Related Midwest Tops Off 635-Unit Residential Tower in Downtown Chicago

Abby Cox — Fri, 24 Jul 2026 11:45:00 +0000

CHICAGO — Related Midwest has topped off construction for the North Tower of 400 Lake Shore, a 635-unit residential tower located in the Streeterville neighborhood on the Near North Side of downtown Chicago. The 72-story building, which originally broke ground in June 2024, is slated for delivery in spring 2027, with preleasing underway. The South Tower, a second, shorter tower, is planned to follow in a later phase. Designed by the late David Childs of Skidmore, Owings & Merrill, the tower’s 857-foot tiered exterior features staggered outdoor terraces, a reimagined historical bay-window glass curtain wall and an architectural apex, an 83-foot, transparent glass extension that sits directly on top of the 72nd floor. Related Midwest’s in-house contracting company, LR Contracting Co., alongside BOWA Construction, built the first phase of the project, which spans roughly 1.1 million square feet. “Future residents can see just how spectacular this building will be when it opens next spring, taking full advantage of its location where Lake Michigan meets the Chicago River,” says Curt Bailey, president of Related Midwest. “We’re grateful to the hundreds of tradespeople who have worked tirelessly over the past two years to transform this long-dormant site into a bold addition to the lakefront…

OpenAI Plans $20B Data Center Development Near Savannah, Georgia

Hayden Spiess — Thu, 23 Jul 2026 12:00:00 +0000

EFFINGHAM COUNTY, GA. — OpenAI, an artificial intelligence (AI) research and deployment company best known for ChatGPT, has announced plans for a new data center campus in Effingham County, approximately 30 miles northwest of Savannah. Dubbed Project Camellia, the data center campus will cost at least $20 billion to develop in order for OpenAI to receive incentives, according to multiple news outlets. Bloomberg reports that the San Francisco-based company plans to spend as much as $30 billion on the project. The site is located within Savannah Gateway Industrial Hub (SGIH), a master-planned industrial park by Broe Real Estate Group and OmniTRAX spanning 2,700 acres. SGIH is served by both CSX and Norfolk Southern rail lines. OpenAI has entered into a 25-year agreement with utilities provider Georgia Power Co., which will supply 3.2 gigawatts of power to the project. According to the two companies, OpenAI will pay all infrastructure and electric-service costs for the data center campus. Additionally, OpenAI has pledged to provide $80 million in community benefits over the life of the project, as well as $71 million in Codex credits for eligible Georgia students. (Codex is OpenAI’s agentic coding tool that assists in building software and technical projects.) OpenAI also reports…

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Mavis Tire Agrees to Acquire Pep Boys from Icahn Enterprises for $700M

Kristin Harlow — Wed, 22 Jul 2026 12:00:00 +0000

WHITE PLAINS, N.Y. AND SUNNY ISLES BEACH, FLA. — Mavis Tire Express Services Corp. and Icahn Enterprises LP (NASDAQ: IEP) have entered into a definitive agreement under which a subsidiary of Mavis will acquire Pep Boys from Icahn Automotive Group LLC for approximately $700 million in cash. IEP will retain the owned real estate previously transferred to IEP from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses. Formally named The Pep Boys-Manny, Moe & Jack Holding Corp., Pep Boys is an automotive service company offering tires, repairs, oil changes and maintenance services from nearly 800 retail locations nationwide. Navy veterans Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss and Graham “Jack” Jackson founded the company in 1921. According to Mavis, the acquisition expands its presence in new and existing markets, particularly across the Western United States where Pep Boys maintains a significant retail footprint. The deal grows Mavis’ network to more than 4,400 service center locations across the United States and Canada. “Pep Boys brings a loyal customer base, deep-rooted market presence across the United States and a distribution network that will meaningfully enhance our supply chain nationwide,” says David Sorbaro, co-CEO of Mavis. “As part…

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Walker & Dunlop Arranges $228.9M Loan for Refinancing of The Textile Building in Midtown Manhattan

Matthew Auchincloss — Tue, 21 Jul 2026 12:00:00 +0000

NEW YORK CITY — Walker & Dunlop has arranged a $228.9 million loan for the refinancing of the Textile Building, a 19-story, 707,181-square-foot office building located at 295 Fifth Ave. in the Midtown South submarket of Manhattan. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the owners, a joint venture between PGIM, Tribeca Investment Group and Meadow Partners. A joint venture between Rialto Capital Management LLC and Hines provided the floating-rate, interest-only bridge loan. The Textile Building is more than 100 years old and was originally the heart of New York City’s textile district. In 2019, the building was purchased by the joint venture of PGIM, Tribeca Investment Group and Meadow Partners, which then invested approximately $350 million to convert it into an office building. The redevelopment included adding new 40,000-square-foot flexible floor plates, renovating the lobby, inserting an additional five elevators while modernizing the existing 10, placing a two-story penthouse on top of the original 17 stories and integrating amenities such as a coffee bar, fitness center and bike parking. The Textile Building reopened in 2023 and has since…

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Brookfield, CPP Investments Agree to Acquire LXP Industrial for $5.2B

Taylor Williams — Mon, 20 Jul 2026 12:00:00 +0000

NEW YORK CITY AND TORONTO — A partnership between Brookfield Asset Management (NYSE: BAM) and the Canadian Pension Plan (CPP) Investment Board has agreed to acquire LXP Industrial Trust (NYSE: LXP) in an all-cash transaction valued at $5.2 billion. The deal is expected to close in the fourth quarter. The price tag includes LXP’s net debt and preferred equity. In addition, the terms of the deal call for LXP shareholders to receive $61.20 per share in cash, which represents a premium of 12.3 percent over the REIT’s 30-day volume weighted average share price (VWAP) and a 19.8 percent premium over the company’s 90-day VWAP. Both figures are based on time frames that ended Friday, July 17. LXP has agreed to suspend payment of common share dividends until the earlier of the closing of the transaction or the termination of the definitive agreement. The agreement also includes a 40-day “go-shop” period that expires on August 28 at 11:59 p.m. EST, during which time LXP and its advisors may actively solicit and consider alternative acquisition proposals and engage in discussions with third parties. “LXP has assembled a high-quality industrial portfolio with modern logistics assets in attractive markets,” said Lowell Baron, CEO of…

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Partnership to Develop Chicago’s First Geothermal-Powered Multifamily Community

Abby Cox — Fri, 17 Jul 2026 11:45:00 +0000

CHICAGO — Tree Street Group, along with Magellan Development Group and Mark Goodman & Associates, will co-develop the first geothermal-powered, all-electric multifamily high-rise in Chicago. The 33-story building, 410 North Elizabeth, will be the first phase of a two-tower, mixed-use development in the city’s Fulton Market District. Bank OZK, the senior lender on the project, provided a $102 million construction loan for the development, according to various media sources. Beach Point Capital and Circle Property Partners were the junior lenders. “Closing on financing for 410 North Elizabeth is a significant milestone for our team, one that dares to achieve what no one else has attempted — Chicago’s first geothermal multifamily high-rise,” says Ted Weldon, principal of Tree Street Group. “Our ability to move forward on this project underscores the faith of the many parties involved that Chicago is a national leader in sustainable development and a premier market for institutional investment.” The geothermal system, along with other key design features, has the potential to reduce energy usage by an estimated 60 percent. As a result of lower energy use, the building is projected to reduce emissions by 30 percent and energy cost savings by more than 25 percent. According to the U.S.…

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Greenberg Gibbons Breaks Ground on $450M Mixed-Use Project in Frederick, Maryland

Hayden Spiess — Thu, 16 Jul 2026 11:15:00 +0000

FREDERICK, MD. — Greenberg Gibbons has broken ground on Frederick Brickworks, a new mixed-use project located in Frederick, roughly 50 miles northwest of Baltimore. Upon completion, the development will span 65 acres. Project costs are expected to total $450 million. According to the City of Frederick, the project proposal calls for 1,260 residential units and 130,000 square feet of commercial space. The planning commission approved the master plan in October 2023, and Greenberg Gibbons closed on the land acquisition last month. The site formerly housed the historic Frederick Brick Works factory, which opened in 1891. Brick manufacturing ended at the factory in 1946, and the company continued a construction materials business at the property until relocating in 2007. Whole Foods Market will anchor Frederick Brickworks. Other confirmed retail and restaurant tenants include honeygrow, First Watch, Shake Shack, Dave’s Hot Chicken and Inspire Nail Bar. The first phase of the development will also feature 332 rental apartments and 320 for-sale townhomes built by Wormald and NVR Inc. Completion of the first phase is scheduled for 2028. The project is anticipated to support approximately 5,600 jobs — including 1,300 permanent positions and 4,300 construction jobs — and generate an estimated $181 million…

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Lincoln Acquires Spectrum, Doubling Down on Carolinas Region

Kristin Harlow — Wed, 15 Jul 2026 12:00:00 +0000

DALLAS AND CHARLOTTE, N.C. — Global real estate company Lincoln Property Co. has acquired The Spectrum Cos., a full-service real estate firm based in Charlotte. The acquisition enhances Lincoln’s platform in the Carolinas region. Johno Harris, senior executive vice president at Lincoln, and Stephen McClure, CEO of Spectrum, will be leading Lincoln’s Carolinas platform, which will now also include Spectrum’s Northern and Central Florida’s multifamily business. Since its inception in 1982, Spectrum has developed nearly 7,000 multifamily units and currently leases and manages a total of 4.4 million square feet of assets. With this new partnership and investment in the platform, the combined firm is poised to ramp up its development and acquisition pipeline across both multifamily and commercial real estate. “Our shared values are the foundation for seamless integration, and Lincoln’s full-service platform and national resources will only strengthen what we’ve already built,” says McClure. Darryl Dewberry, Spectrum’s executive chairman, will continue in his role to ensure continuity for the development and investment partnerships he has helped cultivate across the Carolinas. Lincoln says the acquisition broadens its product offerings in the region and deepens its capacity to serve clients, pursue opportunities and compete more effectively. Dallas-based Lincoln is one…

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Milhaus Completes Merger With SRG Residential, Agrees to Acquire Broadshore Capital

John Nelson — Tue, 14 Jul 2026 12:00:00 +0000

INDIANAPOLIS AND LOS ANGELES — Milhaus, a multifamily developer and operator based in Indianapolis, has completed its merger with SRG Residential, a subsidiary of Sares Regis Group based in Newport Beach. The combined company totals 1,400 employees and includes 50,000 apartments under management — 46,000 of which come from 190 properties managed by SRG Residential — as well as a development pipeline exceeding $2.5 billion. The combined company, which will be operated under the Milhaus platform, plans to start eight development projects this year totaling more than 2,000 new units in Southern California, Denver and Phoenix, giving Milhaus a presence in more than 20 markets across the country. Chris Payne, former CEO of SRG Residential, joins Milhaus as both the chief development officer and a shareholder. Jeff Bailey, president of property management at SRG Residential and a shareholder, now leads the property management group at Milhaus. “This partnership is a natural fit,” says Tadd Miller, CEO of Milhaus. “SRG Residential brings a best-in-class, high-touch approach to property management and operations along with a quality development pipeline and seasoned leadership, while Milhaus contributes a high-quality owned portfolio and disciplined development and capital markets infrastructure.” “We are unlocking powerful synergies and long-term opportunities…

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Alterra IOS Receives Two Loans Totaling $400M for Refinancing of National Portfolio

Taylor Williams — Mon, 13 Jul 2026 11:59:00 +0000

PHILADELPHIA — Alterra IOS, a Philadelphia-based owner-operator of industrial outdoor storage (IOS) properties, has received two loans totaling $400 million for the refinancing of a national portfolio of 99 such properties. Truist Financial Corp. (NYSE: TFC) and KeyBank (NYSE: KEY) provided the debt with commitments of $225 million and $175 million, respectively. Collectively, the portfolio totals 551 usable acres and nearly 2.1 million square feet of accompanying warehouse facilities. Each site is located in a “major” U.S. industrial and logistics corridor in core markets across California, Florida, Georgia, North Carolina and Texas. Specific breakdowns of locations across these states were not disclosed. The financing was executed utilizing an equity pledge framework as opposed to traditional asset-level mortgages. According to Alterra, this structure enables more streamlined, efficient execution and portfolio-level underwriting by allowing the borrower to “reduce legal and administrative burden(s) by eliminating property-level title work across a multi-state portfolio.” “Structures like this are becoming more relevant as institutional capital seeks efficient ways to access fragmented sectors at scale,” says Kate Mooney, senior associate, capital markets at Alterra. “As IOS portfolios have grown and matured, lenders have developed greater comfort underwriting diversified portfolios rather than individual assets. Equity pledge facilities reflect…

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Rockpoint, Urby to Develop 69-Story Apartment Tower Along Hudson River in Jersey City

Abby Cox — Fri, 10 Jul 2026 11:45:00 +0000

JERSEY CITY, N.J. — Rockpoint, a Boston-based real estate private equity firm, and Urby, a hospitality-driven multifamily developer, have formed a joint venture to develop a multifamily residential tower located along the Hudson River in Jersey City. The 69-story building, which will be known as 201 Hudson – by Urby, is expected to be delivered around mid-2029, according to various media outlets. 201 Hudson is the second phase of a larger three-tower multifamily development. The project follows Jersey City Urby, a 762-unit apartment tower delivered in 2017. The property was rebranded as Sable in 2025 after Veris Residential acquired full ownership of the building. Earlier this year, ownership transferred again to Affinius Capital following its acquisition of Veris. Urby will co-manage construction and development of 201 Hudson and will also oversee property management and leasing alongside Rockhill, Rockpoint’s property services affiliate. The project team will include New York-based architects HLW; Concrete Amsterdam; interior designer Shawn Hausman; and landscape architect Bas Smets, whose practice is responsible for the reimagined grounds of Notre-Dame Cathedral in Paris and the Mandrake Hotel in London. “The Jersey City Waterfront continues to distinguish itself as one of the most compelling multifamily submarkets in the New York…

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Crow Holdings Receives $380.2M Refinancing for Multifamily Portfolio

Hayden Spiess — Thu, 09 Jul 2026 12:00:00 +0000

DALLAS — Crow Holdings, a privately owned real estate investment and development firm based in Dallas, has received $380.2 million for the refinancing of a multifamily portfolio. Totaling 1,549 units, the portfolio is located in Texas, Colorado and Virginia. The properties include Alexan Lower Greenville in Dallas; Alexan Braker Pointe and Alexan Waterloo in Austin, Texas; Alexan Julian in Denver; and Alexan Florence in Alexandria, Va. AllianceBernstein provided the financing. Andy Scott, Michael Cosby, Kris Lowe, Tom Burns and Bo Beidleman of CBRE secured the refinancing on behalf of the borrower. Trammell Crow Residential (TCR) developed each of the communities in partnership with Crow Holdings. Alexan Lower Greenville totals 475 units and was built in 2019. Built in 2023, Alexan Braker Pointe comprises 314 units across six stories. Alexan Waterloo was built in 2021 and features 272 units. Alexan Julian was built in 2020, and Alexan Florence was delivered a year later, in 2021, with 286 units. Based in Dallas, TCR is a real estate development company of Crow Holdings. Since its inception 45 years ago, the firm has built more than 291,000 multifamily units, with a local presence in 15 U.S. markets. — Hayden Spiess

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Toyota Plans $3.6B Expansion at San Antonio Manufacturing Campus

Kristin Harlow — Wed, 08 Jul 2026 12:00:00 +0000

SAN ANTONIO — Toyota Motor North America (TMNA) has unveiled plans to invest $3.6 billion to expand the Toyota Texas manufacturing campus in San Antonio with a second vehicle assembly line to support production of the Tacoma truck. The expansion will create 2,000 new jobs and add 2.5 million square feet to Toyota Texas, doubling its size by 2030. TMNA will transition Tacoma production from Toyota Motor Manufacturing Baja California, located in Mexico, to the expanded Toyota Texas plant over an approximate four-year period. Toyota Texas currently includes a vehicle assembly line and new rear axle plant that is nearing startup. “The 2,000 acres of South Texas ranchland our plant stands on today was purposefully selected for its ability to scale with vehicle demand, and today marks the first step toward realizing that potential,” says Frank Voss, TMNA group vice president of truck manufacturing and president of Toyota Texas. This expansion brings Toyota’s total investment in San Antonio to $8.3 billion since breaking ground in 2003. Toyota’s local workforce will climb to approximately 6,000 team members, supported by 23 onsite suppliers and their employees. For nearly 20 years, Toyota Texas has rolled out trucks and SUVs, assembling more than 197,000…

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Brookfield, New England Development Acquire Former Naval Station Near Boston, Plan Major Mixed-Use Project

John Nelson — Tue, 07 Jul 2026 12:00:00 +0000

WEYMOUTH, MASS. — A joint venture between New York City-based Brookfield Properties and Boston-based New England Development has purchased the site of the former South Weymouth Naval Air Station in metro Boston. The co-developers acquired the 1,400-acre site from Washington Capital Management for $65 million. Brookfield and New England Development are planning a mixed-use redevelopment that would include 6,500 housing units, along with about 2 million square feet of commercial and retail space. The project will span more than 1,400 acres across three municipalities — Weymouth, Rockland and Abington, Mass. The Weymouth City Council has unanimously approved the land reuse plan, which also was approved by the towns of Rockland and Abington. The State of Massachusetts has also expressed strong support for the redevelopment plan. The redevelopment will mark the largest residential and commercial project to date in Massachusetts, according to John Twohig, executive vice president of New England Development. In addition to the commercial and residential components, the proposed project will preserve more than 880 acres of open and restricted space that can be activated for both public recreational use and wildlife preservation. Situated about 16 miles south of Boston in Norfolk and Plymouth counties, the South Weymouth Naval…

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Kennedy Wilson Buys Apartment Community in New York’s Westchester County for $237M

Taylor Williams — Mon, 06 Jul 2026 11:59:00 +0000

WEST HARRISON, N.Y. — Kennedy Wilson (NYSE: KW) has purchased Carraway, a 421-unit apartment community in West Harrison, located north of New York City in Westchester County, for $237 million. Kennedy Wilson partnered with Kenedix Inc. and Hulic Co. Ltd. on the acquisition. The seller was not disclosed. The property was 95 percent occupied at the time of sale. Completed in 2021, Carraway houses studio, one- and two-bedroom units with an average size of about 1,000 square feet, as well as onsite parking. Residences are furnished with stainless steel appliances, marble-style kitchen backsplashes, quartz bathroom and kitchen countertops and in-unit washers and dryers. Select residences offer private balconies. Amenities include a pool, fitness center, resident clubroom, private offices and coworking space, a sports simulator, private dining room, chef’s kitchen, pet spa and a children’s playroom. Carraway also features approximately 6,400 square feet of ground-floor retail space. Jose Cruz, Steve Simonelli and Austin Pierce of JLL represented the seller, institutional investors advised by J. P. Morgan Asset Management, in the transaction. JLL also advised Kennedy Wilson in securing acquisition financing for the deal. “Carraway represents a rare opportunity to acquire a high-quality, recently constructed multifamily community in one of the most…

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Landau Properties Breaks Ground on $550M Residential Project in Brooklyn

Hayden Spiess — Thu, 02 Jul 2026 11:47:00 +0000

NEW YORK CITY — Landau Properties, in partnership with Third Millennium Group and Midtown Equities, has broken ground on a new residential development located in Brooklyn Heights. Project costs will total an estimated $550 million. The developers received $213 million in financing for the first phase of the development in December 2025. Upon completion, One Montague Place will comprise 46 luxury condominium residences, 90 multifamily units and 40,000 square feet of retail space. Condominiums at the development will span roughly 3,000 square feet and include three bedrooms. AECOM Tishman is leading construction on the project. The project team also includes Zarifi Design, Hill West Architects and Douglas Elliman. “With world-class amenities and stunning skyline views, One Montague Place will redefine luxury residential living in the heart of Brooklyn, and we are honored to break ground on this game-changing project in conjunction with Landau Properties,” says Eric Reid, COO of AECOM Tishman. Completion of the development is scheduled for 2029. Founded in 2022, Landau Properties develops, acquires and operates residential and commercial real estate properties in New York and South Florida. — Hayden Spiess

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Kennedy Wilson, Jamison Plan to Develop 4,000 Affordable Housing Units in Los Angeles

Kristin Harlow — Wed, 01 Jul 2026 12:00:00 +0000

LOS ANGELES — Kennedy Wilson and Jamison have entered into a joint venture partnership, with plans to deliver 4,000 affordable housing units across Los Angeles through adaptive reuse and ground-up construction projects. The partnership is between Jamison’s newly launched affordable housing division, Arden Residential, and Kennedy Wilson’s affordable housing development joint venture, Vintage Housing. The first project is the conversion of the former LA World Trade Center office complex at 350 S. Figueroa St. The 400,000-square-foot property will be transformed into 512 affordable housing units and renamed Sky Castle. Units will come in one-, two- and three-bedroom floor plans. Amenities will include community rooms, a dedicated coworking space, resident lounge, onsite storage, laundry rooms and mail parcel rooms. Development on the first phase of Sky Castle is expected to begin in August and will focus on the building’s concourse levels, creating 241 units for families earning between 30 and 80 percent of the area median income. Phase II, planned for the office tower above, will add 271 units. The City of Los Angeles has approved the project under its new adaptive reuse ordinance. “Together, we will develop thoughtfully designed housing for families, seniors and communities through both adaptive reuse conversions…

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Digital Realty Agrees to Buy Blackstone’s Stake in Northern Virginia Data Center Portfolio for $3.5B

Matthew Auchincloss — Tue, 30 Jun 2026 12:00:00 +0000

MANASSAS AND STERLING, VA. — Data center firm Digital Realty has agreed to purchase a $3.5 billion equity stake in three data centers located in the Northern Virginia cities of Sterling and Manassas from Blackstone-affiliated funds. The portfolio maintains a gross value of $7.8 billion, reflecting an expected initial stabilized capitalization rate of over 6.5 percent. The portfolio is comprised of three data centers — two in Manassas, one in Sterling — which each contain 96 megawatts of IT capacity. Digital Realty will purchase Blackstone’s 80 percent interest in the Manassas properties and 50 percent interest in the Sterling facility, including assumed debt and remaining capital expenditures to complete the ongoing development. Two of the data centers are expected to stabilize in the first half of 2027 while the third is anticipated to stabilize in 2028. The data centers are all fully leased for 15 years to investment-grade hyperscale customers, and rent will escalate annually by 3.6 percent. The transaction will see Digital Realty pay Blackstone $1.2 billion in cash as well as $2.3 billion in Digital Realty shares for a blended 64 percent equity interest in the properties. Digital Realty was an original partner in the $7 billion joint…

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Bridgepoint Group Agrees to Acquire Kayne Anderson Real Estate for $1.4B

Taylor Williams — Mon, 29 Jun 2026 12:05:00 +0000

LONDON AND BOCA RATON, FLA. — Bridgepoint Group, a private-sector investment management firm based in London, has entered into an agreement to acquire South Florida-based owner-operator Kayne Anderson Real Estate in a deal valued at roughly $1.4 billion. To fund the transaction, Bridgepoint plans to pay $759 million in cash and issue roughly 189 new shares of its common stock at an undisclosed price. The deal is expected to close before the end of the year, subject to shareholder and regulatory approvals. Upon closing, Bridgepoint’s assets under management will total roughly $117 billion across all verticals. According to Bridgepoint, the deal allows the British company to add commercial real estate as a fifth investment vertical to its platform, thus diversifying its holdings and expanding its presence in U.S. markets. The deal also positions nearly half of Bridgepoint’s portfolio to be comprised of real assets. Kayne Anderson Real Estate maintains about $22 million in assets under management, inclusive of debt, across commercial verticals such as multifamily (including seniors and student housing), healthcare and industrial. Upon closing, CEO Al Rabil will continue to lead and guide the business. “For the last 20 years, we have built a scaled real estate platform focused…

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PGIM Provides $222M Loan for Refinancing of Two Office Buildings in Midtown Manhattan

Abby Cox — Fri, 26 Jun 2026 11:30:00 +0000

NEW YORK CITY — PGIM, the global asset management business of Prudential Financial Inc. (NYSE: PRU), has provided a $222 million loan on behalf of Rudin Management Co. for the refinancing of two office buildings in Midtown Manhattan. The refinancing, funded through PGIM’s core lending strategy, includes a $140 million loan for 41 Madison Avenue and an $82 million loan for 641 Lexington Avenue. The fixed-rate, long-term loans were issued to replace and expand on previous debt held on the properties, which total more than 1 million square feet. “These financings reflect continued lender confidence in high-quality office assets located in premier urban markets,” says Justin Levitt, managing director at PGIM. “The properties are exceptionally well-located with strong tenancy, long-term ownership and enduring relevance within the Midtown Manhattan office market.” Situated in the Flatiron District, 41 Madison Avenue spans 42 stories and totals 524,900 square feet. Completed in 1974, the tower is also known as the New York Merchandise Mart, which serves as a global hub for the tableware, housewares and gift industries. Mark’s Off Madison, an Italian restaurant and bakery, is also located at the property. 641 Lexington Avenue, a 32-story, 426,700-square-foot office tower located in the Midtown East Plaza…

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