and financial safety • No. 22 Best Run City in the U.S. (WalletHub, 2025) • No. 30 City with the …
FLEMINGTON, N.J. — Locally based owner-operator Larken Associates has completed the renovation of Raritan Commons, a 67,040-square-foot office building in Flemington, about 60 miles southwest of Manhattan. Renovations included upgrades to common areas and hallways, including new sconces and LED lighting, furniture, signage, flooring, wallpaper and wall paintings. Additionally, the firm remodeled common-area bathrooms with new flooring, walls, fixtures, lighting, countertops and partitions.
IRVINE, CALIF. — Semiconductor and infrastructure software company Broadcom Inc. (NASDAQ: AVGO) has completed the acquisition of its Southern California campus located in Irvine for $325 million. Washington, D.C.-based PRP Real Assets was the seller. Developed in 2017 and 2018, the campus was built as the corporate headquarters for Broadcom, which occupies the property on a net-lease basis. PRP Real Assets has owned the campus since 2020. Situated within the Irvine Spectrum District, the Broadcom Corporate Campus totals 660,893 square feet and features two five-story office buildings. Gensler designed the 9.6-acre campus, which also features nearly 3,000 parking spaces. According to PRP Real Assets, the property benefits from its location near retail, dining, hotels and public transportation, with the latter including the Irvine Station. “Broadcom’s decision to acquire the campus underscores the property’s importance to the company’s operations and validates the principles behind our mission-critical net lease strategy,” says Paul Dougherty, president of PRP Real Assets. “The campus combines a high-quality asset, a strong tenant and an irreplaceable location in one of the nation’s leading technology markets.” PRP Real Assets is a privately held real estate investment and management company. Founded in 2005, the firm has acquired more than $6 …
HOUSTON — Houston Bank & Trust has signed a 19,600-square-foot lease in the city’s Uptown area for its new banking headquarters, trust department and flagship retail banking branch. The space is located within the building at 2603 Augusta Drive, which according to LoopNet Inc. was built in 1984 (renovated in 2011) and totals 244,804 square feet. Collin Grimes of JLL represented the tenant in the lease negotiations. LandPark Advisors owns the building.
NEW YORK CITY — Charlie Health has signed a 28,424-square-foot office lease in Midtown Manhattan. The provider of virtual behavioral healthcare services will occupy the entire 21st floor at 2 Park Avenue, a 1.2 million-square-foot building. Alex Chudnoff and Ian Lipman of JLL represented the tenant in the lease negotiations. Mitch Konsker, Cynthia Wasserberger, Kristen Morgan and Michael Pallas, also with JLL, along with internal agent Franco Rauseo, represented the landlord, an affiliate of fashion company Haddad Brands.
NEW YORK CITY — The Malin, a provider of flexible workspace solutions, will open a 19,400-square-foot coworking space in Manhattan’s NoDo district. The lease term is 15 years, and the space spans the entire fifth floor at 10 Astor Place, a seven-story, 156,000-square-foot building. John Mears of local brokerage firm RUE represented The Malin in the lease negotiations. David Kaye and Neith Stone represented the landlord, GFP Real Estate, on an internal basis. The opening is slated for early 2027.
RALEIGH, N.C. — Frankie Lemmon School and Foundation has acquired two office buildings located at 4401 and 4501 Atlantic Ave. in Raleigh. The 114,781-square-foot campus will serve as the nonprofit’s future home and will house the Frankie Lemmon School and Lemmon Tree Academy. The campus will include purpose-built classrooms, therapy rooms, sensory spaces, family support areas and community gathering spaces, with the capacity to serve 230 students. The organization plans to begin construction on its new Raleigh home next year and open its preschool and grade school in 2028. Clayton Collins, Chandler Hawkins and Harrison Benson of CBRE represented Frankie Lemmon School and Foundation in the acquisition. Jane Doggett and Patrick Blackley of Foundry Commercial represented the undisclosed seller.
TORRANCE, CALIF. — Waterfall Asset Management, an alternative investment manager, and Delaware Life have provided a $64.7 million loan facility for the refinancing of The Torrance, a Class A office property in Torrance. The financing will support the in-place leasing strategy for the building. Situated on 7.3 acres, the eight-story property features 301,000 square feet of office space. The asset is currently leased to a diverse roster of tenants, including All Nippon Airways, Salon Republic, Barrister Executive Suites, Compass California, Unio Health Partners and Morgan Stanley Smith Barney. Originally constructed in 1988, The Torrance features significant investment and modernization efforts, including recent upgrades to the building’s elevator and HVAC systems, common areas, roof, amenities and exterior. The property also features a two-story, glass-entry lobby, ground-floor café, fitness center and more than 1,200 parking spaces. Jordan Roeschlaub, Nick Scribani and Chris Lozinak of Newmark assisted in securing the financing for The Torrance.
KALAMAZOO, MICH. — Industrial Commercial Properties LLC (ICP) has acquired 1 Financial Parkway, a three-building, 426,788-square-foot corporate campus situated on 55 acres in Kalamazoo. The property’s I-1 zoning allows for a variety of office and industrial uses, giving ICP flexibility to reposition the campus for a broad range of users. ICP plans to market the campus to companies seeking office, industrial, technology, corporate headquarters and other flexible business environments.
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