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AcquisitionsNew YorkNortheastOfficeTop Stories

Norges Bank Investment Management Agrees to Acquire 95 Percent Stake in Manhattan Office Building for $542.6M

by Kristin Harlow

NEW YORK CITY — Norges Bank Investment Management, the world’s largest sovereign wealth fund, has agreed to acquire a 95 percent interest stake in Manhattan’s 1177 Avenue of the Americas for $542.6 million. The deal values the 1 million-square-foot office property at $571.1 million. Boston-based Beacon Capital Partners will acquire a 5 percent interest in the building and will perform the asset management duties for the property on behalf of the new ownership. Eastdil Secured served as exclusive advisor to the seller, a joint venture between California State Teachers’ Retirement System (CalSTRS) and New York City-based Silverstein Properties. The transaction is expected to close this quarter. The sellers acquired the Sixth Avenue building at the end of 2007 for more than $1 billion. The 47-story property was completed in 1992. Notable tenants include law firm Kramer Levin, private equity firm Mill Point Capital, nonprofit Practising Law Institute and global insurance and investment organization Starr. The asset features a recently renovated lobby with 60-foot-high ceilings and a new outpost of Naya, a fast-casual Middle Eastern restaurant. Norges Bank Investment Management is an investment fund created to manage revenue from Norway’s oil-and-gas resources. The fund invests in equities, fixed-income investments, real estate …

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CaliforniaLife SciencesMarket ReportsOfficeWesternWestern Market Reports

Life Sciences, Tech Facilitate San Diego’s Office Market Stability

by John Nelson

— By Sebastian Bernt of Avison Young —  The San Diego office market is beginning to stabilize in 2025. However, recovery remains uneven amid elevated vacancy, rising sublease availability and evolving workplace strategies. While quarterly leasing activity has improved modestly— up roughly 7 percent year over year through the second quarter — overall fundamentals remain challenged. San Diego’s total office availability rate stands at 18.2 percent as of the second quarter. This is flat from the previous quarter but still up more than 500 basis points from pre-pandemic norms. Sublease availability exceeds 2.2 million square feet, a lingering effect of corporate downsizing and the continued shift toward hybrid work models. Sublease inventory is most concentrated in suburban nodes such as UTC and Sorrento Mesa, as well as Downtown San Diego. Demand remains strongest for Class A assets in suburban submarkets like UTC, Del Mar Heights and Sorrento Valley where tenants prioritize modern, amenity-rich properties. Even within these markets, average deal sizes have declined by 20 percent to 30 percent compared to 2019 levels, with users often consolidating space and seeking shorter lease terms. Downtown San Diego continues to face pronounced headwinds, with vacancy topping 25 percent in several Class B …

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2811-Maple-Dallas
DevelopmentMultifamilyTexas

Crescent Real Estate Completes 31-Story Apartment Tower in Uptown Dallas

by Taylor Williams

DALLAS — Fort Worth-based owner-operator Crescent Real Estate has completed 2811 Maple in Uptown Dallas. The 31-story apartment tower houses 177 units in one-, two- and three-bedroom floor plans that range in size from 950 to 1,900 square feet, as well as 12 penthouses with an average size of 2,300 square feet. Residences are furnished with Bosch appliance packages, designer Italian cabinetry and quartz countertops. Amenities include a pool, fitness center, private library with a coffee bar, outdoor dining areas, study spaces and a dog park. Rents start at $4,000 per month for a one-bedroom apartment.

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AcquisitionsMultifamilyTexas

Westmount Realty Capital Sells 200-Unit Townhome Complex in San Antonio

by Taylor Williams

SAN ANTONIO — Westmount Realty Capital has sold Westmount at Houston Street, a 200-unit townhome complex located at 4611 E. Houston St. in San Antonio’s East submarket. Developed on 18 acres in 2003 and acquired by Westmount in 2019, the 37-building property offers two-, three- and four-bedroom units with garages. Amenities include a pool, playground, dog park and a clubhouse with a business and fitness center. The buyer and sales price were not disclosed. The property was 91.5 percent occupied at the time of sale.

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AcquisitionsHospitalityTexas

NewcrestImage Buys 176-Room, Hilton-Branded Hotel in Plano

by Taylor Williams

PLANO, TEXAS — Locally based hospitality owner-operator NewcrestImage has purchased the 176-roomNYLO Dallas Plano hotel, which is part of the Tapestry Collection by Hilton family of brands. The five-story hotel is located within the 2,600-acre Legacy District business park and features a 4,000 square-foot patio surrounding a heated outdoor pool. NewcrestImage plans to implement a value-add program. The seller and sales price were not disclosed.

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DevelopmentMultifamilyTexas

CAP Multifamily Completes 18-Unit Project in Frisco

by Taylor Williams

FRISCO, TEXAS — CAP Multifamily has completed an 18-unit project in Frisco’s historic Rail District. Known as Beacon Rail District, the property offers one- and two-bedroom units, the former of which have an average size of about 745 square feet. Amenities include a coworking space, fitness center and a hotel-style lounge. Rents start at $1,980 per month for a one-bedroom apartment.

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AcquisitionsNorthmarqRetailTexas

Northmarq Brokers Sale of 14,803 SF Retail Strip Center in Manvel, Texas

by Taylor Williams

MANVEL, TEXAS — Northmarq has brokered the sale of Sedona Lakes Plaza, a 14,803-square-foot retail strip center in Manvel, located south of Houston. The center was fully leased at the time of sale to tenants such as HOTWORX, Smart Core Labs and Behavioral Innovations. Riley Sharman led the Northmarq team that represented the seller, a Houston-based developer, in the transaction. The buyer was Dallas-based Metro Real Estate LLC.

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Monte-View-at-Pohatcong
DevelopmentMultifamilyNew JerseyNortheast

Larken Associates Completes Lease-Up of 120-Unit Apartment Complex in Pohatcong, New Jersey

by Taylor Williams

POHATCONG, N.J. — Locally based developer Larken Associates has completed the lease-up of Monte View at Pohatcong, a 120-unit apartment complex located near the Pennsylvania-New Jersey border near Easton. The garden-style property consists of three multi-story buildings and one four-story building with a ground-floor clubhouse. Units come in one- and two-bedroom floor plans. Amenities include a pool, fitness center, game room, coworking space, grilling stations and a dog run. Construction began in November 2023. Leasing commenced last fall, at which time rents started at roughly $2,000 per month for a one-bedroom apartment.

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AcquisitionsMixed-UseNew YorkNortheast

Marcus & Millichap Brokers $10.9M Sale of Manhattan Mixed-Use Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $10.9 million sale of a 13,000-square-foot mixed-use building in Manhattan’s Little Italy neighborhood. Constructed in 1900, the building at 385 Broome St. comprises five apartments that feature a mix of floor plans and are currently vacant, as well as two ground-floor spaces. Peter Dodge, Joe Koicim and Logan Markley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsConnecticutMultifamilyNortheast

NEPCG Arranges $5.2M Sale of Apartment Building in West Haven, Connecticut

by Taylor Williams

WEST HAVEN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $5.2 million sale of a 40-unit apartment building in the southern coastal Connecticut city of West Haven. According to Apartments.com, the three-story building at 295 Elm St. was originally constructed in 1960. Bradley Balletto, Rich Edwards, Jeff Wright and Derek Mahabir of NEPCG represented the local seller, CT Realty Trust, in the transaction and procured the buyer, an undisclosed, New York City-based private investor.

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