NEW YORK CITY — JTC Group has signed a 15,926-square-foot office lease in Midtown Manhattan. The global fund administration services company will relocate from Rockefeller Center to the entire 20th floor of 575 Madison Avenue, a 25-story, 385,347-square-foot building. David Hollander, Gregg Rothkin, Brad Auerbach, Maxwell Tarter and William Hooks of CBRE represented the landlord, Steinberg and Pokoik Management Co., in the lease negotiations. John Nugent and Joe D’Apice, also with CBRE, represented the tenant.
PORTLAND, ORE. — Portland-based multifamily owner-operator Guardian has acquired a portfolio of 15 multifamily properties totaling 3,050 units in Oregon and New Mexico for $497 million. The deal represents the company’s largest transaction and one of the larger deals in the United States year-to-date, according to Guardian. Each property in the portfolio was built after 2000 using Low Income Housing Tax Credits (LIHTC) but after the end of the program’s 15-year compliance period, thus the properties were at risk of market-rate conversion. Guardian will voluntarily convert a portion of the portfolio’s units to income-restricted housing that is reserved for renters earning 60 percent or less of the area median income (AMI). The seller was not released. “This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” says Tom Brenneke, president of Guardian. The company purchased the portfolio in two tranches. The first was with capital partner AEW for two Portland-area communities spanning 310 units. The second phase comprised the other 13 properties, which span 2,740 units in the metro areas of Portland and Albuquerque, N.M. Guardian partnered with National Equity Fund (NEF) and JPMorgan Chase on the second tranche. “Partnering …
HOUSTON — JLL has arranged an undisclosed amount of acquisition financing for 3555 Timmons, a 227,064-square-foot office building located in the Greenway Plaza area of Houston. Built in 1982 and renovated in both 2017 and 2024, the building was 95 percent leased at the time of sale, with the Houston-Galveston Area Council serving as the anchor tenant. Michael Johnson, Michael King, Scot Sarlin and James Lovell of JLL arranged the fixed-rate debt through an undisclosed insurance company on behalf of the borrower, DML Capital.
PHOENIX, CHANDLER, TEMPE AND SCOTTSDALE, ARIZ. — City Office REIT has completed the disposition of six office buildings totaling 1.2 million square feet in the Phoenix area to Southwest Value Partners for $266 million. Ben Geelan, Will Mast and Charlie von Arenstschildt of JLL Capital Markets represented the seller. Sher Hafeez, Michael Leggett, Dan Freeze and Josh Lieberman of JLL provided advisory services. The portfolio includes:– Block 23, a 307,000-square-foot property at 101 E. Washington St. in downtown Phoenix;– 5090 N. 40th Street, a 173,000-square-foot asset at 5090 N. 40th St. in Phoenix’s Camelback corridor;– SanTan, a 267,000-square-foot asset in Chandler;– Papago Tech, a 163,000-square-foot property at 1600-1700 N. Desert Drive in Tempe;– The Quad, a 163,000-square-foot building at 6200-6390 E. Thomas Road in Scottsdale;– Camelback Square, a 174,000-square-foot building at 6991 E. Camelback Road in Scottsdale.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of CIRC Tucson, an apartment property in Tucson. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Terms of the transaction were not disclosed. Built in 1986 on 17 acres, CIRC Tucson offers 368 apartments, two swimming pools, a fitness center, package lockers and electric vehicle charging stations.
DALY CITY, CALIF. — Kimco Realty and Bozzuto have broken ground on The Chester at Westlake, a mixed-use development in Daly City. Scheduled to open in winter 2027, The Chester will offer 214 one-, two- and three-bedroom apartments, more than 13,000 square feet of amenities and 9,854 square feet of leasable ground-floor retail space. The community will feature a two-story lobby and two courtyards connected by a clubroom. The west courtyard will serve as an active social hub with an outdoor kitchen and grilling stations, a water feature and ample lounge and dining areas. The east courtyard will feature a covered lounge, fireplace and lush landscaping. Additional amenities will include a 24-hour fitness center and yoga room, collaborative coworking spaces and personal focus areas, a communal bar area with lounge seating and a rooftop sky lounge and patio. Bozzuto Development Co. will serve as lead developer of The Chester, which is located at 99 Southgate Ave. and part of Kimco’s Westlake Shopping Center. The project team includes Bozzuto Management as property manager, BDE Architecture as architect, Kimley-Horn as civil engineer, Vida Design as interior designer, JETT Landscape Architecture & Design as landscape architect and Palisade Builders as general contractor.
SAN FRANCISCO — TMG Partners and Bridges Capital have purchased 149 New Montgomery Street, an office building in San Francisco’s South Financial District. The partnership acquired the mortgage loan from U.S. Bank as trustee in August and has now acquired the property through a deed in lieu of foreclosure. Originally built in 1907, the property offers 80,000 square feet of office and ground-floor retail space, including Café Madeleine. The new owners plan to renovate the building.
ALBUQUERQUE, N.M. — Hunter Hotel Advisors has arranged the sale of Hyatt Place Albuquerque/Uptown, located at 6901 Arvada Ave N.E. in Albuquerque. An institutional seller sold the asset to Sun Capital Hotels for an undisclosed price. The six-story hotel offers 126 guest rooms, 1,127 square feet of meeting space, a business center, 24-hour fitness center, an outdoor pool and dining options, including the Breakfast Bar and The Placery lobby bar. Brian Embree of Hunter Hotel facilitated the transaction.
AUSTIN, TEXAS — Pennsylvania-based private equity firm PPR Capital Management has completed The Residences at Rubi, a 101-unit mixed-income housing project in East Austin. The development is valued at $21.7 million. The unit mix will be split evenly between market-rate and affordable units, with the latter component carrying income restrictions between 30 to 70 percent of the area median income. IE2 Construction served as the general contractor for the project, and Avita Property Management is handling lease-up and property management duties.
HEWITT, TEXAS — Matthews Real Estate Investment Services has brokered the sale of Walker Place at Moonlight Park, a 98-unit single-family rental complex in Hewitt, located south of Waco. The property was completed in 2023, and homes feature three- and four-bedroom floor plans with an average size of 2,036 square feet, as well as attached two-car garages and private backyards. Richard Waterhouse and Andrew Kopenec of Matthews represented the seller, a Texas-based developer, in the transaction. The buyer was a Boston-based real estate private equity firm. Both parties requested anonymity.