NEW YORK CITY — ERG Commercial Real Estate has arranged a $16.5 million loan for the refinancing of two office and retail buildings in Manhattan’s SoHo neighborhood. The adjacent buildings at 65-67 Greene St. total 21,321 square feet and were fully leased at the time of sale to tenants such as outdoor apparel and equipment retailer Norrona and PatBo clothing store. Ryan Lewis of ERG Commercial originated the debt. The borrower and direct lender were not disclosed.
MELVILLE, N.Y. — Estée Lauder has signed a 43,000-square-foot office lease in the Long Island community of Melville. The beauty and cosmetics provider is taking space at 2 Corporate Center Drive, a 291,230-square-foot building that is currently undergoing a capital improvement program. Phil D’Avanzo of Cushman & Wakefield represented the landlord, Princeton International Properties, in the lease negotiations. Jeff Nemshin of Paragon Group represented Estée Lauder.
NEW YORK CITY — Cushman & Wakefield has negotiated a 16,749-square-foot, 16-year office lease renewal at 250 Hudson St. in Lower Manhattan. The tenant, Writers Guild of America East Inc., will remain in its space on the seventh floor of the 400,000-square-foot building, which it has occupied since 2010. David Hoffman and Sam Hoffman of Cushman & Wakefield represented the tenant in the lease negotiations. Adam Rappaport and Brett Greenberg represented the landlord, Jack Resnick & Sons, on an internal basis.
QUEEN CREEK, ARIZ. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek. Plans for the 10-acre project include the development of 54,000 square feet of restaurant, retail, residential and office space. The retail portion of the development will include a 3,800-square-foot Postino wine café and an 11,900-square-food restaurant called The Porch, which will include an expansive outdoor patio. Creation plans to break ground on the multi-phase project later this year. Phase I is scheduled for completion in early 2026. The development team includes Dallas-based architect GFF Design and general contractor LGE Design Build. Creation is a real estate development firm with dual headquarters in Phoenix and Dallas. The company has a $4.5 billion pipeline of ground-up development currently underway across six states. — Katie Sloan
MOUNT LAUREL, N.J. — Newmark has brokered the sale of an 87,460-square-foot office building located at 250 Century Parkway in the Southern New Jersey community of Mount Laurel. According to LoopNet Inc., the four-story building was originally constructed in 2000. David Dolan, Angelo Brutico and John Cook of Newmark represented the seller, Four Springs Capital Trust, in the transaction. The buyer was a partnership between an entity doing business as 250 Century Parkway LLC and the Needleman Management Co.
LANHAM, MD. — DSC Partners, in partnership with Harbert Management Corp. (HMC), has purchased Forbes Center, a 17-property, 785,000-square-foot portfolio comprising industrial, flex and office buildings in Lanham, about 12 miles northeast of Washington, D.C. The seller was not disclosed. Tenants at the property include distribution companies, government contractors, local and national service providers and medical groups. Rob Pugh, Ken Fellows, Keiry Martinez and Aaron Carroll of KLNB will lease the properties on behalf of the buyers, and Transwestern will provide property management services.
By Blima Ehrentreu, founder and CEO, The Designers Group The urban real estate landscape is undergoing a remarkable transformation. With shifting work patterns and changing societal needs, design and development teams are working to convert underutilized office buildings into vibrant residential spaces. As office vacancy rates rise in cities like New York, San Francisco and Chicago, this challenge drives creative solutions that blend design innovation, virtual planning and sustainability. This dynamic landscape provides an exciting platform to reimagine urban living and meet the evolving demands of residents. At The Designers Group (TDG), we embrace the concept of adaptive reuse. Rather than tearing down old buildings and starting from scratch, we see value in maintaining existing structures and repurposing them in innovative ways. This approach not only aligns with our commitment to sustainability but also offers a chance to preserve the character and history of urban landscapes. Industrial elements such as exposed brick, concrete pillars and high ceilings can be integrated into residential designs, creating unique and compelling aesthetics. This focus on adaptive reuse means less waste and smaller carbon footprints, which is critical in today’s environmentally conscious world. By working with what already exists, we minimize the need for new …
DETROIT — Following a six-year renovation by Ford Motor Co. (NYSE: F), Michigan Central Station is scheduled to officially open on Thursday, June 6. Ford embarked on the preservation project after acquiring the abandoned train station in 2018 to serve as the centerpiece of Michigan Central, a 30-acre technology and cultural hub in Detroit’s Corktown neighborhood. According to multiple media outlets, the rehabilitation of Michigan Central Station totaled $950 million and included the restoration of the 18-story train station, which is now dubbed The Station. The rehabilitation also included an adjacent 270,000-square-foot former book depository building and other supporting facilities. CNBC reports the project’s funding includes $300 million in state, local and historic rehabilitation tax incentives. Christman-Brinker, a joint venture between Detroit-based firms The Christman Co. and L.S. Brinker, A Brinker Co., led the restoration work of The Station along with Ford. Key collaborators in Michigan Central include Ford, Google, the State of Michigan, the City of Detroit and Newlab, which operates the former book depository building. The Station will provide 640,000 square feet of cultural, technology, community and convening spaces designed for use by established companies such as Ford, as well as universities, growing startups, youth initiatives and students. …
DULUTH, GA. — Newmark has brokered the $36.3 million sale of a four-building portfolio within Satellite Place in Duluth, a northeast suburb of Atlanta. Situated near I-85, the portfolio spans nearly 290,000 square feet and includes three industrial buildings at 2405, 2425 and 2450 Commerce Ave. and one single-story office building at 2400 Commerce Ave. Casey Keitchen and Collin BeVier of Newmark represented the sellers, two entities doing business as Satellite Place Property LLC and Satellite Commercial Property LLC, in the transaction. The buyer was an undisclosed industrial fund.
SAN ANTONIO — Amegy Bank has signed a 44,207-square-foot office lease at 300 Convent, a 28-story, 545,426-square-foot building in downtown San Antonio. The space spans the entire 21st and 22nd floors and a portion of the first floor. Russell Noll of Transwestern represented Amegy Bank in the lease negotiations. Mark Krenger and Lisa Mittel of JLL, along with Dennis Tarro and Phillip Moore of Patrinely, which manages the building, represented the landlord, Affinius Capital.