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HospitalityLoansNew YorkNortheastTop Stories

Benefit Street Partners Provides $135M in Financing for Empire Hotel in Manhattan

by Kristin Harlow

NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed. The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc.  Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts. The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center. “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP. BSP, a wholly owned subsidiary of Franklin Templeton, …

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DevelopmentIndustrialMidwestOhioTop Stories

Anduril to Build $1B Weapons Manufacturing Facility in Columbus, Ohio

by John Nelson

COLUMBUS, OHIO — Anduril, a defense and aerospace contractor, has selected a site in Columbus for Arsenal-1, the company’s first hyperscale weapons manufacturing facility. The Southern California-based firm plans to invest approximately $1 billion of its own capital into the development. Anduril expects the new Arsenal plant to create more than 4,000 direct jobs in Pickaway County and the surrounding areas, as well as 8,500 indirect jobs from suppliers, construction and other sectors. The company says the project represents the largest single job-creation development in the history of Ohio. At full scale, the facility will span 5 million square feet and produce tens of thousands of military systems annually, according to Anduril. The firm will produce most of its suite of autonomous weapons, sensors and systems at the facility. “Today is a proud day for Ohio as we welcome Anduril and celebrate the creation of thousands of new jobs in cutting-edge defense manufacturing,” said Ohio Lt. Governor Jon Husted. “This investment reinforces Ohio’s position as a leader in advanced technology and national security.” The site is located near Rickenbacker Airport and features two 12,000-foot runways and a 75-acre private apron that will accommodate military-scale aircraft for delivery purposes. The site …

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Xebec-Rockdale
DevelopmentIndustrialMixed-UseTexasTop Stories

Xebec Unveils Plans for Mixed-Use Redevelopment of 33,000-Acre Industrial Park in Rockdale, Texas 

by Katie Sloan

ROCKDALE, TEXAS — Industrial development firm Xebec has announced plans for Sandow Lakes, the mixed-use redevelopment of a 33,000-acre industrial park formerly occupied by aluminum manufacturer Alcoa in Rockdale, roughly 25 miles outside of Austin.  Built in the early 1950s, the property — which spans 50 square miles — was home to the largest aluminum foundry in the world for decades until it closed its doors in 2008, according to reports from D Magazine.  Phase I of the redevelopment, dubbed the Advanced Manufacturing Logistix Campus at Sandow Lakes, will ultimately comprise 35 million square feet of industrial space, including build-to-suit space with flexible clear heights and bay spacing.  Development of the first phase of the project began last fall with first move-ins slated to begin in the third quarter of 2026. Xebec will target distribution and manufacturing tenants, including cold storage users, in this initial phase.  Further plans for the development include the addition of residential, retail, office and hospitality space connected by a series of lakes. A timeline for the development in full was not announced. The property is located in the Texas Triangle, a region of the state that includes its five largest cities — Austin, Houston, Dallas, Fort …

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DevelopmentFloridaRestaurantRetailSoutheastTop Stories

Miami Marlins, Cordish Partner to Develop Miami Live! Entertainment Destination at loanDepot Park

by Kristin Harlow

MIAMI — Major League Baseball’s Miami Marlins have formed a partnership with The Cordish Companies to develop Miami Live! at loanDepot Park, the home ballpark of the Marlins. The entertainment destination in the city’s Little Havana neighborhood will feature indoor-outdoor dining and entertainment spaces aimed at elevating the fan experience, including year-round space activations. The official opening of Miami Live! is anticipated for early 2026. LoanDepot Park opened in 2012 and hosts events such as the World Baseball Classic, Caribbean Series and Choque de Gigantes in addition to Marlins home games. “This project represents our commitment to our community, as we develop our ballpark’s campus to feature dining, entertainment and gathering options for everyone to enjoy,” says Bruce Sherman, Miami Marlins chairman and principal owner. The Marlins organization has prioritized sustainability and inclusivity in its design, including features such as energy-efficient lighting, accessible pathways and community art installations. Miami-Dade County Mayor Daniella Levine Cava emphasizes that the privately financed project comes at zero cost to taxpayers. The project is being developed and designed in partnership with Cordish, which is known for its sports-anchored mixed-use developments. Cordish has partnered with many of the country’s professional sports franchises, including the St. Louis …

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Industrious
AcquisitionsCompany NewsNew YorkOfficeTexasTop Stories

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021.  In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE.  Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

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Realterm-IOS
AcquisitionsIndustrialMarylandSoutheastTop Stories

Realterm Buys National Industrial Outdoor Storage Portfolio for $277M

by Taylor Williams

ANNAPOLIS, MD. — Annapolis-based transportation real estate investment and management firm Realterm has purchased a national portfolio of 13 industrial outdoor storage (IOS) properties spanning 131 acres for $277 million. Brookfield Asset Management sold the portfolio, which comprises 13 single-tenant truck terminals and maintenance facilities totaling 631,604 square feet. The addresses were not disclosed, but the properties are concentrated in gateway markets such as Dallas-Fort Worth, Northern New Jersey, Orlando, Seattle, Chicago and both California’s Inland Empire and Bay Area. The portfolio had an occupancy rate of 97 percent at the time of sale. “The portfolio represents a rare opportunity to acquire, at scale, a collection of transportation-advantaged IOS truck terminal assets in key markets,” said Ben Andreycak, vice president of investments at Realterm. “Realterm recognizes the mission-critical nature of the assets in the portfolio for logistics use.” Nick Murphy and Brian Budnick of New York City-based advisory firm Eastdil Secured arranged the portfolio sale on behalf of Brookfield, which acquired the assets between 2017 and 2022. The properties are leased to 10 different tenants, primarily in the logistics space. “Investor demand for IOS properties has surged due to the increasing need for storage and logistics solutions that support supply …

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The Spiral in New York City
LoansOfficeTop Stories

Tishman Speyer Completes $2.9B CMBS Refinancing of The Spiral Office Tower in Midtown Manhattan

by Channing Hamilton

NEW YORK CITY — Tishman Speyer has received a $2.9 billion refinancing for The Spiral, a 66-story office tower in Midtown Manhattan. JPMorgan Chase provided the five-year, fixed-rate CMBS loan with Bank of America, Goldman Sachs and Wells Fargo serving as co-lenders. Tishman Speyer began developing the 2.8 million-square-foot tower, which was designed by BIG-Bjarke Ingels Group, in June 2018. The Spiral opened its doors in 2023 and is currently 94 percent leased, with the 23rd and 24th floors devoted to the firm’s co-working platform dubbed Studio. The building is anchored by biopharmaceutical company Pfizer and serves as the U.S. headquarters of HSBC, a British bank and financial services group. NewYork-Presbyterian’s Och Spine outpatient center and HSBC’s flagship wealth center occupy the base of the tower. Additional tenants include TPG Global, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction and Marshall Wace. The Spiral offers shared amenities including ZO Clubhouse, an amenity center and lounge on the top floor, a conference center and outdoor terraces with a green pathway that wraps around the façade of the building. The clubhouse features panoramic views of New York City, food and beverage services and multiple spaces for meetings, conferences and events. The Spiral also offers street-level …

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Television-City
CaliforniaDevelopmentMixed-UseOfficeRetailTop StoriesWestern

Report: Los Angeles City Council Approves $1B Redevelopment of Television City Studios 

by Katie Sloan

LOS ANGELES — The Los Angeles City Council approved plans for the $1 billion redevelopment of Television City studios at 7800 Beverly Blvd. on Tuesday, according to reports by the Los Angeles Times.  The landmark property was designed by architect William Pereira and developed in 1952. The studios have since been home to TV programs including “The Carol Burnett Show,” “The Ed Sullivan Show,” “Wheel of Fortune,” “Good Times” and “All in the Family.”  The redevelopment project is headed by Hackman Capital Partners, which acquired the property from CBS in 2018 for $750 million. Multiple plans for the site have been submitted over the course of the past two years due to pushback from the local community, according to the LA Times. Owners of nearby establishments including A.F. Gilmore Co. of the Original Farmers Market and Grove LLC — which owns The Grove shopping center developed by Rick Caruso — have sided with neighborhood groups against the project claiming it was too big and would make local traffic significantly worse, according to the newspaper.  In response to these requests, Hackman worked with the city council to produce the recently approved plans for the project, which include the removal of 15-story, 150,000-square-foot office tower …

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AcquisitionsLoansMultifamilyNew JerseyNortheastTop Stories

IPA Capital Markets Arranges $174M in Acquisition Financing for Northern New Jersey Multifamily Property

by Kristin Harlow

WEST NEW YORK, N.J. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a 348-unit multifamily property in West New York. Built in 2006, the community is situated adjacent to the Hudson River and directly across from Manhattan. Amenities include onsite retail, a heated swimming pool, fitness center, yoga studio, business center and grilling stations. Monthly rents at 55 Riverwalk Place start around $2,900, according to the property’s website. Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of IPA arranged the financing through Bank of America on behalf of the borrower, a joint venture between a New York City-based multifamily owner/operator focused on acquiring value-add apartment assets in the Northeast and a global institutional investment manager. Both parties requested anonymity. Kazanjian says that the acquisition represents a significant value-add opportunity for the sponsor. — Kristin Harlow

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AcquisitionsMultifamilyStudent HousingTexasTop Stories

Palladius Capital Management Acquires Multifamily, Student Housing Portfolio for $579M

by John Nelson

AUSTIN, TEXAS — Palladius Capital Management, an Austin-based investment management firm, has purchased a portfolio of nine multifamily and student housing communities. Palladius acquired the portfolio, which comprises five multifamily communities and four student housing properties, for $579 million. The names and locations of the nine properties were not released, but the communities total more than 2,500 apartments and student housing units and are located in high-growth markets and near universities with high application/enrollment growth. The seller was also not disclosed. Palladius acquired the portfolio on behalf of a recently closed, Palladius-sponsored private investment fund that raised approximately $112 million in equity, primarily via private wealth sources. “The successful deployment of this fund speaks to our team’s ability to invest throughout various macroeconomic environments,” says Marko Velazquez, senior managing director of Palladius. Palladius, through its affiliates, manages and operates approximately $950 million of real estate properties across the country. The firm was launched in July 2021 and primarily acquires value-add and core multifamily, student housing and hospitality properties. The company also originates debt investments and acquires whole loans through its privately held REIT, Palladius Income Fund. — John Nelson

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